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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

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 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Slight bullish bias near-term as $107 max pain pinning and positive dealer gamma support spot recovery, but high vol and mixed flow cap upside. Range-bound between $98.83-$109.48.

Confidence:

6 / 10

Base 5, +1 VIX 16, +1 pinning gamma, -1 mixed flow. Net 6.

Supports: Pinning gamma at $107, +9.9M GEX, +41.3M DEX, VIX 16, resistance at $107 aligns with max pain.
Conflicts: Spot below max pain, mixed flow, high vol regime, no clear breakout catalyst.

📌$107 max pain strong pin for June 18 expiry

⚠️High vol regime warrants tight stops

↔️Spot below key $107, needs reclaim for bullish bias

Regime Classification

Vol Regime

High

High IV relative to typical, likely due to event risk (weekly expiry). VIX 16 moderate but elevated sector vol from tech rally (QQQ +3.14%).

Gamma Regime

Pinning

Pinning regime with +$9.9M GEX concentrated near $107. Gamma flip at $75 far below, low flip risk intraweek.

Flow Regime

Mixed

Mixed net premium. Elevated put OI 28% below spot suggests hedging bias but not aggressive selling.

Spot vs Max Pain

Below

Spot trading below $107 max pain. Pin incentive is upward to $107 by expiry, providing support but also resistance.

Thesis duration: Event-specific — Expiries June 18, 26, July 2 create discrete pin levels. Near-term catalysts from gamma and max pain dominate over structural trends.

Price Range Forecast

Next 2 days

$98.83$109.48

Reclaim $105 for run to $107, else test $103 support. Guardrails $98.83-$109.48.

Next 2 weeks

$93.25$115.05

Wider range $93.25-$115.05. Breakout depends on earnings (none) or macro. Max pain $107 likely anchor.

Key Levels

Max pain pins: $107 (2026-06-18); $105 (2026-06-26); $108 (2026-07-02)

EM guardrails: 2d $98.83/$109.48

Support: $93.25

Resistance: $107.00 · $115.05

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,241 (28.0% below spot)

Structural: Support $93.25 (2w low), resistance $107 (max pain), $115.05 (2w high). EM guardrails 2d: $98.83/$109.48. Gamma flip ~$75 (low risk).

Dealer Positioning (GEX/DEX)

GEX: $+9.9M

DEX: +41.3M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,241 (28.0% below spot))

NTM gamma: Net long gamma +$9.9M, pinning near $107. DEX +41.3M shares (bullish delta). Gamma flip ~$75 far below, no flip risk near spot.

IV Analysis

IV vs VIX: NOW IV elevated vs VIX 16, implying event premium (weekly expiry). Rich for short vol, but vol may compress post-expiry.

Term structure: Front-end elevated due to June 18 expiry, backwardation likely. Longer-dated IV normal.

Skew: Put skew elevated (spot below $107). Selling puts below $95 or buying call spreads at $110-$115 may exploit pinning compression.

Flow Analysis

Net premium: Negative net premium from deep ITM put premium outweighs heavy OTM call volume.

Directional prints: 69.1 call 114 OTM 2026-06-18 — Vol/OI 27.6; aggressive new call buying, bullish speculation. 65.2 call 109 OTM 2026-06-18 — Vol/OI 6.5; strong call accumulation, bullish sentiment. 66.3 call 111 OTM 2026-06-18 — Vol/OI 5.3; notable call buying, likely bullish.

Unusual: 69.1 call 114 OTM 2026-06-18 — Extreme vol/OI 27.6; massive OTM call buying, very unusual. 240.4 put 148 ITM 2026-06-18 — High IV and moderate vol/OI 2.7; deep ITM put purchase possibly hedging. 338 put 178 ITM 2026-06-18 — Extreme IV 338%; deep ITM put activity, hedging or speculation.

Risks & Catalysts

!High vol regime could amplify moves on any catalyst.

!Spot failing to hold $105 may accelerate to $98.83.

!Mixed flow suggests lack of strong directional conviction—sideways risk.

!OPEX pinning may fail if macro sentiment shifts abruptly.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate-Weak	Sell 2026-07-24 $95.00/$90.00 put wing and $107.00/$111.00 call wing Why now: Max pain $107, dealer gamma positive, but high vol caps upside. Iron condor captures range.	Upside breakout above $109 or breakdown below $100 on earnings event. Liquidity constraints: long_call: Open interest below 25.
Put credit spread	Moderate	Sell 2026-07-24 $95.00/$90.00 put spread Why now: Positive dealer gamma near $105, mixed flow suggests downside limited. Defined risk.	Spot breaks below $100 if earnings disappoint.
Call diagonal	Moderate-Weak	Sell 2026-07-02 $113.00 call / buy 2026-07-24 $107.00 call Why now: Near-term IV elevated; term structure favors short-dated premium harvest.	Spot rallies significantly before near-term expiry; early exercise risk.
Bull call spread	Conditional	Buy 2026-07-24 $114.00/$119.00 call spread Why now: Max pain pinning and dealer gamma support, but high vol limits convexity.	Spot fails to hold $105; spread expires worthless. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

Top Plays

Put Credit Spread

Sell 2026-07-24 $95.00/$90.00 put spread

Sell $95/$90 put spread to collect premium with downside protection.

Why this play: Best alignment with bullish bias and positive dealer gamma, defined risk, strong liquidity.

Credit: $1.24-$1.51

Max loss: $3.49

BE: $93.49

Mgmt: Close at 50% max gain; stop at $93.25.

Neutral-to-bullish traders expecting limited downside.

Call Diagonal

Sell 2026-07-02 $113.00 call / buy 2026-07-24 $107.00 call

Sell short-dated $113 call, buy later $107 call to profit from time decay.

Why this play: Captures elevated near-term IV and term structure; bullish skew benefits.

Debit: $5.06-$6.19

Max loss: $6.19

BE: Path-dependent

Mgmt: Roll short if tested; close at profit target.

Neutral-to-bullish traders expecting volatility contraction.

Iron Condor

Sell 2026-07-24 $95.00/$90.00 put wing and $107.00/$111.00 call wing

Sell $95/$90 put and $107/$111 call wings to collect premium within range.

Why this play: Capitalizes on max pain pinning and range-bound expectation.

Credit: $2.59-$3.16

Max loss: $1.84

BE: 91.84 / 110.16

Mgmt: Adjust wings if spot approaches; exit at 50% profit. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Traders expecting stock between $95 and $107 at expiry.

Watchlist Triggers

Entry Triggers

IFNOW spot holds above $105 for 2 consecutive hours → Enter put credit spread: sell 2026-07-24 $95/$90 put spread (strat_2).

IFNOW spot stays between $98.83 and $107 and IV above 55% → Enter call diagonal: sell 2026-07-02 $113 call, buy 2026-07-24 $107 call (strat_3).

Exit Triggers

EXITNOW spot closes below $93.25 → Close all short positions: exit put credit spread and call diagonal.

Tactical Summary

Slight bullish bias near-term with max pain pinning at $107 and positive dealer gamma. Range-bound $98.83-$109.48. Best plays: put credit spread (sell $95/$90) if $105 holds; call diagonal if range holds with elevated IV. Invalidation: break of $93.25 support.

How to Use These Reports

This directional reflects the market close on June 15, 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.