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NOW

ServiceNow, Inc.Close $106.97EOD only

Max Pain

$117.00

Next expiry Jun 12, 2026

Expected Move

±$6.25

5.8% from close

Price Gap

+10.03

Distance to max pain

IV Rank

High premium

P/C OI

0.83

Slightly call-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: Jun 9, 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 9, 2026 close

NOW Directional Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

NOW below $117 max pain, high vol, mixed flow. Expect drift toward $110-117 by Jun12 expiry, supported by dealer gamma. Downside limited above $75 gamma flip. Neutral near-term, bullish weekly.

Confidence:

4.5 / 10

Base 5, adj: -1 flow conflict, +1 gamma pinning, -1 spot 8.6% below MP, +0.5 VIX 20. Net 4.5.

Supports: Dealer gamma +$7.4M, DEX +42M long, max pain $117.
Conflicts: Spot far from MP, mixed flow, high vol.

🛑Spot 8.6% below $117 – mean reversion likely.

📉Gamma flip at $75 extreme downside risk.

🚧Resistance $117-$119 caps upside.

Regime Classification

Vol Regime

High

IV high vs HV due to expiries.

Gamma Regime

Pinning

GEX +$7.4M pinning $117.

Flow Regime

Mixed

Mixed flow, no clear bias.

Spot vs Max Pain

Below

Spot 8.6% below MP.

Thesis duration: Event-specific — Jun12/18/26 max pain anchors.

Price Range Forecast

Next 2 days

$100.72$113.22

Resistance $113.22 caps.

Next 1 week

$97.67$116.27

Pinning to $117.

Next 2 weeks

$94.92$119.02

Support $94.92, vol crush.

Key Levels

Max pain pins: $117 (2026-06-12); $110 (2026-06-18); $105 (2026-06-26)

EM guardrails: 2d $100.72/$113.22; 1w $97.67/$116.27

Support: $94.92

Resistance: $117.00 · $119.02

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,146 (29.9% below spot)

Structural: Sup $94.92; Res $117, $119; Gamma flip $75; Guardrails 2d $100.72/$113.22, 1w $97.67/$116.27.

Dealer Positioning (GEX/DEX)

GEX: $+7.4M

DEX: +42.0M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,146 (29.9% below spot))

NTM gamma: Gamma +$7.4M pinning, delta +42M long, flip $75.

IV Analysis

IV vs VIX: IV high vs VIX 19.87, event premium.

Term structure: Upward sloped, kinks at Jun12/18/26.

Skew: Put steep; consider call overwriting.

Flow Analysis

Net premium: Net premium -$42.7M (bearish), put premium dominates despite higher call volume; P/C vol 0.66, OI 0.83.

Directional prints: 69.7 call 107 OTM 2026-06-12 — Vol 2748 vs OI 156 (17.6x). Could be aggressive call buying (bullish) or heavy call selling (bearish). With net put premium, likely call selling or hedging. 71.1 put 103 OTM 2026-06-12 — Vol 2665 vs OI 433 (6.2x). Likely put buying for downside protection or speculation, consistent with bearish flow. 222.8 put 178 ITM 2026-06-18 — Vol 1018 vs OI 185 (5.5x), IV 222.8% extreme. Trading deep ITM put; likely closing short put or rolling; unusual.

Unusual: 222.8 put 178 ITM 2026-06-18 — Extreme IV 222.8% and deep ITM; unusual activity suggests large closing or risk reversal. 69.7 call 107 OTM 2026-06-12 — 17.6x vol/OI ratio; massive volume relative to OI; unusual directional positioning. 70.5 call 108 OTM 2026-06-12 — 10.4x vol/OI; also highly unusual call activity at adjacent strike.

Risks & Catalysts

!Break above $117 breaks pinning.

!Selloff to $75 triggers gamma amplification.

!Vol crush after Jun12.

!QQQ weakness drags NOW.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-08-21 $105.00/$100.00 put spread Why now: Flow bearish but thesis expects weekly bullish; sell put credit spread for credit with defined risk.	Break below $100 could increase gamma and cause losses.
Call calendar	Moderate-Weak	Sell 2026-07-17 $115.00 call / buy 2026-08-21 $115.00 call Why now: Near-term vol elevated; calendar profits from vol crush and time decay, aligned with neutral then bullish thesis.	Stock moves sharply above short strike or vol collapses.

Top Plays

Call Calendar

Sell 2026-07-17 $115.00 call / buy 2026-08-21 $115.00 call

Sell front-month call, buy back-month call to capture time decay and volatility decline.

Why this play: Aligns with neutral-to-bullish thesis and benefits from vol crush near earnings.

Debit: $3.96-$4.84

Max loss: $4.84

BE: Path-dependent

Mgmt: Close if stock breaks below $95 or above $117 early.

Traders expecting near-term consolidation then upside.

Put Credit Spread

Sell 2026-08-21 $105.00/$100.00 put spread

Sell OTM put spread to collect credit with support from dealer gamma.

Why this play: Hedges against bearish flow while remaining bullish with defined risk.

Credit: $2.34-$2.86

Max loss: $2.14

BE: $102.14

Mgmt: Roll down if stock drops below $100.

Traders wanting income with downside protection.

Watchlist Triggers

Entry Triggers

IFNOW holds between $100.72 (2d low) and $113.22 (2d high) → Enter call calendar: sell 2026-07-17 $115.00 call / buy 2026-08-21 $115.00 call for debit 3.96-4.84

IFNOW touches $94.92 support without breaking → Sell put credit spread: 2026-08-21 $105.00/$100.00 put spread for credit 2.34-2.86

Adjustment Triggers

ADJNOW drops below $100 → Roll put credit spread down to adjust strikes

Exit Triggers

EXITNOW breaks below $95 or above $117 → Close call calendar early

Tactical Summary

Neutral-to-bullish plan targeting drift to $110-117 by expiry. Enter call calendar on range-bound action near $115, and sell put credit spread on dips to $94.92 support. Manage risk: close call calendar if NOW breaks $95 or $117; roll put spread down below $100. Expect vol crush and dealer gamma support.

How to Use These Reports

This directional reflects the market close on June 9, 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.