NFLX gamma exposure levels
Netflix has one of the widest single-stock options markets by price, so its gamma structure produces large, well-defined walls — and outsized moves when they break around earnings.
This page explains how to read NFLX's gamma structure. It shows no live numbers — the live map lives in the indicator. Educational context only, not a signal.
Why NFLX's gamma matters.
NFLX's high share price makes its dealer gamma span a wide range, so its call and put walls tend to be clean, distant levels rather than tight pins. Its gamma flip is a useful line for judging whether an earnings move has room to extend or is likely to fade.
The NFLX levels that matter.
Every gamma map is built from a few dealer-positioning levels. On NFLX they read like this.
The ceiling
The strike with the heaviest call gamma above spot. Dealers hedge hard there, so it often caps rallies until it breaks.
The floor
The strike with the heaviest put gamma below spot. It often supports dips while dealer hedging holds.
The regime line
Where net dealer gamma crosses zero. Above it hedging dampens moves; below it hedging amplifies them.
Zero-gamma level
The price where dealers flip from long to short gamma — near the flip, it marks where volatility can pick up.
Expiry gravity
The strike that minimises total option-holder payout at expiry — a reference into monthly expiration.
Concentration
The high-concentration strikes between the walls where hedging clusters and price often reacts.
How to read them.
Start with the gamma flip: it tells you which regime NFLX is in. When price is accepted above it, dealers are usually long gamma and the tape dampens — tighter ranges, rotation around the levels. When price is below it, dealers lean short gamma and moves amplify — faster, trend-prone sessions. Then read the call wall above and put wall below as the edges dealers hedge hardest.
The levels are a snapshot of positioning, so they go stale as the chain changes through the day — the indicator refreshes them each session. And they are context on how NFLX is likely to behave, never an instruction to trade. To learn the mechanics, read how to read dealer positioning and what gamma exposure is.
NFLX gamma — questions traders ask.
Why are Netflix's gamma walls so wide?
Because of its high price, NFLX's strikes are spread further apart in dollar terms, so its walls sit at wider intervals. That makes them read as clean structural levels; how price treats them is context on conditions, not a signal.
Is this a buy or sell signal?
No. Gamma-exposure levels describe where option dealers hold concentrated hedging pressure — they are context on how a session is likely to behave, not a recommendation to buy or sell and not a prediction of direction. Educational and informational only; trading involves substantial risk of loss.
Where do the live levels come from?
The GEX Levels indicator computes them from the live options chain and draws them on your chart — call wall, put wall, gamma flip, vol trigger and more, refreshed each session. This page explains the concept; the live map lives in the indicator.
See the live NFLX map.
The concept is free to read. The live NFLX levels — call wall, put wall, gamma flip, the regime and more, refreshed every session — are built into the GEX Levels indicator. The free Morning Map shows the prior session's index levels each day.
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