What is the current NFLX max pain strike?

As of May 20, 2026, Netflix, Inc. (NFLX) max pain sits at $90.00, which is 1.8% above the current spot price of $88.41. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. At a 1.8% distance, NFLX sits inside the band where dealer hedging can mechanically pull spot toward max pain during the closing week of the expiration cycle.

Does NFLX pin to its max pain strike at expiration?

NFLX is currently in positive dealer gamma, the regime that mechanically reinforces pinning. Dealers hedging long-gamma books buy weakness and sell strength near high-OI strikes, which pulls spot toward those levels into expiration. Total open interest across NFLX (5.6M contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether NFLX actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.

How is NFLX max pain calculated?

Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. NFLX put/call OI ratio is 0.83 - balanced, so the max-pain calculation reflects the strike where the call and put OI distributions cross rather than a single dominant side.

Netflix, Inc. (NFLX) Max Pain Analysis

Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.

Netflix, Inc. (NFLX) operates in the Communication Services sector, specifically the Entertainment industry, with a market capitalization near $370.93B, listed on NASDAQ, employing roughly 14,000 people, carrying a beta of 1.55 to the broader market. Netflix, Inc. Led by Theodore A. Sarandos, public since 2002-05-23.

Snapshot as of May 20, 2026.

Spot Price: $88.41
Max Pain Strike: $90.00
Total OI: 5.6M

As of May 20, 2026, Netflix, Inc. (NFLX) max pain sits at $90.00, which is above the current spot price of $88.41 (1.8% away). Spot sits within 2% of the max-pain level for Netflix, Inc., the band where dealer hedging activity around the high-OI strikes can meaningfully reinforce a closing-week pin. NFLX sits in the lower-price band (spot $88.41), where $0.50-$2.50 strike spacing makes pin-to-strike effects easy to spot but per-contract dollar gamma is smaller. Total open interest across the listed chain (5.6M contracts) is dense enough that high-OI strikes carry meaningful structural support and resistance. NFLX is currently in positive dealer gamma ($70.1M), the regime that mechanically reinforces pinning by inducing dealers to buy weakness and sell strength near heavy-OI strikes. Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value, a gravitational reference rather than a price target.

NFLX Strategy Implications at the Current Max Pain Level

With spot 1.8% from the $90.00 max-pain level and Netflix, Inc. in a positive-gamma regime, where dealer hedging mechanically pulls spot toward heavy-OI strikes, strategy selection turns on cycle position and dealer positioning. Iron condors and credit spreads centered near the max-pain strike capture the typical end-of-cycle convergence when the regime supports pinning; ratio backspreads or directional debit structures fit names where catalyst flow is likely to overwhelm the hedging-driven pull. The gamma-exposure page shows the per-strike dealer book that determines whether hedging will reinforce or fight the pin.

How to read the NFLX max-pain chart

The open-interest histogram above shows where Netflix, Inc. call and put writers have stacked the most inventory. Strikes with elevated call OI act as overhead resistance when dealers are long-gamma (they sell rallies into the wall); strikes with elevated put OI act as support (dealers buy dips toward the wall). The max-pain strike is the single price at which the total cash payout to option holders is minimized - the lowest-pain price for the writers as a group. The max-pain strike sits at $90.00, 1.8% above spot. Net dealer gamma is positive at $70.1M, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility.

NFLX max-pain in context

Max pain is an end-of-cycle convergence signal, not an intraday compass. Cross-reference the level with the gamma-flip strike on the GEX page, the front-month ATM IV reading (currently 30.7%), and any catalyst risk on the calendar. Total listed OI on NFLX sits at 5.6M contracts; pin strength generally scales with this number, since heavier OI means more delta to hedge as spot drifts toward the strike. A pin can fail - earnings, FDA decisions, central-bank surprises, and other vol catalysts can rip spot past max pain regardless of where dealers want it. Use max pain to size risk-defined structures, not as a directional thesis.

Reading NFLX max-pain alongside dealer positioning

The clean version of the max-pain mechanism requires positive dealer gamma to enforce convergence; in a negative-gamma regime the same OI distribution can repel rather than attract spot. NFLX is currently in a positive-gamma regime, so the max-pain pull mechanic is structurally active. The put/call OI ratio sits at 0.53; ratios above 1.0 indicate put-heavy positioning that typically marks supportive flow, ratios below 0.7 indicate call-heavy positioning often associated with breakouts. Combine the pin level with the gamma-flip level and the implied move to model out where spot is likely to anchor through expiration.

Learn how max pain is reported and how to read the data →

Chart aggregates top-ranked contracts by strike from the institutional-grade nightly options scan. Sparse coverage on long-tail tickers reflects the scan's S&P 500/400/600 + ETF focus.

NFLX highest open-interest contracts

Type	Strike	Expiration	Volume	OI	IV	Bid	Ask
CALL	$120.00	Jul 17, 2026	384	107.2K	43.4%	$0.30	$0.31
CALL	$140.00	Jul 17, 2026	97	102.8K	50.6%	$0.12	$0.14
CALL	$41.00	Jan 15, 2027	0	100.3K	47.6%	$47.50	$50.00
CALL	$105.00	Aug 21, 2026	333	71.4K	36.4%	$1.80	$1.87
CALL	$125.00	Aug 21, 2026	719	69.0K	40.9%	$0.42	$0.46

Top 5 contracts from the institutional-grade nightly options scan; ranked by oi within the broader S&P 500/400/600 + ETF universe.

Frequently asked NFLX max pain analysis questions

What is the current NFLX max pain strike?: As of May 20, 2026, Netflix, Inc. (NFLX) max pain sits at $90.00, which is 1.8% above the current spot price of $88.41. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. At a 1.8% distance, NFLX sits inside the band where dealer hedging can mechanically pull spot toward max pain during the closing week of the expiration cycle.
Does NFLX pin to its max pain strike at expiration?: NFLX is currently in positive dealer gamma, the regime that mechanically reinforces pinning. Dealers hedging long-gamma books buy weakness and sell strength near high-OI strikes, which pulls spot toward those levels into expiration. Total open interest across NFLX (5.6M contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether NFLX actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
How is NFLX max pain calculated?: Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. NFLX put/call OI ratio is 0.83 - balanced, so the max-pain calculation reflects the strike where the call and put OI distributions cross rather than a single dominant side.