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NFLX

Netflix, Inc.Close $106.28EOD only

Max Pain

$94.00

Next expiry Apr 17, 2026

Expected Move

±$7.28

6.8% from close

Price Gap

-12.28

Distance to max pain

IV Rank

100

High premium

P/C OI

0.92

Balanced positioning

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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

Apr 14, 2026 close

NFLX Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (pinning, +$255.8M); +1 GEX positive; -1 spot 13.1% from MP; +0.5 VIX 18.36

IV Environment

IV Regime

High

IV vs VIX

Avg IV 52.1% vs VIX 18.36 — IV is materially rich relative to market

Favorable?

Yes

Term structure: Front-week very rich (3d ATM 82.0%), 1-4 week curve falling (10d ATM 54.8 → 31d ATM 40.1) — good for selling near-term premium and calendar/diagonal plays on wings

💰Avg IV 52.1% vs VIX 18.36 — rich volatility, favors premium sellers

⏳Very high front-week IV (82.0% for 4/17) — avoid naked through earnings (4/16); use defined-risk short spreads if trading weekly

Pin Risk Assessment

Spot vs MP: Spot $106.28 is above max pain levels ($94 → $98 range); current spot is ~13.1% above nearest MP ($94 on 4/17).

GEX regime: Pinning (GEX +$255.8M) — dealers are net long gamma exposure concentrated at nearby strikes, creating a magnet around major OI nodes (100/105/110).

OI concentrations: Large call OI walls at $100 (42,365), $105 (23,162) and $125 (91,220) plus put floor OI concentrated at $73; heavy call flow centered at $100/$105/$120 per flow table.

Verdict: Favorable — strong positive GEX and concentrated call OI near $100-$105 create pin magnet behavior that supports short-put credit structures and cash-secured puts, provided the position is managed if market moves below the 2d EM ($99.00).

Premium Opportunities

put spread

Sell 100/95 put spread 2026-05-29 (45 DTE)

45 DTE captures still-elevated IV (May 29 ATM ~39.0%) and targets the large GEX/flow magnets at $100 and $105; defined-risk spread reduces assignment and benefits from pinning (GEX +$255.8M).

Credit: $1.20-$1.70

Max loss: $3.30

BE: 98.80

Mgmt: Take 50-65% of max profit (close) on premium decay; roll down and out if price closes below $99.00 (2d EM) or buy back on single-day close < $96.00; cut to limit loss if underlying trades below $95.00 or spread reaches 60-70% of max loss.

cash-secured put (CSP)

Sell 100 put 2026-05-15 (31 DTE)

Strong pinning at $100 (11,046,400 GEX impact noted in chain and flow), high put premium with ATM IV elevated; conservative way to collect elevated premium with willingness to own shares at ~100.

Credit: $1.70-$2.30

Max loss: Unlimited downside to stock – effectively (100 - credit) per share if assigned

BE: $98.30

Mgmt: Close for 50-70% of max profit if premium decays; if price drops and tests $99.00 (2d EM) roll down 1-2 strikes and extend DTE; cut if stock breaks and holds below $96 on daily close.

iron condor

Sell 105/102 put credit + 115/118 call credit 2026-05-29 (45 DTE)

Uses the heavy call OI band (115-125) as distant resistance and the 100-105 pin magnets as support. With positive GEX and pinning, the short put side has dealer support while the short call side collects rich premium with lower probability of breach in this regime.

Credit: $1.10-$1.50

Max loss: $3.90

BE: 101.10 / 116.40

Mgmt: Close at 50% of max profit; tighten or roll call side up if price rallies toward 114.33 (1w EM upper bound) or roll/hedge put side if price closes below $99.00; cut if either short strike is tested intraday.

calendar (diagonal) — defined risk directional income

Sell 2026-04-24 105 call / buy 2026-06-18 105 call (10d short / 65d long)

Front-week IV at 82.0% is extremely rich; selling very short-dated call premium at 105 (heavy short-flow and OI) and carrying a longer-term hedge collects steep calendar spread premium. Works because of elevated front IV and pinning at 105.

Debit: $0.30-$0.80

Max loss: $5.20

BE: varies; net debit + assigned short basis if exercised

Mgmt: Close short leg before earnings (4/16) or roll to next weekly if earnings pass; target 30-50% of available time decay captured, close entire position if spread compresses to <0.30 debit or short strikes are threatened intraday.

covered call (income on stock holders)

Buy stock / sell 110 call 2026-05-15 (31 DTE)

For holders: collect rich call premium (May 15 ATM ~40.1% term) while being inside a pinning environment; 110 is above spot and within call OI cluster (110 OI sizable at 21,057).

Credit: $2.10-$2.60

Max loss: Stock downside less collected premium

BE: $104.18

Mgmt: Take 50% profit on premium; if stock rallies strongly toward $114.33 (1w EM upper bound) consider rolling up and out; if stock drops below $99.00 consider buyback and re-establish lower strike.

Risk Alerts

!Earnings scheduled 2026-04-16 — do NOT sell naked premium through the print; prefer defined-risk spreads or stay flat into announcement.

!Large positive GEX (+$255.8M) means dealer pinning behavior — while supporting puts, this can cause sharp intraday reversals if dealers rebalance; monitor for rapid moves.

!Front-week IV is extremely high (ATM 82.0% for 4/17) — weekly naked shorts have outsized assignment and gap risk; use defined-risk legs for weeklies.

!Max pain cluster well below spot ($94→$98) — if price starts mean-reverting aggressively toward MP, short-put exposures can become threatened; use $99.00 (2d EM lower) as a tactical stop/roll trigger.

!Unusual long-dated call activity at $120 and $140 (Jul 17 expiries) suggests institutional directional exposure — watch for follow-through that could steepen upside moves and threaten call wings.

Read the Theta analysis for NFLX for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.