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NFLX

Netflix, Inc.Close $83.33EOD only

Max Pain

$86.00

Next expiry Jun 5, 2026

Expected Move

±$2.16

2.6% from close

Price Gap

+2.67

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: Jun 2, 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

Jun 2, 2026 close

NFLX Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 13.4% from MP; +0.5 VIX 18; -0.5 increased short-dated protective put activity (Apr17)

Watch next session: Flow into the $110.00$112.00 strikes (GEX concentration levels) fresh call buys or dealer re-hedging will confirm pinning; Behavior of front-week puts (NFLX260417P00107000 and NFLX260417P00055000): aggressive buying or a sustained bid would cap upside and reduce bullish conviction

Flow Summary

Net premium: +$106.8M bullish

P/C volume ratio: 0.73

P/C OI ratio: 0.82

Call demand remains the headline (net premium +$106.8M) concentrated at $110$120, but substantial short-dated put activity ahead of earnings alters the near-term picture. Notably, the 4/17 $107 put (Vol=1,786, OI=572) and a high-IV deep-OTM $55 put (Vol=398, IV=237.5%) indicate material protective/tail-hedge flows that reduce conviction in an unabated short-term rally; the net is still call-leaning but with meaningful hedging skew into the earnings window.

Notable Prints

NFLX260417C00117000

Vol: 5,185

OI: 645

Vol/OI: 8.0x

IV: 97.3%

Notional: ~$482K

Intent: Directional call buying into front-week (opening fresh upside exposure ahead of earnings/short-dated gamma squeeze)

Dual read: Could partly be market-makers laying off short-gamma risk (buying calls) vs an outright directional long; volume 5,185 vs OI 645 (8.0x) favors fresh buys

Read-through: Significant front-week call demand at $117 (9% OTM) supports near-term upside pressure toward the $115$117 band and reinforces dealer positive GEX/pinning bias

NFLX260417P00107000

Vol: 1,786

OI: 572

Vol/OI: 3.1x

IV: 99.1%

Notional: ~$6.3M

Intent: Aggressive short-dated protective put buying ahead of earnings (defensive hedging)

Dual read: Primarily looks like buyer-initiated paid protection rather than a position close; size (1,786 contracts) materially exceeds comparable front-week put prints and likely reflects institutional downside insurance

Read-through: This print meaningfully increases near-term put skew and acts as a short-term cap — dealers will need to short-delta/hedge the position, which could blunt upside into expiry unless calls significantly outpace further put demand

NFLX260417P00055000

Vol: 398

OI: 131

Vol/OI: 3.0x

IV: 237.5%

Notional: ~$11.9K

Intent: Deep-OTM tail-hedge or structured component (very high IV)

Dual read: Could be a cheap one-off buyer buying extreme tail protection or part of a larger structured product; high IV suggests premium for crash protection was expensive and thus purposeful

Read-through: Even small notional, the extreme IV and distance imply explicit tail-hedging interest that steepens short-dated skew and may cause dealers to manage convexity aggressively around earnings

NFLX260515C00122000

Vol: 3,420

OI: 949

Vol/OI: 3.6x

IV: 42.3%

Notional: ~$393K

Intent: Medium-dated call accumulation (speculative/institutional upside exposure into mid-May)

Dual read: Could be part of call spreads or structured purchases funded by puts, but vol 3,420 vs OI 949 (3.6x) and IV 42.3% suggests fresh openings

Read-through: Adds to call-side positioning at the $122 area (13% OTM) contributing to the longer-dated call wall/gamma at $120$140 and reinforcing asymmetric upside convexity for dealers

NFLX260529C00105000

Vol: 522

OI: 115

Vol/OI: 4.5x

IV: 44.7%

Notional: ~$377K

Intent: Long-dated ITM call activity (May 29 $105 ITM) likely directional long or roll from front-dated calls

Dual read: Could be conversion/synthetic mechanics (close short puts + buy calls) but vol/OI 4.5x with IV 44.7% favors fresh directional allocation or roll

Read-through: ITM May calls at $105 increase open interest inside current spot, pointing to institutional willingness to own delta exposure into the summer

Institutional Positioning

Call additions: $110$122 strikes (heavy premium at $110; OI clusters at $120/$140; flows into $122 exp 5/15 and $120.50 exp 6/18) institutions are adding upside exposure across near- and mid-dates.

Put additions: More substantial than previously described: significant short-dated paid protection at 4/17 $107 (Vol=1,786, OI=572) and ITM $112 puts (Vol=509) plus deep-OTM $55 tail hedges (IV=237.5%) and some mid-dated protection at $95 (5/08). These are sized to materially influence short-term skew and dealer hedging.

GEX/DEX consistency: Partially consistent: while net flow and GEX remain positive (+$312.8M) supporting pinning above spot, the concentrated short-dated put buying forces dealers into additional delta-hedges that can dampen upside in the immediate term despite the overall call accumulation.

OI clusters: Largest structural OI remains call-centric ($120.00 CALL OI=163,198; $140.00 CALL OI=160,817) creating longer-term upside walls; near-term OI and GEX concentrations at $112.00 (+$28.3M) and $110.00 (+$14.2M) are primary short-term magnets, but front-week put flows insert friction into movement toward those levels.

Hedging evidence: Clear: large short-dated protective puts and expensive deep-OTM tail buys ahead of earnings are explicit hedging. Dealers will likely be short-delta from these buys and may buy stock into downdrafts and sell into rallies, complicating pure call-driven upside even as longer-dated call accumulation persists.

Max pain context: Max pain pins sit well below spot ($95–$99 across near expiries) but near-term GEX pinning is above spot ($110/$112): positioning and recent call flow are orienting the pin higher than MP, creating a short-term magnet around $110–$112 despite longer-dated MP levels.

Signal vs Noise

~Very short-dated front-week prints (4/17) have elevated IV (≈99%) — some of the volume is earnings-driven hedging rather than pure directional conviction.

~Large OI at very far OTM puts (e.g., $5.00/$4.50 puts) are structural and not relevant to near-term directional signals.

~High notional concentrated calls at $120/$140 with massive OI are long-term structural positioning; single-day flows in those strikes can be dealer inventory management rather than fresh directional bets.

~Small-volume far-OTM activity (e.g., $55 puts) likely noise or cheap tail hedges given tiny notional and extreme distance from spot.

Key Conclusions

🐂Overall flow is bullish: net premium +$106.8M and concentrated call demand around $110–$120 supports upside into the EM band ($99.93–$115.48) and pins near $110–$112.

⚠️Earnings distortion: extremely elevated front-week IV (99.7% 4/17 ATM) and paid short-dated puts ($112, $107) mean front-week flow may be protective — watch tomorrow's unwind for confirmation.

📌Gamma/pinning setup: dealers are long-GEX (+$312.8M) with near-term GEX concentration at $112 and $110 — these levels are the primary magnets and likely to see mean reversion activity.

How to Use These Reports

This flow reflects the market close on April 15, 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.