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NFLX

Netflix, Inc.Close $107.71EOD only

Max Pain

$95.00

Next expiry Apr 17, 2026

Expected Move

±$7.78

7.2% from close

Price Gap

-12.71

Distance to max pain

IV Rank

100

High premium

P/C OI

0.82

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 15, 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 15, 2026 close

NFLX Theta Report

Analysis based on market close April 15, 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; +1 GEX positive (pinning); -1 spot 13.4% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

Near-term ATM IV 99.7% (2026-04-17) vs VIX 18.17 — extreme short-dated richness; 9d ATM IV 59.3% still well above VIX; avg IV 53.8%

Favorable?

Term structure: Very steep front-loaded term structure: 2d ATM 99.7% > 9d 59.3% > 30d ~40.9% — huge front-week premium around earnings

⚠️2d IV 99.7% is earnings-driven — selling naked into earnings is high-risk

💰30–60 DTE IV (~40–41%) is elevated vs broad market VIX 18.17 — favorable for defined-risk sellers after earnings

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+312.8M)

OI concentrations: Call OI walls at $120-$140 large (structural). Near-term GEX pin magnets: +$28.3M at $112.00, +$14.2M at $110.00, +$10.7M at $105.00; Max pain short-dated = $95 (2d) vs spot $107.71 (MP is -13.4% from spot).

Verdict: Threatening for naked call sellers above $110 (pin magnets draw price); favorable for selling put credit spreads near $100 support because positive GEX (+$312.8M) creates pinning that can support upside; however large OI call walls higher mean tail upside is possible—pinning supports defined-risk put sales but raises pin/assignment risk into expirations with concentrated OI.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $101.00/$96.00 put spread

Sell a 25–55 DTE short put around delta ~0.25 and buy a 5-point put to define risk; wait until after 2026-04-16 earnings to avoid front-week IV 99.7% and potential gap risk.

Credit: $1.01-$1.24

Max loss: $3.76

BE: $99.76

Mgmt: Close for 50–65% of max credit profit; tighten or roll if price closes below $98.78 or if IV spikes despite earnings.

Cash-secured put

Sell 2026-05-15 $99.00 cash-secured put

Target short-put delta ~0.20 in the 25–45 DTE window with strike near $100 or slightly below; use deterministic support $98.78 as target acquisition price.

Credit: $1.48-$1.81

Max loss: $97.19

BE: $97.19

Mgmt: Predefine maximum purchase price; buy-to-close or roll if price trades below $98.78 or if IV rises instead of compressing after earnings.

Risk Alerts

!Earnings 2026-04-16 (1d) — avoid selling naked premium into this event; expect extreme 2d ATM IV 99.7%

!Front-loaded IV: 2d ATM 99.7% vs 30d ~40.9% — huge IV crush potential; aggressive short strangles/weeklies can chop and gap

!Positive GEX $+312.8M and pin magnets at $110/$112 — elevated chance of pinning toward those levels which can hurt short-call/backspread exposure

!Max pain near $95 (2d) is far below spot (13.4%) — asymmetric gap-down risk exists despite bullish flow; defined-risk structures preferred

!Large call OI walls at $120–$140 create structural upside resistance but also tail risk for short calls if aggressive flow pushes through

Read the Theta analysis for NFLX for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.