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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
72
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 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Elevated VIX and spot 7.8% below max pain ($115) create a pinning pull, but mixed flow and macro weakness cap upside. Thesis: neutral-to-bullish drift toward $110-$115 over 1-2 weeks, with support at $100.86 key.

Confidence:
4 / 10
Base 5, -1 GEX/flow contradict (mixed net premia), +1 GEX positive (pinning), -1 spot deviation from MP (7.8% below).
Supports: Gamma pinning ($+2.8M GEX), dealer long delta (+43M shares), 2w support $94.46, max pain pull upward.
Conflicts: High vol (VIX 22.2), broad selloff, mixed flow, spot 7.8% below MP.
📈Gamma pinning near $110-$115 limits downside
📉VIX spike and macro pressure weigh
⚖️Mixed flow: no clear directional conviction

Regime Classification

Vol Regime
High
IV elevated (VIX 22.2) with historical vol high; implied vols reflect macro risk and event uncertainty.
Gamma Regime
Pinning
GEX +$2.8M, dealers long gamma; pinning expected near $110-$115 OI concentration.
Flow Regime
Mixed
Net premium mixed; call/put flows balanced, no dominant directional bet.
Spot vs Max Pain
Below
Spot 7.8% below max pain ($115 near-term); pinning pull upward possible but friction remains.
Thesis duration: Multi-week — Gamma pinning across multiple expirations (6/12, 6/18, 6/26) and elevated VIX suggest a multi-week consolidation range.

Price Range Forecast

Next 2 days
$100.86$111.26
Gamma pinning near $110 may limit gains; support at $100.86 critical.
Next 1 week
$97.41$114.71
Max pain at $110-$115; upward drift likely but macro risks.
Next 2 weeks
$94.46$117.66
Broader consolidation between $94.46 and $117.66.

Key Levels

Max pain pins: $115 (2026-06-12); $110 (2026-06-18); $105 (2026-06-26)
EM guardrails: 2d $100.86/$111.26; 1w $97.41/$114.71
Support: $94.46
Resistance: $115.00 · $117.66
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,148 (29.3% below spot)
Structural: Max pain: $115 (6/12), $110 (6/18), $105 (6/26). EM guardrails: 2d $100.86-$111.26, 1w $97.41-$114.71. Support: $94.46 (2w low). Resistance: $115, $117.66. Gamma flip at ~$75 (far below).

Dealer Positioning (GEX/DEX)

GEX: $+2.8M

DEX: +43.0M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,148 (29.3% below spot))

NTM gamma: Dealers net long gamma (+$2.8M GEX) and long delta (+43M shares). Gamma flip at $75 (far below). Positioning supports pinning near OI concentrations rather than directional trend.

IV Analysis

IV vs VIX: IV rich vs VIX (22.2) as vol high; offers premium-selling opportunities but with tail risk.

Term structure: Front-end elevated; expected to remain high near expirations due to gamma pinning.

Skew: Put skew elevated due to downside hedging; call skew flat. Opportunity: sell put spreads near support for premium.

Flow Analysis

Net premium: Net negative premium (-$24.9M) with P/C vol ratio 0.49 (call volume high but net flow bearish).

Directional prints: 169.7 put 178 ITM 2026-06-18 — Vol/OI 5.5x, extremely high IV (169.7%). Likely bought as deep ITM puts hedging downside; preferred bearish read. 69 put 100 OTM 2026-06-12 — Vol/OI 2.3x, moderate IV. Bought OTM puts as bearish speculation; preferred bearish read.

Unusual: 74.8 put 95 OTM 2026-06-12 — Vol/OI 2.1x, high IV (74.8%). Unusual put buying for downside; bearish. 66 put 106 OTM 2026-06-12 — Vol/OI 1.8x, moderate IV. Unusual put flow; preferred bearish.

Risks & Catalysts

!Broad market selloff intensifies
!Spot breaks below gamma support ($100.86)
!Dealer hedging unwinds
!Volatility contraction after expiration

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate
Buy 2026-07-17 $110.00/$115.00 call spread
Why now: Bias neutral-to-bullish, max pain $115 target, elevated call flow
Fails to rally, max loss = debit paid
Call diagonalModerate
Sell 2026-07-10 $115.00 call / buy 2026-08-21 $100.00 call
Why now: Term structure rich, upside drift benefits long call
Downside move hurts long call, short call caps upside

Top Plays

#1
Bull Call Spread
Buy 2026-07-17 $110.00/$115.00 call spread
Captures upside to $115 with defined risk, leveraging elevated call IV.
Why this play: Best aligns with neutral-to-bullish drift toward $115 max pain, limited risk, and high call flow.
Debit: $1.62-$1.98
Max loss: $1.98
BE: $111.98
Mgmt: Exit near $115 or roll if support fails; stop loss at $94.46.
Traders expecting gradual drift to $115 over 1-2 weeks.
#2
Call Diagonal
Sell 2026-07-10 $115.00 call / buy 2026-08-21 $100.00 call
Long-dated call benefits from drift, short-dated call decays, creating net theta positive.
Why this play: Exploits term structure richness and upside drift; second-best given bearish flow caution.
Debit: $10.67-$13.04
Max loss: $13.04
BE: Path-dependent
Mgmt: Monitor IV and roll short leg if spot approaches $115.
Traders comfortable with diagonals and variable max gain.

Watchlist Triggers

Entry Triggers
IFIF spot holds above $100.86 support → THEN buy 2026-07-17 $110/$115 call spread at ~$1.80 mid
IFIF spot holds above $100.86 and term structure steep → THEN sell 2026-07-10 $115 call / buy 2026-08-21 $100 call diagonal for ~$11.85 debit
Exit Triggers
EXITIF spot closes below $94.46 → THEN close both bull call spread and call diagonal

Tactical Summary

Neutral-to-bullish drift to $115 max pain. Key support $100.86, invalidation $94.46. Enter on support hold, exit on breakdown.
How to Use These Reports
This directional reflects the market close on June 10, 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.

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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.