Home Options NOWReports

NOW

ServiceNow, Inc.Close $102.13EOD only

Max Pain

$95.00

Next expiry May 29, 2026

Expected Move

±$6.23

6.1% from close

Price Gap

-7.13

Distance to max pain

IV Rank

High premium

P/C OI

0.76

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

NOW Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

NOW trades above max pain with strong dealer gamma support ($+22.7M GEX) pinning toward $98-$100. Elevated vol from event risk, but VIX 17 cushions. Gamma flip at $92 if selling; mixed flow warrants caution. Bias bullish near support.

Confidence:

6.5 / 10

Base 5; +1 GEX pinning, +0.5 spot 2% above MP, +1 VIX 17; -1 GEX/flow contradiction. Net 6.5.

Supports: Dealer long gamma, spot above MP, VIX 17, resistance $100 structural
Conflicts: Mixed flow, gamma flip risk at $92, high vol attracts sellers

📈Dealer GEX $+22.7M pinning price toward $98-$100

⚠️Gamma flip at ~$92 (7.9% down) from heavy put OI

📊VIX 17 steadies; vol high may precede event

Regime Classification

Vol Regime

High

IV elevated above normal; event-driven spike likely (earnings or product).

Gamma Regime

Pinning

Total gamma +$22.7M, strong pinning; flip at ~$92 from 12,989 put OI.

Flow Regime

Mixed

Mixed net premium; puts and calls balanced, no directional conviction.

Spot vs Max Pain

Above

Spot at $100.9, 2% above $98 MP for 5/29; upside bias.

Thesis duration: Multi-week — Multiple MP levels across expirations ($98/$96/$100) and EM guardrails create multi-week structure.

Price Range Forecast

Next 2 days

$94.74$105.09

Supported above $98; resistance $105.09

Next 1 week

$91.62$108.22

Range $91.62-$108.22; gamma flip risk near low

Next 2 weeks

$89.37$110.47

Wider range $89.37-$110.47; MP converge at $100

Key Levels

Max pain pins: $98 (2026-05-29); $96 (2026-06-05); $100 (2026-06-12)

EM guardrails: 2d $94.74/$105.09; 1w $91.62/$108.22

Support: $98.00 · $92.00 · $89.37

Resistance: $100.00 · $110.47

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 12,989 (7.9% below spot)

Structural: MP: $98 (5/29), $96 (6/5), $100 (6/12); EM guardrails 2d $94.74-$105.09, 1w $91.62-$108.22; gamma flip ~$92; support $98/$92/$89.37; resistance $100/$110.47.

Dealer Positioning (GEX/DEX)

GEX: $+22.7M

DEX: +37.3M shares

Gamma flip: ~$92 (Approx — based on put OI concentration of 12,989 (7.9% below spot))

NTM gamma: Dealer long gamma $+22.7M, DEX +37.3M shares; gamma flip at ~$92 (7.9% below spot) from put OI.

IV Analysis

IV vs VIX: Elevated IV relative to VIX 17; stock-specific event risk likely inflating options premium.

Term structure: Front-end elevated due to near-term event; flattens into forward weeks.

Skew: Put skew elevated; bearish puts expensive. Opportunity: sell put credit spreads near $92 gamma flip.

Flow Analysis

Net premium: Net premium -$1.07M; call vol dominates (P/C vol 0.42) but net put premium suggests bearish hedging; mixed.

Directional prints: 62.8 call 106 OTM 2026-06-05 — Vol/OI 16.4x, 5828 vol vs 355 OI. Likely bought aggressively; bullish delta. Preferred read: bought. 63.8 call 102 OTM 2026-05-29 — Vol/OI 3.0x, 3808 vol vs 1255 OI. Likely bought; bullish. Preferred read: bought. 60 put 97 OTM 2026-05-29 — Vol/OI 2.3x, 2065 vol vs 898 OI. Likely bought as downside hedge; bearish. Preferred read: bought.

Unusual: 62.8 call 106 OTM 2026-06-05 — Extreme vol/OI 16.4x; aggressive call buying in weekly expiry. Unusual. 63.8 call 102 OTM 2026-05-29 — Vol/OI 3.0x; notable call volume. Unusual. 60 put 97 OTM 2026-05-29 — Vol/OI 2.3x; put buying despite overall call skew. Unusual.

Risks & Catalysts

!Gamma flip if spot breaks $92 (7.9% from current).

!Event disappointment or vol crush.

!Max pain pin failure if spot moves away from $98.

!Broader tech selloff (QQQ correlation weakens support).

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-08-21 $105.00/$110.00 call spread Why now: Strong dealer support at $95-100, net positive GEX, call buying flow, VIX cushion support bullish continuation.	Event risk if earnings disappoint; max loss = net debit paid.
Put credit spread	Moderate-Strong	Sell 2026-08-21 $100.00/$95.00 put spread Why now: Max pain at $98-100, put wall at $90, undefined tails managed; IV elevated for premium.	Gamma tail if spot breaks $92; max loss = width - credit.

Top Plays

Bull Call Spread

Buy 2026-08-21 $105.00/$110.00 call spread

Buying $105/$110 call spread to profit from upward drift to max pain area.

Why this play: Strong dealer support and bullish flow favor upside continuation.

Debit: $1.57-$1.93

Max loss: $1.93

BE: $106.93

Mgmt: Exit if spot breaks $98 invalidation; take profits near $110.

Traders with bullish outlook and defined risk.

Put Credit Spread

Sell 2026-08-21 $100.00/$95.00 put spread

Selling $100/$95 put spread to collect premium while using dealer support.

Why this play: Max pain support and elevated IV favor selling put spreads.

Credit: $2.29-$2.80

Max loss: $2.20

BE: $97.20

Mgmt: Roll down if spot nears $98; exit at 50% profit or by expiry.

Traders seeking income with bullish-neutral bias.

Watchlist Triggers

Entry Triggers

IFSpot holds above $98 support → Enter Bull Call Spread: Buy 2026-08-21 $105/$110 call spread for 1.57-1.93 debit

IFSpot holds above $98 support → Enter Put Credit Spread: Sell 2026-08-21 $100/$95 put spread for 2.29-2.80 credit

Exit Triggers

EXITSpot reaches $110 → Take profits on Bull Call Spread

EXITSpot breaks below $98 invalidation → Exit Put Credit Spread to limit loss

Tactical Summary

Bullish bias with dealer support at $98-$100; enter bull call or put credit spread while spot holds $98. Target $110, invalidation at $98, gamma flip risk at $92.

How to Use These Reports

This directional reflects the market close on May 26, 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.