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NOW

ServiceNow, Inc.Close $96.44EOD only
Max Pain
$95.00
Next expiry Apr 17, 2026
Expected Move
±$2.35
2.4% from close
Price Gap
-1.44
Distance to max pain
IV Rank
100
High premium
P/C OI
0.80
Slightly call-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 16, 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 16, 2026 close
NOW Directional Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Moderate bullish bias: spot sits above midpoint with dealer long-gamma encouraging mean-reversion toward structural max-pain at $95; elevated IV and mixed flow cap upside absent fresh catalysts above $106–108.

Confidence:
6.5 / 10
Dealer +GEX and spot>MP support mean-reversion; tempered by rich front-tenor IV and mixed premium flow.
Supports: Spot > MP; dealer long gamma; concentrated put OI at 95P and 85P strikes.
Conflicts: Mixed premium flow; front-tenor IV rich vs VIX; resistance cluster 100–108 limits immediate upside.
📌High pin risk near structural max-pain $95
🔒Dealer long-gamma (+$22.4M) favors mean-reversion into strike concentration
⚠️Front-tenor IV rich vs VIX—directional exposure is costly

Regime Classification

Vol Regime
High
High — IV elevated vs VIX (~17.5), front-tenor particularly rich.
Gamma Regime
Pinning
Pinning — dealers net long gamma; concentrated OI at 95P and 85P increases strike pin pressure; gamma flip near $85.
Flow Regime
Mixed
Mixed — some protection buying offsets dealer short-premium accumulation; no clear one-sided premium bleed.
Spot vs Max Pain
Above
Spot modestly above midpoint (~+1.7%), bias toward mean-reversion into $95 max-pain but vulnerable to unpin if big directional flow appears.
Thesis duration: Multi-week — Persistent dealer positioning and concentrated OI create multi-week pinning/mean-reversion dynamics rather than a single-day effect.

Price Range Forecast

Next 1 week
$86.86$106.46
Likely mean-reversion toward $95; break above $106 validates trend continuation.
Next 2 weeks
$84.81$108.51
Pinning and elevated IV limit runaway moves; downside cushioned until gamma flip ~85.

Key Levels

Max pain pins: $95 (2026-04-17); $91 (2026-04-24); $85 (2026-05-01)
EM guardrails: 1w $86.86/$106.46
Support: $95.00 · $84.81
Resistance: $100.00 · $108.51
Gamma flip: ~$85.00 — Approx — based on put OI concentration of 10,763 (12.1% below spot)
Structural: Structural max-pain: $95 (monthly expiries). Short-term guardrails (1w): $86.86 / $106.46. Key support: $91 and $84.81. Key resistance: $100 and $108.51. Gamma flip ≈ $85.

Dealer Positioning (GEX/DEX)

GEX: $+22.4M

DEX: +31.2M shares

Gamma flip: ~$85 (Approx — based on put OI concentration of 10,763 (12.1% below spot))

NTM gamma: Dealers net long gamma ≈ +$22.4M (delta-equivalent +31.2M shares); concentrated put OI at 95P and 85P increases pinning risk and sets gamma flip near $85.

IV Analysis

IV vs VIX: IV is rich vs VIX baseline (~17.5), making near-dated options comparatively expensive and raising directional costs.

Term structure: Front-tenor elevated with mild roll down the curve; near-dated expiries carry the largest premium.

Skew: Put skew steep with OI concentrated at 95P/85P; opportunity to harvest front-tenor carry via structured short-dated sales if comfortable with pin risk.

Flow Analysis

Net premium: Large net negative premium (~-52.4M) -> net credit flow, likely selling or multi‑leg credits with call‑skew and P/C vol 0.63; dealer hedging likely.

Directional prints: 78.1 call 164 OTM 2026-05-15 — High VOI but small premium; better read as sold call leg or short call spread component (credit) with dealer delta-hedge rather than unilateral buy. 345.3 put 124 ITM 2026-04-17 — Very elevated IV and volume; could be sold as part of reverse or broken-wing structure, or large protective buy offset by other legs—treat as structured/hedged flow. 71.1 call 152 OTM 2026-05-15 — High vol vs OI on low premium; consistent with selling call spreads or short call accumulation where dealers hedge into spot.

Unusual: 97.6 put 144 ITM 2026-05-15 — Notable IV/size; may be sold as offset leg in credit structure or bought as protection paired with larger sold calls. 86.9 call 98 OTM 2026-04-24 — Short-dated call flow likely tied to dealer hedging/pinning from sold calls or spreads. 107 put 65 OTM 2026-04-24 — Deep OTM activity consistent with cheap speculative buys but, given net credit, could be sold tail or structure leg.

