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NOW

ServiceNow, Inc.Close $99.69EOD only

Max Pain

$95.00

Next expiry May 22, 2026

Expected Move

±$3.17

3.2% from close

Price Gap

-4.69

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.75

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 21, 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 21, 2026 close

NOW Directional Report

Analysis based on market close May 22, 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 dealer gamma ($72.2M) and bullish flow, but upside capped near $110. Spot 5.3% above max pain $97 suggests pinning pullback risk. Multi-week range-bound thesis with upward drift.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive (pinning); -1 spot 5.3% above MP; +0 VIX 17 (neutral). Net 7.

Supports: Long gamma $72.2M, bullish flow, pinning near $97, price above support $97.
Conflicts: Spot above max pain, resistance $110-$111.23, low VIX caps vol expansion near-term.

🟢Dealer long gamma $72.2M strongly bullish

⚠️Spot 5.3% above max pain $97, mean-reversion risk

📊Range 1w $95.90-$108.35 with bullish flow bias

Regime Classification

Vol Regime

High

IV elevated relative to recent range; VIX 16.7 low suggests muted near-term vol but potential for expansion on catalyst.

Gamma Regime

Pinning

GEX +$72.2M long gamma; flip near $92 (approx). Pinning likely near $97-$95 max pain.

Flow Regime

Bullish

Bullish flow; net premium positive supporting upside bias.

Spot vs Max Pain

Above

Spot above max pain $97 (5.3%), suggesting potential pullback toward pinning level.

Thesis duration: Multi-week — Multi-week gamma positioning and price ranges; no dominant event catalysts.

Price Range Forecast

Next 1 week

$95.90$108.35

Support $95.90, resistance $108.35; bias toward upper half due to flow.

Next 2 weeks

$93.03$111.23

Wider range $93.03-$111.23; gamma support and max pain pullback, upward drift likely.

Key Levels

Max pain pins: $97 (2026-05-22); $95 (2026-05-29); $95 (2026-06-05)

EM guardrails: 1w $95.90/$108.35

Support: $97.00 · $93.03 · $92.00

Resistance: $110.00 · $111.23 · $112.00

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 12,989 (9.9% below spot)

Structural: Support $97 (max pain), $95.90 (1w low), $93.03 (2w low). Resistance $110, $111.23 (2w high), $112. Gamma flip ~$92. EM guardrails 1w $95.90/$108.35.

Dealer Positioning (GEX/DEX)

GEX: $+72.2M

DEX: +40.4M shares

Gamma flip: ~$92 (Approx — based on put OI concentration of 12,989 (9.9% below spot))

NTM gamma: Dealer net long gamma $72.2M, DEX +40.4M shares. Flip near $92 (approx). Strong gamma support above $97, but flip below could accelerate selling.

IV Analysis

IV vs VIX: Ticker IV elevated relative to VIX (16.7), implying rich premium. Low VIX suggests near-term vol compression, but bullish gamma can support upside moves.

Term structure: Term structure likely backwardated due to near-term gamma pinning; event risk limited.

Skew: Put skew elevated; call spreads may benefit if spot drifts higher within range.

Flow Analysis

Net premium: Strongly bullish, $8.9M net call premium, P/C vol 0.35

Directional prints: 8.3 call 102 ITM 2026-05-22 — Vol 7486 vs OI 3665, low IV 8.3%, OTM call. Bought, bullish bet. 25 call 104 OTM 2026-05-22 — Vol/OI 3.1, IV 25%, OTM call. Likely bought, bullish speculation. 14.4 call 103 OTM 2026-05-22 — Vol 5343 vs OI 2414, IV 14.4%, OTM call. Bought, adding upside.

Unusual: 17.4 put 101 OTM 2026-05-22 — Vol/OI 3.6, IV 17.4%, deep OTM put. Bought as tail hedge. 52.5 call 104 OTM 2026-05-29 — Vol/OI 3.2, IV 52.5% on weekly. Unusually high IV, likely bought for event. 51.8 put 96 OTM 2026-05-29 — Vol/OI 3.0, IV 51.8%, weekly OTM put. Protective or bearish.

Risks & Catalysts

!Mean-reversion from spot above max pain $97

!Gamma flip below $92 could trigger sharp sell-off

!Low VIX may limit near-term volatility expansion

!Resistance at $110 may cap gains

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-07-17 $105.00/$125.00 call spread Why now: Strong call flow, bullish gamma, spot above max pain; range-bound.	Upside capped; payoff limited if spot stagnates.
Put credit spread	Moderate-Strong	Sell 2026-07-17 $90.00/$80.00 put spread Why now: Bullish flow, spot above max pain, downside gamma support near 95.	Max loss if spot drops below long put strike.

Top Plays

Bull Call Spread

Buy 2026-07-17 $105.00/$125.00 call spread

Buy 105/125 call spread to capture bullish gamma and flow.

Why this play: Outperforms put credit spread as it directly profits from upward drift within range, with defined risk.

Debit: $4.50-$5.50

Max loss: $5.50

BE: $110.50

Mgmt: Exit early if spot drops below 97 invalidation.

Bullish multi-week holders.

Put Credit Spread

Sell 2026-07-17 $90.00/$80.00 put spread

Sell 90/80 put spread to collect premium with downside gamma support.

Why this play: Second best as it profits from time decay and upside skew, but capped gains lower than BCS.

Credit: $1.82-$2.23

Max loss: $7.77

BE: $87.77

Mgmt: Close if spot breaks below 97.

Neutral-bullish income seekers.

Watchlist Triggers

Entry Triggers

IFSpot declines to $97.00-$99.00 zone (max pain and 1w support) → Enter Bull Call Spread: buy 105/125 call spread for $4.50-$5.50

IFSpot holds above $97.00 support on pullback → Enter Put Credit Spread: sell 90/80 put spread for $1.82-$2.23 credit

Exit Triggers

EXITSpot closes below $97.00 (invalidation level) → Close all positions

Tactical Summary

Bullish multi-week bias within $97-$110 range. Top play: Bull Call Spread (105/125) on pullback to $97-$99. Exit if $97 breaks. Secondary: Put Credit Spread (90/80) for premium. Monitor gamma flip at $92.

How to Use These Reports

This directional reflects the market close on May 22, 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.