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NFLX

Netflix, Inc.Close $93.24EOD only

Max Pain

$95.00

Next expiry Apr 24, 2026

Expected Move

±$1.82

2.0% from close

Price Gap

+1.76

Distance to max pain

IV Rank

Low premium

P/C OI

0.77

Slightly call-heavy

Consensus

7.5/10

Consensus signal

Published snapshot: Apr 22, 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 22, 2026 close

NFLX Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

30d stock IV ~46 (elevated) vs VIX 19; front‑date 1d ATM IV ~21.5 reflects near-term realized/flow compression—short-dated vols depressed while medium/long-dated vols remain rich.

Favorable?

Yes

Term structure: Mixed term structure: cheap very near-dated ATM, elevated 2–8w IV and pronounced long-dated put skew; bid/ask dispersion on long tenors.

📌Pinning pressure clustered at $95 into near expiries

⚠️Long-dated put skew and isolated IV spikes — material tail risk

🚨Short‑gamma and assignment risk into pin; margin/liquidity strain if spot gaps

💹Dealer GEX positive ~$+59.7M supports pin behavior

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+59.7M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,182 (21.4% below spot)

OI concentrations: Max-pain cluster at $95 (4/24–5/8); put OI concentrated 21% below spot (floor 73–85).

Verdict: Moderate pin risk: gravitational pull to $95 into expiries, with elevated downside tail from long-dated put concentrations and potential for disorderly repricing.

Premium Opportunities

Iron condor

Sell 2026-05-29 $85.00/$80.00 put wing and $100.00/$102.00 call wing

Sell 5/29 85/80 put wing and 100/102 call wing to collect medium-term premium while capping tails.

Credit: $0.70-$0.86

Max loss: $4.14

BE: 84.14 / 100.86

Mgmt: Close/roll if stock <85 or >100; trim into spikes; defend when front IV jumps.

Put credit spread

Sell 2026-06-18 $90.00/$83.00 put spread

Sell 6/18 90/83 put spread to earn yield with defined loss if downside materializes.

Credit: $1.55-$1.90

Max loss: $5.10

BE: $88.10

Mgmt: Buy back or roll wider if price nears 88.46 invalidation; scale on weakness.

Short strangle

Sell 2026-07-17 $90.00 put + sell $100.00 call

Own shares and sell 7/17 100 call to reduce carry and harvest premium.

Credit: $6.98-$8.53

Max loss: Unlimited

BE: 81.47 / 108.53

Mgmt: Keep if shares held; buy back call if large downside/IV spike or to avoid assignment before earnings.

Risk Alerts

!Tail‑IV pockets in long-dated expiries

!Short‑gamma/assignment risk near pin (margin calls possible)

!Liquidity gaps can amplify moves and widen spreads

!Rapid VIX jump invalidates premium bias

How to Use These Reports

This theta reflects the market close on April 23, 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.