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NFLX

Netflix, Inc.Close $92.58EOD only

Max Pain

$97.00

Next expiry Apr 24, 2026

Expected Move

±$2.42

2.6% from close

Price Gap

+4.42

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

7.0/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

NFLX Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +0.5 VIX 19

Watch next session: track spot vs MP around 93–94 expiries; monitor large put prints and put‑call ratios; watch VIX and net premium moves; watch for call unwind at April expiries

Flow Summary

Net premium: +$21.6M bullish

P/C volume ratio: 0.54

P/C OI ratio: 0.77

Bullish pinning: concentrated April calls (93–94) and +GEX suggest upside support; a decisive break below gamma‑flip or renewed heavy put flow/VIX spike would negate this view.

Notable Prints

NFLX 2026-05-22 $94.00 Call

Vol: 2,247

OI: 723

Vol/OI: 3.1x

IV: 30.8%

Notional: ~$670K

Intent: Near-month covered call or directional spread leg

Dual read: Roll/positioning vs. directional bet

Read-through: Supports sustained call interest at 94

NFLX 2026-04-24 $91.00 Put

Vol: 9,480

OI: 3,776

Vol/OI: 2.5x

IV: 27.4%

Notional: ~$190K

Intent: Protective or aggressive short-term sell-off hedge

Dual read: Buyer hedging vs. sell-to-open directional

Read-through: Adds downside collar pressure

NFLX 2026-05-08 $135.00 Call

Vol: 1,312

OI: 535

Vol/OI: 2.5x

IV: 71.9%

Notional: ~$4K

Intent: Speculative long-dated upside punt

Dual read: Long volatility play vs. cheap lottery ticket

Read-through: Low OI, high IV — low-prob tail bet

NFLX 2026-04-24 $94.00 Call

Vol: 21,359

OI: 8,933

Vol/OI: 2.4x

IV: 28.1%

Notional: ~$1.3M

Intent: Pin/close-in bullish accumulation

Dual read: Spec buy vs. systematic hedge

Read-through: Reinforces pin zone

NFLX 2026-04-24 $93.00 Call

Vol: 17,072

OI: 7,242

Vol/OI: 2.4x

IV: 27.7%

Notional: ~$1.8M

Intent: Short-dated bullish directional or pinning flow

Dual read: Aggressive buyer vs. dealer gamma sell/hedge

Read-through: Large open interest supports near-term pinning

Institutional Positioning

Call additions: Concentrated short-dated calls at $93-96 and May 22 $94; sizable longer-dated calls at 126/135 expiries.

Put additions: Heavy short-dated puts at $91 (Apr24/May8) and longer-dated protective puts at 65/90 (2027).

GEX/DEX consistency: GEX +$92M and DEX +133.8M show net call-buy skew consistent with bullish flow but limited magnitude — supports possible pinning, not certainty.

OI clusters: Largest OI clusters ~$91-94 (Apr/May); meaningful longer-dated put OI concentrated 65–90. Note: treats strikes with OI<1k contracts as low‑OI noise.

Hedging evidence: Evidence of collars/long-dated defensive puts; short-dated call sells consistent with delta management. Sensitivity: a 1–2% spot move or high theta decay in next 7 days materially changes delta/gamma profile.

Max pain context: Max pain near $93-94; given ~1.9% spot gap, view as possible pin with probability band ~30–55% depending on intraday flow and theta decay; monitor spot moves and gamma bleed scenarios.

Signal vs Noise

~Signal: large Apr24 call/put prints at $93-94 and $91 with substantive OI (>1k) — flow-driving.

~Signal: positive GEX/DEX adds constructive skew but magnitude limited; scenario-sensitive to expiry theta.

~Noise: low‑OI (<1k) long OTM calls with high IV flagged as noisy — likely to decay and not move pinning absent follow-up flow.

Key Conclusions

📌Possible pinning at $93-94 into short expiries (approx 30–55% probability); sensitive to spot moves and theta.

⚠️Significant long-dated protective puts denote tail-hedging; downside risk remains if spot breaks <90 or gamma dries up.

How to Use These Reports

This flow reflects the market close on April 22, 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.