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NFLX

Netflix, Inc.Close $94.83EOD only
Max Pain
$98.00
Next expiry Apr 24, 2026
Expected Move
±$2.74
2.9% from close
Price Gap
+3.17
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.81
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 20, 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 20, 2026 close
NFLX Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Short-dated (10–30D) defined-credit spreads: sell call-credit spreads or put-credit spreads sized to max loss; avoid uncovered short puts due to tail demand
Invalidation: Close < $73 gamma-flip or VIX>30 or sustained bearish flow reversing pinning
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.6% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
ATM IV ~31% above VIX ~19.5; long-dated IVs (3–12m) materially richer, skewed by put tails
Favorable?
Yes

Term structure: Near-term IV compressed (30–33%) making short-dated selling attractive; long-dated put-richness increases tail-risk premium and raises capital-at-risk for uncovered/long-dated shorts

📌Max-pain cluster $97–98 aligns with near-term pinning
🟢Short-dated selling attractive given compressed 10–30D IV vs long-dated demand
⚠️Rich long-dated put IV signals tail protection demand—avoid uncovered long-dated shorts

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+58.0M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,172 (21.1% below spot)

OI concentrations: Put OI concentrated ~21% below spot around $73; call wall $100–125; max-pain cluster $97–98

Verdict: High pin risk near $97–98 for upcoming expiries; tail-risk from rich long-dated puts makes longer-dated short positions riskier

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $88.00/$84.00 put spread
Sell 5/15 88/84 put spread to collect rich IV near pin while capping tail risk
Credit: $0.58-$0.71
Max loss: $3.29
BE: $87.29
Mgmt: Trim or close if close<73 or premium erodes; scale out into 4%+ moves
#2
Iron condor
Sell 2026-05-15 $86.00/$82.00 put wing and $103.00/$108.00 call wing
Sell 5/15 86/82 put and 103/108 call wings to harvest elevated short-term IV
Credit: $0.58-$0.70
Max loss: $4.30
BE: 85.30 / 103.70
Mgmt: Narrow or hedge if underlying pins inside 97–98 or VIX>30; close before big flow
#3
Call credit spread
Sell 2026-07-17 $110.00/$120.00 call spread
Sell 7/17 110/120 call spread sized to max loss rules
Credit: $0.72-$0.88
Max loss: $9.12
BE: $110.88
Mgmt: Enter after earnings; cut if price>97 or sustained bullish flow

Risk Alerts

!Close < $73 invalidates pin thesis; watch VIX>30
!Rapid spot move >4% day erodes premium edge
!Earnings/major corporate news would upend flow
How to Use These Reports
This theta reflects the market close on April 21, 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.