NFLX

Watch next session: monitor 2026-04-24 short‑dated put executions (102–109); track intraday price vs pin zone and GEX decay; watch VIX and SPY/QQQ direction

Net premium: -$7.2M bearish

P/C volume ratio: 0.77

P/C OI ratio: 0.77

Call additions: Notable May01 call prints at 90–91; size suggests buy-side interest but could be directional calls, call spreads, or structured trades — far OTM vs puts so interpret cautiously.

Put additions: Concentrated Apr24 puts 102–109 and Jun 82 puts point to downside hedging or speculative put buying; clustered short-dated activity is meaningful for near-term exposure.

GEX/DEX consistency: Mixed signals: positive GEX and DEX inflow coexist with heavy short-dated put flow. Dealers may hedge, but pinning/anchoring is possible rather than certain and may vary by horizon.

OI clusters: Largest OI in 102–115 puts (notable 103/105/108/109) and call OI at 90–91 for May01; clusters raise gamma sensitivity but strike gaps create ambiguous directional pressure.

Hedging evidence: Put skew, concentrated short-dated put volume and long-dated puts consistent with hedging/collar activity, though some prints can be structured trades rather than pure insurance.

Max pain context: Spot sits below stated max pain; clusters could bias near-term mean reversion, but mixed flow and spread activity make the path uncertain.