NFLX Stock: Unusual Options Activity Flags $6.15M Bearish Put Bet as Netflix Trades Near Midpoint of 52-Week Range

By TrendSpider Editor

Two contracts were flagged as unusual in today's session. The details for each are as follows:

NFLX Stock: Unusual Options Activity Flags $6.15M Bearish Put Bet as Netflix Trades Near Midpoint of 52-Week Range

A single put contract worth $6,150,000 in premium has surfaced in Netflix options flow, drawing attention to potential downside hedging as NFLX trades at $98.83, up a modest 0.17% on the session. The contract carries an open interest reading of 540% above normal levels, signaling a significant and unusual positioning event relative to existing market activity. With the 52-week range spanning $75.01 to $134.115, Netflix currently sits closer to the lower half of that band, adding weight to the question of whether this trade reflects conviction or protection.

Key Drivers of the NFLX Stock Move

• Main Catalyst: Two unusual options contracts were flagged in today's session, headlined by a PUT at the $98 strike expiring January 15, 2027, with a size of 5,000 contracts, an open interest reading of 540%, and a premium of $6,150,000. A secondary CALL at the $100 strike expiring March 6, 2026 was also flagged, with a size of 500 contracts, an open interest reading of just 1%, and a premium of $25,000.
• Bull Case: The $100 call expiring tomorrow suggests at least some near-term participants are positioning for a move above current levels, with NFLX sitting at $98.83 and the $100 strike only $1.17 away. The stock remains well above its 52-week low of $75.01, indicating dip buyers have historically found support at lower levels.
• Bear Case: The dominant flow is unmistakably bearish. The $6,150,000 put premium dwarfs the $25,000 call premium by a wide margin, and the 540% open interest reading on the put signals that this is far outside normal activity for that contract. With NFLX trading at $98.83 and the put strike at $98, the contract is only marginally out of the money, meaning it requires very little additional downside to move into profitable territory.

The forward setup for Netflix carries meaningful uncertainty. The stock sits well below its 52-week high of $134.115, leaving a wide gap that bulls would need to close to reclaim momentum, while the dominant put activity suggests at least one large participant is bracing for continued weakness or hedging a sizable long position through early 2027. The near-term call expiring March 6, 2026 adds a short-term speculative dimension, though its comparatively small premium limits its broader significance. Investors should watch whether the stock can hold the $98 level, which aligns directly with the put strike and could act as a key technical pivot in the sessions ahead.

NFLX Unusual Options Activity

Two contracts were flagged as unusual in today's session. The details for each are as follows:

• Contract 1: PUT | Strike: $98 | Expiry: January 15, 2027 | Volume: 5,000 | Open Interest: 540% above normal
• Contract 2: CALL | Strike: $100 | Expiry: March 6, 2026 | Volume: 500 | Open Interest: 1% above normal

Total premium across both contracts reached $6,175,000, with the put contract accounting for the overwhelming majority of that spend at $6,150,000. The sharp disparity in open interest between the two contracts, 540% versus 1%, underscores that the put is the anomaly driving the unusual activity signal.

NFLX Seasonality

Early March has historically been a transitional period for media and streaming names as investors begin rotating positioning ahead of spring earnings cycles. A long-dated put expiring in January 2027 suggests this trade is designed to capture a multi-quarter window rather than react to any single near-term catalyst.

NFLX Relative Performance

Netflix gained 0.17% in today's session, closing at $98.83. Without peer or index price data available for direct comparison, the stock's position within its own 52-week range of $75.01 to $134.115 provides the clearest context: NFLX is currently trading roughly 31.6% below its 52-week high while sitting approximately 31.8% above its 52-week low, placing it nearly at the midpoint of its annual range as today's unusual options flow plays out.