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NOW

ServiceNow, Inc.Close $119.36EOD only

Max Pain

$115.00

Next expiry Jun 5, 2026

Expected Move

±$3.80

3.2% from close

Price Gap

-4.36

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 4, 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 4, 2026 close

NOW Directional Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias near term due to spot below max pain, high vol, and dealer gamma pinning, but mixed flow and strong support limit downside. Range-bound with downside lean.

Confidence:

5 / 10

Base 5: -1 GEX/flow contradict, +1 GEX positive (pinning), -0.5 spot 3.1% from MP, +0.5 VIX 22.

Supports: Gamma pinning near $116, VIX elevated, dealer GEX positive.
Conflicts: Mixed flow, spot below MP, market downdraft (SPY/QQQ).

📉Spot 3.1% below MP ($116); bearish lean within range

🔒Gamma pinning at $116/$119; limited upside

⚠️High vol with VIX 22; elevated IV may contract

Regime Classification

Vol Regime

High

IV high, VIX 21.5, elevated market vol.

Gamma Regime

Pinning

Gamma pinning, GEX +$8.3M, dealers hedge near spot creating pin action.

Flow Regime

Mixed

Net premium mixed, puts/calls balanced.

Spot vs Max Pain

Below

Spot ~3.1% below max pain ($116), supports bearish bias.

Thesis duration: Event-specific — Proximity to options expiry (6/5) with concentrated gamma and multiple strikes.

Price Range Forecast

Next 1 week

$103.85$121.05

Spot below $116 MP; gamma pinning may cap upside.

Next 2 weeks

$101.15$123.75

Support $101.15, resistance $116/$120; range-bound.

Key Levels

Max pain pins: $116 (2026-06-05); $119 (2026-06-12); $108 (2026-06-18)

EM guardrails: 1w $103.85/$121.05

Support: $101.15

Resistance: $116.00 · $120.00 · $123.75

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 13,053 (18.2% below spot)

Structural: Max Pain: $116 (6/5), $119 (6/12), $108 (6/18). EM guardrails 1w: $103.85/$121.05. Support: $101.15. Resistance: $116, $120, $123.75. Gamma flip ~$92.

Dealer Positioning (GEX/DEX)

GEX: $+8.3M

DEX: +45.5M shares

Gamma flip: ~$92 (Approx — based on put OI concentration of 13,053 (18.2% below spot))

NTM gamma: GEX +$8.3M, DEX +45.5M shares; gamma flip at ~$92 based on put OI.

IV Analysis

IV vs VIX: Ticker IV rich vs VIX due to high vol regime; elevated premium suggests hedging pressure.

Term structure: Steep with near-term expiries elevated from event risk.

Skew: Put skew elevated; consider bearish put spreads.

Flow Analysis

Net premium: Net put premium -$59M reflects net put selling (credit flow), while OTM call volume hints at speculative bullish bets.

Directional prints: 36.9 call 116 OTM 2026-06-05 — Vol 3881 vs OI 240 (16.2x), last $0.04. Large opening interest in cheap OTM calls, likely bought speculatively; bullish if spot rallies. 44.9 call 117 OTM 2026-06-05 — Vol 3007 vs OI 250 (12x), last $0.03. Similar speculative call buying; high IV suggests demand. 65 put 111 OTM 2026-06-12 — Vol 1259 vs OI 160 (7.9x), last $3.48. Protection buying for next week; elevated IV reflects fear.

Unusual: 153.2 put 178 ITM 2026-06-18 — Vol 1018 vs OI 185 (5.5x), last $69.9. Deep ITM put with extreme IV; likely a hedge or position closure. 44.9 call 117 OTM 2026-06-05 — High vol/OI and IV; unusual for such low premium OTM calls. 35.6 put 111 OTM 2026-06-05 — Vol 3197 vs OI 336 (9.5x), last $0.01. Massive volume on near-zero premium OTM puts; likely closing or rolling, not new risk.

Risks & Catalysts

!Break below $103.85 triggers further downside.

!Failure of gamma pinning; spot moves away from MP.

!Sudden vol expansion from market downdraft.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-08-21 $115.00/$100.00 put spread Why now: Spot below max pain, net put selling flow, high vol; bear put spread captures downside with defined risk.	Spot rallies above long put strike; time decay if flat.
Iron condor	Moderate	Sell 2026-08-21 $100.00/$90.00 put wing and $145.00/$155.00 call wing Why now: Spot pinned near max pain, mixed flow; iron condor collects premium in range with limited risk.	Breakout beyond wings; vol expansion from earnings miss.
Put calendar	Moderate-Weak	Sell 2026-07-17 $110.00 put / buy 2026-08-21 $110.00 put Why now: High near-term IV, term structure decline; put calendar profits from vol contraction if spot stays near.	Spot drops sharply; back-month put loses vega if vol collapses.

Top Plays

Bear Put Spread

Buy 2026-08-21 $115.00/$100.00 put spread

Captures downside move with limited loss if wrong.

Why this play: Directly aligns with near-term bearish bias and defined risk.

Debit: $6.89-$8.42

Max loss: $8.42

BE: $106.58

Mgmt: Exit if spot > $116 invalidation level.

Bearish traders with defined risk tolerance.

Iron Condor

Sell 2026-08-21 $100.00/$90.00 put wing and $145.00/$155.00 call wing

Sells OTM put and call wings to profit from range.

Why this play: Fits range-bound thesis with limited risk and premium collection.

Credit: $4.23-$5.17

Max loss: $4.83

BE: 94.83 / 150.17

Mgmt: Manage if spot nears wings; close at 50% max gain.

Neutral to range-bound traders.

Put Calendar

Sell 2026-07-17 $110.00 put / buy 2026-08-21 $110.00 put

Sells front put against back put to capture vol contraction.

Why this play: Exploits high near-term vol decline, but less direct than others.

Debit: $3.91-$4.79

Max loss: $4.79

BE: Path-dependent

Mgmt: Exit if spot < $101.15 invalidation.

Volatility sellers expecting vol drop.

Watchlist Triggers

Entry Triggers

IFIF spot breaks below $103.85 → THEN enter bear put spread: buy 2026-08-21 $115/$100 put spread near $7.65

IFIF spot stays between $101.15 and $116 for 1-2 days → THEN enter iron condor: sell 2026-08-21 $100/$90 put and $145/$155 call near $4.70 credit

IFIF spot near $110 and IV > 50% → THEN enter put calendar: sell 2026-07-17 $110 put / buy 2026-08-21 $110 put near $4.35 debit

Exit Triggers

EXITIF spot breaks above $116 → THEN exit bear put spread

EXITIF spot breaks below $101.15 → THEN exit put calendar

Tactical Summary

NOW bearish near term, pinned between $103.85 and $116. Prefer bear put spread on breakdown below $103.85. Iron condor if range holds. Put calendar if vol rich. Key support $101.15, resistance $116, max pain $116. Duration: event-specific to earnings 7/22.

How to Use These Reports

This directional reflects the market close on June 5, 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.