NFLX options strategies, priced on the real chain
$71.71NetFlix Inc · chain snapshot captured Aug 1, 2026
A single-print name: the stock spends the quarter grinding and then gaps on subscriber and margin numbers. Front-month IV going into earnings is the highest in large-cap media, and the post-print crush is brutal by design.
Every page below prices its structure against the August 28, 2026 expiry — 36% at-the-money implied vol, #10 of the 20 underlyings on this site. What moves NFLX: quarterly earnings — the only date that reliably matters.
10 strategies on NFLX
One contract (or one 100-share lot) per structure, at-the-money template strikes on the August 28, 2026expiry. Breakevens and probability of profit come from OptionTracker’s engine.
Start here
- NFLX covered callSell upside on shares you already own and get paid for the cap. · breakeven $70.41 (−1.8%)
- NFLX cash-secured putGet paid to place a limit order below the market. · breakeven $67.55 (−5.8%)
- NFLX iron condorSell a range, buy the wings, collect if the stock stays put. · breakeven $65.71 (−8.4%)
- NFLX bull call spreadBuy a call, sell a higher one — cheaper upside with a ceiling. · breakeven $73.38 (+2.3%)
- NFLX bull put spreadSell a put spread below the market: credit now, defined risk. · breakeven $68.72 (−4.2%)
- NFLX long straddleBuy the call and the put — pay for a move in either direction. · breakeven $66.59 (−7.1%)
Related reading
- The wheel strategy, with real numbersEveryone can recite the four steps. Almost nobody can tell you what a completed cycle returned on the capital it tied up. Here is one, priced off a real chain and folded by the same engine that runs our tracker.
- What a cash-secured put actually paysThe annualized-return column is the one everybody screenshots. It is also the one that tells you least. Here is the whole ladder — return, probability, breakeven, and the loss that takes six winners to repair.
- Covered calls on shares you already ownThe covered-call math you find online divides premium by cost basis. If you bought the stock years ago, that number is a fantasy — and it will talk you into selling a strike you should never have touched.