NFLX

Watch next session: Monitor 4/24/5/8 call expiry prints and OI changes; Track spot vs MP moves and intraday GEX/dex swings; Watch VIX and large put prints

Net premium: +$87.8M bullish

P/C volume ratio: 0.52

P/C OI ratio: 0.88

Call additions: Short-dated call activity clustered 96–101 for Apr17/Apr24; May calls at 97–100 noted but many prints have low OI behind them.

Put additions: Notable longer-dated put print at May22 $88 indicating tail protection interest; overall put OI skewed ~20–30% below spot in measured strikes.

GEX/DEX consistency: GEX +$18.6M and DEX +141.7M shares are consistent with recent bullish net flow but do not prove sustained dealer pinning—could reflect transient flow or print-driven distortions; confidence: moderate-low.

OI clusters: Largest verified OI: Apr17 $99 ≈2.6k, Apr17 $97 ≈1.7k; many 96–101 prints show single-day prints with OI <500, so some moves are print-driven noise vs true clusters.

Hedging evidence: Mix of short-dated call selling and isolated long-dated put buys suggests partial hedging/collar behavior but evidence is mixed and sized unevenly.

Max pain context: Spot ~0.3% from theoretical MP; gamma regime suggests potential pin risk but causality is uncertain given low-OI prints.