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NFLX

Netflix, Inc.Close $77.40EOD only
Max Pain
$78.00
Next expiry Sep 18, 2026
Expected Move
±$2.60
3.4% from close
Price Gap
+0.60
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.88
Slightly call-heavy
Consensus
6.5/10
Neutral tilt
Published snapshot: Sep 11, 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
Sep 11, 2026 close
NFLX Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Selling credit spreads outside key levels
Invalidation: Spot breaks below $75 (gamma flip) or above $90 (call wall)
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.0% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 54% vs VIX 16%: significantly elevated
Favorable?
No

Term structure: Near-term (3DTE) put IV 306% vs call 172% indicates earnings risk; back-month IV ~30-40%.

🔥IV 54% vs VIX 16: rich premium but event risk elevates
📉Dealer net short gamma (-$39.9M): prone to volatility spikes
📍Max pain pins at $86/$83/$84; spot below, possible drift higher

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-39.9M)

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 69,302 (8.2% below spot)

OI concentrations: Put OI concentrated at $73-$75 (floor), call OI heavy at $90-$120 (call wall). Max pain pins: $86, $83, $84.

Verdict: Moderate pin risk: OI concentrated at $73-$75 floor and $90-$120 call wall; max pain zones near $83-$86. Gamma flip at $75 could trigger acceleration.

Premium Opportunities

#1
Iron condor
Sell 2026-07-24 $75.00/$72.00 put wing and $90.00/$91.00 call wing
Sells put spread at $75/$72 and call spread at $90/$91 to collect premium with defined risk.
Credit: $0.71-$0.87
Max loss: $2.13
BE: 74.13 / 90.87
Mgmt: Exit if spot breaks $75 or $90; monitor IV contraction.

Risk Alerts

!Earnings event this week (implied move >10%)
!Dealer short gamma: sharp moves likely
!Near-term IV extreme: avoid short-dated premium sales
How to Use These Reports
This theta reflects the market close on June 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.