Netflix closed at 62.05 USD, up 0.10%, with intraday trading spanning 61.39 USD to 62.59 USD on volume of roughly 45 million shares.
Large options trades show a clearly bearish institutional tone. The most prominent order was a 19.65 million USD same-direction double-long put combination in the January 15, 2027 expiration, while a second 5.73 million USD in-the-money put purchase in the December 18, 2026 expiration reinforced the defensive stance. Together, these trades signal strong conviction that Netflix shares may face continued downside rather than a rebound.
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Options Indicators
Netflix currently has an implied volatility of 34.05%, with an IV percentile of 17.93%, which places volatility in the low end of its recent range and suggests options are cheaply priced rather than expensive. With the IV/HV ratio at 0.98, implied volatility is also broadly in line with realized volatility, indicating current option premiums are not showing a meaningful excess over actual movement.
The Call/Put volume ratio is 0.78.
Large Trades
A bearish put-buying structure worth 19.65 million USD was the largest displayed trade, built as a same-direction double-long put combination in the January 15, 2027 expiration. The buyer purchased the 100.00 strike put and the 90.00 strike put, both of which were already in the money versus the 62.05 USD reference stock price, making this a net-debit downside bet rather than a premium-selling structure. Because both legs are long puts, this is best read as a spread-style bearish positioning that seeks a large directional move lower while layering exposure across two in-the-money strikes; the use of long-dated maturities also suggests the trader was willing to pay significant premium for sustained downside protection or a conviction-driven bearish view.
A single-leg 90.00 put buy worth 5.73 million USD was the second highlighted trade, executed in the December 18, 2026 expiration. This put was also in the money against the current stock reference, which reinforces the defensive and bearish nature of the order: the buyer paid up for downside exposure with intrinsic value already embedded, a choice typically associated with either strong conviction that shares can fall further or a desire to hedge long equity risk with substantial sensitivity to additional downside. Taken together, the bulk-order flow points to a clearly bearish institutional tone in Netflix, with large traders overwhelmingly favoring put accumulation and downside-oriented structures rather than upside participation. The dominance of in-the-money long puts and net-debit bearish combinations suggests the market’s larger players are positioning for continued weakness or guarding against a deeper drawdown, not expressing confidence in a rebound.
Strategy Reference
For a seller looking to avoid assignment risk, out-of-the-money put strikes below 50.00 USD in shorter-dated expirations may offer a lower probability of being reached, while traders unwilling to post large margin could consider a bear put spread using the 60.00/50.00 strikes to cap capital at risk.
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