NFLX Options Signal a Battle for $100: Bullish Calls and Deep Put Puts Point to High-Stakes Volatility This Week

*Netflix is trading near key support/resistance zones on April 7th.

• Intraday volume is heavy, with 13.5M shares traded so far.
• OTM call open interest is surging at $100 and $105, while deep puts hint at downside concern.

Right now, the NFLX options market looks like a cross between a chess match and a poker table. Call open interest is stacking up at the $100 and $105 strike levels, especially for next Friday’s expiry, while a massive $5 strike put (with 50K+ open interest) tells a story of deep-seated bearish sentiment. This isn’t just noise—it’s a signal that traders are preparing for a high-volatility event, likely tied to a potential break above the $100 level or a sharp pullback toward $95 or $90.

Strikes, Volume, and the Whale Playbook

Let’s break it down. The next Friday options chain shows the most action at $100, $105, and $104 for calls. The NFLX20260417C100 call, for example, has 44,476 open contracts. That’s not just a big number—it’s a big bet. If NFLX closes above $100 on Friday, that strike could see massive gamma exposure, meaning price moves might accelerate once the level is breached.

On the put side, the $95 strike has 18,636 open contracts. That’s a decent position, but it’s the $5 strike (yes, $5) that’s truly jaw-dropping—over 50K open interest on a put that’s 93% out of the money. Why is that there? Either someone’s hedging a massive long position or playing a long-term bearish bet. Either way, it’s not the kind of thing you ignore.

Then there are the block trades. A 1,200-lot trade on the NFLX20260515C100 call option and a 1,000-lot buy on the NFLX20260515P91 put suggest that large players are already positioning for May. The call implies a belief in a late-May rally, while the put hints at a longer-term bearish view—especially since it’s a put with a $91 strike. That’s not just bearish—it’s deep bearish.

No Major News, But Options Tell a Story

We haven’t seen any headline news from Netflix over the past few days, which is interesting because the options market is buzzing. That means the current tension isn’t tied to a recent earnings miss or subscriber update—it’s more about technical levels and speculative positioning. No new content delays or streaming deals have shaken the market. But the lack of news doesn’t mean there’s no story. In fact, it makes the options data all the more telling: the battle for $100 is now a self-fulfilling prophecy for many market participants.

Trade Ideas for April 7th: Go for the Gamma, or Hedge the Deep Put

So what can you do with this data? Here are a few ideas:

• Bullish Gamma Play (Next Friday): Buy the NFLX20260417C100 at $1.25–$1.50 if NFLX stays above $99.50 by midday. If the price holds above $100, the call has a strong chance of catching a wave of buying pressure as the strike gets in play.
• Bullish Stock Entry: Consider entering NFLX near $98.70–$99.17, the 30-day support/resistance band. If the stock can hold above $98.70 and close above $99.87 (intraday high), it could signal a short-term breakout play.
• Bearish Hedge: If you're long NFLX, buy the NFLX20260417P95 at $0.70–$0.90 for a short-term downside floor. The $95 level is already well supported by open interest, and with Bollinger Bands at 99.27/94.66/90.05, a drop to $95 feels likely if sentiment turns.

Volatility on the Horizon

Netflix is at a crossroads. The stock is sitting near key support and resistance, with calls and puts both building pressure. The next few days will tell whether $100 is a ceiling or a catalyst. If you're in the market, use the options activity to your advantage—whether you're betting on the upside or hedging the downside, the data is clear: something’s about to move.

Keep an eye on Friday’s close. If NFLX breaks above $100, the next target is $105. If it drops below $98, the next line in the sand is $95. Either way, this week is shaping up to be one of the most interesting for Netflix in a while.