NFLX Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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).

Read the Flow analysis for NFLX for 2026-04-09. 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.