Netflix closed at $67.06, down 1.16%.
Despite the daily decline, the largest options trades in Netflix show a decisively bullish institutional tone. The most notable activity centered on selling out-of-the-money puts, including a bull put spread with a net credit of $612 thousand and a single-leg short put worth $359 thousand. Both structures favor premium collection and express confidence in downside support rather than aggressive directional upside, with traders positioning for Netflix to hold above key lower strikes over extended time horizons.
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Options Indicators
Netflix has an implied volatility of 40.95%, and with an IV percentile of 58.17%, current volatility sits in a neutral range rather than at an extreme. That suggests options are neither especially cheap nor especially expensive at the moment, while the IV/HV ratio of 1.15 indicates implied volatility is running modestly above historical volatility, reflecting slightly richer forward premium but not an overstretched pricing backdrop. The Call/Put volume ratio is 2.01.
Large Trades
A bullish bull put spread with a net credit of $612 thousand was the largest highlighted trade, using the January 19, 2029 expiration and centered on the 55.0/35.0 put strikes. With NFLX referenced at $67.06, both strikes sit out of the money, which makes this structure a moderately bullish premium-collection strategy that benefits if the stock holds above the short 55.0 put over time. The trader sold the 55.0 put and bought the 35.0 put as downside protection, creating a defined-risk spread that expresses confidence in price stability or gradual upside rather than an aggressive directional breakout.
A single-leg short put worth $359 thousand was the other displayed large trade, involving the sale of the 55.0 put expiring June 17, 2027. Because the 55.0 strike is below the current reference price of $67.06, the option is out of the money, so this trade reflects a bullish stance through premium collection and a willingness to take downside exposure only if NFLX weakens materially. Overall, the large-trade flow points to a clearly bullish tone, with the biggest positions favoring short downside volatility and out-of-the-money put selling rather than defensive hedging, suggesting institutional traders are leaning toward support holding and downside risk remaining contained.
Strategy Reference
For a lower assignment probability on a short put, a seller could consider the 55.0 strike or lower, aligning with the displayed institutional flow; for those seeking to limit margin requirements, a bull put spread such as the 55.0/35.0 structure offers defined risk while still collecting premium from out-of-the-money put selling.