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NOW

ServiceNow, Inc.Close $99.92EOD only

Max Pain

$98.00

Next expiry May 29, 2026

Expected Move

±$5.17

5.2% from close

Price Gap

-1.92

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.79

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 26, 2026 close

End-of-day snapshot

This page reflects NOW options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 26, 2026 close

NOW Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Bearish with downside risk toward $100 gamma flip and $90-95 support. Confidence: 7/10 (base 5; +2 GEX/flow strongly aligned). Supporting signals: GEX -$8.3M (trending), net premium -$81.8M (bearish flow), P/C volume 1.54 (put-heavy). Conflicts: IV 59.8% vs no VIX given (high vol), max pain pins at $105-$110 (bullish gravity).

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned

Supports: GEX -$8.3M (trending), net premium -$81.8M, P/C volume 1.54
Conflicts: IV 59.8% (high vol), max pain pins $105-$110

📉GEX -$8.3M trending; gamma flip ~$100 accelerates downside

💰Net premium -$81.8M; put flow dominates

🎯Max pain $105-$110 pins vs spot $102.42 creates upward magnet

Regime Classification

Vol Regime

High

IV 59.8% — high vol; no VIX given for relative richness

Gamma Regime

Trending

GEX -$8.3M trending; gamma flip ~$100 accelerates moves

Flow Regime

Bearish

Net premium -$81.8M bearish; P/C volume 1.54 put-heavy

Spot vs Max Pain

Below

Spot $102.42 below max pain $105-$110

Thesis duration: Multi-week — GEX sign stable negative, flow regime consistent, max pain ladder trends down ($105 → $100 over 15 expirations)

Price Range Forecast

Next 2 weeks

$90.17$114.67

Gamma flip ~$100 accelerates; >$105 invalidates

Key Levels

Max pain pins: $105 (2026-04-10); $110 (2026-04-17); $105 (2026-04-24)

EM guardrails:

Support: $100.00 · $95.00 · $90.00

Resistance: $105.00 · $110.00 · $115.00

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 10,761 (2.4% below spot)

Structural: Call OI wall $125-$135 caps upside; put floor $85-$90 distant support

Dealer Positioning (GEX/DEX)

GEX: $-8.3M

DEX: +25.2M shares

Gamma flip: ~$100 (Approx — based on put OI concentration of 10,761 (2.4% below spot))

NTM gamma: Gamma flip ~$100; negative GEX accelerates moves; +$740K at $110, +$722K at $105 pin magnets

IV Analysis

IV vs VIX: IV 59.8% — high vol; no VIX given

Term structure: Humped — 4/24 67.7% > 4/10 53.4% (earnings 4/22 priced)

Skew: 4/24 vs 4/10 ~14 vol-pt differential (sell 4/24, buy 4/10)

Flow Analysis

Net premium: -$81.8M bearish; P/C volume 1.54

Directional prints: call 103 OTM 2026-04-10 — Vol 560 vs OI 120 (4.7x); likely sold (bearish) given net premium call 106 OTM 2026-04-10 — Vol 594 vs OI 157 (3.8x); likely sold (bearish) given net premium

Unusual: 50.7 put 178 ITM 2026-06-18 — Vol 1,107 vs OI 190 (5.8x); deep ITM put likely hedging

Risks & Catalysts

!Gamma flip ~$100 accelerates downside

!Earnings 4/22 (IV 67.7% on 4/24) vol crush risk

!Max pain $105-$110 upward pin gravity

!High IV 59.8% may compress

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Weak	Avoid; GEX trending negative	Downside acceleration
Short stock	Moderate-Strong	Sell shares at $102.42	Max pain pin to $105-$110
Covered call	Moderate	Own shares, sell $105 call 4/17	Downside below cost basis
Cash-secured put / put spread	Moderate-Weak	Sell $100/$95 put spread 4/17	Gamma flip break
Long calls	Weak	Avoid; flow bearish	IV crush
Long puts / bear put spread	Moderate-Strong	Buy $100/$95 put spread 4/17	Max pain pin
Iron condor	Moderate	$95/$90P x $110/$115C 4/17	GEX negative, VIX unknown
Calendar/diagonal	Moderate-Strong	Sell 4/24 67.7% IV, buy 4/10 53.4% IV regular calendar at $105	Earnings vol crush
PMCC / LEAPS diagonal	Moderate	Buy 2027-03-19 $100 call, sell 4/17 $110 call	Time decay on short leg

Top Plays

Bear Put Spread

Buy $100/$95 put spread 4/17

Defined-risk bearish play targeting gamma flip $100 and support $95

Debit: $2.00-$2.50

Max loss: $2.50

BE: $97.50

Mgmt: Take profit at 50% max profit; cut if spot >$105

Bearish traders wanting defined risk

Short Stock

Sell shares at $102.42

Direct bearish exposure aligned with GEX trending negative and net premium flow

Credit: $102.42-$102.42

Max loss: N/A

BE: $102.42

Mgmt: Cover if spot >$105 (max pain pin)

Aggressive traders comfortable with unlimited risk

Regular Calendar

Sell 4/24 $105 call (67.7% IV), buy 4/10 $105 call (53.4% IV)

Sell high IV (67.7%) earnings week, buy lower IV (53.4%) near-term; +14 vol-pt edge

Credit: $1.50-$2.00

Max loss: N/A

BE: N/A

Mgmt: Close after earnings; cut if IV spike on short leg

Vol traders hedging earnings crush; 30+ DTE improves theta decay management

Watchlist Triggers

Entry Triggers

IFSpot breaks below $100 (gamma flip) → Buy $100/$95 put spread 4/17

IFSpot tags $105 (max pain pin) and holds → Sell $105/$110 call spread 4/10

Exit Triggers

EXITSpot closes below $95 (support) → Take profit on bear put spreads

EXITVIX unknown but IV drops below 50% → Exit all short premium positions

Tactical Summary

Bearish thesis with downside toward $100 gamma flip and $95 support; invalidation above $105 max pain pin. Regime favors directional bearish plays (short stock, bear put spreads) and vol calendars selling high IV earnings week. Top plays: bear put spread for defined risk, short stock for aggressive, calendar for vol edge.

How to Use These Reports

This directional reflects the market close on April 6, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.