NFLX Stock: Unusual Options Activity Flags Near-Term and Long-Dated Bullish Bets

March 26, 2026

By TrendSpider Editor

NFLX Stock: Unusual Options Activity Flags Near-Term and Long-Dated Bullish Bets

Two unusual call contracts totaling $1,176,133 in combined premium have surfaced in Netflix, Inc. options trading, pointing to notable bullish positioning across very different time horizons. NFLX shares are trading at $92.80 today, up 0.56% on the session, and currently sit well below the 52-week high of $134.115, though they have recovered meaningfully from the 52-week low of $75.01. The gap between current price and the yearly peak suggests significant room for recovery, which may help explain the appetite for upside exposure seen in today's options flow.

Key Drivers of the NFLX Stock Move

Main Catalyst: Two unusual call options contracts were flagged today, combining for $1,176,133 in total premium. One is a near-term in-the-money call at the $93 strike expiring tomorrow, March 27, 2026, with a size of 630 contracts and open interest utilization of 5%. The second is a longer-dated out-of-the-money call at the $120 strike expiring December 17, 2027, with a size of 1,000 contracts and open interest utilization of 17%.
Bull Case: The $120 strike call expiring in December 2027 carries $1,120,000 in premium and represents a bet that NFLX can reclaim levels not far from its 52-week high of $134.115 over the next roughly 21 months. The near-term $93 call expiring tomorrow is already in-the-money relative to the current $92.80 price, suggesting a trader is positioned for a continued push higher in the immediate term.
Bear Case: NFLX is currently trading at $92.80, which is significantly below its 52-week high of $134.115, indicating the stock has faced meaningful selling pressure over the past year. The $93 near-term call expires in less than 24 hours, leaving almost no time for the position to build value if momentum stalls, and the relatively low open interest utilization of 5% on that contract suggests limited broader conviction behind it.

The forward setup for Netflix carries a notable split between short-term uncertainty and longer-term optimism, as illustrated by the contrast between tomorrow's expiry and the December 2027 position. The $120 target embedded in the longer-dated call would require a roughly 29% rally from current levels, a meaningful ask but not out of reach given the stock has traded as high as $134.115 within the past 52 weeks. Netflix continues to operate in a competitive streaming environment, and any upcoming content announcements, subscriber data, or earnings updates could serve as meaningful catalysts for either direction. Traders watching the name should note that the bulk of today's options premium, $1,120,000 out of the $1,176,133 total, is concentrated in the long-dated position, suggesting the more significant institutional-scale bet is focused on a multi-quarter recovery rather than an overnight move.

NFLX Unusual Options Activity

Two call contracts were flagged as unusual in today's session:

Contract 1: Call option, $93 strike, expiring March 27, 2026 (tomorrow). Volume: 630 contracts. Open interest utilization: 5%. Status: In-the-money.
Contract 2: Call option, $120 strike, expiring December 17, 2027. Volume: 1,000 contracts. Open interest utilization: 17%. Status: Out-of-the-money.

No put activity was flagged in today's unusual options scan, making the directional lean of today's flow entirely bullish. The total premium across both contracts registered at $1,176,133.

NFLX Seasonality

Late March historically marks the tail end of the first quarter, a period when streaming companies often see increased investor attention heading into Q1 earnings season. Options positioning ahead of earnings windows can sometimes reflect early sentiment about subscriber trends and revenue guidance, making the appearance of long-dated call activity at this point in the calendar worth monitoring.

NFLX Relative Performance

NFLX is up 0.56% today, trading at $92.80. With a 52-week range spanning from a low of $75.01 to a high of $134.115, the stock is currently positioned in the lower half of its annual range, sitting closer to the 52-week floor than the ceiling. This relative positioning underscores the degree to which Netflix has underperformed its own historical highs over the past year, and gives context to why options traders may be looking to the long side for a potential mean-reversion trade back toward prior peak levels.