NFLX Options History — May 2025

In May 2025, NFLX traded between $110.39 and $121.15. ATM implied volatility averaged 30.1%, placing in the 17.9% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 1.8% (HV 20d: 31.9%). Max pain ranged from $91.00 to $100.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.06.

Notable Days

2025-05-15: Highest Volume — 2,229,790 contracts
2025-05-05: Largest IV spike — 8.2% change
2025-05-05: Highest IV Rank — 26.5%
2025-05-05: Largest Expected Move — 9.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$116.86	$110.39	$121.15	$113.73	$120.55
Max Pain	$96.17	$91.00	$100.00	$100.00	$100.00
ATM IV	30.1%	26.9%	34.4%	32.9%	27.0%
Expected Move	8.6%	7.5%	9.8%	9.6%	7.5%
HV 20d	31.9%	23.1%	48.4%	48.4%	25.6%
HV 60d	45.2%	44.5%	46.0%	45.3%	44.9%
IV Rank	17.9%	11.5%	26.5%	23.4%	11.8%
IV Percentile	48.3%	34.9%	59.5%	56.7%	34.9%
Term Structure	0.2%	-0.6%	0.8%	0.1%	0.3%
VWIV	31.7%	27.1%	36.0%	35.2%	27.2%
Skew 25d	2.8%	1.1%	5.1%	3.8%	2.0%
Skew 10d	6.2%	2.4%	10.2%	8.8%	4.9%
Call IV 25d	29.1%	26.1%	32.3%	31.1%	26.3%
Put IV 25d	31.9%	28.0%	37.3%	34.9%	28.3%
Bid-Ask Spread %	54.51	44.32	60.17	46.57	57.50
Gamma HHI	0.07	0.03	0.18	0.08	0.18
Net GEX	333.3M	45.8M	752.3M	505.0M	743.7M
Net DEX	-15.18B	-19.25B	-10.71B	-16.33B	-15.92B
Net VEX	-52.4M	-54.8M	-50.4M	-52.6M	-50.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.69	1.89	1.30	0.75
Total Volume	1,337,410.952	564,610	2,229,790	1,458,890	1,748,910
Total OI	5,884,281.429	5,288,830	6,534,030	6,021,610	5,795,050

