Netflix Unusual Options Activity: A $1.6M Call Bet Points to Upside as NFLX Trades Near 52-Week Lows

By TrendSpider Editor

Netflix, Inc. is drawing attention in the options market today, Friday, July 24, 2026, with a notable $1.6 million call contract sweeping through at an $80 strike as the stock trades at $70.13, up 1.80% on the session. The total unusual options premium across two contracts reached $1,645,952.80, wit

Netflix Unusual Options Activity: A $1.6M Call Bet Points to Upside as NFLX Trades Near 52-Week Lows

Netflix, Inc. is drawing attention in the options market today, Friday, July 24, 2026, with a notable $1.6 million call contract sweeping through at an $80 strike as the stock trades at $70.13, up 1.80% on the session. The total unusual options premium across two contracts reached $1,645,952.80, with the dominant position firmly skewed to the bullish side. With NFLX sitting near the lower end of its 52-week range of $65.095 to $126.71, the positioning suggests at least one large trader sees meaningful recovery potential over the next 11 months.

Key Drivers of the NFLX Stock Move

• Main Catalyst: Two unusual options contracts were flagged today totaling $1,645,952.80 in premium. The dominant trade is a call at the $80 strike expiring June 17, 2027, with a size of 2,000 contracts and open interest utilization of 35%, currently out of the money. A smaller put at the $68 strike expiring July 31, 2026 carried 934 contracts and $45,952.80 in premium.
• Bull Case: The $1,600,000 call sweep at $80 expiring June 17, 2027 gives the buyer nearly 11 months for NFLX to climb roughly 14% from the current price of $70.13. The contract size of 2,000 and an OI utilization of 35% indicates fresh, aggressive positioning rather than a hedge against an existing short. The stock's 52-week high of $126.71 shows there is substantial historical precedent for a much larger move.
• Bear Case: The simultaneous $68 put expiring July 31, 2026, with 934 contracts and $45,952.80 in premium, signals that near-term downside protection is also being purchased. At $70.13, NFLX is trading uncomfortably close to its 52-week low of $65.095, meaning a relatively modest pullback could push the stock to territory not seen in over a year. The put's strike is only about 3% below the current price, reflecting a real concern about imminent weakness.

The forward setup for Netflix is a study in contrasts: a large, patient bullish bet pointing toward recovery by mid-2027 coexisting with a short-dated defensive put expiring in just one week. This bifurcated positioning reflects broader uncertainty around the stock, which has shed significant ground from its 52-week high of $126.71. The current session's 1.80% gain to $70.13 offers a small reprieve, but the stock remains deep in the lower half of its annual range. Traders appear to be hedging near-term volatility while simultaneously placing long-horizon recovery bets, a combination that often surfaces when a high-profile name is perceived to be at or near a cyclical bottom.

NFLX Unusual Options Activity

Two unusual options contracts were identified in today's session, generating a combined premium of $1,645,952.80.

• Contract 1: Call | Strike: $80 | Expiry: June 17, 2027 | Volume: 2,000 | Open Interest Utilization: 35% | Status: Out of the Money
• Contract 2: Put | Strike: $68 | Expiry: July 31, 2026 | Volume: 934 | Open Interest Utilization: 20% | Status: Out of the Money

The call dominates the flow both in size and premium, accounting for $1,600,000 of the $1,645,952.80 total. The near-term put, expiring in one week, is a much smaller but notable defensive posture layered on top of the larger bullish thesis.

NFLX Seasonality

Late July has historically coincided with post-earnings volatility for Netflix, as the company typically reports second-quarter results around this time each year. Options positioning ahead of and immediately following earnings cycles often produces elevated premium activity, which may be contributing to the unusual flow seen today.

NFLX Relative Performance

Netflix gained 1.80% today to close at $70.13, a modest recovery session, but the stock remains dramatically below its 52-week high of $126.71, representing a drawdown of more than 44% from peak levels reached within the past year. The proximity to the 52-week low of $65.095, sitting less than 8% below the current price, underscores how compressed the stock's range has become in recent months and why large options traders appear to be taking asymmetric bets on a longer-duration rebound.