thetaOwl

NFLX

Netflix, Inc.Close $87.68EOD only
Max Pain
$89.00
Next expiry May 29, 2026
Expected Move
±$2.14
2.4% from close
Price Gap
+1.32
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
0.80
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 26, 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 26, 2026 close
NFLX Theta Report
Analysis based on market close April 8, 2026

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

You are viewing an older report from April 8, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put credit spreads (30-44 DTE) near $95–$100 OI support
Invalidation: Close below $92.14 (1w EM lower bound)
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned (pre-computed); +1 GEX positive (pinning)

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 49.9% (VIX not provided) — skew shows near-term (9d) ATM 58.3% with 30d ATM 41.6%; short-to-intermediate vols are elevated relative to longer-dated
Favorable?
Yes

Term structure: Humped/steep near the 9d expiry (58.3%) then falls into the 30-45d band (~40-41%). Good seller edge in 30-45 DTE where IV is still elevated but not extreme.

💰High positive dealer GEX (+$234.2M) and strong OI at $100/$105 create pin magnets — favors selling premium around those strikes.
⚖️Avg IV 49.9% with 30d ATM 41.6% — vol is rich enough to collect meaningful credit on 30-45 DTE positions.

Pin Risk Assessment

Spot vs MP: Spot $99.39 is above near-term max pain $97.00 (2d) and above other short-dated MPs ($92/$95), so dealers are positioned to pin slightly lower than spot.

GEX regime: Pinning (GEX +$234.2M) — strong positive gamma that acts as a magnet to cluster near OI concentrations

Gamma flip: ~$73.00Gamma flip at ~$73 — well below spot; if price were to approach $73 dealer behavior would flip and accelerate moves, but that is outside near-term bounds.

OI concentrations: Call walls: $100 (44,838–16,471 OI across expiries) and $105 (20,905 OI); Put concentration: $73 put OI=48,184 (structural floor). Near-term GEX magnets at $100 (+$46.4M), $101 (+$16.4M), $102 (+$9.3M).

Verdict: Favorable — positive GEX and large call OI near $100–$105 create pinning that supports selling premium on both put-side credit spreads and defined-risk call wings.

Premium Opportunities

#1
put spread
Sell 95 / Buy 90 put spread exp 2026-05-08 (30 DTE)
30d ATM vol is ~41.6% (pre-computed) and dealers/GEX pin near $100–$105. Selling the 95/90 put spread gives an OI-supported short strike (95 is near short-dated OI clusters and the MP series) with defined risk and attractive rolled theta.
Credit: $1.00-$1.40
Max loss: $3.60
BE: $93.00
Mgmt: Take 60-70% of max profit; roll down 1-2 strikes and out 1-2 expirations if short strike tested with <50% width remaining; cut loss if underlying closes below $92.14 (1w EM lower bound) or if spread value reaches 60-70% of max loss.
#2
iron condor
Sell 100 / Buy 105 call spread and Sell 90 / Buy 85 put spread exp 2026-05-08 (30 DTE)
Two-way defined-risk premium selling takes advantage of pin magnets at $100/$101 and short-dated IV skew. Call side sold at 100 taps into very large call OI (44,838+), and put side at 90 gives buffer under spot while staying inside near-term expected move.
Credit: $1.10-$1.60
Max loss: $3.90
BE: 90.90 / 104.10
Mgmt: Close at 50% of max profit; if either short strike is touched, consider closing that wing or roll that side 1-2 strikes and out to next monthly. Cut losses if underlying closes beyond the nearer EM bound ($92.14) on the downside or above $106.64 on the upside (1w EM upper bound).
#3
calendar (debit spread)
Buy 2026-05-22 99C, Sell 2026-04-24 99C (buy long-month, sell near-week) — interest: 2026-04-24 is 16 DTE, 2026-05-22 is 44 DTE
Pinning regime and heavy short-term call OI at $99–$100 amplifies theta on the front-month sell. 16d front-month IV is elevated (Apr24 ATM 48.9% for 16d) and selling it against a longer-dated call collects front-month theta while keeping upside protection.
Debit: $1.20-$1.80
Max loss: $1.80
BE: Cost paid (loss limited to debit) — benefits if spot stays near $99 into near expiry
Mgmt: Target 50-70% return of debit as exit; roll front-month if it becomes ITM and you want to maintain calendar, or close entire structure before earnings (see Risk Alerts). Cut loss if long leg value collapses >70% or if realized vol spikes on a directional break beyond 1w EM bounds.
#4
put spread (more aggressive width)
Sell 100 / Buy 95 put spread exp 2026-05-15 (37 DTE)
Wider short strike at 100 captures heavy OI and GEX magnet at 100 (+$46.4M). 37 DTE still shows elevated IV (~40.1%) allowing richer credit. Use defined-risk put spread instead of naked put given upcoming earnings and pinning.
Credit: $2.20-$2.80
Max loss: $2.20
BE: $97.80
Mgmt: Take 60% profit; if underlying drifts below 97.00, consider buying back or rolling down/out; cut losses if underlying closes below $92.14 or if spread value reaches 60% of max loss.

Risk Alerts

!Earnings on 2026-04-16 (within 2 weeks) — avoid naked short positions through the report; close or roll before event.
!Gamma flip at ~$73 (pre-computed) — a move toward $73 would switch dealer behavior and accelerate trend; treat moves toward that region as regime-change risk.
!Heavy OI and flow concentrated at $100 and $105 — pinning risk is high; short strikes inside those areas can be pinned but also attract early assignment or dealer squeezes around expiry.
!Unusual activity: concentrated flow around the $100 strikes (both calls and puts) — monitor for directional positioning that could increase realized vol.
!IV term kink: very high 9d ATM IV (58.3%) — short-week risk/reward is attractive but front-week expiries can gap if news hits; prefer defined-risk structures or close before earnings.
How to Use These Reports
This theta reflects the market close on April 8, 2026.
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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.

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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.