Home Options NFLXReports

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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 pinning GEX; -1 spot 5.2% above MP

Watch next session: Continuation or roll of Apr-10 $104C (high intraday flow) — watch added OI or prints; Put flow at $100-$102 (Apr-10/Apr-17) — large Apr10 put block activity could be hedging vs directional

Flow Summary

Net premium: +$92.9M bullish

P/C volume ratio: 0.60 — call-dominant (significant call flow)

P/C OI ratio: 0.89 — moderate call lean in positioning (OI still more balanced than volume)

Heavy, concentrated call buying around the $100-$105 neighborhood drove todays net premium and produced a strong positive GEX (+$304.6M). Volume-weighted flow is bullish and short-dated (Apr-10/Apr-17) pinning pressure is evident, but OI shows large call walls higher (110-125) so dealers remain exposed to upside gamma and will hedge into small moves.

Notable Prints

NFLX 2026-04-10 $104 Call

Vol: 22,534

OI: 2,024

Vol/OI: 11.1x

IV: 37.5%

Notional: ~$405,612

Intent: Fresh short-dated directional call buying / pin-play

Dual read: Aggressive bought calls (bullish) or dealer sell/overwrites (neutral) but volume >> OI implies buyer initiation

Read-through: Short-dated call accumulation forces dealers to buy stock/delta, supporting spot near-term and contributing to the positive GEX/pinning regime

NFLX 2026-04-10 $100 Put

Vol: 12,970

OI: 2,963

Vol/OI: 4.4x

IV: 36.3%

Notional: ~$155,640

Intent: Large short-dated put activity — likely protective hedges or short-dated structured buying (pin/hedge mix)

Dual read: Protective bought puts (bearish/hedge) or sellers opening (bullish via put-sell) — but concentration at $100 aligns with dealer GEX magnet

Read-through: Concentrated $100 strikes increase dealer gamma at that level, reinforcing a pin near $100-$102 even as net premium favors calls

NFLX 2026-04-10 $101 Put

Vol: 5,154

OI: 498

Vol/OI: 10.3x

IV: 34.4%

Notional: ~$164,928

Intent: Short-dated protective put buying (earnings hedge or directional protection)

Dual read: Purchased puts (defensive) or part of a structured spread (e.g., bought put leg of collar) — high vol/OI suggests fresh buys

Read-through: Adds asymmetric downside protection in the $100-$102 band — could limit upside if dealers hedge aggressively into declines

NFLX 2026-05-01 $99 Put

Vol: 3,111

OI: 134

Vol/OI: 23.2x

IV: 42.8%

Notional: ~$880,000

Intent: Longer-dated directional/earnings-season protective put accumulation

Dual read: Bought puts (directional/hedge) or block sellers initiating (less likely given vol/OI and elevated IV)

Read-through: Shows pocket of real downside protection being built into early May — significant notional vs OI implies institutional hedging interest beyond the Apr expiry

Institutional Positioning

Call additions: $100-$105 strikes (notably $100, $102, $105) in very large premium flow and volume; additional structural call OI concentrated $110-$125 indicating longer-term upside exposure.

Put additions: Short-dated puts concentrated at $100-$102 (Apr-10/Apr-17) and May $99/$91 protection — suggests tactical hedging around earnings window while still net call-biased.

GEX/DEX consistency: Yes — GEX +$304.6M and DEX +151.3M shares align with bullish/pinning flow; dealers are long gamma near $100-$103 so they will buy into dips and sell into rallies within the EM bounds.

OI clusters: Largest OI clusters: $125C (91,354), $105C (91,281), $100C (70,256 + multiple listings totaling ~45k/20k/41k across expiries). On puts, biggest OI is $73 (48,184) but far OTM; near-term put clusters at $95-$100 create a support band.

Hedging evidence: Clear evidence of protective/directional put buying around Apr expiries (100-102) and May 99/91 — some flows look like hedges for long stock or option sellers; minimal explicit collar prints but collar-like behavior (calls paired with short-dated puts) is plausible.

Max pain context: Max pain for Apr-10 is $97 (below spot) but spot is above MP; however, strong GEX at $100/$101/$102 produces short-term pinning above MP and makes MP drift less immediately actionable.

Signal vs Noise

~Large Apr-10 front-month prints (100/101/102 puts and 104 calls) may include expiration rolls and earnings hedges tied to Apr-16 results — not all are pure directional.

~High OI at $125 and $110 calls is structural (long-dated positioning) and likely dealer/corp positions rather than intraday directional bets.

~Some put flow in May expirations (e.g., 99P 2026-05-01) likely represents hedging around the post-earnings window rather than immediate bearish conviction.

~Spread legs and structured activity: multiple sizes at $100/$101/$102 across expiries look like delta-hedged structures or pinning plays — isolated prints should be read in context of large net premium ($92.9M).

Key Conclusions

🐂Net premium +$92.9M and P/C volume 0.60 indicate a strong intraday call-biased session concentrated around $100-$105.

📌Near-term pinning concentrated at $100/$101/$102 (GEX pockets totaling +$79.1M) — dealers likely supporting spot in the $100-$103 band.

🛡️Clusters of short-dated puts at $100-$102 and May $99/$91 show institutions buying protection into earnings (Apr-16) — downside is bought, not sold.

⚡Largest unusual: Apr-10 $104C (22,534 vol vs 2,024 OI) looks like fresh call-buying that will force dealer delta purchases intraday.

🧭Key intraday levels: Support band $100.00 / $101.00 / $102.00 (pin/gex concentration). Resistance at $104.00 / $105.00 / $110.00 (call OI clusters and EM upper bounds).

How to Use These Reports

This flow reflects the market close on April 9, 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.