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NOW

ServiceNow, Inc.Close $96.66EOD only

Max Pain

$91.00

Next expiry Apr 24, 2026

Expected Move

±$9.80

10.1% from close

Price Gap

-5.66

Distance to max pain

IV Rank

100

High premium

P/C OI

0.78

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 17, 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

Apr 17, 2026 close

NOW Directional Report

Analysis based on market close April 10, 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 10, 2026. A newer directional report is available for April 17, 2026.

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Outlook

Neutral-to-bearish with downside bias inside the $76.97–$89.03 1-week band; Confidence: 6.0/10. Primary drivers: negative GEX (-$14.3M) and large net premium outflow (-$145.7M) favor trending/downside, while heavy put OI at $85 and EM guardrail $76.97 provide short-term support; earnings (4/22) and elevated IV (ATM 62.6%→87.7% across week2) add event risk.

Confidence:

6 / 10

Base 6.0/10 (pre-computed): +2 from GEX/flow alignment; -1 because spot is 17.8% below MP; no override — earnings and IV term kinks priced in.

Supports: Concentrated put OI at $85 and 1w lower EM $76.97; $80-$85 put flow and P/C OI 0.83 suggest dealer buying into declines.
Conflicts: Max pain rising to $101–$105 and large call OI walls $100–$120 create structural upside caps that conflict with current net selling.

📉Negative GEX (-$14.3M) implies dealer short-gamma — moves will accelerate trend

🧷Heavy put OI at $85 (13,734/10,480) pins support inside the 1-week EM lower bound $76.97

⚠️Avg IV 73.1% with 14d ATM 87.7% — short-dated IV is term-kinked ahead of earnings

Regime Classification

Vol Regime

High

High vol: Avg IV 73.1% and short-dated ATM IV 62.6%→87.7% show event-priced term structure; favors premium buyers for directional protection, sellers only with tight management.

Gamma Regime

Trending

Trending gamma: GEX -$14.3M — dealers short-gamma will accentuate directional moves and create non-linear risk on >2% moves.

Flow Regime

Mixed

Flow mixed but net premium negative $-145.7M and P/C vol >1 imply more put-buying (hedging or directional) versus call demand pockets at $80 and $100; institutional selling skewed toward downside protection.

Spot vs Max Pain

Below

Spot $83 is below current short-term max pain $101 (and rising MP trend) — creates upward magnet over multi-week horizon but leaves near-term downside vulnerability; dealers may hedge asymmetrically.

Thesis duration: Multi-week — Negative GEX and net premium indicate a trending regime that persists across the next 2–4 weeks; MP trend rising over multiple expirations supports a multi-week horizon (prefer 30–45 DTE for core trades, weeklies for tactical overlays).

Price Range Forecast

Next 1 week

$76.97$89.03

Downside accelerated by short-gamma; break < $80 opens $76.97 support.

Next 2 weeks

$76.20$89.80

Earnings pre-pricing and heavy $85 put OI make $85 a near-term magnet; failure to reclaim $89 quickens trend lower.

Key Levels

Max pain pins: $101 (2026-04-10); $104 (2026-04-17); $100 (2026-04-24)

EM guardrails: 1w $76.97/$89.03

Support: $85.00 · $80.00 · $76.97

Resistance: $88.00 · $89.00 · $100.00

Structural: Call OI wall at $100–$120 forms a structural cap — rotation above $100 shifts gamma into pinning; distant put interest fades beyond $60–$70 levels.

Dealer Positioning (GEX/DEX)

GEX: $-14.3M

DEX: +28.5M shares

Gamma flip: N/A

NTM gamma: Negative near-term gamma concentrated around current strikes (GEX -$14.3M): dealers short-gamma will buy on dips to hedge (limiting intraday drops initially) but quickly sell into rallies; if spot falls ~2% to ~$81, dealers will increase long-delta hedges (dampening further decline briefly); if spot rises ~2% to ~$85, dealer selling to hedge will amplify upside fade toward $90–$100 levels.

IV Analysis

IV vs VIX: IV high (Avg IV 73.1%) vs typical index levels — elevated relative to broad market; short-dated ATM 62.6% then surging to 87.7% at 14d indicates event premium.

Term structure: Kinked: 7d ATM 62.6% << 14d ATM 87.7% (big front-to-near-term jump) then decays to 61%+ by summer — 14d event-pricing around earnings (4/22).

Skew: Steep bid skew in puts and elevated 14d IV — calendar/diagonal selling of the 14d leg (higher IV) into longer-dated buy (35–69d) shows a vol edge (sell 14d IV ~87.7%, buy 35d IV ~72.3% → ~15.4 vol-point differential).

Flow Analysis

Net premium: Net premium -$145.7M (institutional net selling, put-heavy flows at $85 and low strikes).

Directional prints: 62.9 call 85 OTM 2026-04-17 — Large print: 16,213 vols vs OI 103 (unusual buy/leg) — could be buyer of calls or opening seller of calls; against net premium outflow, more consistent with hedged structured buy (call buys) for upside protection. 71.6 put 75 OTM 2026-04-17 — 5,079 vols vs OI 274 — symptomatic of short-dated protective put buying ahead of earnings; both interpretations possible but fits protective hedging.

Unusual: 62.9 call 85 OTM 2026-04-17 — NOW260417C00085000: extreme vol spike (16,213) vs OI 103 — directional hedge or speculative upside buy into elevated IV.

