IV for the 10/25 options is about 67% which is not INSANE. There is money to be made in the selling of options down here (condor or something?) but I like buying calls because IF NFLX gaps up, since it's so low, a lot of bears could be trapped and NFLX could run higher. THE PUTS (really far OTM) are not that expensive, so if NFLX has really bad earnings and gaps down (again) I would expect NFLX to fade higher. So I would STC those puts and maybe get puts some shares around $180. That would be almost $100 less than it is now.
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Closing the 290 call for 15.20 and closing 320 call for 5.50. Making $10.00 on the trade we paid $5.00 for.
1R gain.
AND one could plan on buying 1 share... it case it does pop maybe you could pay for your annual subscription ;-)