Netflix closed at USD 70.57, up 0.16%.
Large options trades in Netflix leaned strongly bullish, with the most prominent flow concentrated in out-of-the-money call buying. A $444,100.00 position in March 2027 $90.00 calls and a $316,900.00 position in December 2026 $75.00 calls dominated activity. Both trades target upside from Netflix's current USD 70.57 level, with call buyers taking leveraged long exposure while allowing extended time for a rally to develop.
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Options Indicators
Netflix currently has an implied volatility (IV) of 48.10%, and with an IV percentile of 87.65%, its volatility is clearly in an elevated range, indicating that options are priced expensively relative to their own historical levels. The IV/HV ratio of 1.63 further shows implied volatility is running well above realized volatility, suggesting the options market is embedding a sizable premium for anticipated movement. In this setup, long option buyers face richer premiums, while premium-selling structures or defined-risk spreads may offer a more cost-efficient way to express a view.
The Call/Put volume ratio is 2.17.
Large Trades
A call purchase worth $444,100.00 was the standout large trade, with buyers taking 2,125 contracts of the March 19, 2027 $90.00 call. With NFLX referenced at $70.57, this strike sits out of the money, making it a clearly bullish directional wager that the stock can rally materially above current levels over a longer-dated horizon. The long-dated tenor suggests the buyer is seeking leveraged upside exposure while allowing substantial time for a bullish thesis to play out.
A call buy worth $316,900.00 also appeared in the December 18, 2026 $75.00 strike, where 1,039 contracts changed hands. With the stock at $70.57, this call is also out of the money, indicating another bullish upside play tied to a more intermediate-term timeframe. Overall, the large-trade flow leans bullish: the most prominent activity was concentrated in call buying rather than downside protection, showing traders are positioning for upside in NFLX and expressing confidence that the shares can advance from current levels over both medium- and longer-term horizons.
Strategy Reference
For traders seeking low assignment probability while collecting elevated premium, selling the March 19, 2027 $90.00 call or a shorter-dated $95/$100 call credit spread may offer a defined-risk alternative to the directional call buying seen in the tape.
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