NFLX Stock: Unusual Options Activity Flags Mixed Directional Bets as Netflix Trades Near 52-Week Lows
By TrendSpider Editor
Netflix, Inc. is drawing attention from options traders today, with four unusual contracts totaling $2,263,120 in combined premium flagged across both calls and puts. Shares are trading at $94.63, up a modest 0.29% on the session, but the stock remains under pressure within its 52-week range of $75.
NFLX Stock: Unusual Options Activity Flags Mixed Directional Bets as Netflix Trades Near 52-Week Lows
Netflix, Inc. is drawing attention from options traders today, with four unusual contracts totaling $2,263,120 in combined premium flagged across both calls and puts. Shares are trading at $94.63, up a modest 0.29% on the session, but the stock remains under pressure within its 52-week range of $75.01 to $134.115, sitting far closer to the low end than the high. The options activity suggests market participants are positioning for notable price movement in both directions over the coming weeks and months.
Key Drivers of the NFLX Stock Move
- Main Catalyst: Four unusual options contracts have been flagged on NFLX today, spanning both put and call positions with a total premium of $2,263,120. The largest single contract is a CALL at the $90 strike expiring January 15, 2027, which printed twice at a size of 600 each, carrying premiums of $957,000 and $960,000 respectively. Two put contracts were also flagged, including a PUT at the $97 strike expiring March 20, 2026, and a PUT at the $105 strike expiring April 10, 2026.
- Bull Case: The two in-the-money CALL contracts at the $90 strike expiring January 15, 2027, represent the heaviest premium commitment in today's activity, with nearly $1,917,000 combined flowing into a long-dated bullish position. With the current price at $94.63, these calls are already in the money, suggesting a buyer with conviction that NFLX has room to recover meaningfully from its current position relative to its 52-week high of $134.115.
- Bear Case: The put activity introduces a cautionary note. A PUT at the $97 strike expiring in just two days on March 20, 2026, with a size of 600 and $192,120 in premium, signals near-term downside concern. A second PUT at the $105 strike expiring April 10, 2026, carries a 203% open interest reading, indicating that today's volume dwarfs existing open interest and represents a significant new bearish position at a strike well above the current price of $94.63.
The split between near-term put positioning and longer-dated call accumulation paints a nuanced picture for NFLX heading into the weeks ahead. The stock has already surrendered a substantial portion of its 52-week range, trading roughly $39 below its high of $134.115. The short-dated put at $97 expiring this Friday suggests at least some traders anticipate continued softness before any potential recovery takes hold. Meanwhile, the January 2027 call buyers appear to be making a longer-term bet on a rebound, possibly tied to expectations around subscriber growth, content investment cycles, or broader market stabilization. The 52-week low of $75.01 remains a key level to watch if near-term selling pressure accelerates.
NFLX Unusual Options Activity
Four unusual contracts were flagged on Netflix today with a combined premium of $2,263,120. The breakdown is as follows:
- Contract 1: PUT | Strike: $105 | Expiry: April 10, 2026 | Size: 140 | Open Interest: 203% | Status: In the Money | Premium: $154,000
- Contract 2: CALL | Strike: $90 | Expiry: January 15, 2027 | Size: 600 | Open Interest: 4% | Status: In the Money | Premium: $957,000
- Contract 3: PUT | Strike: $97 | Expiry: March 20, 2026 | Size: 600 | Open Interest: 10% | Status: In the Money | Premium: $192,120
- Contract 4: CALL | Strike: $90 | Expiry: January 15, 2027 | Size: 600 | Open Interest: 4% | Status: In the Money | Premium: $960,000
Notably, the $105 put carries a 203% open interest reading, indicating that today's volume far exceeded existing open interest and represents a meaningful new position. Both long-dated calls share the same strike and expiry, suggesting either a single large participant scaling into a position or two separate buyers arriving at the same thesis independently.
NFLX Seasonality
March and early April have historically represented a transitional period for media and streaming stocks, as investors begin to look ahead to first-quarter earnings reports and reassess subscriber growth trends heading into the spring content calendar. With options expiring on March 20 and April 10 both flagged today, traders appear to be positioning around near-term catalysts that could resolve quickly.
NFLX Relative Performance
Netflix shares are up 0.29% today, trading at $94.63. The stock is positioned in the lower half of its 52-week range of $75.01 to $134.115, indicating that despite modest intraday gains, NFLX has underperformed relative to its own recent highs. The gap between the current price and the 52-week high of $134.115 represents a decline of more than 29% from peak levels, underscoring the degree to which selling pressure has weighed on the stock over the past year.