thetaOwl

NFLX

Netflix, Inc.Close $88.60EOD only
Max Pain
$89.00
Next expiry May 29, 2026
Expected Move
±$2.56
2.9% from close
Price Gap
+0.40
Distance to max pain
IV Rank
22
Low premium
P/C OI
0.78
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
NFLX Theta Report
Analysis based on market close April 7, 2026

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

You are viewing an older report from April 7, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Attractiveness8.5 / 10
Sizing: Moderate
Primary: Sell put credit spreads (30–45 DTE) near the $95–$100 put OI support
Invalidation: Sustained close below the 1-week lower EM guardrail $91.34
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned (Pinning); +1 positive GEX magnitude (+$219.8M); no data quality penalty

IV Environment

IV Regime
High
IV vs VIX
VIX not provided — average IV 50.4% with 10d ATM 57.2% and 3d ATM 39.1% (term skewed rich in 10d)
Favorable?
Yes

Term structure: Front-week (3d) IV is ~39.1% but 10d IV spikes to 57.2% then settles in the low-40s for 24–45d — short-dated sell strategies have mixed edge; 10d premium is especially rich.

💰Avg IV 50.4% (high) — elevated vols give sellers a structural edge on credit spreads and wings.
⚠️Shortest-dated IV (3d) is lower (39.1%) while 10d is richer (57.2%) — avoid naked sells into that 10d spike unless defined-risk.

Pin Risk Assessment

Spot vs MP: Spot $98.82 is above near-term max pain $96.00 (4/10) by ~2.95%; MP sequence shows a shallow downward trend ($96 → $95 over expirations).

GEX regime: Pinning (GEX +$219.8M) — positive gamma exposure concentrated near $100 area should act as a magnet.

Gamma flip: ~$73.00Gamma flip is far below spot (~$73). Dealer amplification is only a tail risk if NFLX plunges toward $73.

OI concentrations: Call walls $100/$105/$104 (large call OI: 44,476 @100; 20,743 @105; 17,993 @104). Put concentration deep at $73 (48,173 OI). Near-term GEX magnets: +$35.8M at $100, +$12.4M at $101, +$9.6M at $105.

Verdict: Favorable — strong positive GEX + large call OI near $100/$105 creates pinning that supports short-put credit positions and wide wings on the upside

Premium Opportunities

#1
put spread
Sell 95 / buy 90 put spread 2026-05-22 (45 DTE)
45 DTE offers elevated mid-term IV (41.9%) and strong put support / GEX pin near $100. 95 put short sits just inside the concentrated short-put area (max pain $95–96 nearby), giving margin for theta decay while dealers hedge toward the magnet.
Credit: $1.10-$1.40
Max loss: $3.60
BE: $93.90
Mgmt: Take profit at 50–65% of max credit; roll down 1–2 strikes if price closes below the short strike for 2 consecutive sessions; cut losses if underlying closes < $91.34 (1w EM lower guardrail) or if position reaches 75% of max loss.
#2
iron condor
Sell 100 / buy 95 put side x sell 110 / buy 115 call side 2026-05-22 (45 DTE)
Wide 5-point wings on the put side capture the pinning magnet at $100 and call wall at $105–110; mid-term IV elevated, giving healthy wing credit while defined risk limits assignment exposure. Use 45 DTE to collect theta with a margin of safety inside the 45d expected move ($87.72–$109.92).
Credit: $2.80-$3.40
Max loss: $1.60
BE: Lower: 97.20 | Upper: 113.40
Mgmt: Close at 50% of max profit; tighten or roll if underlying trades within 1–2 points of either short strike for two consecutive days; close the entire condor if price closes beyond either breakeven or if IV spikes >+15% intraday.
#3
covered call
Buy 100 shares spot $98.82 and sell 2026-05-08 (31 DTE) 100 call
For stock owners, selling the 31‑day 100C captures elevated near-term IV (31–45d term rich) and sits at a heavily OI’d call strike (100). Generates ~3%+ yield in 31 days while keeping upside to ~100. Good asymmetric risk if willing to own shares and be called.
Credit: $3.00-$3.50
Max loss: Stock downside (unlimited) offset by premium — effective basis ~$95.32-$95.82
BE: $95.82
Mgmt: Take profit on the call at 50–75% credit decay; if stock rallies strongly and assignment is acceptable, let expire; if stock drops and reaches $91.34 close/roll the call and consider selling a put spread instead.
#4
defined-risk calendar (debit-defined spread)
Sell 2026-04-10 (3 DTE) 99 call, buy 2026-05-22 (45 DTE) 99 call — rollable calendar
Front-week IV is lower (39.1%) but 10d is very rich. This short-week sell (defined risk as part of a calendar) captures theta from the front-month while being protected by the long 45d call. Use only as a defined-risk calendar because earnings (4/16) are coming — avoid naked short week exposure across earnings.
Debit: $0.45-$0.70
Max loss: $0.70
BE: Direction-dependent; expect calendar to profit if spot is near $99 into short expiry
Mgmt: Close short leg by EOD of 4/10 if spot moves >$1.50 away from $99; take profits if calendar value >50% of debit reduction; avoid holding through earnings; cap max loss at paid debit.

Risk Alerts

!Earnings 2026-04-16 (in 9 days) — avoid selling naked puts/calls through the event; close or convert short-dated naked exposure before earnings.
!Gamma flip ~ $73 — a deep downside move toward $73 would flip dealer hedging and accelerate moves; defined-risk only if you cannot handle rapid gap risk.
!High GEX (+$219.8M) creates pinning risk — while favorable for short puts, it can produce sharp mean-reversion squeezes if flow flips; monitor intraday order flow.
!Concentrated call OI at $100–$105 and large short-put OI at $73 creates asymmetric risk: strong upside pinning but crowded call strikes can force sharp moves if large directional flow arrives.
!Unusual activity: large ITM put activity around $99–$100 for expirations 4/10 and 4/17 — elevated trading in those strikes could presage directional repositioning; avoid widening naked exposure until flow confirms.
How to Use These Reports
This theta reflects the market close on April 7, 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.