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NFLX

Netflix, Inc.Close $103.01EOD only

Max Pain

$92.00

Next expiry Apr 17, 2026

Expected Move

±$6.95

6.8% from close

Price Gap

-11.01

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 10, 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

Apr 10, 2026 close

NFLX Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for April 10, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Watch next session: Follow $100 call prints and whether dealers need to buy delta into the $100-$105 band; Large put prints or block selling that shift P/C volume ratio above 1.2, especially at $95-$98 strikes

Flow Summary

Net premium: +$45.4M bullish

P/C volume ratio: 0.94 — near-neutral but slight call tilt

P/C OI ratio: 0.90 — moderate call lean in positioning

Flow is modestly bullish: substantial net premium into calls (notably concentrated at $100 and $105) and a large positive GEX (+$234.2M) create dealer pinning pressure near $100. Put activity exists (notably ITM short-dated puts around $95-$99 and a large structural put cluster at $73) but today's premium and OI changes favor call accumulation and dealer short-gamma that supports a pin near $97-$100.

Notable Prints

NFLX 2026-04-10 $100.00 Call

Vol: 36,100

OI: 16,471

Vol/OI: 2.2x

IV: 38.0%

Notional: ~$11.3M

Intent: Fresh directional call buying / short-dated positioning into expiry

Dual read: Aggressive call buys (bullish) OR dealers opening short call inventory (which would require delta-hedging that supports spot)

Read-through: Largest single-day call volume into the nearby $100 strikes — increases dealer short-gamma and creates a local pin/magnet via positive GEX near $100; consistent with net premium and dealer positioning.

NFLX 2026-04-10 $98.00 Put

Vol: 8,394

OI: 3,828

Vol/OI: 2.2x

IV: 37.3%

Notional: ~$4.5M

Intent: Protective buying or short-dated hedging (puts ITM/near-ITM into weekend expiry)

Dual read: Buyers protecting long stock exposure (bearish hedge) OR sellers closing risk ahead of expiry (neutral)

Read-through: Significant short-dated put flow directly underneath spot; creates friction for upside should buying persist but is smaller than call premium and consistent with mixed flow into expiry.

NFLX 2026-04-10 $100.00 Put

Vol: 5,173

OI: 1,284

Vol/OI: 4.0x

IV: 34.5%

Notional: ~$3.8M

Intent: Directional protective puts or expiration-related activity

Dual read: Bought protective puts (bearish/hedge) OR part of synthetic or conversion trades around expiry (neutral)

Read-through: High vol/oi ratio at ITM put suggests urgent hedging around the $100 strike for very short-dated risk — increases gamma-driven pin risk but premium magnitude remains smaller than call-side net premium.

NFLX 2026-05-22 $100.00 Call

Vol: 507

OI: 103

Vol/OI: 4.9x

IV: 40.9%

Notional: ~$0.26M

Intent: Opening longer-dated directional call exposure or calendar/roll leg

Dual read: Long-dated bullish positioning OR opening of call spreads/structures (neutral to bullish)

Read-through: Smaller dollar size but high vol/oi ratio indicates new longer-dated call interest at the $100 strike — supports structural bias toward calls across expirations.

NFLX 2026-04-17 $99.00 Call

Vol: 3,354

OI: 1,742

Vol/OI: 1.9x

IV: 59.6%

Notional: ~$1.3M

Intent: Short-dated directional call buying into near-term earnings window

Dual read: Bullish outright buying OR volatility-driven positioning/hedges around earnings (could be long-dated buyers hedging event risk)

Read-through: Elevated IV and concentrated buying at $99 for the 4/17 expiry signals event-driven positioning; adds to call-side pressure and dealer hedging demand around spot.

Institutional Positioning

Call additions: $100-$105 strikes (concentrated call premium and high OI at $100 and $105; also structural large OI at $125-$115-$110 though further out), across 4/10->5/22 expirations

Put additions: Short-dated protective puts around $95-$99 (notably $98 and $100 on 4/10) and a long-term large put cluster at $73 (structural floor), smaller put OI clusters at $85-$90 but much reduced

GEX/DEX consistency: Yes — large positive GEX (+$234.2M) and DEX (+143.3M shares) align with call accumulation and create pinning dynamics near $100 that are evident in the near-term GEX concentration (+$46.4M at $100.00, +$16.4M at $101.00).

OI clusters: $100 call cluster (44,838 OI + additional 16,471/41,298/68,621 entries in aggregate) creates a near-term magnet; $105-$104 call cluster (20,905 and 18,161 OI) forms first resistance band; $73 put cluster (48,184 OI) is the structural put floor far below spot.

Hedging evidence: Yes — evidence of short-dated protective puts (4/10 $98 and $100) consistent with client hedging around expiry/earnings; limited evidence of broad collaring but short-dated hedges are meaningful.

Max pain context: Max pain near-term pins at $97 (4/10) and $92 (4/17) with MP trend slightly falling; spot ($99.39) is above immediate MP, suggesting dealers will be defending the $97-$100 band to collect premium into expiries.

Signal vs Noise

~Large premium lines at extreme strikes (e.g., $230, $240, $250) in Top Premium Flow are not relevant to near-term directional read — those are likely odd-lot/expiry artifacts or deep-OTM structured trades.

~The very large put OI at $5.00 in Near-Term OI Clusters is expiration/LEAP structural and not directional for current sessions.

~Some of the $100 call volume (multiple entries across expirations) may be calendar/spread activity (short-dated sell vs longer-dated buy) — isolated prints should be confirmed by notional and follow-through.

~Elevated IV and activity in 4/17 strikes (earnings window) can reflect volatility positioning rather than pure directional conviction; treat event-driven buys as mixed until post-earnings flow confirms direction.

Key Conclusions

🐂Net premium +$45.4M and concentrated call volume around $100-$105 point to a modest bullish tilt with dealers short-gamma supporting a pin near $100.

📌GEX pinning: +$46.4M GEX at $100.00 (nearest pin) and additional positive GEX at $101/$102 increases likelihood of spot gravitating to $97-$101 over next 2 days.

⚠️Short-dated put activity at $98 and $100 (4/10 expiry) is meaningful hedging — if put buying accelerates it can quickly flip local gamma and pressure.

🧭Key resistance cluster inside ±10%: $100.00, $104.00, $105.00 — these are where call OI and dealer selling could cap upside.

🛡️Structural downside protection sits far below at $73 put floor (large OI) — this limits long-term catastrophic downside positioning but is out of immediate range.

Read the Flow analysis for NFLX for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.