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NOW

ServiceNow, Inc.Close $101.83EOD only
Max Pain
$93.00
Next expiry May 22, 2026
Expected Move
±$6.10
6.0% from close
Price Gap
-8.83
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
0.74
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 19, 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 19, 2026 close
NOW Directional Report
Analysis based on market close May 15, 2026
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Outlook

NOW exhibits a bullish regime with positive GEX ($91.2M) and bullish flow, but high vol and spot 3.3% above max pain ($92) introduce caution. Thesis favors drift higher within 1w range $88.84-$101.29, pinning near $92. 2w range $86.42-$103.72 offers upside if resistance breaks. Confidence 8.0.

Confidence:
8 / 10
Base 5; +2 GEX/flow aligned; +1 GEX positive (pinning); -0.5 spot 3.3% from MP; +0.5 VIX 18. Net 8.0.
Supports: Bullish flow, positive GEX, pinning gamma, spot above MP with strong support near $92.
Conflicts: High volatility, spot elevated above max pain, resistance near $100-$101.
📈Positive GEX $91.2M and bullish flow support upside bias.
📌Max pain pins at $92 (May 15), $89 (May 22, 29) create pinning zones.
⚠️Spot 3.3% above max pain; reversion risk if volume fades.

Regime Classification

Vol Regime
High
High vol reflects event uncertainty; spot above max pain but positive GEX supports pinning.
Gamma Regime
Pinning
Positive GEX $91.2M, gamma flip ~$70 (26.4% below spot). Strong pinning near $92 max pain.
Flow Regime
Bullish
Bullish flow with net call buying; dealers short gamma on calls, reinforcing pinning.
Spot vs Max Pain
Above
Spot ~$95, 3.3% above $92 max pain; bullish but elevated reversion risk.
Thesis duration: Multi-week — Max pain pins across May 15, 22, 29 expiries suggest multi-week range-bound structure with bullish flow.

Price Range Forecast

Next 1 week
$88.84$101.29
Max pain pin $92; guardrails $88.84-$101.29; breakout above $101.29 targets resistance.
Next 2 weeks
$86.42$103.72
Support $86.42, resistance $103.72; expiry pins at $89 (May 22).

Key Levels

Max pain pins: $92 (2026-05-15); $89 (2026-05-22); $89 (2026-05-29)
EM guardrails: 1w $88.84/$101.29
Support: $92.00 · $86.42
Resistance: $100.00 · $103.72
Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,311 (26.4% below spot)
Structural: Max pain pins: $92 (May 15), $89 (May 22, 29). Gamma flip ~$70. Support: $92, $86.42. Resistance: $100, $103.72. 1w EM guardrails: $88.84-$101.29.

Dealer Positioning (GEX/DEX)

GEX: $+91.2M

DEX: +39.2M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 16,311 (26.4% below spot))

NTM gamma: Dealers net long gamma $91.2M, long delta 39.2M shares. Gamma flip at ~$70 (26.4% below spot). Positive GEX supports pinning near max pain.

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX 18.4, reflecting stock-specific event risk (expiry pinning). High IV cautions bullish positioning.

Term structure: Term structure likely backwardated due to near-term expiry concentration; event kinks at May 15, 22, 29.

Skew: Put skew elevated relative to calls. Opportunity: sell puts near $86-$88 support for premium capture given positive GEX.

Flow Analysis

Net premium: Strong net call buying (premium $30.2M) with P/C vol ratio 0.27 indicating bullish flow.

Directional prints: 31.6 call 94 ITM 2026-05-15 — High volume (19.6k) vs OI (3.9k), vol/OI 5.0, OTM call likely bought, bullish. 63.8 call 93 ITM 2026-05-15 — 14k volume vs 2.7k OI, vol/OI 5.2, OTM call bought, bullish. 64.8 call 110 OTM 2026-05-22 — 4.4k volume vs 787 OI, vol/OI 5.6, OTM call bought, bullish.

Unusual: 88.5 put 60 OTM 2026-06-05 — Vol/OI 43.6, deep OTM put with massive volume relative to OI, likely speculative buy. 58.1 put 78 OTM 2026-06-12 — Vol/OI 8.0, OTM put with above-average volume, possible hedge. 54.9 put 93 OTM 2026-05-22 — Vol/OI 6.9, OTM put with elevated volume, likely sold or bought as protection.

Risks & Catalysts

!Reversal from overbought levels if spot fails to hold $92.
!VIX spike increasing downside pressure.
!Gamma flip at $70 could accelerate selloff if triggered.
!Resistance at $100-$101 may cap upside without catalyst.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-12 $95.00/$100.00 call spread
Why now: Strong call flow and positive GEX support upside with defined risk.
Capped upside if spot above $100; time decay hurts debit.
Put credit spreadModerate-Weak
Sell 2026-06-12 $88.00/$86.00 put spread
Why now: High IV and bullish flow allow defensive premium sale.
Max loss if spot < $86; undefined tails via buy. Liquidity constraints: long_put: Wide spread (69%).
Call calendarModerate
Sell 2026-05-29 $100.00 call / buy 2026-07-17 $100.00 call
Why now: High near-term vol; term structure favors short calendar.
Loss if spot moves far from $100; defined risk.

Top Plays

#1
Bull call spread
Buy 2026-06-12 $95.00/$100.00 call spread
Buy $95/$100 call spread benefiting from upside drift within range.
Why this play: Directly bullish, defined risk, strong call flow and GEX support.
Debit: $1.85-$2.26
Max loss: $2.26
BE: $97.26
Mgmt: Exit if spot breaks below $92 invalid level; manage at expiry near max pain $92.
Traders confident in bullish move with limited loss tolerance.
#2
Call calendar
Sell 2026-05-29 $100.00 call / buy 2026-07-17 $100.00 call
Sell near-term call, buy later call to capture vol decay.
Why this play: Exploits high near-term vol; term structure favors short calendar.
Debit: $4.23-$5.17
Max loss: $5.17
BE: Path-dependent
Mgmt: Monitor vol; close if spot moves too far from strike.
Traders expecting sideways price with volatility contraction.
#3
Put credit spread
Sell 2026-06-12 $88.00/$86.00 put spread
Sell $88/$86 put spread, bullish bias with defined risk.
Why this play: Defensive premium collection, but liquidity fails; lowest rank.
Debit: $0.32-$0.39
Max loss: $2.00
BE: $88.00
Mgmt: Close early if spot drops toward $92; watch for gamma flip at $70. Liquidity warning: Liquidity constraints: long_put: Wide spread (69%).
Income-focused traders comfortable with below-strike risk.

Watchlist Triggers

Entry Triggers
IFIF spot holds above $92 support and bullish flow continues → THEN enter the bull call spread: buy 2026-06-12 $95/$100 call spread near $1.85-$2.26 debit
IFIF spot stays between $92 and $100 with implied volatility contraction → THEN initiate the call calendar: sell 2026-05-29 $100 call, buy 2026-07-17 $100 call near $4.23-$5.17 debit
Exit Triggers
EXITIF spot breaks below $92 invalidation level → THEN close the bull call spread to limit loss

Tactical Summary

Bullish bias with resistance at $100, support $92. Preferred entry: bull call spread above $92. Manage invalidation at $92. Alternative: call calendar if range-bound. Avoid put credit spread due to liquidity.
How to Use These Reports
This directional reflects the market close on May 15, 2026.
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