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NOW

ServiceNow, Inc.Close $103.30EOD only

Max Pain

$95.00

Next expiry May 22, 2026

Expected Move

±$4.92

4.8% from close

Price Gap

-8.30

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.72

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

NOW Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish directional bias with spot above dealer gamma support at $95. Positive GEX ($53.8M) and bullish flow support upside, but pinning risk near expiry and resistance at $110-$112 cap gains. Event-specific duration.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; -1 spot 8.7% from MP; +1 VIX 17.

Supports: Strong dealer gamma, bullish flow, spot above MP, elevated VIX.
Conflicts: Spot far from MP, resistance cluster $110-$112, gamma flip risk below $85.

🛡️Dealer gamma support at $95 (17.7% below spot) provides downside cushion.

📈Bullish flow with GEX +$53.8M; dealers long gamma, short vol.

⚠️Spot 8.7% above max pain; pinning may limit rally near expiry.

Regime Classification

Vol Regime

High

IV is high relative to typical range, reflecting near-term event risk and elevated VIX (17.44).

Gamma Regime

Pinning

GEX is strongly positive ($53.8M), with heavy put OI concentration at $85 (gamma flip) and pinning at $95 May22.

Flow Regime

Bullish

Net premium flow is bullish, with call volumes exceeding puts, indicating buying pressure.

Spot vs Max Pain

Above

Spot at ~103.28 is 8.7% above max pain ($95), showing bullish bias but also pinning risk.

Thesis duration: Event-specific — High vol, positive gamma, and near-dated expiry suggest event-driven positioning (e.g., earnings or catalyst).

Price Range Forecast

Next 2 days

$98.38$108.23

Support $98.38, resistance $108.23; pinning at $95 supports bounce.

Next 1 week

$94.55$112.05

Range $94.55-$112.05; gamma flip at $85 not immediate threat.

Next 2 weeks

$91.95$114.65

Wider range $91.95-$114.65; long gamma fades, resistance at $114.65.

Key Levels

Max pain pins: $95 (2026-05-22); $93 (2026-05-29); $95 (2026-06-05)

EM guardrails: 2d $98.38/$108.23; 1w $94.55/$112.05

Support: $95.00 · $91.95

Resistance: $110.00 · $112.00 · $114.65

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 11,060 (17.7% below spot)

Structural: Max pain: $95 (May22), $93 (May29), $95 (Jun5). EM guardrails: 2d $98.38/$108.23; 1w $94.55/$112.05. Support $95, $91.95; resistance $110, $112, $114.65. Gamma flip ~$85.

Dealer Positioning (GEX/DEX)

GEX: $+53.8M

DEX: +39.6M shares

Gamma flip: ~$85 (Approx — based on put OI concentration of 11,060 (17.7% below spot))

NTM gamma: GEX +$53.8M, DEX +39.6M shares. Dealers long gamma with flip at ~$85 (17.7% below spot). Positive gamma provides stability near support.

IV Analysis

IV vs VIX: IV is rich vs VIX (17.44) due to high-vol regime and event premium.

Term structure: Backwardated for near-term expiries with event kinks; longer-dated vol lower.

Skew: Put skew elevated; selling puts at $95 support is a risk-reward opportunity given dealer gamma.

Flow Analysis

Net premium: Net call premium $10.4M, put/call vol ratio 0.51, bullish.

Directional prints: 67.3 call 105 OTM 2026-05-22 — Vol 13.4k vs OI 6.7k (2.0x), likely bought; bullish near-term. 66.3 call 103 ITM 2026-05-22 — Vol 3.8k vs OI 1.9k (2.0x), bought; bullish.

Unusual: 59.4 put 92 OTM 2027-01-15 — Deep OTM put vol 11.2k vs OI 2k (5.7x); unusual bearish hedging. 63.5 put 70 OTM 2027-01-15 — Deep OTM put vol 11.2k vs OI 2.6k (4.3x); unusual bearish flow.

Risks & Catalysts

!Earnings miss could trigger gap down past $95 support.

!Pinning at max pain ($95) may cap upside near expiry.

!Gamma flip if spot drops below $85 accelerates selling.

!Vol collapse post-event reduces option premiums.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-17 $105.00/$115.00 call spread Why now: Positive GEX, bullish flow support move.	Max loss limited to debit paid.
Put credit spread	Moderate	Sell 2026-07-17 $95.00/$90.00 put spread Why now: Dealer gamma support and net call premium favor short puts.	Short put loss if spot breaks $95.
Bullish risk reversal	Conditional	Buy 2026-07-17 $110.00 call / sell 2026-07-17 $90.00 put Why now: Bullish flow and support at $95 allow selling put to fund call.	Unlimited downside risk if spot crashes below $95.

Top Plays

Buy Bull Call Spread

Buy 2026-07-17 $105.00/$115.00 call spread

Buy 105/115 call spread exp 2026-07-17. Max gain $6.15, max loss $3.85.

Why this play: Best aligns with bullish bias and GEX support; defined risk, cheap premium.

Debit: $3.15-$3.85

Max loss: $3.85

BE: $108.85

Mgmt: Exit if spot drops below $95 invalidation; take profit at 50-75% of max gain.

Directional bulls comfortable with capped upside.

Bullish Risk Reversal

Buy 2026-07-17 $110.00 call / sell 2026-07-17 $90.00 put

Buy 110 call, sell 90 put exp 2026-07-17. Unlimited gain, max loss $90.

Why this play: Unlimited upside potential with put funding; high reward if rally continues.

Debit: $3.20-$3.91

Max loss: $90.00

BE: $90.00

Mgmt: Monitor invalidation at $95; adjust if volatility spikes.

Aggressive traders seeking leveraged upside.

Sell Put Credit Spread

Sell 2026-07-17 $95.00/$90.00 put spread

Sell 95/90 put spread exp 2026-07-17. Max gain $1.87, max loss $3.13.

Why this play: Captures premium from bullish support; lower risk but limited reward.

Credit: $1.53-$1.87

Max loss: $3.13

BE: $93.13

Mgmt: Close if spot nears $95; roll if necessary.

Conservative bulls expecting sideways to up.

Watchlist Triggers

Entry Triggers

IFSpot > $98.38 (2d EM) and holds $95 support → Enter bull call spread: buy 2026-07-17 $105/$115 call

Adjustment Triggers

ADJSpot reaches $110 resistance → Take partial profit on call spread; adjust risk reversal delta

Exit Triggers

EXITSpot closes below $95 → Close all bullish positions (call spread, risk reversal, put credit spread)

Tactical Summary

Bullish bias above $95 support. Top play: Bull Call Spread (105/115) for defined risk. Invalidation at $95. Target $110 resistance with profit-taking. Monitor max pain near expiry.

How to Use These Reports

This directional reflects the market close on May 20, 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.