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NFLX

Netflix, Inc.Close $89.33EOD only
Max Pain
$89.00
Next expiry May 22, 2026
Expected Move
±$2.44
2.7% from close
Price Gap
-0.33
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.78
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 19, 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
May 19, 2026 close
NFLX Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Selling puts at support near $89
Invalidation: Spot breaks below $89 support or put OI ratio rises above 1.0
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Elevated: avg IV 45.6% vs VIX 18.0
Favorable?
Yes

Term structure: Front week backwardated; June 18 put IV spike suggests event risk

📊Dealer GEX +$108M supports premium selling
⚠️June 18 put IV 112% indicates tail risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+108.2M)

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 48,561 (16.0% below spot)

OI concentrations: Put floor $73-75 (48.6K OI); call wall $100-125; max pain $89

Verdict: Moderate – spot near max pain, but dealer positive GEX mitigates downside pin risk

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $89.00/$84.00 put spread
Sells $89/$84 put spread to capture premium from time decay and IV contraction, with defined risk.
Credit: $1.53-$1.88
Max loss: $3.12
BE: $87.12
Mgmt: Close if spot breaks below $89 or put volume spikes; take profit at 50% max gain.
#2
Iron condor
Sell 2026-06-18 $89.00/$84.00 put wing and $90.00/$94.00 call wing
Sells $89/$84 put and $90/$94 call wings, profiting if NFLX stays between $84 and $94.
Credit: $2.85-$3.48
Max loss: $1.52
BE: 85.52 / 93.48
Mgmt: Adjust wings if spot approaches strikes; exit early if IV collapses.

Risk Alerts

!Low put volume ratio (0.41) signals complacency – watch for volume surge
!Gamma flip at $75 – major risk if spot declines sharply
How to Use These Reports
This theta reflects the market close on May 19, 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.