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 10, 2026

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

You are viewing an older report from April 10, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell defined-risk put spreads near dealer put support (100/95) after earnings
Invalidation: Close below $96.06 (1-week EM guardrail) or sustained move under $95 (max pain trend)
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned (GEX +$226.5M); +1 positive GEX pinning; -1 spot 6.2% above MP/earnings ahead

IV Environment

IV Regime
High
IV vs VIX
ATM Avg IV 50.3% vs VIX not provided — IV is elevated in absolute terms (50.3%)
Favorable?
Yes

Term structure: Very front-loaded: 7d ATM 61.1% → 14d 48.5% → 35-42d ~38.9%-39.4% — steep front-week skew creates calendar/defined-risk opportunities after earnings

💰Average IV 50.3% — rich environment for selling premium
Very high 7d IV (61.1%) ahead of earnings — avoid naked premium into earnings; sell after event

Pin Risk Assessment

Spot vs MP: Spot $103.01 — Above max pain ($97 for 2026-04-10); spot ~6.2% above MP (pre-computed)

GEX regime: Pinning (GEX +$226.5M) — dealers are long gamma net which creates magnetic pin forces into heavy OI strikes

Gamma flip: ~$73.00Gamma flip near ~$73 — far below spot; dealer behavior flips only if price collapses toward that deep put wall

OI concentrations: Call walls concentrated $100-$125 (notably 100C OI 43,213 / 105C OI 91,277 / 125C OI 91,208); put concentration at $73 (48,178 OI) and near-term put clusters around $95 (16,564) and $96 (16,207). Strong GEX magnets at $100 (+$16.5M), $105 (+$10.6M), $104 (+$8.2M).

Verdict: Favorable — positive GEX + heavy call/put OI near $100-$105 creates a pinning environment that helps defined-risk credit structures (put spreads, iron condors) so long as spot remains above the 1-week EM floor $96.06

Premium Opportunities

#1
put spread
Sell 100/95 put spread 2026-05-15 (35 DTE)
Sits on strong dealer pin/GEX at $100 (+$16.5M) and aligns with put OI support; term structure offers lower IV in the 35d bucket (~38.9%) but still attractive vs spot. Avoid selling into earnings; open after 2026-04-16 print.
Credit: $1.00-$1.40
Max loss: $3.60
BE: 99.00
Mgmt: Take profits at 50-65% of max credit collected; roll down/wing out if underlying closes within $1.50 of short 100 put for two sessions; cut losses/close if price closes below EM guardrail $96.06 or if spread marks >50% of max loss
#2
iron condor
Sell 95/90 put and 110/115 call iron condor 2026-05-22 (42 DTE)
Uses well-defined short strikes: 95 puts (put cluster 16,564 OI / MP trending lower) and 110 calls (call OI wall 19,055; GEX +6.9M at 110) — positive GEX pinning limits drift toward either wing. 42d sits in the 39.4% ATM IV band.
Credit: $1.10-$1.50
Max loss: $3.90
BE: Lower BE ~93.90 / Upper BE ~111.40
Mgmt: Take profit at 50% of max credit; close/adjust if underlying tests either short strike (single-day close inside short strike) — roll the tested side 3-5 strikes and out 2-4 weeks or convert to broken-wing if skew favors; hard cut if price trades beyond either breakeven
#3
covered call
Buy 100 shares + sell 105 call 2026-05-15 (35 DTE)
Collects rich call premium using strong call liquidity at 105 (multi-exp OI concentration). Works for Theta-focused owners who want yield and prefer defined upside exit. May be established after earnings once IV settles.
Credit: $2.60-$3.20
Max loss: Stock risk (unlimited downside minus premium collected)
BE: $100.41
Mgmt: Close covered call if underlying rallies and approach $105 (buy back calls at >75% of premium to preserve shares); if stock falls below $96.06 consider closing/rolling into a put spread to reduce stock exposure
#4
put spread (slightly wider)
Sell 105/100 put spread 2026-06-18 (69 DTE)
Longer-dated defined-risk bullish put spread that monetizes the large call/put OI band around 100-105 while capturing higher absolute premium (ATM IV ~36.4% at 69d). Good for larger sizes where you want more theta but longer cushion vs short-term earnings noise.
Credit: $2.20-$2.80
Max loss: $2.80
BE: $102.80
Mgmt: Take profit at 60% of max credit; consider rolling shorter if trade is comfortably OTM at 20 DTE to collect another cycle; exit if price breaks and holds below $100 with implied skew rising materially

Risk Alerts

!Earnings 2026-04-16 — do not sell naked premium through the print; wait until IV reprices post-earnings.
!Front-week IV is very high (7d ATM 61.1%) — avoid short-dated naked sales into event risk; use defined-risk spreads if needed in front-week.
!Gamma flip at ~$73 — while far below spot, a disorderly gap lower could flip dealer behavior; monitor for rapid IV expansion.
!Pin pressure concentrated at $100-$105 — short strikes inside these levels can be magnetized; manage rolls when price tests those strikes.
!Unusual put flow: large OTM put trades (e.g., May22 $90 put flow) — monitor for directional institutional positioning that could increase tail risk on downside moves.
How to Use These Reports
This theta reflects the market close on April 10, 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.