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NFLX

Netflix, Inc.Close $92.58EOD only
Max Pain
$97.00
Next expiry Apr 24, 2026
Expected Move
±$2.42
2.6% from close
Price Gap
+4.42
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.79
Slightly call-heavy
Consensus
7.0/10
Range bias
Published snapshot: Apr 21, 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 21, 2026 close
NFLX Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative (smaller lots, defined risk, active rolls)
Primary: Premium-selling (defined structures) with reduced size, explicit roll/exit plan, early-assignment hedges
Invalidation: Sustained break above $100, rapid IV spike >+8 vols, spot moving away from $95 max‑pain, or dealer liquidity events preventing planned rolls
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
ATM IV ~29 vs VIX 18.9 — equity IV richer than index; short-term IV depressed vs longer-dated puts
Favorable?
Yes

Term structure: 30d ATM IV ~24–30; 90d put IVs ~42–48; 180d put IVs ~48–55 — steepening in put side beyond 2–3 months

📌Pinning regime: spot ~1.9% below $95 max‑pain with +$92.2M GEX
⚖️Favor near-dated short premium but size small and plan rolls/hedges given long-dated put skew (90–180d elevated)

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+92.2M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,182 (21.7% below spot)

OI concentrations: Put OI concentrated ~21.7% below spot; multi-expiry cluster centered at $95 (notable in 30–90d)

Verdict: High pin risk — dealer pinning likely. Manage via smaller position sizing, predefined roll triggers, wider credit spreads, and expect early-assignment risk near expiry

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $90.00/$85.00 put wing and $95.00/$100.00 call wing
Harvest neutral premium while keeping wings to manage tail risk and roll into later expiries if pin/IV shifts
Credit: $3.15-$3.85
Max loss: $1.15
BE: 86.15 / 98.85
Mgmt: Close or roll wings if spot breaches a wing or IV jumps >+6 vols; trim size near pin
#2
Put credit spread
Sell 2026-07-17 $90.00/$85.00 put spread
Short-dated bearish-to-neutral credit spread to collect premium while preserving roll buffer
Credit: $1.39-$1.70
Max loss: $3.30
BE: $88.30
Mgmt: Take profit inside entry range, roll down or close if spot <88.5 or IV +8 vols
#3
Covered call
Buy shares + sell 2026-07-17 $100.00 call
Own exposure with capped upside; collects elevated call premium
Credit: $3.35-$4.10
Max loss: Stock downside to $0 less call premium
BE: $89.14
Mgmt: Plan roll or sell stock before earnings; buy back calls on large IV spikes

Risk Alerts

!Unexpected earnings/prints or M&A headlines
!VIX breach >26 or IV term re-steepen (90–180d put IVs jumping >+6 vols)
!Large block flow reversing dealer GEX
How to Use These Reports
This theta reflects the market close on April 22, 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.