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NFLX

Netflix, Inc.Close $81.56EOD only
Max Pain
$84.00
Next expiry Jun 5, 2026
Expected Move
±$1.27
1.6% from close
Price Gap
+2.44
Distance to max pain
IV Rank
41
Middle-high premium
P/C OI
0.78
Slightly call-heavy
Consensus
5.5/10
Neutral tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
NFLX Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness2 / 10
Sizing: Conservative
Primary: Bear Put Spread
Invalidation: Break above $90 or put IV collapse
Confidence:
3 / 10
base 5; -1 GEX/flow contradict; +1 spot 1.0% from MP; +0.5 VIX 22; override: Aligned with unfavorable premium env; -GEX, put IV spike suggest bearish

IV Environment

IV Regime
High
IV vs VIX
Avg IV 52% vs VIX 21.5 – significant premium
Favorable?
No

Term structure: Short-term contango with extreme put IV spike (167%) on 6/18 expiry, likely event-driven

⚠️Negative dealer gamma (-$59.2M GEX) and positive net premium ($9.7M) signal potential for large swings despite bullish flow
📈Put IV spikes to 167% on 6/18 expiry, indicating high event risk; premium selling there is speculative

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-59.2M)

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 66,733 (8.7% below spot)

OI concentrations: Call OI wall $90-$120, put floor $73-$75; max pain pins $83, $85, $90

Verdict: Concentrated OI clusters and negative dealer gamma create pinning tension near $83-$90, but high event risk on 6/18 may disrupt pin

Premium Opportunities

Risk Alerts

!Negative dealer gamma may amplify directional moves
!Elevated IV with put skew risk on 6/18 expiry
!High vol regime and trending gamma condition
!Spot near support, potential breakdown below $75 gamma flip
How to Use These Reports
This theta reflects the market close on June 5, 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.