NFLX Bull Call Spread — 2026-08-21

NFLX (Netflix, Inc. - Common Stock) shows bullish unusual options activity: $617K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 1.8x on the 75 call. IV rank is 33 (moderate) — a bull call spread (73/74) trims theta/vega bleed versus a naked long. Buy the $73 / sell the $74 call bull call spread expiring 2026-08-21 (24 DTE) for a net debit of $0.48 ($48 per spread). Breakeven at $73.48; net delta 0.06.

Underlying: NFLX @ ~$73.32 | 2026-08-21 (24 DTE) | Net debit (entry): ~$49 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($48 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 33 — reasonable for a debit spread. | TIMING: 24 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: NFLX is in Consumer — avoid concentration with other open Consumer positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.