Risks & Catalysts

!Gamma flip breach below ~$85 causing accelerated downside
!Surge in market/sector vol lifting IV and widening ranges
!Large directional flow overwhelming dealers and unpinning strikes

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate-Strong
Sell 2026-05-01 $91.00/$80.00 put spread
Why now: Flow shows net credit and sold-call skew; prefer selling downside puts as defined-risk way to collect premium while path to $95 is favored; use expirations in the next 2–3 weeks.
Gamma flip below ~$85 or volatility surge widening ranges can produce rapid downside and hurt short put legs.
Put credit spreadModerate
Sell 2026-05-08 $80.00/$70.00 put spread
Why now: Collect premium with limited downside; dealers long-gamma and call-skew favor selling downside premium while keeping defined risk; use expirations after earnings.
Gamma flip below ~$85 or sudden vol surge can blow up short put legs Liquidity constraints: long_put: Wide spread (67%).
Call calendarModerate
Sell 2026-05-01 $100.00 call / buy 2026-06-18 $100.00 call
Why now: Near-term IV elevated vs back-month; sell short-dated call into dealer hedging and buy longer call to retain upside exposure; expirations straddle post-earnings chain.
Sharp upside gap or vol term-structure shift compresses front-month and expands back-month, hurting short leg.
Iron condorWeak
Sell 2026-05-08 $86.00/$75.00 put wing and $103.00/$115.00 call wing
Why now: Range-bound view with moderate bearish skew; defined wings limit tail risk while collecting rich IV; use expirations after earnings.
IV spike or directional flow unpinning strikes produces large loss on naked wings. Liquidity constraints: short_put: Open interest below 25.; short_call: Volume below 5.; long_call: Volume below 5.

Top Plays

#1
100 call calendar (Sell May, Buy Jun)
Sell 2026-05-01 $100.00 call / buy 2026-06-18 $100.00 call
Sell May1 $100 call, buy Jun18 $100 call to monetize short-dated premium while retaining longer upside exposure; target small directional bias up to ~3%.
Why this play: Edge via term-structure: front-month IV ~18% > back-month IV ~12% (6pt spread); expected theta positive first 10 days and favorable vega profile yields ~+$0.70 expected mark improvement under 1–3% neutral move.
Debit: $3.38-$4.12
Max loss: $4.12
BE: Path-dependent
Mgmt: Unwind short leg if spot >$99 or front/back IV spread compresses <2pt; roll short before major news.
Vol traders wanting limited cost exposure to upside with positive time decay.
#2
Post-earnings iron condor (May8 wings)
Sell 2026-05-08 $86.00/$75.00 put wing and $103.00/$115.00 call wing
Sell May8 86/75 put and 103/115 call iron condor to collect ~2.50 premium; positioning assumes 1–2% daily ATR shrinkage post-release.
Why this play: Captures rich post-earnings IV with defined risk: forecast premium collected ~$2.50 generating ~20% return on capital if trade stays within inner strikes; tail risk limited by wings.
Credit: $4.05-$4.95
Max loss: $7.05
BE: 81.05 / 107.95
Mgmt: Buy wings if price breaches inner strikes; tighten or hedge if underlying moves >3% intraday or premium-to-RR deteriorates. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; short_call: Volume below 5.; long_call: Volume below 5.
Traders comfortable managing multi-wing defined-risk trades seeking mid-term premium capture.

Watchlist Triggers

Entry Triggers
IFIF spot >=95 and <=100 and days_until_earnings >2 → THEN enter s1: sell 2026-05-01 91/80 put credit spread sized so max_loss ≤1.5% of account equity; entry price 2.21-2.70 (target mid)
IFIF spot between 98 and 101 and front/back IV spread >=2pt → THEN enter now_calendar_call_001: sell May1 $100 call buy Jun18 $100 call; unwind short if spot >101 or front/back IV spread <2pt; position sized so max_loss ≤1.5% of account equity
IFIF post-earnings (>=May8) and spot between 86 and 103 → THEN enter now_iron_condor_001: sell May8 86/75 put and 103/115 call wings sized so max_loss ≤1.5% of account equity
Adjustment Triggers
ADJIF short put spread short leg <5% OTM (spot <88) or spot <key_support 84.81 or IV spikes >+30% vs entry → THEN close or roll down puts or buy protection to cap loss to ≤1.5% of account equity
Exit Triggers
EXITIF modelled POP <60% (POP = option-pricing model probability underlying finishes inside profitable range at expiration) or spot ≤85.00 (gamma_flip threshold) → THEN exit defined-risk sells and switch to protective long puts

Tactical Summary

Moderate bullish multi-week bias: favor defined-risk put credits pre-earnings and calendar call into elevated front IV; use iron condor post-earnings; cap per-trade loss at 1.5% of account; exit when modelled POP <60% or spot ≤85.00.

Read the Directional analysis for NOW for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.