NFLX Traders Place $744K Call Spread for Potential $6.3M Payout—Bullish Momentum Builds on 10.4% Stock Jump
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Large Volume NFLX Call Spread Nets a Quick 23.5% Gain as Buyers Target $120 Strike
A high-volume call spread trade in Netflix (NFLX) options captured our attention for its scale and the immediate payoff. Early this morning, 7,002 contracts of the April 17, 2026, 100-120 call spread crossed the tape at a VWAP (volume-weighted average price) of $2.13. Only two hours later, the spread traded for $2.63—giving buyers a fast 23.5% gain, with $0.50 profit per spread as NFLX stock popped by $2.41 from $91.01 to $93.42.
Trade Details at a Glance
| Trade Attribute | Value |
|---|---|
| Expiration | 17-Apr-26 |
| Strike Prices | 100-120 Call Spread |
| Number of Contracts | 7,002 |
| Days to Expiration | 49 |
| VWAP Trade Price | 2.13 |
| VWAP Bid-Ask Range | 2.10–2.22 |
| Initial Stock Reference Price | 91.01 |
| Current Stock Price | 93.42 |
| Profit on Spread (by 11:30) | 0.50 (+23.5%) |
The buyer risked roughly $744,000 (7,002 contracts × $2.13 × 100 shares/contract) on this trade, hoping to turn it into a maximum payout of $6.3 million if NFLX closes above $120 at expiration. For direct analysis of multi-leg trade strategies like this, you can use the Multi Leg Trade Analyzer.
Technical Indicators Are Bullish: NFLX Posts 10.4% Surge, Fast Bullish Crossover Flashes Momentum
Netflix stock posted a strong 10.4% gain, leaping from the open by 11.5% and closing well above its expected resistance of $86.62. While NFLX has lagged the S&P 500 (SPY) over the past year and three months, this short-term rally has closed that gap—with returns of +23.2% over two weeks versus SPY’s +0.7%.
| Duration | NFLX Return | SPY Return | NFLX Low | NFLX High |
|---|---|---|---|---|
| Today | +10.4% | -0.5% | 90.58 | 94.44 |
| 2 Week | +23.2% | +0.7% | 75.01 | 94.44 |
| 1 Month | +9.0% | -1.0% | 75.01 | 94.44 |
| 3 Month | -12.0% | +1.2% | 75.01 | 109.73 |
| 6 Month | -23.8% | +6.9% | 75.01 | 126.71 |
| 1 Year | -5.6% | +16.6% | 75.01 | 134.12 |
| YTD | -0.4% | +0.6% | 75.01 | 94.44 |
| 3 Year | +194.6% | +78.4% | 28.53 | 134.12 |
| 5 Year | +73.4% | +89.0% | 16.27 | 134.12 |
Technically, the Fast Bullish Crossover signals upward momentum: the 20-day moving average ($80.03) is rising toward the 50-day ($86.30), and the stock sits 16.7% above its 20-day average and 8.3% above its 50-day. Still, NFLX trades -13.4% below its 250-day moving average ($107.93), and at -30.3% from its 52-week high, room for recovery remains.
Skew Indicators Are Slightly Bullish—Option Market Sees Upside
Option market sentiment, as measured by the 30-day implied volatility skew, is slightly bullish for Netflix, sitting at a 51% rank compared to the past year. This proprietary skew analysis from Market Chameleon suggests the options market sees a moderate probability for further upside, but isn’t aggressively positioned for a runaway rally just yet.
With 49 days until expiration, the call spread is sensitive to swings in price and volatility. The stock needs to climb another $26.58 (from $93.42 to $120) by mid-April expiration for this trade to realize its full gain. That’s an ambitious move—considering NFLX is still almost 13.4% below its longer-term average.
Key Takeaway: NFLX Bullish Play Carries Both Opportunity and Challenge
This large-scale NFLX call spread illustrates both bullish conviction and calculated risk-taking. The combination of a technical breakout, improving short-term momentum, and modestly bullish option skew paints an optimistic near-term picture. However, sustained gains will be needed to reach the $120 target, especially given NFLX’s longer-term underperformance.
Traders wanting to study more high-conviction strategies or track similar opportunities can explore the Market Chameleon Multi-Leg Trade Screener for live data on unusual spreads and multi-leg option trades.
The bottom line: This trade reflects both rising optimism and the magnitude of what’s required for a substantial payoff. NFLX bulls will be watching intently to see if today’s surge has staying power—or if it’s just a brief springboard.
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NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
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Disclosure: This article was generated with the assistance of AI