Risks & Catalysts

!Earnings 4/22 can reprice IV and flip short-term trend (14d IV 87.7%)

!Dealer short-gamma may accelerate moves beyond ±2% intra-day (execution risk)

!Spot materially below $76.97 would break EM support and invalidate short-premium assumptions

!Rising MP to $100–$105 over multi-week horizon can draw spot higher if demand shifts

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy NOW stock at $82.00	High IV/earnings risk; large drawdowns amplified by negative GEX
Short stock	Moderate	Short NOW stock at $82.00	Gamma and IV may create rapid squeezes; earnings gap risk
Covered call	Moderate-Weak	Buy stock + sell 2026-05-15 $90 call	Cap upside to $90; assigned into rising MP; elevated IV reduces premium ROI
Cash-secured put	Moderate-Strong	Sell 2026-04-17 $80 cash-secured put	Earnings knee risk and IV pop; assignment if gap down below $80
Long puts / bear put spread	Moderate-Strong	Buy 2026-05-15 $85/$80 bear put spread	Time decay if no move; IV compression after earnings reduces value
Long calls	Weak	Buy 2026-04-17 $90 call	High premium and rapid theta decay; IV already elevated in 14d leg
Iron condor	Moderate	Sell 2026-04-17 $80/$75 put spread + sell 2026-04-17 $90/$95 call spread (defined-risk condor)	Earnings IV movement can blow wings; negative GEX increases tail gamma risk
Calendar / diagonal (sell short-dated high-IV)	Moderate-Strong	Sell 2026-04-24 $85 put, buy 2026-05-15 $85 put (sell higher-IV near leg)	Pin/break risk at expiry; requires theta roll-down and mean reversion of IV after earnings
PMCC / LEAPS diagonal	Moderate	Buy stock + sell 2026-05-15 $95 call	Upward MP drift to $100–$120 can lead to assignment; capital intensive
Put spread credit (winged short premium)	Moderate-Strong	Sell 2026-04-17 $85/$80 put credit spread	Earnings IV can spike and widen; negative GEX increases tail risk

Top Plays

Short-dated Put Credit (tactical)

Sell 2026-04-17 $85/$80 put spread

Leverages heavy put OI at $85 and 1-week EM support $76.97; benefits from short-gamma sellers and front-week IV roll-down if no downside surprise.

Credit: $0.60-$1.10

Max loss: $4.40

BE: $84.40

Mgmt: Take profits at 50–70% of max credit; cut if spot < $80 or IV spikes > +15 pts

Traders seeking high-probability short premium with defined risk

14d→35d Put Calendar (vol arbitrage)

Sell 2026-04-24 $85 put, buy 2026-05-15 $85 put (sell higher-IV near leg)

Uses the 14d IV kink (87.7%) vs 35d IV (72.3%) to collect vol premium; structure benefits if spot remains near $85 and front IV mean-reverts after earnings.

Credit: $0.30-$0.80

Max loss: Limited to setup/assignment complexities

BE: Depends on roll, aim to close after ~8–12 vol point front IV drop

Mgmt: Close/roll near expiry if spot within $82–$88; cut if spot <$80 or front IV rises >+10 pts

Vol sellers who can manage pin risk and roll the near leg

35d Bear Put Spread (core multi-week)

Buy 2026-05-15 $85/$80 bear put spread

Defined-risk directional play aligned with negative GEX and net selling; 35d gives time for a sustained downside move and avoids the extreme 14d IV spike.

Debit: $2.20-$3.00

Max loss: $5.00

BE: $82.80

Mgmt: Take 50–70% profit if spread >50% intrinsic; cut if spot > $90 or IV collapses >20 vol-pts

Traders wanting directional downside exposure with defined risk over multi-week thesis

Watchlist Triggers

Entry Triggers

IFIf spot tags $85.00 and holds 30 minutes above $85 → Sell 2026-04-17 $85/$80 put spread

IFIf spot trades $80.00 and IV 14d > 85%, then → Buy 2026-05-15 $85/$80 bear put spread

IFIf 14d ATM IV > 85% and roll-down observed after 4/22 earnings, then → Sell 2026-04-24 $85 put and buy 2026-05-15 $85 put (calendar)

Adjustment Triggers

ADJIf spot < $80.00 pre-expiry → Widen/remove short 4/17 put spread or roll short leg to 5/15

ADJIf spot > $90.00 and IV compresses by >10 vol-pts → Take profit on short premium (close condors/put credits) and consider covered-call overlays at $95–$100

Exit Triggers

EXITIf IV (14d) spikes > +15 pts from current 87.7% → Exit all short-dated short-vol positions (close spreads)

EXITIf spot < $76.97 (1w EM lower) → Exit short premium and move to long-protection (buy 2026-05-15 $75–$80 puts)

Tactical Summary

Primary thesis: short-to-neutral with downside skew over the next 1–4 weeks driven by negative GEX and net premium selling; invalidation for the short-bias is sustained reclaim > $90 and IV collapse. Regime favors defined-risk short premium (sell 4/17 $85/$80 puts) and a 35d directional hedge (buy 5/15 $85/$80 bear put spread) — tactical calendar for front IV harvesting for vol sellers.

How to Use These Reports

This directional reflects the market close on April 10, 2026.

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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.

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