NFLX Call Spread Buyers Commit $8.2M For Potential $35.9M Gain: What Technicals and Options Indicators Reveal
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Large Volume Call Spread Strategy Signals Bold Netflix Outlook
On April 16, 2026, an eye-catching Netflix (NFLX) options trade hit the tape: a massive 112-120 call spread expiring in just one day, with buyers paying a VWAP price of $1.48 per spread. More than 110,000 contracts exchanged hands, meaning this was far from a routine bet—it was a substantial, measured commitment worth over $8.2 million. By 10:35 a.m., the spread ticked up to $1.52, already giving buyers a quick 2.1% gain as shares edged up from $107.40 to $107.90.
| Option Trade | Details |
|---|---|
| Expiration | April 17, 2026 |
| Strike Prices | 112/120 Call Spread |
| Number of Contracts | 110,226 |
| VWAP Trade Price | $1.48 |
| Current Spread Price (10:35am) | $1.52 |
| Stock Reference Price (Trade) | $107.40 |
| Total Cost (Est.) | $8,200,000 |
| Max Potential Payout | $35,900,000 |
To see further multi-leg trades in NFLX, check out the NFLX multi-leg trade analyzer.
Trade Structure and Potential Payoff Stand Out
The spread buyer is risking $8.2 million to potentially make around $35.9 million—a roughly 338% return if NFLX closes above $120 on expiration. With only one day left, this bet requires a material move, but with recent momentum in NFLX, it’s not out of the question. The fact that this trade saw early gains as NFLX ticked 0.50 points higher shows how sensitive these structures are to underlying price action.
Technical Indicators Are Bullish: Recent Outperformance and Moving Averages Support the Bet
What do the technicals say? Recent stock action provides bullish undertones: NFLX is up 13.2% over the last month and has outpaced the SPY by a significant margin in the most recent 2-week and 3-month periods. The price sits at $107.90—well above the 20-day ($97.21) and 50-day ($91.05) moving averages, and just below the long-term 250-day average ($108.41). The 20-day moving average is now 6.8% above the 50-day—a classic bullish crossover pattern.
The stock jumped 43.9% above its 52-week low and, while still 19.6% off the high, NFLX’s ability to break above the expected daily resistance at $110.03 would add to the bullish narrative.
| Duration | NFLX Return | SPY Return | Low | High |
|---|---|---|---|---|
| Today | +0.2% | -0.1% | 106.62 | 108.46 |
| 2 Week | +12.9% | +6.7% | 95.17 | 108.46 |
| 1 Month | +13.2% | +5.8% | 90.69 | 108.46 |
| 3 Month | +22.5% | +1.3% | 75.01 | 108.46 |
| 6 Month | -10.4% | +5.7% | 75.01 | 124.86 |
| 1 Year | +10.5% | +31.4% | 75.01 | 134.12 |
| YTD | +15.1% | +2.8% | 75.01 | 108.46 |
| 3 Year | +218.6% | +74.7% | 31.56 | 134.12 |
| 5 Year | +96.4% | +76.2% | 16.27 | 134.12 |
Option Skew Indicator Is Bullish: Market Implied Volatility Points to Upside Potential
Bullish tones don’t stop at price action. The Market Chameleon proprietary skew indicator sits at a 95% rank—the highest it's been in almost a year and a clear suggestion that options markets are pricing in strong upside expectations. When skew sits this high, it typically reflects heavy call demand, possibly driven by investors positioning for aggressive rallies or hedging short positions.
If you’d like to screen for more call spreads or other multi-leg trades in real time, check out the option strategy screener.
Takeaway: NFLX Call Spread Sizes Up as Bulls Lean In
The size, structure, and timing of this NFLX call spread hint at a bullish trader willing to risk big for a potentially outsized payday. With technicals flashing green and the skew indicator strongly in the bull camp, this bet could be a hedge or an aggressive view on a near-term breakout. As always, large options trades aren't guarantees, but they do offer clues about how some are reading the next act for Netflix.
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