Netflix Put Options Draw $4.1M in Unusual Activity as NFLX Slides Near 52-Week Lows

By TrendSpider Editor

Netflix, Inc. (NFLX) is attracting notable bearish options flow on Friday, October 9, 2026, with two unusual put contracts accounting for a combined $4,130,242 in total premium as the stock trades at $70.49, down 1.51% on the session. The activity centers on a deep-in-the-money December 2028 put and

Netflix Put Options Draw $4.1M in Unusual Activity as NFLX Slides Near 52-Week Lows

Netflix, Inc. (NFLX) is attracting notable bearish options flow on Friday, October 9, 2026, with two unusual put contracts accounting for a combined $4,130,242 in total premium as the stock trades at $70.49, down 1.51% on the session. The activity centers on a deep-in-the-money December 2028 put and a near-term November 2026 put, suggesting traders are positioning for continued downside across multiple time horizons. With NFLX sitting closer to its 52-week low of $65.10 than its 52-week high of $124.86, the options flow arrives at a technically precarious moment for the streaming giant.

Key Drivers of the NFLX Stock Move

• Main Catalyst: Two unusual put contracts totaling $4,130,242 in premium hit the tape today, with the dominant trade being a $75-strike put expiring December 15, 2028, carrying $3,762,500 in premium on 2,500 contracts. A second put at the $67.50 strike expiring November 20, 2026 added $367,742 on 1,551 contracts.
• Bull Case: The $67.50 November put is out of the money relative to the current price of $70.49, meaning that contract only pays off if NFLX falls an additional 4.2% from current levels. Bulls could argue these are hedges rather than directional bets, and that the stock still holds above its 52-week low of $65.10, suggesting some technical support remains intact nearby.
• Bear Case: The $75-strike December 2028 put is already in the money with the stock at $70.49, and the sheer size of the $3,762,500 premium on that contract signals a well-capitalized trader is willing to pay a substantial cost to maintain long-dated downside protection. The stock is down 43.5% from its 52-week high of $124.86, and today's 1.51% decline adds to that deterioration.

The forward setup for NFLX looks challenging from a price structure standpoint. The stock is trading in the lower quartile of its 52-week range, with $65.10 serving as the last line of defense before uncharted territory on the downside. The presence of a long-dated 2028 put in the money suggests at least one options trader is not expecting a rapid recovery, while the shorter-dated November put at $67.50 points to near-term caution ahead of what could be a catalyst-driven move in the weeks ahead. Traders will be watching closely whether NFLX can stabilize above the $67.50 to $65.10 support band or if selling pressure accelerates into year-end.

NFLX Unusual Options Activity

Two put contracts flagged as unusual crossed the tape on October 9, 2026, with total premium of $4,130,242 across both positions:

• Contract 1: Put | Strike: $75.00 | Expiry: December 15, 2028 | Size: 2,500 contracts | Open Interest Utilization: 11% | Status: In the Money | Premium: $3,762,500
• Contract 2: Put | Strike: $67.50 | Expiry: November 20, 2026 | Size: 1,551 contracts | Open Interest Utilization: 10% | Status: Out of the Money | Premium: $367,742

Both contracts show low open interest utilization at 11% and 10% respectively, indicating these represent largely new positioning rather than additions to existing large blocks. The directional skew is entirely bearish, with zero call contracts flagged in today's unusual activity scan.

NFLX Seasonality

October has historically been a volatile month for media and streaming stocks, as third-quarter earnings season brings renewed scrutiny to subscriber metrics and revenue growth. With NFLX trading near 52-week lows heading into what is typically a high-volume reporting window, seasonal volatility could amplify any catalyst-driven moves in either direction over the coming weeks.

NFLX Relative Performance

NFLX is down 1.51% on the session and has shed roughly 43.5% from its 52-week high of $124.86, leaving the stock just 8.1% above its 52-week low of $65.10 as of Friday, October 9, 2026. That underperformance places Netflix in a significantly weakened position relative to where the stock stood at its peak, and the tight range between the current price and the annual low suggests limited cushion before a potential test of long-term support levels.