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NOW

ServiceNow, Inc.Close $87.05EOD only
Max Pain
$95.00
Next expiry May 15, 2026
Expected Move
±$3.17
3.6% from close
Price Gap
+7.95
Distance to max pain
IV Rank
76
High premium
P/C OI
0.79
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 13, 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 13, 2026 close
NOW Directional Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Neutral-bullish near term; gamma pinning to $94; high vol limits upside beyond $92.88; bearish below $88.12.

Confidence:
5.5 / 10
Base 5; -1 flow contradict; +1 pinning; +1 VIX 17; -0.5 MP distance => 5.5.
Supports: Gamma pinning $94; dealer long delta; support $88.12.
Conflicts: High vol; mixed flow; 3.7% below MP.
📌Pin to $94
⚠️High vol event risk
🔒Support $88.12 key

Regime Classification

Vol Regime
High
IV elevated vs VIX 17.26, event premium.
Gamma Regime
Pinning
GEX +$6.8M, pinning $94, flip $70.
Flow Regime
Mixed
Mixed, no strong conviction.
Spot vs Max Pain
Below
Spot 3.7% below $94, upward bias.
Thesis duration: Multi-week — Gamma pinning across expiries and positive dealer positioning create structural bias.

Price Range Forecast

Next 2 days
$88.12$92.88
Pin to $94
Next 1 week
$84.15$96.85
Range-bound $84-97
Next 2 weeks
$82.00$99.00
Wider range $82-99

Key Levels

Max pain pins: $94 (2026-05-15); $90 (2026-05-22); $89 (2026-05-29)
EM guardrails: 2d $88.12/$92.88; 1w $84.15/$96.85
Support: $85.00 · $82.00
Resistance: $94.00 · $95.00 · $99.00
Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,313 (22.7% below spot)
Structural: Support $85,$82; Res $94,$95,$99; Max pain $94(2d),$90(1w),$89(2w).

Dealer Positioning (GEX/DEX)

GEX: $+6.8M

DEX: +36.5M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 16,313 (22.7% below spot))

NTM gamma: GEX +$6.8M, DEX +36.5M, flip ~$70.

IV Analysis

IV vs VIX: IV rich vs VIX, event premium.

Term structure: Front elevated, downward slope.

Skew: Put skew high; sell puts vs buy calls.

Flow Analysis

Net premium: Net premium -$50.3M implies bearish call-selling bias; put/call vol 0.37, OI 0.77.

Directional prints: 59.3 put 75 OTM 2026-11-20 — Vol/OI 9.1x, new put buying; bearish direction. Preferred read: bought. 62.7 call 105 OTM 2026-11-20 — Vol/OI 33.3x, massive call selling; bearish bias consistent with net premium. Preferred read: sold.

Unusual: 57.7 call 85 ITM 2026-05-22 — Vol/OI 8.7x, ITM call; likely bought for upside move. 154.7 put 108 ITM 2026-05-15 — Vol/OI 2.7x, IV 154%; elevated fear. Likely protective put buying. 195.5 put 115 ITM 2026-05-15 — Vol/OI 2.6x, IV 195%; extreme volatility spike. Preferred read: bought.

Risks & Catalysts

!Break $88.12; gamma flip $70; vol collapse

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate
Sell 2026-06-18 $82.00/$76.00 put spread
Why now: High vol premium selling; defined risk; aligns with bullish lean and pinning.
Gap below $81 invalidates; vol expansion may widen spread.
Iron condorModerate-Weak
Sell 2026-06-18 $84.00/$80.00 put wing and $100.00/$108.00 call wing
Why now: Defined wings capture premium with high vol; aligns with neutral near-term outlook.
Breakout beyond wings; vol spike may cause early pin risk.

Top Plays

#1
Bullish Put Credit Spread
Sell 2026-06-18 $82.00/$76.00 put spread
Selling put spread at $82/$76 to collect premium with bullish delta exposure.
Why this play: Aligns with neutral-bullish thesis and high vol premium; defined risk and liquidity pass.
Credit: $1.19-$1.46
Max loss: $4.54
BE: $80.54
Mgmt: Monitor stock above $85 invalidation level; consider closing at 50% profit.
Traders with moderate bullish outlook seeking income with defined risk.
#2
Neutral Iron Condor
Sell 2026-06-18 $84.00/$80.00 put wing and $100.00/$108.00 call wing
Selling put and call wings to profit from range-bound price action around $84-$100.
Why this play: Captures time decay with high vol and neutral outlook; but less directional alignment than put credit spread.
Credit: $2.38-$2.92
Max loss: $5.08
BE: 81.08 / 102.92
Mgmt: Adjust wings if stock breaks $84 or $100; close at 25% of max gain.
Traders expecting low volatility and price staying in a range.

Watchlist Triggers

Entry Triggers
IFIF NOW above $94 → THEN sell 2026-06-18 $82/$76 put credit spread for $1.19-$1.46 credit.
IFIF NOW $85-$94 → THEN sell 2026-06-18 iron condor $84/$80 put wing and $100/$108 call wing for $2.38-$2.92 credit.
Adjustment Triggers
ADJIF NOW breaks below $84 or above $100 → THEN adjust wings or close at 25% max gain.
Exit Triggers
EXITIF NOW below $85 → THEN close put credit spread.

Tactical Summary

Neutral-bullish bias with gamma pinning near $94. High vol favors premium selling. Key support $85, resistance $94-$99. Put spread for directional bullish, iron condor for range. Invalidation $85 break. Overlap resolved: use put spread above $94, iron condor in $85-$94 range.
How to Use These Reports
This directional reflects the market close on May 14, 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.