NFLX Options Show Bullish Imbalance at $100 Call – Here’s How to Play the Breakout Today

• Netflix’s (NFLX) open interest in OTM calls has spiked, especially at the $100 strike, showing heavy bullish positioning ahead of Friday’s expiry.
• The stock is testing key support near $93.66 after opening lower and has seen a flurry of positive news including strong Q4 earnings and a Goldman Sachs upgrade.
• With a bullish put/call imbalance and a strong RSI reading, the technicals and sentiment are lining up for a potential short-term rally.

Here’s the thing: when you look at the options market, it doesn’t take a genius to see where the money is flowing. Right now, it’s squarely on the $100 call options expiring this Friday. With 52,257 contracts in open interest, it’s the most watched strike level ahead of the weekend. And that’s not the only signal — the RSI is sitting at 73.26, the MACD is positive, and the stock is trading near the middle of its Bollinger Bands. All signs point to a breakout being on the cards.

Bullish Positioning at $100 Call – What This Means for Traders

The options market is a window into crowd sentiment. In this case, it’s screaming bullish. Take a look at the OTM call options — the $100 strike dominates the open interest list with more than double the next closest option. That’s the kind of concentration that often precedes a move.

Puts aren’t totally absent, but the put/call ratio for open interest is 0.86, which means more capital is locked into bullish positions. That imbalance gives us a clue: traders are leaning in for a short-term move up. But where could it go?

The upper Bollinger Band is at $108.13 — a long way from where we are now — but don’t forget, if the stock breaks above the $97 call strike (which has 23,800 OI), that could trigger a wave of stop hunts and momentum buying.

And what about the puts? The $90 put has 34,165 OI, suggesting a small but meaningful amount of protection is being bought in case things go south. It’s not a big bearish signal, but it does mean some traders are hedging.

Block trading, by the way, is mostly quiet — no whales showing up today. So this isn’t a panic move from big players; it’s more retail and institutional positioning building ahead of the expiry.

Company News Fuels the Bull Case, But Risks Remain

Netflix just came off a strong earnings report — Q4 revenue was up 12%, and the company is investing $1.5 billion in content for 2026. That’s a clear signal of intent to grow. Goldman Sachs upgraded the stock to “Buy” with a $800 price target, and the EU inquiry into data privacy isn’t a near-term threat, especially with Netflix cooperating fully.

Then there’s the ad-supported subscription tier and the expansion into gaming and AI. These aren’t just buzzwords — they’re real strategic moves that could drive both revenue and valuation.

But here’s the catch: not all the news is positive. A recent downgrade from Morgan Stanley cited slowing subscriber growth, and the RSI is already overbought. That means a correction could be on the horizon if the stock can’t break past $97 before Friday.

How to Play It: Stock and Options Setups

If you’re bullish, here’s what you can do:

• Option Play: Go with the NFLX20260320C100 call option (expiring this Friday). Why? Because it’s the most watched strike and with the stock hovering near $94–$95, a close above $97 could trigger a strong move into $100 territory. With the stock needing a 5–6% move to hit the strike, it’s not a free ride — but with the technicals and sentiment behind it, it’s a high-probability setup for a 1–3 day play.

• Stock Play: Look to enter near $93.66 (intraday low). That’s a key support level. If it holds, and the stock breaks above $97 by Friday, it could test the $101.12 resistance (200D pivot). A stop loss just below $93.66 makes sense here. If it breaks and holds above $97, a target of $100–$102 is reasonable.

• Second Option: For a safer bet, use the NFLX20260327C98 call (next Friday expiry). It’s not as hot as the $100 call, but with 3,834 OI, it’s a more conservative play if you want to avoid a Friday expiry rush.

Volatility on the Horizon – Prepare for a Move

There’s a reason the options market is so active today — traders are positioning for a move, and with the news flow and technicals aligned, it feels like the odds are in favor of a short-term rally. But remember: overbought conditions, overhyped sentiment, and crowded positions can reverse fast.

The key is to watch for a close above $97 on Friday. That would confirm the bullish thesis. If it fails, the puts at $90 could start seeing more action.

Bottom line? The data and sentiment are lining up for a potential NFLX breakout. The question is: do you have a plan to ride it — or at least to hedge against it?