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NOW

ServiceNow, Inc.Close $117.90EOD only

Max Pain

$115.00

Next expiry Jun 5, 2026

Expected Move

±$5.65

4.8% from close

Price Gap

-2.90

Distance to max pain

IV Rank

High premium

P/C OI

0.85

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 3, 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

Jun 3, 2026 close

NOW Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias near-term with upside to 120 resistance, but pinning from max pain $115 and high vol may create sideways action. Positive GEX and flow support, but QQQ weakness is a drag.

Confidence:

7.5 / 10

Base 5 +1 GEX/flow aligned +1 GEX pinning -0.5 spot 3.8% above MP +1 VIX 15 = 7.5

Supports: Positive GEX, bullish flow, low VIX, spot above MP
Conflicts: Spot above max pain, QQQ -0.48%, high vol regime

📌Max pain $115 on 6/5, spot 3.8% above may cap upside

💰Bullish flow and positive GEX favor near-term bounce

📊Low VIX (15.4) aligns with bullish positioning

Regime Classification

Vol Regime

High

IV elevated vs typical, VIX 15.4 indicates event premium

Gamma Regime

Pinning

Pos GEX $23.5M pinning near strikes; flip at $92 deep OTM

Flow Regime

Bullish

Net bullish premium flow, put/call supportive

Spot vs Max Pain

Above

Spot ~3.8% above 6/5 max pain $115; gamma drag toward pin

Thesis duration: Event-specific — Front-month expiry 6/5 creates pinning event; further horizons depend on breakout

Price Range Forecast

Next 2 days

$115.56$123.16

Upside to 120 resistance, support at 115.56

Next 1 week

$109.81$128.91

Range 109.81-128.91, pinning and flow support mid

Next 2 weeks

$106.96$131.76

Wider range 106.96-131.76, structural support at 107

Key Levels

Max pain pins: $115 (2026-06-05); $118 (2026-06-12); $108 (2026-06-18)

EM guardrails: 2d $115.56/$123.16; 1w $109.81/$128.91

Support: $115.00 · $106.96

Resistance: $120.00 · $130.00 · $131.76

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 13,046 (22.9% below spot)

Structural: 6/5 max pain $115; EM guardrails: 2d $115.56/$123.16, 1w $109.81/$128.91; support $115/$107; resistance $120/$130/$131.76

Dealer Positioning (GEX/DEX)

GEX: $+23.5M

DEX: +46.0M shares

Gamma flip: ~$92 (Approx — based on put OI concentration of 13,046 (22.9% below spot))

NTM gamma: Net dealer gamma +$23.5M (positive); gamma flip ~$92 from put OI; DEX +46.0M shares (long delta)

IV Analysis

IV vs VIX: Tick IV elevated vs VIX 15.4 due to event premium

Term structure: Short-dated elevated vs back months; contango shape

Skew: Skew puts OTM but calls elevated; potential short vol or ratio spread

Flow Analysis

Net premium: Net call premium approx $1M with P/C vol ratio 0.34, reflecting bullish flow.

Directional prints: 60.3 call 125 OTM 2026-06-05 — High volume 13,935 vs OI 4,892; likely bought. Bullish OTM call, cheap premium. 59.6 call 124 OTM 2026-06-05 — Volume 4,547 vs OI 1,365; bought, OTM call, bullish. 58.2 call 123 OTM 2026-06-05 — Volume 5,378 vs OI 630; bought, OTM call, bullish sentiment.

Unusual: 60.5 put 117 OTM 2026-06-12 — Vol/OI 9.2, unusually high. Possibly sold puts or bearish hedge. 99.4 put 178 ITM 2026-06-18 — Vol/OI 5.5, deep ITM put; likely hedging downside. 56.5 call 119 ITM 2026-06-05 — Vol/OI 6.5, OTM call with high relative volume; bought.

Risks & Catalysts

!Spot fails to hold 115 support, triggers gamma unwind

!QQQ weakness drags NOW lower

!High vol regime leads to sharp reversal

!Max pain pin fails, breakout above 120 or below 109

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-18 $116.00/$125.00 call spread Why now: Positive flow and GEX support bullish move; pinning at 115 may break higher. Near-term expiration avoids earnings vol.	Spot declines below 115; high IV deflates spread value.
Iron condor	Moderate	Sell 2026-07-17 $110.00/$105.00 put wing and $140.00/$155.00 call wing Why now: Max pain at 115, high vol supports premium collection; defined risk limits loss on breakouts.	Moves beyond wings cause max loss; earnings gap risk if held through.
Cash-secured put	Moderate-Weak	Sell 2026-07-17 $110.00 cash-secured put Why now: Bullish thesis but high vol; selling put generates income with manageable risk if stock drops to support.	Spot drops below 110, gets assigned stock at higher than market; QQQ weakness accelerates decline.

Top Plays

Bull Call Spread

Buy 2026-06-18 $116.00/$125.00 call spread

Expresses bullish view with limited downside; cheap premium from OTM call buying.

Why this play: Directly aligns with near-term bullish bias and positive flow; defined risk, short-dated before earnings.

Debit: $3.56-$4.35

Max loss: $4.35

BE: $120.35

Mgmt: Exit at 50% max gain or if stock breaks below $115.

Traders confident in upside to $125 within 2 weeks.

Cash-Secured Put

Sell 2026-07-17 $110.00 cash-secured put

Sells put to collect premium, indicating willingness to buy stock at discount.

Why this play: Generates income on bullish thesis; higher probability of profit if stock stays above $110.

Credit: $5.00-$6.11

Max loss: $103.89

BE: $103.89

Mgmt: Close if stock drops below $115; roll down if needed.

Income-focused traders comfortable with assignment risk.

Iron Condor

Sell 2026-07-17 $110.00/$105.00 put wing and $140.00/$155.00 call wing

Neutral strategy profiting from range-bound action; uses defined risk wings.

Why this play: Collects premium in high vol but neutral bias conflicts with bullish thesis.

Credit: $3.44-$4.21

Max loss: $10.79

BE: 105.79 / 144.21

Mgmt: Close at 50% max gain or adjust if wings tested.

Traders expecting sideways movement and time decay.

Watchlist Triggers

Entry Triggers

IFIF NOW price remains above $115 support for 1 hour with volume > 50-day average → THEN enter bull call spread: Buy 2026-06-18 $116/$125 call spread at $3.56-$4.35

IFIF NOW holds above $115 for a session and QQQ trades within 0.5% range for 1 hour → THEN sell 2026-07-17 $110 cash-secured put for $5.00-$6.11 premium

IFIF NOW trades between $114 and $116 for 2 consecutive days → THEN sell 2026-07-17 $110/$105 put wing and $140/$155 call wing iron condor for $3.44-$4.21

Exit Triggers

EXITIF NOW closes below $115 → THEN exit bull call spread immediately

EXITIF NOW drops below $115 → THEN close cash-secured put to avoid assignment

Tactical Summary

Bullish bias with pinning at $115 max pain. Positive GEX and flow support, but QQQ weakness is a drag. Entry triggers rely on $115 support and stable QQQ. Exit triggers on close below $115.

How to Use These Reports

This directional reflects the market close on June 4, 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.