Home Options NFLXReports

NFLX

Netflix, Inc.Close $87.35EOD only

Max Pain

$88.00

Next expiry May 29, 2026

Expected Move

±$1.69

1.9% from close

Price Gap

+0.65

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 27, 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 27, 2026 close

NFLX Flow Report

Analysis based on market close April 13, 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 13, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.9% from MP; +0.5 VIX 19.1

Watch next session: Call premium and OI change at $100–$105 (look for fresh buying vs. close-outs); Any large block fills in $103–$105 puts (Apr 17/Apr 24) that would indicate protective hedging increasing

Flow Summary

Net premium: +$118.0M bullish

P/C volume ratio: 0.87 — call-dominant but not extreme

P/C OI ratio: 0.92 — modest call lean in positioning

Today shows clear institutional call-biased premium flow concentrated around the $100 strike and into $104–$110 area. Dealers are net long gamma (Total GEX +$234.2M) which supports pinning behavior near near-term call clusters; short-dated put activity (notably $103) looks like tactical hedging around upcoming earnings.

Notable Prints

NFLX $100 Call (aggregate premium flow)

Vol: 3,394

OI: 43,044

Vol/OI: 0.1x

IV: 70.3%

Notional: ~$27.1M premium (call-side aggregate net $24.54M)

Intent: Fresh directional call buying across expirations (institutional bullish exposure)

Dual read: Net buy of calls (bullish) OR dealer/issuer selling calls against stock (neutral); but large premium inflow and GEX increase favor bought-calls reading.

Read-through: Significant one: heavy call premium centered at $100 is pushing dealer positive GEX (+$21.4M at $100), creating pin magnet dynamics around $100–$105 and supporting near-term upside bias.

NFLX 2026-04-17 $103 Put

Vol: 2,233

OI: 557

Vol/OI: 4.0x

IV: 69.2%

Notional: ~$0.73M (2233 * $3.25 * 100 ≈ $725.8k)

Intent: Short-dated protective hedges (clients buying puts into earnings) or directional bearish bets for event risk

Dual read: Protective put buying (hedge) OR speculative directional put buying (bearish); timing into Apr 16 earnings and high IV favors hedging read.

Read-through: Increases short-dated downside protection concentrated at-the-spot strike; this is event-driven risk reduction that tempers the bullish call flow but is limited in notional vs call premium.

NFLX 2026-04-17 $113 Call

Vol: 4,432

OI: 575

Vol/OI: 7.7x

IV: 70.3%

Notional: ~$0.27M (4432 * $0.61 * 100 ≈ $270.4k)

Intent: Short-dated upside speculation; possibly cheap call accumulation for event-driven gamma or spread leg of larger structures

Dual read: Long speculative call accumulation (bullish) OR dealers selling calls into the flow (neutral); high vol/oi suggests fresh positions rather than rolls.

Read-through: Small notional compared with the $100 call premium, but concentrated Apr 17 call buys indicate players buying cheap upside skew ahead of earnings — supports short-term upside gamma demand.

NFLX 2026-05-08 $106 Call

Vol: 459

OI: 130

Vol/OI: 3.5x

IV: 42.6%

Notional: ~$153k (459 * $3.35 * 100 ≈ $153.6k)

Intent: Long-dated directional call add or spread leg supporting May upside

Dual read: Fresh call purchase (bullish) OR opening leg of caller-backed structure (neutral); lower IV vs Apr expiries suggests more standard directional exposure.

Read-through: Shows accumulation slightly farther out than Apr expiries — aligns with institutions layering calls across expirations to express upside while hedging short-dated event risk.

Institutional Positioning

Call additions: $100–$110 strikes (heavy premium at $100; large OI clusters at $100, $105, $110); additional call interest visible at $113 and $117 short-dated.

Put additions: Concentrated short-dated protection at $103 (Apr 17 & Apr 24) and scattered deeper protection at $90 and long-dated $73 puts (large structural put floor), but put notional today is small relative to call premium.

GEX/DEX consistency: Yes — positive Total GEX (+$234.2M) and concentrated GEX at $100/$105/$110 (+$21.4M, +$13.9M, +$9.3M) line up with call-heavy premium flow and pinning regime.

OI clusters: Largest OI clusters: $100 call (43,044 OI), $105 call (23,438 OI), $110 call (20,042 OI) — these create a near-term price magnet/resistance band. Put OI cluster concentrated far below at $73 (48,176 OI) acting as structural floor but not immediate.

Hedging evidence: Yes — visible protective put buying at $103 into Apr 16 earnings (short-dated), and dealer positive gamma suggests market makers are hedging by buying/selling stock as delta moves; minimal evidence of large-scale collars today.

Max pain context: Max pain pins short-term are $93 (4/17) → $97 (4/24) but MP trend is rising; spot is above MP and dealers' positive GEX combined with call concentration near $100–$110 may pull price toward the call cluster rather than MP in the very near term.

Signal vs Noise

~Short-dated $103 puts (Apr 17/Apr 24) — likely earnings hedges rather than a broad shift to bearish positioning.

~Large notional at-the-money call premium is spread across expirations (premium flow at $100) — could include issuance/sales across strikes; single-session call premium inflow may be part of structured option issuance rather than pure directional bets.

~Some high vol/oi on very OTM Apr17 calls ($113, $117) are small notional and consistent with event-driven speculative gamma buys, not primary directional conviction.

~Existing deep put OI at $73 is structural and long-dated defensive positioning, not immediate near-term directional pressure (gamma flip ~ $73).

Key Conclusions

🐂Net premium strongly bullish: +$118.0M with concentrated call premium at $100 and buildup into $104–$110.

📌Pinning dynamics: GEX concentrations at $100 (+$21.4M), $105 (+$13.9M) and $110 (+$9.3M) create a near-term magnet between $100–$110.

🛡️Event hedging present: large Apr 17 $103 put flows point to earnings protection rather than systemic bearish repositioning.

⚖️Dislocation between short-dated skew and longer-dated vols: very high IV for Apr expiries (ATM Apr17 70.1%) vs May/Jun term structure — favors layered trades (short-dated hedges, longer-dated call accumulation).

🔁Watch for confirmation: if call premium at $100 sustains and OI rises (not just volume), dealers' positive gamma will support spot >$100; a spike in $103 puts would flip the tape toward downside hedging.

How to Use These Reports

This flow reflects the market close on April 13, 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.