Netflix closed at $73.36, up 2.19%.

Large options trades in NFLX leaned decisively bullish, with block activity concentrated in outright call purchases and no bearish large-trade counterpart. The two biggest displayed orders were out-of-the-money LEAPS calls targeting a push past $80.00 and a moderate upside extension above $75.00. The flow suggests traders are paying premium for defined-risk directional exposure, positioning for further appreciation rather than selling income structures.

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Options Indicators

NFLX’s implied volatility is 36.73%, and with an IV percentile of 42.63%, current volatility sits in a neutral range rather than at an extreme. The IV/HV ratio of 0.97 suggests implied volatility is roughly in line with recent realized volatility, indicating options are fairly priced overall rather than obviously cheap or expensive. The Call/Put volume ratio is 2.42.

Large Trades

A call buy worth $736,700 was the largest displayed trade, consisting of 1,819 contracts of the January 15, 2027 $80.00 call. With NFLX referenced at $73.36, this strike sits out of the money, so the buyer is expressing a clear bullish view that the stock can rise above the strike over a long-dated horizon. The long tenor gives the position time for a sustained upside move to develop, making this a directional bullish bet rather than a short-term hedge, and it suggests conviction in continued appreciation well beyond current levels.

A call buy worth $184,900 was the second highlighted trade, consisting of 1,302 contracts of the October 9, 2026 $75.00 call. Relative to the $73.36 reference price, this option is also out of the money, indicating another outright bullish position looking for NFLX to push higher over time. Because the strike is only modestly above spot, the trade appears to target a moderate upside extension rather than an extreme move, reinforcing the view that large traders are positioning for further gains with defined-risk call premium.

Overall, the large-trade flow is clearly bullish. The displayed orders are both outright call purchases, and the broader block activity is also entirely concentrated in bullish call buying with no bearish large-trade counterpart. That pattern points to constructive market sentiment, with traders favoring upside exposure through premium paid rather than income-selling structures, which typically reflects expectations for higher prices and a willingness to pay for directional participation.

Strategy Reference

For traders preferring a lower assignment probability while still participating in the bullish flow, selling a put credit spread below spot, such as the $65.00/$60.00 put spread, may offer defined risk with a high probability of expiring worthless given the bullish block flow and current IV environment.