NFLX Iron Condor — Nov 20, 2026

NFLX (Netflix, Inc. - Common Stock) presents a iron condor opportunity with elevated implied volatility. IV Rank 61. IV 4783.0% trades 1384.0pp above 30-day HV (3399.0%). This setup favors net premium sellers.

Sell the $60 put and the $75 call (both ~15-30 delta), each protected by a long wing. The position profits if NFLX closes between the breakevens at expiration. Underlying ~$67.06, 46 DTE. Max profit $148 per contract, max loss $352, 42.0% return on risk, 60% POP. Breakevens at $58.52 and $76.48.

Management: take profit at ~50% of max profit ($74). Cut at 2x credit ($296 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: NFLX @ ~$67.06 Expiration: Nov 20, 2026 (46 DTE) Net credit (entry): ~$148.00 per spread Legs:

• Sell NFLX Nov 20, 2026 $60 Put (delta -0.20, mid $1.17)
• Buy NFLX Nov 20, 2026 $55 Put (delta -0.08, mid $0.41)
• Sell NFLX Nov 20, 2026 $75 Call (delta 0.25, mid $1.43)
• Buy NFLX Nov 20, 2026 $80 Call (delta 0.14, mid $0.71)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~1.6% of mid) before sending.

Take profit at 50% of max profit ($74). Cut loss if position reaches 2x credit received ($296 loss). Roll if tested with > 14 DTE remaining.