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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 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish bias driven by spot below max pain ($108) and mixed flow, but dealer short gamma and high vol could amplify moves. Support at $92.55 provides floor. Thesis: neutral-bearish with potential for downside toward $95.73 on the week.

Confidence:
7 / 10
Base 5 from net premiums; +2 from strong GEX/flow alignment; -1 due to spot 5.4% below max pain; +1 from moderate VIX ~18.
Supports: Strong dealer long delta (+42.3M shares) and short gamma (-$34.2M) provide structural positioning; key support at $92.55.
Conflicts: High vol regime and mixed flow introduce uncertainty; spot below max pain suggests bearish bias; negative gamma may amplify moves but also pin.
📉Spot ~5.4% below max pain $108, bearish pressure
⚡High vol and negative GEX amplify directional moves
🛡️Dealer long delta provides support near $92.55

Regime Classification

Vol Regime
High
IV is elevated relative to typical range, indicating high vol regime and expensive options.
Gamma Regime
Trending
GEX -$34.2M indicates dealer short gamma; gamma flip at ~$75 far from spot, so not an immediate constraining level.
Flow Regime
Mixed
Net premium is mixed with no strong directional skew from put/call activity.
Spot vs Max Pain
Below
Spot at ~$102 is 5.4% below nearest max pain at $108, implying potential upward drift towards MP but also bearish pressure.
Thesis duration: Multi-week — No specific event imminent; structural dealer positioning and sustained high vol suggest multi-week directionality.

Price Range Forecast

Next 1 week
$95.73$108.58
Support at $95.73, resistance at $108.58; downside bias.
Next 2 weeks
$92.55$111.75
Support at $92.55, resistance at $111.75; continued bearish risk.

Key Levels

Max pain pins: $108 (2026-06-12); $108 (2026-06-18); $105 (2026-06-26)
EM guardrails: 1w $95.73/$108.58
Support: $92.55 · $92.00
Resistance: $108.00 · $111.75
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,221 (26.6% below spot)
Structural: Max Pain: $108 (Jun12/18), $105 (Jun26). EM guardrails 1w: $95.73/$108.58. Support: $92.55, $92.00. Resistance: $108.00, $111.75. Gamma flip: ~$75.

Dealer Positioning (GEX/DEX)

GEX: $-34.2M

DEX: +42.3M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,221 (26.6% below spot))

NTM gamma: GEX -$34.2M (short gamma), DEX +42.3M shares (long delta), gamma flip ~$75.

IV Analysis

IV vs VIX: NOW IV is elevated relative to VIX (17.68), indicating rich premium for options sellers.

Term structure: Term structure is likely in contango with near-term elevated given high vol regime; longer-dated vols may be lower.

Skew: Skew appears elevated for puts given spot below max pain; opportunity in bear put spreads or short calls.

Flow Analysis

Net premium: Net premium -$27.9M (net selling), put/call vol 0.84, bearish bias.

Directional prints: 19.7 call 102 ITM 2026-06-12 — Vol/OI 19.6x, same-day OTM call. Likely bought (bullish); could be sold. 139.1 put 65 OTM 2026-06-18 — Vol/OI 11.1x, deep OTM put, high IV. Bought for hedge (bearish); sell unlikely. 60 call 115 OTM 2026-06-26 — Vol/OI 7.5x, OTM call. Bought for upside (bullish); sold possible.

Unusual: 61.7 call 100 ITM 2026-06-12 — Vol/OI 6.3x, same-day ATM call. Unusual activity; could be pin hedging.

Risks & Catalysts

!Rally to max pain $108 if dealer hedging intensifies.
!Persistent high vol leading to continued premium expansion.
!Gap move beyond support or resistance due to unexpected catalyst.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-07-24 $95.00/$85.00 put spread
Why now: Net selling and bearish flow suggest continued pressure. Support at $92.55 provides floor, so bear put spread captures downside with limited risk.
If stock rallies above upper strike, full loss; short gamma risk near expiration.
Put diagonalModerate-Weak
Sell 2026-06-26 $97.00 put / buy 2026-07-24 $95.00 put
Why now: High near-term implied vol before earnings, back-month vol less inflated. Bearish direction benefits from long put decay after near-term vol collapse.
Stock moves sharply higher causing loss on front put; earnings gap risk.

Top Plays

#1
Bear Put Spread
Buy 2026-07-24 $95.00/$85.00 put spread
Captures downside to $85 with limited loss; benefits from continued pressure below $95.
Why this play: Direct bearish play with defined risk, aligns with net selling flow and support floor.
Debit: $2.45-$3.00
Max loss: $3.00
BE: $92.00
Mgmt: Enter near $2.45-3.00; manage stop if price breaks above $108; take profit near max gain or adjust before earnings.
Traders seeking simple directional bearish exposure with capped risk.
#2
Put Diagonal
Sell 2026-06-26 $97.00 put / buy 2026-07-24 $95.00 put
Sell front-month put to collect premium, buy back-month put for downside protection; profits if stock drifts lower and vol declines.
Why this play: Exploits high near-term vol and bearish bias; diagonal structure reduces cost and benefits from vol decay.
Debit: $2.56-$3.14
Max loss: $3.14
BE: Path-dependent
Mgmt: Enter near $2.56-3.14; monitor support at $92.55; close near-term put before expiration or adjust if trend reverses.
Traders comfortable with short vol and directional timing, seeking lower capital outlay.

Watchlist Triggers

Entry Triggers
IFIF NOW trades below $95.73 → Buy S1 bear put spread (target entry $2.45-$3.00)
IFIF NOW holds below $96.00 and vol elevated → Enter S2 put diagonal (target entry $2.56-$3.14)
Adjustment Triggers
ADJIF NOW breaks below $92.55 → Adjust or exit S2 put diagonal
Exit Triggers
EXITIF NOW rallies above $108.00 → Exit S1 bear put spread

Tactical Summary

Bearish bias targeting $95.73 support; rally risk at $108 max pain. Prefer S1 bear put spread or S2 put diagonal near entry ranges.
How to Use These Reports
This directional reflects the market close on June 12, 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.