thetaOwl
HomeOptionsNFLXReports

NFLX

Netflix, Inc.Close $89.33EOD only
Max Pain
$89.00
Next expiry May 22, 2026
Expected Move
±$2.44
2.7% from close
Price Gap
-0.33
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.78
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 19, 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 19, 2026 close
NFLX Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short call vertical
Invalidation: Spot breaks above $90
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.1% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Avg IV 54.7% vs VIX 18.4, rich for premium selling
Favorable?
Yes

Term structure: Front-week elevated at 29% (7 DTE), then flattens 30-38%

📈IV at 54.7% vs VIX 18.4, premium selling favorable
📊Steep front-week term structure offers time decay

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+11.4M)

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,301 (16.1% below spot)

OI concentrations: Call OI wall $100-$125; Put floor $73-$75

Verdict: Spot below max pin $88, gamma pinning active; gamma flip at $73

Premium Opportunities

#1
Put credit spread
Sell 2026-05-29 $86.00/$84.00 put spread
Sells OTM put spread to collect premium with spot supported by gamma pinning.
Credit: $0.61-$0.74
Max loss: $1.26
BE: $85.26
Mgmt: Exit at 50% max gain or if spot breaches $83.
#2
Call diagonal
Sell 2026-06-18 $91.00 call / buy 2026-07-17 $90.00 call
Sells near-term call, buys later call to capture vol term structure premium.
Debit: $2.23-$2.72
Max loss: $2.72
BE: Path-dependent
Mgmt: Manage if short call tested; roll if spot nears $91.
#3
Put calendar
Sell 2026-06-18 $85.00 put / buy 2026-07-17 $85.00 put
Sells near-term put, buys later put to profit from time decay and vol crush.
Debit: $1.68-$2.05
Max loss: $2.05
BE: Path-dependent
Mgmt: Close if spot drops below $83 or vol spikes.

Risk Alerts

!Call skew exceeds put skew in front-week
!Gamma flip at $73 could accelerate drop
!IV compression if spot stabilizes
How to Use These Reports
This theta reflects the market close on May 15, 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.