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NFLX

Netflix, Inc.Close $86.02EOD only

Max Pain

$87.00

Next expiry Jun 5, 2026

Expected Move

±$2.79

3.2% from close

Price Gap

+0.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

NFLX Theta Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 17, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.3% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV ~51 vs VIX 17 — underlying IV regime structurally elevated; short-dated quoted IV noisy (day0 spike)

Favorable?

Yes

Term structure: Front-end distorted (0–7d extreme), 1–6w elevated then slopes toward long dated; tail spikes on select expiries

📌Max-pain clustering at $97–$100 with spot at/near MP

📈Dealer GEX +$18.6M and net premium positive — flow supportive of pinning

📣Scheduled corporate events (earnings/dividend/calls) within the next week could rapidly reprice IV and spot

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+18.6M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,167 (25.0% below spot)

OI concentrations: Max-pain pins $97/$100 (4/17–5/1); put OI concentration 48,167 (~25% below spot)

Verdict: Elevated pin risk; concentrated OI + positive dealer GEX makes pins likely absent large directional shocks or near-term corporate catalysts that reprice IV

Premium Opportunities

Iron condor

Sell 2026-05-15 $91.00/$87.00 put wing and $106.00/$114.00 call wing

Sell 5/15 91/87 put wing and 106/114 call wing to collect premium from concentrated OI; balances short-dated premium capture with defined risk on spikes.

Credit: $0.95-$1.16

Max loss: $6.84

BE: 89.84 / 107.16

Mgmt: Trim or widen wings if spot approaches a wing; cut if close >101.9 for 3 days or VIX>30/fast 5% move.

Put credit spread

Sell 2026-05-15 $93.00/$88.00 put spread

Sell 5/15 93/88 put spread to capture rich bids and benefit from pin tendencies with defined loss.

Credit: $0.79-$0.97

Max loss: $4.03

BE: $92.03

Mgmt: Buy back if spot nears 93 or invalidation triggers (close>101.9×3 or VIX spike).

Cash-secured put

Sell 2026-05-15 $94.00 cash-secured put

Sell 5/15 94 cash-secured put to collect rich premium near support.

Credit: $1.51-$1.85

Max loss: $92.15

BE: $92.15

Mgmt: Roll or close before invalidation events; avoid through earnings or VIX>30 scenarios.

Risk Alerts

!Close > $101.9 for 3 consecutive trading days removes pin thesis

!Scheduled earnings/dividend or other corporate event within 7 days could rapidly reprice IV and spot, invalidating premium-selling edge

!VIX spike >30 or fast >=5% move invalidates premium-selling edge

!Unwinding of dealer hedge (GEX collapse) could produce sudden vol reprice

How to Use These Reports

This theta reflects the market close on April 17, 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.