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NOW

ServiceNow, Inc.Close $102.15EOD only
Max Pain
$108.00
Next expiry Jun 18, 2026
Expected Move
±$6.43
6.3% from close
Price Gap
+5.85
Distance to max pain
IV Rank
90
High premium
P/C OI
0.82
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 12, 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 12, 2026 close
NOW Directional Report
Analysis based on market close June 11, 2026
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Outlook

Bearish bias driven by negative dealer gamma (-$7.8M GEX) and spot ($103) well below max pain ($113). High vol regime (VIX 19) supports downside momentum, but potential pinning to higher levels creates conflict. Confidence elevated by GEX/flow alignment.

Confidence:
6.5 / 10
Base 5; +2 for strong GEX/flow alignment; -1 for spot 8.8% below max pain; +0.5 for elevated VIX.
Supports: Negative GEX ($-7.8M) indicating dealer short gamma; spot below key resistance; high vol regime.
Conflicts: Spot near support and far below max pain ($113) suggests potential upward reversion; VIX 19 may be peaking.
📉Negative GEX of -$7.8M indicates dealer hedging pressure, amplifying downside moves.
🎯Spot $103 is 8.8% below max pain $113, creating pin potential toward expiry.
📊High vol with VIX 19 suggests elevated uncertainty; watch for IV contraction.

Regime Classification

Vol Regime
High
High vol due to recent market moves (SPY +1.7%, QQQ +3.38%) and VIX at 19.
Gamma Regime
Trending
Trending gamma with negative GEX (-$7.8M). Gamma flip at ~$75, far below current spot.
Flow Regime
Mixed
Mixed flow with put OI concentration; 13,172 puts at 27.2% below spot.
Spot vs Max Pain
Below
Spot $103 below max pain $113 (8.8%). Pin probability increases as expiry nears.
Thesis duration: Event-specific — Near-term expiries (Jun 12, 18, 26) and high vol regime suggest event-driven movement.

Price Range Forecast

Next 2 days
$99.51$106.66
Range 99.51-106.66; downside risk toward 99.51 support.
Next 1 week
$95.53$110.63
Range 95.53-110.63; gamma flip levels below.
Next 2 weeks
$92.68$113.48
Range 92.68-113.48; structural support at 92.68.

Key Levels

Max pain pins: $113 (2026-06-12); $109 (2026-06-18); $105 (2026-06-26)
EM guardrails: 2d $99.51/$106.66; 1w $95.53/$110.63
Support: $92.68
Resistance: $113.00 · $113.48
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,172 (27.2% below spot)
Structural: Key support at 92.68; resistance at 113.0 (max pain) and 113.48; gamma flip ~75; EM guardrails 2d 99.51-106.66, 1w 95.53-110.63.

Dealer Positioning (GEX/DEX)

GEX: $-7.8M

DEX: +42.9M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,172 (27.2% below spot))

NTM gamma: NTM gamma: -$7.8M GEX, +42.9M DEX; gamma flip at ~$75 based on put OI concentration.

IV Analysis

IV vs VIX: Ticker IV is likely elevated relative to VIX given the high vol regime and recent price action; rich IV suggests caution for long vol.

Term structure: Near-term expiries show elevated IV in contango, with potential kinks around Jun 12 expiry.

Skew: Put skew elevated; consider put vertical spreads to premium sell at elevated levels.

Flow Analysis

Net premium: Net negative -$46.8M, put/call vol ratio 0.67 (call heavy), OI ratio 0.84, mixed.

Directional prints: 60.4 call 105 OTM 2026-06-12 — Vol/OI 12x, OTM call; likely bought for upside speculation. 59.8 put 101 OTM 2026-06-12 — Vol/OI 5.6x, OTM put; possible hedging or bearish bet. 62.5 call 108 OTM 2026-06-12 — Vol/OI 5.1x, OTM call; bullish buying.

Unusual: 297.6 put 135 ITM 2026-06-12 — Deep ITM put with extreme IV 297.6%; likely large put purchase or closing. 322.4 put 220 ITM 2026-06-18 — Deep ITM put with extreme IV 322.4%; large premium flow, similar nature.

Risks & Catalysts

!Risk of pin to max pain ($113) if spot rallies.
!Gamma risk if spot drops towards flip level ($75).
!Volatility contraction risk if VIX declines.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Long putModerate-Strong
Buy 2026-08-21 $100.00 put
Why now: Negative dealer gamma and spot below max pain support momentum lower.
Gamma risk if spot holds higher; time decay if move delayed.
Bear put spreadModerate
Buy 2026-08-21 $105.00/$95.00 put spread
Why now: Spot below 103, negative GEX; limited cost with defined max loss.
Limited profit zone; requires move below short strike by earnings.
Call credit spreadModerate-Weak
Sell 2026-08-21 $110.00/$115.00 call spread
Why now: Selling call credit above spot to collect premium; defined risk if spot rallies.
Upside risk if spot rallies above short strike.

Top Plays

#1
Bear Put Spread
Buy 2026-08-21 $105.00/$95.00 put spread
Profits from further decline below $105 with limited cost.
Why this play: Best balance of cost, risk, and reward; defined loss and captures downside with low capital.
Debit: $4.54-$5.56
Max loss: $5.56
BE: $99.44
Mgmt: Exit if spot rallies above $113 invalidation.
Traders seeking defined risk bearish play.
#2
Long Put
Buy 2026-08-21 $100.00 put
Direct bearish bet with unlimited downside gain.
Why this play: Higher profit potential on sharp drop but requires larger premium; aggressive.
Debit: $9.05-$11.06
Max loss: $11.06
BE: $88.94
Mgmt: Set stop-loss at $113; consider rolling if time decay accelerates.
Aggressive traders expecting significant downside.
#3
Call Credit Spread
Sell 2026-08-21 $110.00/$115.00 call spread
Collects premium from call premium decay if spot stays below $110.
Why this play: Defined risk bearish via selling calls; lower delta, suitable for sideways to down.
Credit: $1.53-$1.87
Max loss: $3.13
BE: $111.87
Mgmt: Close if spot approaches $110; can roll up if tested.
Conservative traders wanting income with limited upside risk.

Watchlist Triggers

Entry Triggers
IFIF spot breaks below $100 → Enter bear put spread (NOW-BPS-002) at $4.54-$5.56
IFIF spot breaks below $95 → Enter long put (NOW-LP-001) at $9.05-$11.06
IFIF spot rallies to $108 → Enter call credit spread (NOW-CCS-003) at $1.53-$1.87
Adjustment Triggers
ADJIF spot reaches $95 → Take profit on bear put spread (NOW-BPS-002)
Exit Triggers
EXITIF spot touches $113 → Exit all bearish positions

Tactical Summary

Bearish bias from negative GEX and spot below max pain. Prioritize defined-risk bear put spread. Enter on breakdown below $100 or $95; sell call spreads on rally to $108. Exit all if $113 reclaimed. Take profits on spread at $95.
How to Use These Reports
This directional reflects the market close on June 11, 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.