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NFLX

Netflix, Inc.Close $94.83EOD only

Max Pain

$98.00

Next expiry Apr 24, 2026

Expected Move

±$2.74

2.9% from close

Price Gap

+3.17

Distance to max pain

IV Rank

Low premium

P/C OI

0.81

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

NFLX Flow Report

Analysis based on market close April 21, 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 4.6% from MP; +0.5 VIX 20

Watch next session: Monitor heavy call prints around 93–99 and May 1 expiries; Track gamma-flip level (73) and put OI concentration; Watch spot move toward/through mid-price

Flow Summary

Net premium: +$7.4M bullish

P/C volume ratio: 0.64

P/C OI ratio: 0.79

Bullish flow: strong call buying and positive GEX driving pinning gamma; downside risk if spot breaches MP or momentum turns, watch 93–119 strike activity and gamma flip.

Notable Prints

NFLX 2026-05-01 $117.00 Call

Vol: 1,278

OI: 162

Vol/OI: 7.9x

IV: 62.9%

Notional: ~$5K

Intent: deep-OTM near-term speculative call

Dual read: vol pick vs speculative bet

Read-through: deep-OTM speculative interest

NFLX 2026-04-24 $93.00 Call

Vol: 10,947

OI: 1,691

Vol/OI: 6.5x

IV: 31.7%

Notional: ~$1.1M

Intent: aggressive short-dated call buy

Dual read: directional vs dealer hedging

Read-through: near-term bullish

NFLX 2026-05-01 $94.00 Call

Vol: 6,719

OI: 1,068

Vol/OI: 6.3x

IV: 31.4%

Notional: ~$934K

Intent: large call accumulation

Dual read: buy vs roll/open interest shift

Read-through: bullish into May

NFLX 2026-05-01 $119.00 Call

Vol: 688

OI: 109

Vol/OI: 6.3x

IV: 66.0%

Notional: ~$6K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NFLX 2026-05-01 $118.00 Call

Vol: 1,263

OI: 206

Vol/OI: 6.1x

IV: 64.8%

Notional: ~$9K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Noticeable call buying into Apr–May expiries concentrated near $93–$94 and a May cluster around $117–$118; flow skewed toward calls.

Put additions: Put interest concentrated around May22 $84 with other put OI pockets (~48k aggregate), representing a nontrivial downside hedge.

GEX/DEX consistency: GEX (+$58M) and DEX (+129.1M shares) are consistent with dealer hedging but could also reflect transient flow or liquidity provision — evidence is suggestive, not definitive.

OI clusters: Largest OI bands: $93–$94 (Apr/May), $99 May22, and $117–$118 May; material put OI at $84 May22.

Hedging evidence: Net premium inflow +7.4M and put clusters imply some collar/put protection exists; dealer short-delta hedging may influence intraday gamma but causal impact on trend is uncertain.

Max pain context: Spot sits ~4.6% below max pain; gamma pinning risk could keep price near expiries but realized vol or large flows could change outcomes.

Signal vs Noise

~Signal: large call blocks at $93–$94 and sustained DEX buying point to dealer hedging demand.

~Signal: positive GEX coincides with a pinning regime but is not proof of directional support.

~Noise: isolated high‑vol, low‑OI prints (e.g. May1 $117/$119) likely fills/sweeps rather than durable positions.

Key Conclusions

📈Bullish-ish pinning: concentrated $93–$94 call flow plus positive GEX/DEX suggests dealer short‑delta activity that can compress moves near strikes, though causality is not certain.

⚠️Downside tail remains: May22 $84 put stack and spot below MP create asymmetric risk if realized vol spikes before expiries.

How to Use These Reports

This flow reflects the market close on April 21, 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.