NFLX Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP

Watch next session: $100C OI buildup and flow; GEX pin magnet at $100.00; IV term structure normalization post-earnings

Flow Summary

Net premium: +$50.9M bullish

P/C volume ratio: 0.84 — moderate call dominance

P/C OI ratio: 0.95 — nearly balanced with slight call lean

Net premium strongly bullish at $50.9M, driven by call buying at near-term strikes like $100-$105. P/C volume ratio of 0.84 shows call dominance, while OI is nearly balanced, suggesting recent call accumulation. The flow aligns with positive GEX pinning regime, but elevated IV in 11-day expiry signals earnings-related volatility spike.

Notable Prints

NFLX 4/10 $103 Call

Vol: 14,165

OI: 1,560

Vol/OI: 9.1x

IV: 37.4%

Notional: ~$4.25M (14,165 * $0.30 avg)

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: High volume vs OI at OTM strike, consistent with bullish flow regime targeting upside, but IV of 37.4% is below the elevated 11-day expiry, suggesting traders avoiding near-term volatility spike

NFLX 4/24 $100 Call

Vol: 15,181

OI: 2,337

Vol/OI: 6.5x

IV: 50.1%

Notional: ~$58.45M (15,181 * $3.85 avg)

Intent: Directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Large notional at OTM strike post-earnings, significant bullish bet with IV of 50.1%, capturing elevated volatility but avoiding the peak 56.4% in 11-day expiry

NFLX 4/10 $105 Call

Vol: 17,971

OI: 3,802

Vol/OI: 4.7x

IV: 38.7%

Notional: ~$2.34M (17,971 * $0.13 avg)

Intent: Directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Large volume at OTM strike, supporting bullish bias and targeting $105 resistance, with IV of 38.7% below the 11-day spike, indicating selective volatility exposure

NFLX 4/10 $99 Put

Vol: 8,352

OI: 573

Vol/OI: 14.6x

IV: 35.4%

Notional: ~$12.36M (8,352 * $1.48 avg)

Intent: Hedge or protective put

Dual read: Bought (bearish hedge) or sold (bullish income)

Read-through: ITM put with high vol/OI, likely hedging near spot against earnings volatility, not directional selling; IV of 35.4% is low relative to the 11-day spike

NFLX 4/10 $97 Put

Vol: 11,217

OI: 2,186

Vol/OI: 5.1x

IV: 36.7%

Notional: ~$8.52M (11,217 * $0.76 avg)

Intent: Hedge or protective put

Dual read: Bought (bearish hedge) or sold (bullish income)

Read-through: OTM put with moderate volume, likely hedging downside near support with IV of 36.7%, avoiding the elevated 11-day volatility

Institutional Positioning

Call additions: $100-$105 calls in near-term expirations (4/10, 4/24), with large OI at $100C (42,030) and $105C (20,505), but avoiding the 11-day expiry with peak IV of 56.4%

Put additions: Protective puts at $99-$100 ITM and $97 OTM, small size relative to calls, with IVs below the 11-day spike, suggesting hedging rather than volatility plays

GEX/DEX consistency: Yes — positive GEX $+207.3M and bullish net premium aligned, supporting pinning regime, but IV term structure inversion indicates earnings-driven volatility spike

OI clusters: $100 call wall (42,030 OI), $105 call wall (20,505 OI), $95 put floor (20,883 OI), $73 put floor (48,174 OI); note elevated IV around $95 in 11-day expiry

Hedging evidence: ITM put flow at $99-$100 suggests hedging near spot against earnings volatility, not directional selling

Max pain context: MP at $95 (4/10), $92 (4/17), $94 (4/24); spot at $98.93 above MP, drifting toward pin, but 11-day expiry has higher IV due to earnings on 4/16

Signal vs Noise

~Large put premiums at deep OTM strikes ($230, $240, $250) are likely noise from low-volume, far-dated positions, not directional

~Low-volume calls at strikes like $15, $10, $45 are likely legacy or structured positions, not recent flow

~High vol/OI in near-term ITM puts ($99P, $100P) is likely hedging activity against earnings volatility, not bearish bets

~Elevated IV in 11-day expiry (56.4%) is earnings-related noise; flow in 4-day and 18-day expiries is more indicative of directional bias

Key Conclusions

🐂Net premium strongly bullish at $50.9M with call dominance, but IV term structure shows earnings-driven volatility spike

📅IV inversion: 4-day expiry at 36.3% vs 11-day at 56.4% (20.1-point differential) indicates earnings volatility; consider reverse calendar spreads

🛡️Put flow is hedging against earnings, not directional, supporting bullish thesis post-volatility normalization

Read the Flow analysis for NFLX for 2026-04-06. 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.