thetaOwl
HomeOptionsNFLXReports

NFLX

Netflix, Inc.Close $97.31EOD only
Max Pain
$100.00
Next expiry Apr 24, 2026
Expected Move
±$3.33
3.4% from close
Price Gap
+2.69
Distance to max pain
IV Rank
93
High premium
P/C OI
0.88
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 17, 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 17, 2026 close
NFLX Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: N/A
Invalidation: Sustained spot move >±5% from current or VIX spike >+50%
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Near-term ATM IV depressed (~30–31%) vs avg IV 45.7; long-dated puts markedly elevated (fat tail skew).
Favorable?
Yes

Term structure: Front-week cheap relative to wings; steep put skew in 59–151d expiries; term structure favors selling near-dated premium with tail risk.

📌Max-pain clustering at $98–$99 across expiries (pinning signal).
⚖️Dealer GEX +$98.6M and net premium positive — flow supportive of pinning.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+98.6M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,171 (23.0% below spot)

OI concentrations: Put OI concentrated ~48,171 contracts (~23% below spot) with max pain pins $98/$99.

Verdict: High pin risk into the next few expiries; gamma flip ~73 acts as downside floor but increases pinch if breached.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $90.00/$85.00 put spread
Defined-risk spread sells elevated long-dated breadth while limiting assignment risk vs naked short
Credit: $1.40-$1.72
Max loss: $3.28
BE: $88.28
Mgmt: Close or roll if spot <89.64, VIX +50% or premium halves; let decay to expiry otherwise
#2
Iron condor
Sell 2026-07-17 $90.00/$85.00 put wing and $100.00/$105.00 call wing
Balances put skew capture with call premium; tighter P/L if stay between wings
Credit: $2.82-$3.44
Max loss: $1.56
BE: 86.56 / 103.44
Mgmt: Trim/roll if breach near short strikes or VIX spikes; tighten wings if position becomes directional
#3
Cash-secured put
Sell 2026-07-17 $90.00 cash-secured put
Simple premium sale to own stock at strike if exercised
Credit: $3.53-$4.32
Max loss: $85.68
BE: $85.68
Mgmt: Allocate cash, buy protection or roll down if spot <89.64 or VIX jumps

Risk Alerts

!VIX rise >+50% from 18.87
!Spot rally >+5% or drop >-5% from current
!Break of support 89.64 or decisive move above 100 invalidates pin thesis
How to Use These Reports
This theta reflects the market close on April 20, 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.