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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 20, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

Watch next session: price vs mid‑price and gamma flip level (73); change in OI/prints at 93–96 strikes; VIX and broad market direction (SPY/QQQ)

Flow Summary

Net premium: +$17.4M bullish

P/C volume ratio: 0.69

P/C OI ratio: 0.81

Bullish flow: dealer hedging and heavy call prints are pinning risk around mid‑90s; downside risk persists while spot stays below MP and puts retain material OI.

Notable Prints

NFLX 2026-04-24 $113.00 Call

Vol: 12,451

OI: 1,241

Vol/OI: 10.0x

IV: 71.1%

Notional: ~$75K

Intent: lot-size speculative sweep

Dual read: fill for hedger delta sell

Read-through: unusual far OTM call activity

NFLX 2026-04-24 $93.00 Call

Vol: 5,731

OI: 674

Vol/OI: 8.5x

IV: 31.9%

Notional: ~$1.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NFLX 2026-04-24 $95.00 Call

Vol: 19,212

OI: 2,446

Vol/OI: 7.8x

IV: 31.4%

Notional: ~$2.5M

Intent: short-dated bullish buy

Dual read: gamma sell or directional buy

Read-through: pinning pressure near 95

NFLX 2026-05-08 $86.00 Put

Vol: 1,251

OI: 165

Vol/OI: 7.6x

IV: 33.8%

Notional: ~$43K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NFLX 2026-04-24 $96.00 Call

Vol: 16,154

OI: 2,144

Vol/OI: 7.5x

IV: 32.1%

Notional: ~$1.5M

Intent: aggressive upside exposure

Dual read: spread leg or hedge

Read-through: adds upside pinning risk

Institutional Positioning

Call additions: Concentrated short-dated call activity centered ~93–96 (4/24 expiries) and nearby May calls; several large unusual call prints.

Put additions: Notable short-dated put OI around 92–96 and longer-dated puts ~84–86, but put volume is smaller than calls overall.

GEX/DEX consistency: Positive GEX (+$98.6M) and DEX inflow (+126M shares) are consistent with bullish flow and potential dealer hedging but do not prove intent; other market drivers could produce similar signals.

OI clusters: Largest OI cluster ~92–96 (short-dated) with meaningful put OI deeper below spot; call OI spikes at 95–96.

Hedging evidence: Patterns are consistent with dealer hedging and collar activity around 92–96, though this is inferential—alternative explanations (directional flow, flows from asset managers) remain possible.

Max pain context: Max pain sits below spot and current positioning is consistent with pinning near 92–96 into 4/24, but outcomes are uncertain and price could drift if flows change.

Signal vs Noise

~Signal: concentrated short-dated call buys at 93–96 and large adjacent put OI suggest focused positioning.

~Signal: positive GEX/DEX support a hedging/pinning interpretation but are not definitive proof of dealer intent.

~Noise: isolated long-dated small-volume prints and transient IV moves likely irrelevant to near-term pinning.

Key Conclusions

📌Positioning is consistent with near-term pinning around 92–96, though alternate outcomes remain plausible.

📈Flow looks overall bullish; positive GEX/DEX support but only as circumstantial evidence for dealer hedging risk.

How to Use These Reports

This flow reflects the market close on April 20, 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.