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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

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 19, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias supported by strong GEX/flow alignment and positive gamma pinning, though spot deviation from MP and high vol pose risks. Confidence base 7.5 accepted.

Confidence:

7.5 / 10

Bullish flow, positive GEX, but offset by spot 9.5% above MP and moderate VIX (18).

Supports: Strong GEX ($45.1M), bullish flow, positive gamma pinning.
Conflicts: Spot far above MP, high vol regime, market weakness (SPY -0.67%).

🟢GEX $45.1M positive aligned with bullish flow; gamma flip at $85 safe.

⚠️Spot ~$102 is 9.5% above max pain $93, historical drift lower into expiry.

📊High IV environment may amplify moves; watch VIX for vol decay.

Regime Classification

Vol Regime

High

IV elevated near recent highs, options market pricing above-average volatility relative to VIX (18).

Gamma Regime

Pinning

Positive gamma ($45.1M) with flip at $85 far below spot, supports pinning near current levels.

Flow Regime

Bullish

Net positive premium flow with call bias, indicating bullish positioning.

Spot vs Max Pain

Above

Spot trading above max pain ($93), reducing downward pinning pressure, but gamma structure provides support.

Thesis duration: Event-specific — Proximity to weekly and monthly expirations with significant gamma concentrations supports short-term directional moves.

Price Range Forecast

Next 2 days

$95.73$107.93

Resistance at $107.93, support $95.73; gamma pinning may cap upside.

Next 1 week

$92.68$110.98

Key $110.98 resistance; expiry on May22 could increase pinning.

Next 2 weeks

$90.18$113.48

Wider range $90.18-$113.48; structural support $93 (MP), resistance from dealer positioning.

Key Levels

Max pain pins: $93 (2026-05-22); $92 (2026-05-29); $93 (2026-06-05)

EM guardrails: 2d $95.73/$107.93; 1w $92.68/$110.98

Support: $93.00 · $90.18

Resistance: $110.00 · $113.48

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 11,080 (16.5% below spot)

Structural: Max pain pins: $93 (May22), $92 (May29), $93 (Jun5). EM guardrails: 2d $95.73/$107.93; 1w $92.68/$110.98. Support: $93, $90.18. Resistance: $110, $113.48. Gamma flip: ~$85.

Dealer Positioning (GEX/DEX)

GEX: $+45.1M

DEX: +37.5M shares

Gamma flip: ~$85 (Approx — based on put OI concentration of 11,080 (16.5% below spot))

NTM gamma: GEX $+45.1M, DEX +37.5M shares, gamma flip ~$85.

IV Analysis

IV vs VIX: NOW IV elevated relative to VIX (18), indicating option premium pricing in event risk or higher realized vol. Monitor for IV collapse if vol realizes lower.

Term structure: Likely backwardated near weekly expiries (May22, May29) with kink at monthly expiry (Jun5). Near-term options price higher vol due to event uncertainty.

Skew: Put skew elevated with significant OI at $85, signaling downside demand. Opportunity: selling puts at $90 or below to collect premium with gamma support.

Flow Analysis

Net premium: Strong net call premium of $53.3M, P/C vol ratio 0.25, indicating aggressive bullish flow.

Directional prints: 70.4 call 112 OTM 2026-05-29 — Vol/OI 118x, extreme call buying, likely bought, bullish. 82.3 call 112 OTM 2026-05-22 — Vol/OI 6.8x, OTM call sweep, likely bought, bullish. 81 call 111 OTM 2026-05-22 — Vol/OI 7.5x, OTM call buying, likely bought, bullish.

Unusual: 70.4 call 112 OTM 2026-05-29 — Vol/OI 118x, massive call volume, extreme relative to OI, likely aggressive buy. 72.1 put 105 ITM 2026-05-22 — Vol/OI 16.2x, high put volume, possible hedging or bearish, but net call bias prevails. 70.8 put 102 ITM 2026-05-22 — Vol/OI 14.2x, similar put activity, likely hedging given bullish overall flow.

Risks & Catalysts

!Spot deviation from max pain ($93) could lead to mean reversion selloff.

!High vol regime may amplify downside on broader market weakness (SPY -0.67%).

!Gamma flip at $85 is a downside risk if breached.

!Option premium decay (theta) may hurt long vol positions.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-06-05 $103.00/$111.00 call spread Why now: Defined-risk debit spread to capture directional upside with limited capital at risk in high vol regime.	If spot reverses, max loss is net debit. High IV may overprice calls.
Put credit spread	Moderate-Strong	Sell 2026-06-05 $94.00/$89.00 put spread Why now: Collect premium on put spread below key gamma level; defined risk and high probability in uptrend.	Sharp selloff could breach short put; max loss is spread width.
Bullish risk reversal	Moderate	Buy 2026-06-05 $111.00 call / sell 2026-06-05 $92.00 put Why now: Low-cost bullish structure using existing call skew and put premium; aligns with positive GEX.	Unlimited loss on short put if spot collapses; assignment risk.

Top Plays

Defined-Risk Upside Capture

Buy 2026-06-05 $103.00/$111.00 call spread

Buy 103/111 call spread to profit from further upside with limited capital at risk.

Why this play: Directly benefits from bullish flow without unlimited downside risk.

Debit: $2.30-$2.81

Max loss: $2.81

BE: $105.81

Mgmt: Exit at target near 111 or if spot drops below invalidation 93.

Traders seeking leveraged directional exposure with controlled loss.

Support-Level Premium Sale

Sell 2026-06-05 $94.00/$89.00 put spread

Sell 94/89 put spread to profit from price staying above support.

Why this play: Collects premium above key gamma flip level 85 with defined risk.

Credit: $1.04-$1.27

Max loss: $3.73

BE: $92.73

Mgmt: Close if spot approaches 93, or hold to expiration for full credit.

Income-focused traders expecting range-bound or mildly bullish action.

Low-Cost Bullish Structure

Buy 2026-06-05 $111.00 call / sell 2026-06-05 $92.00 put

Buy call at 111 and sell put at 92 to create synthetic long with near-zero cost.

Why this play: Cheapest upside exposure using call skew; but high max loss.

Debit: $0.88-$1.07

Max loss: $92.00

BE: $92.00

Mgmt: Monitor closely; exit if spot breaks below 93 to limit put loss.

Aggressive traders comfortable with unlimited downside risk.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $93 for a daily close → THEN buy 2026-06-05 $103/$111 call spread (2.30-2.81)

IFIF spot remains above $93 → THEN sell 2026-06-05 $94/$89 put spread (1.04-1.27)

Adjustment Triggers

ADJIF spot reaches $110 resistance → THEN take partial profit on bull call spread

Exit Triggers

EXITIF spot breaks below $93 → THEN exit all bullish positions

Tactical Summary

Bullish bias with GEX/flow alignment; initiate defined-risk bull call spread or put credit spread above $93 support. Exit all if $93 breaks. Target resistance $110-$113. Manage risk reversal closely.

How to Use These Reports

This directional reflects the market close on May 19, 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.