NFLX Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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).

Read the Flow analysis for NFLX for 2026-04-07. 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.