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NFLX

Netflix, Inc.Close $88.60EOD only

Max Pain

$89.00

Next expiry May 29, 2026

Expected Move

±$2.56

2.9% from close

Price Gap

+0.40

Distance to max pain

IV Rank

Low premium

P/C OI

0.78

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

NFLX Flow Report

Analysis based on market close April 7, 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 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

8 / 10

base 8.0 (pre-computed); + GEX pinning alignment; - put-heavy intraday volume (P/C vol 1.38) offsets slightly

Watch next session: Renewed put activity at $99–$100 (especially 4/10/4/17 expiries); Call OI build or trades at $105–$125 that turn into volume (would strengthen call-side conviction)

Flow Summary

Net premium: +$41.8M bullish

P/C volume ratio: 1.38 — intraday volume skewed to puts (put-heavy today)

P/C OI ratio: 0.90 — modest put OI tilt, not extreme

Overall flow reads bullish from net premium and large positive dealer GEX (+$219.8M) that pins price toward near-term call clusters (100–105). Intraday activity shows heavy short-term put buying (notably the 4/10 $99 put) — likely protective or tactical—creating a mixed immediate read but the larger structural call OI (100, 105, 125) and positive GEX favor upside/pinning toward the $100 area.

Notable Prints

NFLX 2026-04-10 $99 PUT

Vol: 13,820

OI: 3,294

Vol/OI: 4.2x

IV: 38.0%

Notional: ~$2.05M

Intent: Protective put buying / short-term directional hedging into the 4/10 expiry

Dual read: Bought puts (bearish/protective) OR sold as part of a put-spread (less likely given vol/OI)

Read-through: Large same-day flow concentrated at the ~$99 strike increases short-dated downside demand and forces dealer hedging; combined with GEX pinning it creates friction around the $96–$100 band but does not overwhelm larger call OI walls.

NFLX 2026-04-24 $70 CALL

Vol: 1,200

OI: 594

Vol/OI: 2.0x

IV: 141.5%

Notional: ~$2.94M

Intent: Stock replacement / long-dated directional call buying (deep ITM calls for tail exposure or structured flows)

Dual read: Aggressive call purchase (bullish) OR part of a structured financing/employee-related block (neutral for immediate delta)

Read-through: Significant notional at a deep ITM low strike suggests institutional long exposure or complicated structured transactions; not typical tactical short-dated gamma trade — treat as meaningful long-dated call accumulation that supports longer-term upside.

NFLX 2026-04-10 $100 CALL (chain volume context)

Vol: 21,334

OI: 16,543

Vol/OI: 1.3x

IV: 36.9%

Notional: ~$7.37M (from top premium flow)

Intent: Fresh directional call buying / roll into 100 strikes ahead of short-term pinning

Dual read: Aggressive call buyers (bullish) OR dealers being sold calls to create covered exposure (neutral, dealer delta hedging creates pin)

Read-through: Large premium flow and GEX concentration (+$35.8M at $100) make $100 a clear pin/magnet; dealer hedging around this strike will amplify price sensitivity in the near term.

NFLX 2026-04-10 $100 PUT

Vol: 2,672

OI: 1,376

Vol/OI: 1.9x

IV: 36.9%

Notional: ~$0.53M

Intent: Short-dated protective puts or part of spread activity around the $100 delivery line

Dual read: Protective puts (bearish/hedge) OR put-selling/structural rebalancing (neutral)

Read-through: Additional short-dated put flow at $100 reinforces immediate downside hedging interest but is smaller notional than the $99 put flow and large call-side premium; net effect remains pinning near $100.

NFLX 2026-04-17 $65 CALL

Vol: 261

OI: 120

Vol/OI: 2.2x

IV: 157.8%

Notional: ~$0.89M

Intent: Long-dated/instrumented call buying (deep ITM) — likely institutional stock replacement or structured flow

Dual read: Directional accumulation (bullish) OR part of a bespoke (structured) derivative package (neutral)

Read-through: High IV and deep ITM status point to non-standard flow (structured or corporate); it supports longer-term bullish positioning but isn't an immediate gamma-driven short-term signal.

Institutional Positioning

Call additions: Concentrated accumulation visible in $100–$125 calls (heavy OI at $100, $105, $125 and premium flow showing large call notional at $100 and long-dated deep-ITM calls).

Put additions: Notable short-dated protective buying at $99 and $100 (4/10 and 4/17 expiries) and put OI concentration at $95 and $73 (structural tail protection).

GEX/DEX consistency: Yes — large positive GEX (+$219.8M) and DEX (+142.7M shares) are consistent with dealer pinning behavior toward the $100 area while dealers hedge long call exposure, increasing that magnet effect.

OI clusters: $100 call cluster (44,476 + supplementary 16,543 OI entries) and $105/$125 call walls (91,284 / 91,277 OI) create a multi-tiered resistance-to-pin structure; large put floor at $73 sits far below spot as a defensive tail.

Hedging evidence: Clear short-dated protective put activity around $99–$100 indicates tactical hedging; limited evidence of collars but deep ITM call buys imply stock-replacement hedges rather than simple buy-write/collar structures.

Max pain context: Max pain for the nearest expiry is $96 (4/10) while dealer GEX concentrations and call OI are pulling the pin slightly higher toward $100–$101. Given spot $98.82 above MP, dealers are positioned to defend higher strikes.

Signal vs Noise

~Deep-ITM long-dated calls at $65/$70/$81 look like institutional stock replacement or structured flows — important for longer-term exposure but not a pure short-term gamma signal.

~Elevated volume on 4/10 strikes (close expiry) includes expiration rolls and short-term hedges; some put volume likely represents protective buys ahead of earnings (4/16) rather than directional conviction.

~High IV on outliers (e.g., 4/17 $65C IV 157.8%) suggests bespoke or illiquid block trades; treat as structure-driven, not pure directional flow.

Key Conclusions

🐂Net premium +$41.8M and large positive GEX (+$219.8M) bias the book toward upside/pinning near $100–$101 despite heavy put volume today.

📌Near-term pin: $100 is the clearest magnet (GEX +$35.8M at $100 and concentrated call OI).

⚠️Watch heavy short-dated put prints at $99–$100 — they create immediate hedging pressure and can produce downside wiggles into the 4/10 expiry.

🔁Deep ITM call activity (65/70/81 strikes) likely reflects institutional stock-replacement or structured flow — supportive for medium-term upside but noisy for intraday reads.

📉P/C volume of 1.38 signals elevated short-term fear; if that persists or grows it can overwhelm the pin despite positive GEX.

🧭Key levels to watch next session: $100 (pin/magnet), $96 (4/10 max pain / immediate support), and $105 (call wall/resistance).

How to Use These Reports

This flow reflects the market close on April 7, 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.