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NFLX

Netflix, Inc.Close $89.30EOD only

Max Pain

$89.00

Next expiry May 22, 2026

Expected Move

±$1.29

1.4% from close

Price Gap

-0.30

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 2026 close

End-of-day snapshot

This page reflects NFLX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 21, 2026 close

NFLX Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer flow report is available for May 21, 2026.

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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

How to Use These Reports

This flow reflects the market close on April 6, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.