NFLX Options History — September 2025

In September 2025, NFLX traded between $118.48 and $126.33. ATM implied volatility averaged 31.9%, placing in the 21.5% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 7.8% (HV 20d: 24.2%). Max pain ranged from $116.00 to $120.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.83.

Notable Days

  • 2025-09-11: Highest Volume — 2,159,720 contracts
  • 2025-09-11: Largest IV spike — 21.7% change
  • 2025-09-30: Highest IV Rank — 41.3%
  • 2025-09-11: Largest Expected Move — 11.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$121.98$118.48$126.33$121.32$119.41
Max Pain$119.26$116.00$120.00$116.00$120.00
ATM IV31.9%24.3%42.0%26.3%42.0%
Expected Move8.8%7.1%11.2%7.5%8.3%
HV 20d24.2%20.9%25.7%23.9%24.8%
HV 60d26.2%25.2%27.3%25.3%25.8%
IV Rank21.5%6.4%41.3%10.2%41.3%
IV Percentile45.2%6.7%71.4%34.5%71.4%
Term Structure4.4%-2.6%11.0%0.8%-2.6%
VWIV31.2%25.8%39.2%26.6%29.4%
Skew 25d1.9%0.9%2.8%2.8%2.1%
Skew 10d4.0%1.8%6.2%6.2%3.2%
Call IV 25d31.0%23.3%41.5%25.1%41.4%
Put IV 25d32.9%25.7%43.5%27.9%43.5%
Bid-Ask Spread %43.5818.6661.6830.7332.44
Gamma HHI0.030.020.070.020.02
Net GEX142.9M-414.1M603.1M105.4M-101.9M
Net DEX-10.03B-14.50B-5.88B-9.74B-7.26B
Net VEX-57.0M-58.9M-54.3M-56.5M-58.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.830.631.270.850.73
Total Volume988,826.667580,2702,159,720672,030917,540
Total OI5,479,038.5714,949,8806,193,3105,151,8305,285,970

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$121.32$116.0026.3%7.5%23.9%10.2%26.6%2.8%0.8%105.4M-9.74B-56.5M0.8530.73N/AN/A362,670309,3602,283,1302,868,700
2025-09-03$122.19$116.0025.6%7.1%22.4%9.0%25.8%2.6%0.5%238.3M-10.83B-55.9M0.7934.41N/AN/A407,020321,2602,346,9002,949,620
2025-09-04$125.60$117.0025.0%10.0%22.6%7.8%35.4%2.4%0.5%603.1M-14.50B-55.5M0.8130.85N/AN/A770,370626,2702,405,4403,012,520
2025-09-05$124.41$119.0024.3%9.9%23.0%6.4%34.8%2.4%0.7%298.2M-12.54B-55.3M0.9644.42N/AN/A642,980619,7202,467,2403,130,100
2025-09-08$124.64$119.0025.2%10.2%20.9%8.2%37.0%2.5%10.6%254.5M-11.86B-54.9M1.0742.56N/AN/A280,520299,7502,243,5402,870,940
2025-09-09$126.33$119.5025.1%10.2%21.2%8.0%36.5%2.5%10.3%404.6M-13.45B-54.3M0.7957.12N/AN/A399,270317,3802,308,4802,953,340
2025-09-10$125.36$120.0025.3%10.3%21.5%8.3%36.8%2.6%10.7%294.8M-12.45B-55.0M0.7561.68N/AN/A356,460267,1902,358,8403,011,690
2025-09-11$120.55$119.5030.8%11.2%25.1%19.2%39.2%2.8%10.4%-182.0M-7.79B-56.1M0.7651.84N/AN/A1,229,950929,7702,413,6303,066,440
2025-09-12$118.48$119.5032.3%11.1%24.3%22.1%39.0%2.3%9.9%-414.1M-5.88B-58.2M0.8455.48N/AN/A993,950835,1602,683,6303,247,640
2025-09-15$120.39$119.5029.7%8.5%25.1%17.1%29.7%1.8%9.8%105.7M-9.21B-58.9M0.6353.02N/AN/A616,290389,2502,519,1603,123,260
2025-09-16$120.23$119.5028.4%8.1%24.9%14.5%29.0%1.4%10.2%100.7M-9.06B-58.1M0.6758.29N/AN/A361,030241,2902,605,4603,217,490
2025-09-17$122.95$120.0027.2%7.8%24.4%12.1%28.0%0.9%11.0%401.0M-12.35B-57.7M0.6759.47N/AN/A708,370477,3802,658,4103,276,200
2025-09-18$120.71$120.0030.1%8.0%25.3%17.8%28.5%1.2%10.6%39.4M-9.38B-57.4M0.8357.97N/AN/A561,420468,2502,651,9003,372,770
2025-09-19$122.41$120.0031.4%7.8%25.7%20.4%27.7%1.2%11.0%425.7M-11.89B-57.6M0.7260.60N/AN/A700,410504,5702,745,4903,447,820
2025-09-22$122.54$120.0037.3%7.9%25.6%32.1%28.7%1.4%-1.2%172.8M-9.95B-56.4M0.8318.66N/AN/A346,160286,3002,161,8202,788,060
2025-09-23$121.90$120.0038.8%8.0%25.2%35.1%28.6%1.2%-1.7%120.2M-9.41B-57.1M0.8031.88N/AN/A380,300303,7402,254,9802,909,270
2025-09-24$120.12$120.0041.8%8.2%25.6%41.0%29.1%1.3%-2.0%-75.0M-7.65B-58.7M0.7634.30N/AN/A435,660329,6602,322,0402,999,570
2025-09-25$120.70$120.0041.6%8.0%25.7%40.5%28.8%1.5%-1.9%38.3M-8.44B-58.9M0.8041.05N/AN/A410,680329,2102,417,7403,081,920
2025-09-26$121.07$120.0040.5%7.4%25.5%38.4%26.7%0.9%-2.2%163.3M-8.93B-58.1M1.2731.17N/AN/A479,730609,8402,453,6803,120,150
2025-09-29$120.22$120.0041.9%8.0%24.7%41.2%29.0%1.7%-2.2%9.0M-8.01B-57.3M1.1427.16N/AN/A438,540500,6902,189,0302,835,800
2025-09-30$119.41$120.0042.0%8.3%24.8%41.3%29.4%2.1%-2.6%-101.9M-7.26B-58.4M0.7332.44N/AN/A529,630387,9102,293,4002,992,570