Netflix Sees Unusual Bullish Options Activity as Two Large Call Sweeps Target Deep OTM Strikes Through 2028

By TrendSpider Editor

Netflix attracted notable unusual options activity on Monday, August 3, 2026, with two large call contracts totaling $1,655,564 in combined premium targeting strike prices well above the current trading range. The stock is trading at $72.905, up 1.67% on the session, but sits near the lower end of i

Netflix Sees Unusual Bullish Options Activity as Two Large Call Sweeps Target Deep OTM Strikes Through 2028

Netflix attracted notable unusual options activity on Monday, August 3, 2026, with two large call contracts totaling $1,655,564 in combined premium targeting strike prices well above the current trading range. The stock is trading at $72.905, up 1.67% on the session, but sits near the lower end of its 52-week range of $65.095 to $126.71, making the bullish bets particularly striking given the distance to the strikes. Both contracts were placed at out-of-the-money strikes of $112 and $114, representing implied upside of more than 50% from current levels.

Key Drivers of the NFLX Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, each with a size of 1,510 contracts. The first targets a $114 strike expiring January 21, 2028, carrying $842,127 in premium. The second targets a $112 strike expiring December 17, 2027, carrying $813,437 in premium. Together, they represent $1,655,564 in total premium deployed on the bullish side.
• Bull Case: The December 2027 contract is particularly notable, with open interest usage at 344%, suggesting this flow is driving a significant surge in open interest at that strike and pointing to conviction behind the position. The January 2028 contract carries an open interest reading of 13%. With the stock already up 1.67% on the session, the options activity may be reinforcing or front-running a larger directional thesis.
• Bear Case: Both contracts are deep out of the money, with strikes at $112 and $114 against a current price of $72.905. Netflix would need to recover to levels near its 52-week high of $126.71 just for these calls to approach profitability, and the stock is currently trading much closer to its 52-week low of $65.095. The long time horizons through late 2027 and early 2028 also expose these positions to significant time decay risk.

The forward setup for Netflix is interesting given the stock's current position in its range. Trading at $72.905, shares have room to recover toward prior highs, but the gap between the current price and the options strike prices is substantial. The 344% open interest reading on the December 2027 $112 call in particular suggests that today's flow is not simply rolling an existing position but is establishing new exposure at scale. Whether this reflects institutional hedging, a speculative long-term recovery bet, or a spread leg will be important context for traders watching this name into the second half of 2026 and beyond.

NFLX Unusual Options Activity

Two unusual call contracts were identified in today's session, both out of the money relative to the current price of $72.905:

• Call, $114 strike, expiring January 21, 2028 | Volume: 1,510 | Open Interest Usage: 13% | Out of the Money | Premium: $842,127
• Call, $112 strike, expiring December 17, 2027 | Volume: 1,510 | Open Interest Usage: 344% | Out of the Money | Premium: $813,437

Total premium across both contracts: $1,655,564. Both positions are calls, indicating a purely bullish directional tilt with zero put contracts flagged in today's unusual activity screen.

NFLX Seasonality

Early August has historically been a transitional period for media and streaming stocks as second-quarter earnings season winds down and attention shifts to subscriber growth metrics and content spending heading into the fall. Long-dated call positions initiated in this window often aim to capture a catalyst-driven rerating before year-end earnings cycles.

NFLX Relative Performance

Netflix is up 1.67% on the session at $72.905, which represents a modest recovery move within a 52-week range of $65.095 to $126.71. The stock is trading significantly below its 52-week high, meaning it has given back a large portion of the gains it achieved over the past year. Today's price action, combined with the unusual call flow, may indicate that some participants see the current price level as an attractive long-term entry point relative to where the stock has traded.