NFLX Options Signal $100 Call Contention as Puts Pile In – Here’s How to Play the Volatility

• NFLX trades near $89.75, caught between bearish technicals and a $100 call wall with 73,427 open contracts.
• Put/call open interest ratio at 0.93 suggests balanced aggression, but block trades hint at dark money moving $89.50 puts.
• Warner Bros. legal drama and TD Cowen’s $115 price target create a tug-of-war between short-term bears and long-term bulls.

Here’s the thing: NFLX isn’t just a streaming stock anymore—it’s a battlefield of narratives. The options market is screaming that $100 is a psychological line in the sand, while the stock’s 20.9 RSI suggests oversold conditions. But let’s cut through the noise: this stock is poised for a breakout or breakdown, and the options data tells us exactly where to watch.

The $100 Call Wall and Put Pile-In: A Volatility Playbook

The options chain is a chessboard. Right now, NFLX20260116C100 dominates with 73,427 open contracts—more than double the next call strike. That’s not just liquidity; it’s a crowd betting on a $100+ move by Friday. But here’s the twist: puts aren’t backing down. The NFLX20260116P89.5 block trade saw 900 puts bought at $121/share, while 500 NFLX20260618P90 puts were sold for $840,000. Think of it like a seesaw—big money is hedging both sides of a potential $90–$100 range battle.

The Bollinger Bands frame this perfectly: NFLX is trading near the lower band at $89.06, but the 30D moving average at $95.68 looms like a ghost. If the stock breaks above $91 (intraday high), those $100 calls could ignite. But if it slips below $89.41 (previous close), the $85–$80 put strikes gain steam. The key takeaway? Volatility isn’t a threat—it’s an opportunity.

Warner Bros. Drama and Analyst Split: Fuel for the Fire

Let’s not ignore the headlines. The Paramount proxy fight and DOJ antitrust probe are like a live grenade under the stock. But here’s the irony: while the legal drama pushes puts, the fundamentals are quietly humming. TD Cowen’s $115 target and HSBC’s “Buy” rating ignore the noise, betting on Netflix’s ad-driven growth and $82.7B acquisition bid. The stock’s forward P/E of 28 is a three-year low—a discount for a company with $0.55 expected EPS growth.

This creates a paradox: short-term bears love the legal chaos, but long-term bulls see a bargain. The options market reflects this split—high put OI for near-term hedging, but calls at $100+ suggest belief in a post-volatility rebound.

Actionable Trades: Calls for Breakouts, Puts for the Floor

For options traders: NFLX20260116C100 is your all-in call if NFLX breaks $91. The 73,427 OI means liquidity and momentum. If you’re bearish, NFLX20260123P85 (7,999 OI) offers a safer bet for a $85 floor. For stock players: Buy NFLX at $89.41 if support holds, targeting $93.39 (30D support) as a first exit. If it breaks $89.07, sell puts at $85 to capitalize on the legal drama.

Volatility on the Horizon: Navigating NFLX’s Crossroads

This isn’t a simple bull or bear case—it’s a high-stakes poker game. The $100 call wall and $85 put floor create a tight trading range, but the Warner Bros. saga could blow it wide open. The next 48 hours will tell us if NFLX is a bargain or a cautionary tale. For now, the options market is your best guide: watch the $100 call for bullish conviction and the $89.50 put block for bearish whispers. Either way, the volatility is your friend.