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-05-01	$113.73	$100.00	32.9%	9.6%	48.4%	23.4%	35.2%	3.8%	0.1%	505.0M	-16.33B	-52.6M	1.30	46.57	N/A	N/A	635,300	823,590	2,568,360	3,453,250
2025-05-02	$115.68	$100.00	31.9%	9.1%	47.4%	21.3%	34.7%	4.2%	0.8%	537.4M	-18.32B	-52.0M	1.19	49.25	N/A	N/A	999,620	1,184,830	2,618,830	3,599,480
2025-05-05	$113.95	$91.00	34.4%	9.8%	41.2%	26.5%	36.0%	5.0%	0.7%	188.6M	-13.88B	-54.1M	1.89	44.32	N/A	N/A	604,220	1,144,020	2,314,360	3,261,620
2025-05-06	$114.25	$92.50	33.7%	9.6%	40.9%	24.9%	35.8%	4.7%	-0.2%	216.6M	-14.21B	-54.8M	1.26	48.26	N/A	N/A	425,220	536,920	2,433,710	3,558,170
2025-05-07	$116.11	$92.50	33.4%	9.6%	40.4%	24.4%	35.5%	3.7%	0.3%	355.3M	-16.19B	-53.6M	1.06	55.62	N/A	N/A	763,180	810,270	2,497,640	3,623,600
2025-05-08	$114.80	$93.00	32.3%	9.3%	32.0%	22.2%	34.8%	3.7%	-0.2%	225.2M	-14.91B	-53.8M	1.25	50.30	N/A	N/A	642,160	799,740	2,586,330	3,776,200
2025-05-09	$114.05	$93.00	30.9%	9.0%	30.3%	19.5%	33.6%	5.1%	0.4%	124.2M	-14.11B	-53.9M	1.19	50.08	N/A	N/A	614,960	734,490	2,677,110	3,856,920
2025-05-12	$110.39	$94.00	29.5%	8.4%	34.0%	16.7%	30.8%	3.4%	-0.1%	80.8M	-10.71B	-52.5M	0.96	56.63	N/A	N/A	794,530	764,950	2,342,360	3,260,390
2025-05-13	$113.83	$94.00	28.7%	8.1%	34.7%	15.1%	30.1%	2.6%	-0.6%	346.3M	-14.15B	-51.9M	0.69	57.24	N/A	N/A	716,750	494,740	2,527,960	3,376,600
2025-05-14	$114.51	$95.00	29.9%	8.5%	31.7%	17.5%	30.7%	1.6%	-0.4%	418.0M	-14.71B	-51.9M	0.76	60.17	N/A	N/A	619,750	468,420	2,615,750	3,462,780
2025-05-15	$117.57	$95.00	29.8%	8.5%	29.9%	17.3%	31.2%	1.2%	-0.3%	638.0M	-17.62B	-51.5M	0.87	59.62	N/A	N/A	1,194,850	1,034,940	2,634,550	3,548,180
2025-05-16	$119.35	$95.00	29.1%	8.4%	29.8%	15.9%	30.7%	1.1%	-0.1%	752.3M	-19.25B	-51.3M	0.74	58.97	N/A	N/A	1,117,500	826,210	2,702,880	3,801,150
2025-05-19	$118.61	$95.50	29.2%	8.3%	30.2%	16.1%	30.5%	1.4%	0.4%	226.4M	-14.59B	-52.1M	1.17	53.90	N/A	N/A	363,450	425,520	2,208,890	3,098,910
2025-05-20	$118.70	$96.00	28.6%	8.2%	27.5%	14.8%	30.7%	1.8%	0.7%	247.0M	-14.67B	-52.8M	1.40	53.48	N/A	N/A	252,540	354,350	2,307,300	3,216,570
2025-05-21	$119.47	$97.00	29.9%	8.6%	27.4%	17.5%	31.6%	2.6%	0.7%	305.5M	-15.38B	-52.7M	0.83	55.42	N/A	N/A	809,660	668,050	2,353,970	3,297,360
2025-05-22	$119.17	$98.00	29.7%	8.5%	23.1%	17.0%	31.0%	2.5%	0.8%	244.9M	-14.80B	-53.7M	0.89	55.76	N/A	N/A	416,230	369,640	2,407,300	3,405,350
2025-05-23	$118.91	$99.00	28.4%	8.1%	23.2%	14.4%	29.4%	2.6%	0.2%	201.4M	-14.59B	-53.0M	1.02	54.55	N/A	N/A	575,790	588,460	2,470,800	3,450,410
2025-05-27	$120.80	$99.00	28.1%	7.9%	23.5%	13.9%	29.6%	2.5%	0.5%	261.1M	-15.39B	-51.0M	0.90	58.52	N/A	N/A	507,780	459,230	2,168,620	3,120,210
2025-05-28	$121.15	$100.00	27.8%	7.8%	23.4%	13.4%	28.7%	2.0%	0.4%	336.6M	-15.79B	-50.4M	1.21	59.07	N/A	N/A	254,960	309,650	2,283,520	3,255,160
2025-05-29	$118.42	$100.00	26.9%	7.5%	25.2%	11.5%	27.1%	1.9%	0.8%	45.8M	-13.16B	-50.9M	1.04	59.39	N/A	N/A	604,500	625,750	2,318,030	3,314,280
2025-05-30	$120.55	$100.00	27.0%	7.5%	25.6%	11.8%	27.2%	2.0%	0.3%	743.7M	-15.92B	-50.4M	0.75	57.50	N/A	N/A	1,001,320	747,590	2,420,260	3,374,790