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NFLX

Netflix, Inc.Close $73.36EOD only
Max Pain
$74.00
Next expiry Sep 25, 2026
Expected Move
±$2.15
2.9% from close
Price Gap
+0.64
Distance to max pain
IV Rank
9
Low premium
P/C OI
0.97
Balanced positioning
Consensus
6.5/10
Neutral tilt
Published snapshot: Sep 21, 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 21, 2026 close
NFLX Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Avoid selling premium
Invalidation: Break below 68.75 support
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 52% vs VIX 19.5, elevated 32.7 pts, high option demand
Favorable?
No

Term structure: Front IV 33%, spike to 46% on Jul 17 (24 DTE) earnings, then decline

⚠️IV elevated with earnings Jul 17; event risk for sellers

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-44.8M)

OI concentrations: Max pain pins $76, $77, $79; call wall $90-$105

Verdict: Spot below max pain, risk of pin to $76 on front expiration

Premium Opportunities

#1
Put calendar
Sell 2026-07-24 $70.00 put / buy 2026-09-18 $70.00 put
Sells high short-dated put IV, buys lower back-month IV, capturing term structure contraction.
Debit: $1.28-$1.57
Max loss: $1.57
BE: Path-dependent
Mgmt: Exit near earnings; monitor support at 68.75 for invalidation.

Risk Alerts

!Negative dealer gamma -$44.8M amplifies moves
!Earnings event Jul 17 causes IV spike
!Spot 4.2% below max pain, downside expensive
How to Use These Reports
This theta reflects the market close on June 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.