NFLX Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

6 / 10

base 5; +1.0 P/C volume ratio 1.46 (put-dominant); +1.0 GEX pinning aligned with put flow; -1.0 contradictory net premium sign

Watch next session: $95P 4/2 OI for immediate pinning pressure; Net premium direction for 4/2 expiry; Any call flow above $100 to challenge bearish lean

Flow Summary

Net premium: +$116.4M bullish

P/C volume ratio: 1.46 — put-dominant

P/C OI ratio: 0.94 — nearly balanced

The regime remains conflicted but with a clearer bearish tilt. While net premium is strongly positive, the put/call volume ratio of 1.46 confirms sustained institutional interest in downside protection or speculation. This, combined with a large positive GEX suggesting pinning pressure, paints a picture of a market being actively hedged against a breakdown from current levels.

Notable Prints

NFLX 4/2 $95 Put

Vol: 5,969

OI: 1,393

Vol/OI: 4.3x

IV: 36.7%

Notional: ~$567K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $95 by this Friday, or sold (neutral/bullish) for premium with spot at $95.

Read-through: This is the most significant near-term flow. With spot at $95, these are at-the-money puts for the weekly expiry. The 4.3x volume/OI and 37% IV indicate new positioning. Given the overall put-dominant volume and the stock sitting at the strike, the bias is toward these being bought for downside protection, reinforcing the $92-$95 pinning zone and creating a direct magnet at max pain ($92).

NFLX 4/10 $94 Put

Vol: 2,476

OI: 623

Vol/OI: 4.0x

IV: 34.8%

Notional: ~$235K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $94 over the next two weeks.

Read-through: This is a continuation of the hedging theme seen last week at $94P for 4/2, now rolled or extended to the 4/10 expiry. It establishes a layered defensive posture just below the spot, targeting the $92 max pain level. The activity across consecutive expiries suggests a systematic or institutional hedging program is in place.

NFLX 4/24 $70 Call

Vol: 1,200

OI: 594

Vol/OI: 2.0x

IV: 98.1%

Notional: ~$84K

Intent: Part of a complex multi-leg spread (e.g., call debit spread, diagonal)

Dual read: Bought (bullish) as a cheap, long-dated lottery ticket, or sold (bearish) as part of a covered call structure on a long stock position.

Read-through: Extremely high IV (98%) and a strike 26% below spot make this a low-probability, high-leverage bet. This is unlikely a standalone directional purchase. It's more probable as a leg in a spread (e.g., buying a deep ITM call to finance OTM calls) or a covered call write on existing stock. It adds little to the directional picture.

NFLX 1/15/27 $31 Call

Vol: 694

OI: 353

Vol/OI: 2.0x

IV: 77.1%

Notional: ~$21.5K

Intent: Structured product flow / financing trade

Dual read: Almost certainly sold (premium collection) as part of a yield-enhancement or financing structure.

Read-through: Similar to the $70C, this is a deep ITM call (67% below spot) with elevated IV. The notional is small. This, alongside the massive premium flow into $41C, $40C, etc., represents the legacy/financing side of structured trades and should be filtered out as noise for near-term direction.

NFLX 6/18 $117.50 Put

Vol: 400

OI: 2

Vol/OI: 200.0x

IV: 0.0%

Notional: ~$47K

Intent: Potential data error or extremely deep ITM trade

Dual read: If real, likely a stock substitute/assignment trade given 0% IV.

Read-through: 0% IV is highly anomalous and suggests a data reporting issue or a deep ITM position being closed/exercised. Not a clean directional signal.

Institutional Positioning

Call additions: Minimal in unusual flow. Premium flow shows enormous bullish bets at $41, $40, $42—but these are legacy/financing trades (see Signal vs Noise).

Put additions: New near-term puts at $95 (4/2) and $94 (4/10). Premium flow shows massive bearish bets at $230, $240, $250 puts.

GEX/DEX consistency: Yes — Large positive GEX (+$189.2M) creates strong mean-reverting/pinning pressure, which aligns perfectly with the new at-the-money put hedging flow. Institutions are hedging against a break of the pin.

OI clusters: Major OI remains in far OTM tails: $5 Put (177K OI), $1.50 Put (100K OI), $125 Call (91K OI), $105 Call (91K OI). New, meaningful clusters building at $95P (4/2) and $94P (4/10).

Hedging evidence: Yes. The layered $95P and $94P build across 4/2 and 4/10 expiries is direct near-term hedging. The premium flow into $230/$240/$250 puts, while likely structured, also represents large notional downside positioning.

Max pain context: Spot ($95.00) is above this week's max pain ($92). The new $95P OI for 4/2, combined with the large positive GEX, creates a powerful magnetic pull toward the $92-$95 zone, with $92 as the primary target.

Signal vs Noise

~The enormous premium flow into $41C, $40C, $42C, $15C, $10C and out of $230P, $240P, $250P is the clearest noise. These are the offsetting legs of large, legacy structured trades (e.g., call spreads financed by far OTM put sales). They create the bullish net premium but convey zero near-term directional intent.

~The 6/18 $117.50P with 0% IV is likely a data error or exercise/assignment trade, not a flow signal.

~The deep ITM calls ($70C 4/24, $31C 1/15/27) with high IV are likely spread legs or covered call writes, not standalone bullish bets.

~The $95P 4/2 and $94P 4/10 flow is the clean, meaningful signal of near-term hedging/speculation.

Key Conclusions

🎯Pinning Pressure Intensifies: Spot at $95 with massive positive GEX (+$189M) and new ATM put hedging creates a powerful magnet toward max pain at $92.

📉Hedging Escalation: Layered put buying at $95 (4/2) and $94 (4/10) shows institutions are systematically adding protection, expecting a test lower within the pinning zone.

⚠️Decode the Premium: The +$116M net premium is a mirage driven by structured product flow. The true directional signal is in the put-dominant volume ratio (1.46) and the near-term put OI buildup.

👁️Watch the Break: The setup is for a grind toward $92. A sustained break below $92 on increasing put volume would confirm the bearish flow thesis and target the next OI support.

Read the Flow analysis for NFLX for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.