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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

Middle-high 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 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 7.5; +0.5 heavy net premium and P/C volume 0.21; +0.5 strong positive GEX $255.8M (pinning); -0.5 spot 13.1% from MP

Watch next session: Follow large OI print execution at $105 and $100 calls (sustained buying or rapid roll-ups); Flow into $115-$125 call wall — early accumulation vs potential dealer resistance

Flow Summary

Net premium: +$406.1M bullish

P/C volume ratio: 0.21 — extreme call-dominant (heavy call flow today)

P/C OI ratio: 0.92 — modest call skew in OI (positioning somewhat balanced vs today's call-heavy flow)

Institutional and retail flow is decisively call-biased today: large call premium concentrated at $100, $105, $120 and $125 strikes is pushing dealers into positive GEX ($255.8M), which creates pinning dynamics within the expected move bands. The order flow looks like directional call accumulation (some multi-expiry), not simply short-dated expiration gammas, and that supports a bullish near-term tilt provided spot remains inside the $99–$114 range.

Notable Prints

NFLX260717C00120000 CALL $120.00 exp 2026-07-17

Vol: 162,597

OI: 5,466

Vol/OI: 29.8x

IV: 36.8%

Notional: ~$51.9M

Intent: Directional call accumulation / bullish LEAP-like positioning (multi-month upside exposure)

Dual read: Large buy to open (bullish) or dealer-sold calls being purchased as part of structured trades (collar/synthetic) — but volume >> OI suggests fresh buy-side demand

Read-through: Material long-dated call demand at $120 signals institutional upside conviction beyond near-term moves; dealers will hedge by buying stock/delta, supporting price into the $110–$120 range over time.

NFLX260717C00140000 CALL $140.00 exp 2026-07-17

Vol: 160,811

OI: 356

Vol/OI: 451.7x

IV: 36.6%

Notional: ~$10.9M

Intent: Speculative directional upside (long-dated OTM call buy sweep)

Dual read: Aggressive directional long (bullish lottery ticket) or small-seller overwriting; extremely high vol/OI implies fresh buys

Read-through: Lot of far-dated OTM call buying — while individually lower notional vs the $120 block, this reinforces a bullish skew from multi-month buyers and increases dealer delta exposure as hedges are layered.

NFLX260417C00112000 CALL $112.00 exp 2026-04-17

Vol: 60,179

OI: 3,983

Vol/OI: 15.1x

IV: 81.0%

Notional: ~$9.2M

Intent: Near-term directional call buying ahead of/into earnings or short-dated volatility play

Dual read: Bought calls (bullish ahead of event) or dealers structurally adjusting gamma into short-dated expiries (pinning) — high IV and proximity to earnings (04-16) suggest event-driven positioning

Read-through: Large short-dated call flow with ATM-ish strikes increases dealer positive gamma exposure and strengthens the pin around $105–$112 into the Apr 17 expiry; supports near-term upside resilience.

NFLX260417P00106000 PUT $106.00 exp 2026-04-17

Vol: 4,721

OI: 468

Vol/OI: 10.1x

IV: 82.1%

Notional: ~$1.6M

Intent: Protective buying or hedging ahead of earnings / short-dated tail protection

Dual read: Bought protective puts (bearish/hedge) or dealers selling puts as part of call-heavy structures (neutral to bullish)

Read-through: Some targeted short-dated put demand at the current spot indicates hedging around earnings; relative size is small vs call flow so it does not offset the dominant bullish call accumulation.

Institutional Positioning

Call additions: $100-$125 calls across expirations (heavy premium at $100, $105, $120, $125; particularly large flow into $100/$105 short-dated and $120/$140 July),

Put additions: Scattered/short-dated put buys around $104-$110 (e.g., $106 Apr17, $105 Apr24, $104 May15) consistent with earnings hedges rather than broad directional put accumulation

GEX/DEX consistency: Yes — positive Total GEX $255.8M and DEX +156.7M shares are consistent with the strong call premium and pinning regime; dealers are long gamma, creating a price magnet inside expected move bounds.

OI clusters: $105 call OI = 91,998 (top by OI at that strike when consolidating across expiries), $125 call OI = 91,220, $100 call OI = 68,831 and listed near-term clusters at $100 (42,365 OI), $105 (23,162 OI), $110 (21,057 OI). Put OI concentrated at $73 (48,178) but far from spot.

Hedging evidence: Evidence of protective/earnings hedging: short-dated put buying (Apr17 $106/$105) and scattered May puts; however, the scale of put hedges is small relative to call accumulation, so collars appear limited.

Max pain context: Max pain for the immediate expirations ($94 on 04-17, $97 on 04-24) sits well below spot; with GEX pinning near $100–$105, dealers may shepherd price toward those pin levels rather than immediate MP levels — MP trend is rising, but flow today is pulling spot toward the $100–$110 cluster.

Signal vs Noise

~Large Jul $120/$140 prints: multi-month OTM call blocks can be speculative or part of structured trades; treat far-dated vol-heavy blocks as directional only if followed by delta-hedging flows in the next sessions.

~Short-dated Apr17 call volume (e.g., $112 call) is likely tied to the earnings window (04-16) — some activity may reflect event-driven plays rather than pure market-view directional bets.

~High IV short-dated put buys at $104-$106 are consistent with earnings hedges, not an outright reversal signal given relative notional vs heavy call premium.

~Widespread call volume at $100 and $105 includes both short-dated and longer-dated expiries — some of this will be dealer inventory/gamma management rather than fresh directional accumulation.

Key Conclusions

🐂Strong bullish premium — Net premium +$406.1M and P/C volume 0.21 show clear call dominance concentrated at $100–$125 strikes (notably $100, $105, $120, $125).

📌Pinning dynamics — Positive GEX $255.8M with concentration at $100/$105/$110 creates a near-term magnet inside the $99–$114 expected move.

🧾Earnings hedges exist but are small — short-dated put buys around Apr17 ($106, $105) consistent with protection into 04-16 earnings; they don't offset heavy call buying.

🧭Watch the $115–$125 call wall — large OI there could form resistance if dealers begin to delta-sell into rallies; accumulation there today suggests a two-stage upside (initial support near $100–$110, then potential friction at $115+).

👀If net premium or P/C volume flips, expect rapid repricing — current thesis depends on sustained call flow and dealers remaining long gamma.

How to Use These Reports

This flow reflects the market close on April 14, 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.