NFLX Options Heat Up at $100 Calls and $90 Puts—Here’s What Traders Can Do Before Friday’s Expiry

• Intraday price slipped below $95, signaling a bearish short-term move.

• Open interest for OTM $100 calls and $90 puts shows heavy positioning ahead of Friday's expiry.

• MACD and RSI suggest overbought conditions with a bearish twist.

Look, if you've been watching Netflix this week, you know it's been a tug-of-war between buyers and sellers. But what’s telling is not just the price action—it's the options positioning. And right now, the market is bracing for a move, one way or another.

Bearish Pressure Builds at Key Strike Levels

If you look at the options chain, the top OTM calls expiring this Friday are concentrated at $100 and $110, with the $100 strike having massive open interest—49,323 contracts. That’s not a number you ignore. It shows a lot of buyers are hedging a bullish rebound, but only if the stock can break through that level.

On the flip side, the top OTM puts are all clustered below $95, with $90 being the most heavily positioned at 33,628 contracts. That’s a classic bearish sign—traders are preparing for a test of support, maybe even a bigger selloff. The put/call open interest ratio of 0.868 is skewed toward calls, but the sheer size of the put positioning can’t be ignored. It feels like the market is preparing for a short-term consolidation or a possible breakdown.

And here’s the kicker: there’s no major whale activity today. No block trades shifting the needle. So, it's all retail and institutional options positioning driving the sentiment. That means it’s less chaotic, but still a warning bell for volatility before Friday’s expiry.

No Major News, But That’s Not All Bad

Netflix hasn’t had any major headlines this week, and that’s normal—big news tends to come ahead of quarterly reports or major content drops. But with no new info to shift the narrative, the options market is acting as a proxy for sentiment.

Without a new earnings report or product launch, the stock is kind of floating in a no-man’s land. That gives options traders a chance to act with more confidence. If the stock breaks below $90, the puts will get a boost. If it rallies above $100, the calls could ignite a short-term rebound. But with no fundamental event to anchor sentiment, the trade becomes more about technicals and positioning.

Specific Trades to Consider—Today or Into Next Week

For options, the most attractive setups are at the $100 and $90 strikes. Let’s break it down:

• Bullish Play: Buy the NFLX20260320C100. Why? Because the open interest is huge, and the strike is close enough to current price that a small move up could trigger a big gamma response from market makers.
• Bearish Play: Buy the NFLX20260320P90. With support levels near $90, a breakdown could mean the puts start to move in value. This is a classic short-term bearish trade.

For the stock itself, here’s what to watch:

• Entry near $94.40—that’s the intraday low today. If it holds, and you see a rebound, it could be a setup for a short-term bounce. But if it breaks below $90, that becomes a clearer sell signal.
• Target zone: $95.50–$96.10. That’s the area where a rebound might find resistance before pushing higher.

Volatility on the Horizon—Stay Ready

The next few days are shaping up to be volatile. With heavy positioning at key strikes and a weak technical setup, the stock is poised for a breakout—either up or down. And with expirations coming up, we may see a few more twists before it’s over.

Bottom line: don’t ignore the options data. The market is telling a story—about uncertainty, positioning, and the potential for a sharp move. Whether you trade options or the stock, now is the time to be ready. The next chapter starts Friday.