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NFLX

Netflix, Inc.Close $77.77EOD only

Max Pain

$75.00

Next expiry Aug 21, 2026

Expected Move

±$2.05

2.6% from close

Price Gap

-2.77

Distance to max pain

IV Rank

Low premium

P/C OI

0.83

Slightly call-heavy

Consensus

6.5/10

Neutral tilt

Published snapshot: Aug 18, 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

Aug 18, 2026 close

NFLX Theta Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.0% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

IV elevated (47.6%) vs VIX 17.4

Favorable?

Yes

Term structure: Front skew high; term structure upward from 2d to 9d

⚡Call IV 57% on front week, attractive for credit spreads

⚠️Elevated put IV longer-dated, watch tail risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+51.4M)

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 48,612 (14.9% below spot)

OI concentrations: Put OI 48.6K at $75; call wall $100-$125

Verdict: Max pain $89-$90 for near expirations, pinning expected

Premium Opportunities

Iron condor

Sell 2026-06-12 $84.00/$83.00 put wing and $89.00/$90.00 call wing

Sell put wing at 84/83 and call wing at 89/90, profiting from range-bound move.

Credit: $0.59-$0.73

Max loss: $0.27

BE: 83.27 / 89.73

Mgmt: Exit at 50% max gain or adjust if stock breaks $83 or $90.

Put credit spread

Sell 2026-06-12 $84.00/$83.00 put spread

Sell 84/83 put spread to collect premium with expected pin above $89.

Credit: $0.21-$0.26

Max loss: $0.74

BE: $83.74

Mgmt: Take profit at 50% max gain; stop loss if stock closes below $83.57.

Risk Alerts

!Gamma flip at $75 poses downside risk

!High front-week call IV may skew premium decay

How to Use These Reports

This theta reflects the market close on May 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.