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NOW

ServiceNow, Inc.Close $101.33EOD only

Max Pain

$106.00

Next expiry Jun 18, 2026

Expected Move

±$4.15

4.1% from close

Price Gap

+4.67

Distance to max pain

IV Rank

High premium

P/C OI

0.78

Slightly call-heavy

Consensus

4.0/10

Consensus signal

Published snapshot: Jun 16, 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 16, 2026 close

NOW Directional Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Slightly bullish near term as dealer long delta and $92 support provide floor, but high vol and spot below MP cap upside.

Confidence:

6.5 / 10

Base 5; GEX/flow aligned +2; spot 9.1% from MP -1; VIX 18 +0.5

Supports: Dealer long delta (+46.2M shares), support at $92, GEX negative amplifies bounce
Conflicts: High vol regime, spot below max pain, negative GEX can accelerate downside

🔻Spot 9.1% below MP $105, bearish drift

📊Dealer GEX -$9.5M, DEX +46.2M shares, net long delta

🛡️Support $92 may absorb selling

Regime Classification

Vol Regime

High

High; VIX 18.44 and down day elevate IV

Gamma Regime

Trending

Trending; negative GEX -$9.5M amplifies moves

Flow Regime

Mixed

Mixed; no clear premium bias

Spot vs Max Pain

Below

Below; spot ~$95.5 vs MP $105, bearish

Thesis duration: Multi-week — Price ranges extend 2 weeks with defined support/resistance

Price Range Forecast

Next 2 days

$92.41$98.56

Bounce from $92.41 support to $98.56

Next 1 week

$88.48$102.48

Range $88.48-$102.48, pin at $103

Next 2 weeks

$86.48$104.48

Resistance $104.48-105, likely to fail

Key Levels

Max pain pins: $105 (2026-06-18); $103 (2026-06-26); $105 (2026-07-02)

EM guardrails: 2d $92.41/$98.56; 1w $88.48/$102.48

Support: $92.00 · $86.48

Resistance: $104.48 · $105.00

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 13,261 (26.7% below spot)

Structural: Support $92, $86.48; Resistance $104.48, $105; Gamma flip $70

Dealer Positioning (GEX/DEX)

GEX: $-9.5M

DEX: +46.2M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 13,261 (26.7% below spot))

NTM gamma: Short gamma -$9.5M, long delta +46.2M shares; gamma flip ~$70

IV Analysis

IV vs VIX: IV rich vs VIX given high vol regime

Term structure: Likely upward sloping; event kinks near OPEX

Skew: Put skew elevated; consider call spreads for bounce

Flow Analysis

Net premium: Net put buying of ~$235M with P/C vol ratio 1.10 and OI ratio 0.76 indicates bearish flow.

Directional prints: 93 put 65 OTM 2026-06-26 — Vol/OI 55x, 15k vol vs 273 OI, likely bought puts (bearish sweep).

Unusual: 93 put 65 OTM 2026-06-26 — Vol/OI 55x, deep OTM put sweep, bearish. 56.8 put 90 OTM 2026-06-26 — Vol/OI 7.6x, 5.7k vol vs 751 OI, aggressive put buying. 409.2 put 148 ITM 2026-06-18 — Vol/OI 6.5x, 2.4k vol, massive IV 409%, near-term put buying.

Risks & Catalysts

!Break below $92 support targets $86.48

!Upside gap to $98+ flips dealer gamma

!Event risk (earnings not indicated)

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-07-24 $90.00/$85.00 put spread Why now: Dealer long delta and support floor; high IV inflates credit	Break below $92 risks max loss
Bull call spread	Moderate-Weak	Buy 2026-07-24 $104.00/$114.00 call spread Why now: Spot near support, capped upside near 105; cheap debit	Max loss if spot stays below long strike Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Call diagonal	Moderate-Strong	Sell 2026-07-10 $104.00 call / buy 2026-08-21 $100.00 call Why now: IV contango; front vol declines post-earnings; bullish delta neutral	Large adverse move before front expiry

Top Plays

Put Credit Spread

Sell 2026-07-24 $90.00/$85.00 put spread

Sell $90/$85 put spread to collect premium while downside is hedged.

Why this play: Best aligns with near-term bullish thesis; high IV inflates credit; support at $92 provides floor.

Credit: $1.67-$2.04

Max loss: $2.96

BE: $87.96

Mgmt: Close at 50% max gain or if spot breaks $92 invalidation level.

Traders expecting sideways to slightly bullish price action with support holding.

Call Diagonal

Sell 2026-07-10 $104.00 call / buy 2026-08-21 $100.00 call

Sell front call, buy back call to capture time decay.

Why this play: Exploits IV contango and front vol decline post-earnings; bullish delta neutral.

Debit: $5.65-$6.90

Max loss: $6.90

BE: Path-dependent

Mgmt: Monitor gamma early; adjust strike/expiration if spot moves.

Traders comfortable with multi-leg options and expecting volatility decline.

Bull Call Spread

Buy 2026-07-24 $104.00/$114.00 call spread

Buy $104/$114 call spread for a fixed risk bullish bet.

Why this play: Cheap upside play but liquidity fail makes execution difficult; limited upside near 105.

Debit: $2.52-$3.08

Max loss: $3.08

BE: $107.08

Mgmt: Exit if spot falls below $92 or at expiration. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

Aggressive traders seeking leverage on break above resistance.

Watchlist Triggers

Entry Triggers

IFSpot holds above $92 support → Sell 2026-07-24 $90/$85 put credit spread at limit 2.04

Exit Triggers

EXITSpot breaks below $92 → Close put credit spread to limit loss to max loss 2.96

Tactical Summary

Slightly bullish near term; support at $92 provides floor. Top play: Put credit spread. Enter if spot holds above $92, exit on break below. Monitor upside to $98.

How to Use These Reports

This directional reflects the market close on June 17, 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.