Vol spiked on the market crash and I bottom picked it. My post at 3:12 is just where it ticks up a tiny bit at the bottom of that big spike down. The top of this is $258 and the bottom is $250.5:
NFLX and tech generally wasn't strongly market coupled (this was a finance, rate related selloff before it became pure fear, tech was strong relatively), so knowing that it was a strong rebound was likely on that spike and that much better prices could be had 10 minutes later, it was a no brainer to take it.
It was short term minima you'd be insane not to take the 130% profit on. Easy reenter later if you wanted to, far cheaper. 20 minutes later you could pick it up again for $4 if you wanted, locking in 100% profit AND still being in the trade.
That's just how you trade options. Two minutes can matter as much to your EV as two weeks.
No idea what's going to happen now but there are juicer spots than options on strong sector stocks with two weeks left on them. Apple's "cash going to zero" comment on their repatriated cash also put a bid under them - it raises the chances of an acquisition from minuscule to tiny in sane minds, and from possible to probable in NFLX fans. So even though it was going to deflate from it crazy post earnings rip, market or not (it was down 12% from its highs 4 days earlier, while the market was down 6%), it was already back to its post earnings price, and given the local short term minima it was an easy take profit. And indeed, that was the HOD by far.
Don't try to learn options. If you haven't figured it out yourself from first principles, it's not worth your time. Trade stocks if you want, small spread and easier to think about.
If the market keeps going down obviously Netflix will slide further, but there are way better ways to make that bet than two week NFLX puts now, given how the landscape has shifted today.