Netflix closed at 80.22 USD, up 3.15%.

Large options trades painted a clearly bullish picture, highlighted by a $1.03 million long-dated call purchase at the $100 strike and a separate $132 thousand debit call spread. Total bullish flow reached $1.25 million against $376 thousand in bearish flow, leaving a net bullish gap of $878 thousand. Traders were willing to pay premium for upside exposure rather than simply harvest volatility, with both major structures targeting higher prices into 2026 and 2027.

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Options Indicators

NFLX’s implied volatility is 34.73%, and with an IV percentile of 28.29%, current option volatility sits on the lower side of its recent range, suggesting contracts are relatively cheaply priced rather than richly valued. At the same time, the IV/HV ratio of 1.14 indicates implied volatility is running modestly above realized volatility, so the market is still assigning a slight premium to forward uncertainty, but not at an extreme level.

The Call/Put volume ratio is 2.94.

Large Trades

A CALL purchase worth $1.03 million was the largest single-leg trade of the day, with 4,000 contracts bought at the $100.0 strike expiring on 2027-01-15. With NFLX referenced at $80.22, this call was out of the money, making it a clearly bullish, higher-conviction upside expression rather than a defensive hedge. The long-dated tenor suggests the buyer is positioning for a meaningful medium- to long-term rally, using relatively far-upside exposure to capture leveraged appreciation if the stock can extend well beyond current levels.

A bullish call spread opened for a net debit of $132 thousand was the other highlighted large trade, built by buying 3,000 of the 2026-08-21 $81.0 calls and selling 3,000 of the 2026-08-21 $83.0 calls. Both strikes were out of the money versus the $80.22 reference price, and the structure points to a defined-risk bullish directional bet rather than outright premium selling. By paying a net debit to own the $81/$83 call spread, the trader appears to be targeting a measured upside move into that expiration while capping gains above $83.0 in exchange for lower entry cost and cleaner risk control.

Overall large-trade sentiment was bullish, with $1.25 million in bullish flow versus $376 thousand in bearish flow, for a net bullish gap of $878 thousand. The tone of the flow was constructive because the dominant activity came from upside call buying and a debit-funded bull call spread, both of which reflect traders willing to pay premium for higher prices rather than merely harvest volatility. While there was some bearish activity in the broader block data, it was materially smaller, leaving the day’s large-trade picture tilted clearly toward upside expectations for NFLX.

Strategy Reference

For traders seeking income without directional aggression, selling the 2026-08-21 $95.0 call offers a low assignment probability given the current $80.22 reference and moderate IV percentile, while a bull put spread at $75/$70 could capture premium with less margin than an outright call purchase.