01 — NFLX · WHEEL STRATEGY

Best NFLX wheel strategy setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

High-beta single name with violent post-earnings repricing tied to subscriber numbers and pricing actions.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
Netflix
Communication Services
NFLX
$87.49-14.3% / 30d
IV rank (1y)
60.9% · elevated
Next earnings
Jul 16
Market cap
$368.4B
P/E (fwd)
22.8
Option vol
103K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on annualized return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Cash-secured put · first leg of the wheel
$86 put · May 29
21 DAYS · 2.5% OTM · SELL TO OPEN
Credit
$157
Annualized
30.92%
PoP
62%
StrikeExpirationCreditAnnualized PoP
$86
2.5% OTM
Jun 5
28 days
$198
$1.98 / share
29.25%61%
$86
2.5% OTM
Jun 12
35 days
$213
$2.13 / share
25.17%60%
$85
3.7% OTM
May 29
21 days
$125
$1.25 / share
24.62%69%
$85
3.7% OTM
Jun 5
28 days
$159
$1.59 / share
23.49%67%
$85
3.7% OTM
Jun 12
35 days
$188
$1.88 / share
22.22%65%
$84
4.8% OTM
Jun 5
28 days
$129
$1.29 / share
19.06%72%
$84
4.8% OTM
May 29
21 days
$96
$0.96 / share
18.91%74%
$84
4.8% OTM
Jun 12
35 days
$154
$1.54 / share
18.2%70%
$83
6.0% OTM
Jun 12
35 days
$128
$1.28 / share
15.13%74%
10 of 18 matchesCustomize filters →

03 — Strategy

Wheel Strategy, plainly explained

Traders who want to own quality stocks at lower cost basis while generating premium income on both sides.

P&L at expiration · $86 put · 21 DTE

$0+$157losses$84.43 BREAKEVEN$86 STRIKE

Key numbers

Premium collected+$157
Max profit+$157
Breakeven$84.43
Capped above$86
Probability of profit62%
Days to expiration21

When this trade makes sense

Use when

  • You're willing to start by selling cash-secured puts
  • You'd be happy owning the stock if assigned
  • You can hold long-term if assigned at a lower price
  • IV rank is elevated — both legs pay better premium

Avoid when

  • You can't tie up the cash for the put leg
  • You don't want this stock at any price
  • Earnings are inside the expiration window
  • Premiums are unusually low — nothing to collect
Read the full wheel strategy guide →

05 — RUN IT LIVE

See the highest chance of profit on NFLX.

Option Agent scans live chains and recommends setups based on current market conditions.

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Option Agent is not a registered investment advisor, broker-dealer, or financial planner. All analysis, recommendations, and data are for informational and educational purposes only and do not constitute personalized investment advice. Options trading involves substantial risk of loss and is not suitable for all investors. Past probability calculations do not guarantee future results. Consult a qualified financial advisor before making investment decisions.