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NOW

ServiceNow, Inc.Close $89.00EOD only

Max Pain

$95.00

Next expiry May 15, 2026

Expected Move

±$3.92

4.4% from close

Price Gap

+6.00

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 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 12, 2026 close

NOW Directional Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

NOW trades below key gamma levels with negative dealer gamma (-$15.4M) amplifying downside. High vol and mixed flow but positive DEX (+35.9M shares). Spot 8.4% below MP at $95; gamma flip near $70. Near-term bearish bias targeting support at $85, but structural resistance at $95 caps upside. Event-driven vol from OPEX.

Confidence:

7 / 10

Base 5; +2 GEX/flow aligned; -1 spot distance; +1 VIX 18.

Supports: Negative gamma, below MP, high vol, VIX elevated.
Conflicts: Positive DEX, mixed flow, $95 resistance.

🔻Dealer short gamma acts as downside accelerant.

📌Spot below MP; pin risk into OPEX.

🛡️Support at $85 backed by option concentrations.

Regime Classification

Vol Regime

High

High vol; IV elevated; driven by event and negative gamma.

Gamma Regime

Trending

Trending gamma; negative GEX -$15.4M; amplifies moves; flip ~$70.

Flow Regime

Mixed

Mixed; no strong directional premium.

Spot vs Max Pain

Below

Below $95; 8.4% gap; pin pressure.

Thesis duration: Event-specific — OPEX 5/15; negative gamma; event-driven.

Price Range Forecast

Next 2 days

$83.88$90.23

Negative gamma, support $85.

Next 1 week

$80.68$93.43

Wider range, support $80.

Next 2 weeks

$78.85$95.25

Longer-term pin to $95, support $78.85.

Key Levels

Max pain pins: $95 (2026-05-15); $90 (2026-05-22); $89 (2026-05-29)

EM guardrails: 2d $83.88/$90.23; 1w $80.68/$93.43

Support: $85.00 · $80.00 · $78.85

Resistance: $95.00 · $95.25

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,315 (19.6% below spot)

Structural: Support $85, $80, $78.85. Resistance $95, $95.25. Gamma flip $70. OPEX pin $95 5/15.

Dealer Positioning (GEX/DEX)

GEX: $-15.4M

DEX: +35.9M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 16,315 (19.6% below spot))

NTM gamma: Short gamma -$15.4M; long delta +35.9M; flip ~$70.

IV Analysis

IV vs VIX: Rich vs VIX; justified by event and negative gamma.

Term structure: Front elevated; kink 5/15; back normalizing.

Skew: Put skew elevated; bear put spreads.

Flow Analysis

Net premium: Net -$75M, P/C vol 0.42 (call-heavy) but OI 0.79; put premium dominance bearish.

Directional prints: 51.6 call 87 ITM 2026-05-15 — Vol/OI 13.2x, cheap premium; high call volume possibly short covering or speculative buy. Preferred read: bearish if sold. 389.1 put 144 ITM 2026-05-15 — Vol/OI 3.9x, very high IV; large put volume suggests downside hedging or bearish speculation.

Unusual: 51.6 call 87 ITM 2026-05-15 — Vol/OI 13.2x; extreme volume relative to OI; could be closing or opening. 191.5 put 174 ITM 2026-06-18 — Vol/OI 4.2x, high IV; bearish put activity. 389.1 put 144 ITM 2026-05-15 — Vol/OI 3.9x, extreme IV; unusual put volume.

Risks & Catalysts

!Positive DEX support.

!Mixed flow lack conviction.

!Max pain pin at $95.

!Distant gamma flip $70.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-05-29 $83.00/$78.00 put spread Why now: Negative dealer gamma amplifies downside; high put OI at $85 supports bearish move.	Upside risk if spot rebounds above $95 max pain.
Long put	Moderate	Buy 2026-05-29 $83.00 put Why now: High vol and negative gamma favor long puts; mixed flow but put premium dominance.	Time decay accelerates if spot stagnates above $95.

Top Plays

Bear Put Spread

Buy 2026-05-29 $83.00/$78.00 put spread

Expresses bearish bias targeting $78 support using $83/$78 put spread.

Why this play: Higher probability with defined risk; aligns with negative gamma and put dominance.

Debit: $1.17-$1.43

Max loss: $1.43

BE: $81.57

Mgmt: Exit if spot > $95; consider rolling if vol spikes.

Traders seeking defined risk bearish exposure.

Long Put

Buy 2026-05-29 $83.00 put

Direct bearish bet on decline below $83 using a single put.

Why this play: Unlimited upside potential if downside continues; but higher premium risk.

Debit: $1.96-$2.39

Max loss: $2.39

BE: $80.61

Mgmt: Use stop loss above $95; take profit at $78.

Aggressive traders with strong conviction.

Watchlist Triggers

Entry Triggers

IFSpot breaks below $85 support with increasing put volume. → Enter bear put spread: buy 2026-05-29 $83/$78 put spread near $1.30.

Exit Triggers

EXITSpot rallies above $95 resistance. → Close bear put spread to limit loss.

EXITSpot declines to $78 target. → Take profit on bear put spread.

Tactical Summary

Bearish bias below $95 resistance; negative gamma amplifies downside. Key support $85, $80, $78.85. Prefer defined-risk bear put spread $83/$78. Entry on break below $85; invalidation at $95; profit target $78.

How to Use These Reports

This directional reflects the market close on May 13, 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.