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NFLX

Netflix, Inc.Close $97.31EOD only

Max Pain

$100.00

Next expiry Apr 24, 2026

Expected Move

±$3.33

3.4% from close

Price Gap

+2.69

Distance to max pain

IV Rank

High premium

P/C OI

0.88

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 17, 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 17, 2026 close

NFLX Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 17, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5.0; +2.0 GEX/flow aligned pinning; +1.0 positive dealer GEX; -1.0 spot 6.2% above MP

Watch next session: New premium or OI buildup in $104-$110 calls (would reinforce dealer pinning toward $105-$110); Large put flow or blocks at $100-$97 (would signal a shift to bearish / MP reversion)

Flow Summary

Net premium: +$87.4M bullish

P/C volume ratio: 1.38 — put-heavy by volume (more put contracts traded), but premium skew favors calls

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

The headline is mixed: large net premium (+$87.4M) and a big positive GEX (+$226.5M) point to dealer-driven pinning and durable call demand, concentrated around the $100–$110 band. However put volume is elevated (P/C vol 1.38) and short-dated IV is high (7d ATM 61.1%), so intraday flows show defensive/hedging activity alongside institutional call accumulation. Expect price to churn around the $100–$106 zone while gamma pinning persists.

Notable Prints

NFLX 2026-05-22 $90.00 Put

Vol: 11,246

OI: 113

Vol/OI: 99.5x

IV: 38.6%

Notional: ~$1.22M (11246 * $1.09 * 100)

Intent: Long-dated directional downside/hedge (protective or speculative deep OTM put accumulation)

Dual read: Could be institutional hedging a large long exposure or retail/speculative lottery buying; small OI relative to volume suggests many new contracts rather than closing

Read-through: Large volume with tiny existing OI implies fresh demand for downside insurance or speculative downside exposures; because strike is 13% below spot and long-dated, it’s not immediate gamma pressure but signals concern/insurance positioning into summer.

NFLX 2026-04-24 $107.00 Call

Vol: 2,690

OI: 758

Vol/OI: 3.5x

IV: 48.7%

Notional: ~$616k (2690 * $2.29 * 100)

Intent: Fresh short-term directional call buying (bullish, near-term upside)

Dual read: Bought calls (bullish) or dealer-sold (overwriting) for call premium (neutral); volume >> OI argues new buying

Read-through: Concentrated buying at $107 (only ~4% above spot and inside the 7d EM upper bound $109.96) reinforces dealer gamma to sell into upside and helps pin price under the $110 area if continued.

NFLX 2026-04-17 $103.00 Put

Vol: 746

OI: 224

Vol/OI: 3.3x

IV: 60.3%

Notional: ~$255k (746 * $3.42 * 100)

Intent: Short-term protective put buying ahead of earnings (defensive)

Dual read: Protective hedge (institutional) or speculative short-dated downside bet (traders); timing (exp 4/17) and ATM strike suggest hedging into the 4/16 earnings

Read-through: ATM short-dated put activity near spot ahead of earnings increases near-term skew and supports dealer hedging flows that can create downside gamma liquidity needs if price moves lower.

Top premium flow: $41.00 calls (aggregate premium)

Vol: 0

OI: 0

Vol/OI: 0.0x

Notional: $17,008,385 call premium (pre-computed net call premium at $41 strike)

Intent: Large long-term bullish exposure / corporate conversion or structured trade

Dual read: Aggressive long-term call accumulation (bullish) or large internal position reweighting / structured product leg (neutral to bullish)

Read-through: A very large notional concentrated at an in-the-money/structural strike ($41) shows a meaningful long-term bullish or corporate-driven position; it’s unlikely to affect short-term pinning but signals institutional long-term bullish positioning.

Institutional Positioning

Call additions: $100-$115 strikes (notable OI concentration at $100,$105,$110 and heavy premium net), including near-term activity at $104-$107

Put additions: Short-dated protective puts around $100-$103 (4/17 and 4/24 expirations) and long-dated speculative/hedge puts at $90 (5/22) and far OTM $30-$70 strikes (likely insurance or structured legs)

GEX/DEX consistency: Yes — large positive Total GEX $226.5M and DEX +147.4M shares align with net bullish premium and call OI walls; gamma concentrations at $100-$110 explain pinning behavior

OI clusters: $100 call cluster (43,213 OI) and adjacent $105 (21,665 OI) / $110 (19,055 OI) create a call-wall resistance band; put OI cluster at $73 (48,178 OI) defines a structural downside floor (gamma flip ~ $73)

Hedging evidence: Evidence of short-term protective hedging: ATM/near-ATM puts (e.g., $103 4/17, $102/$100 4/24) and elevated short-dated put volume ahead of earnings; limited evidence of widespread collars but mixed flow suggests selective protective buying.

Max pain context: Max pain near-term at $97 (4/10) and trending lower ($97 → $95 across expirations). Spot $103.01 is above MP, so if dealers maintain positive GEX they have incentive to sell into rallies and buy into dips to steer toward the MP band around $95–$97.

Signal vs Noise

~Very large notional at $41 call premium likely structural/long-term position — not a short-term directional signal for next-week pinning.

~Far OTM long-dated puts ($30, $65, $70) — high vol/oi ratios but small absolute OI; likely speculative/portfolio insurance rather than immediate pressure.

~Some put-heavy volume ahead of earnings (4/17 expirations) — likely protective hedging into earnings rather than new bearish directional conviction.

~High P/C volume ratio (1.38) is partly explained by short-dated hedges and volatility; do not read single short-dated put sweeps as full trend reversal without follow-on premium or OI shifts.

Key Conclusions

🐂Net premium is strongly positive (+$87.4M) and dealer GEX is large and positive (+$226.5M) — setup favors call-side pinning in the $100–$110 band.

⚠️Put volume is elevated (P/C vol 1.38) and short-dated ATM IV is very high (7d ATM 61.1%) — traders are buying protection into earnings; downside risk exists if selling accelerates.

📌Key support: $100 (GEX +$16.5M pin), $96.06 (1w EM lower bound), $95 (max pain / near-term MP band).

🧱Key resistance: $105–$110 (call OI walls and GEX concentration; 1w EM upper $109.96) — sustained buying here would increase dealer selling and strengthen a pin around $105–$110.

🕵️Watch for OI buildup (not just volume) at $104-$110 calls and for large block put flow at $100-$97 — those moves will confirm a directional shift.

How to Use These Reports

This flow reflects the market close on April 10, 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.