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NOW

ServiceNow, Inc.Close $95.04EOD only

Max Pain

$102.00

Next expiry Jun 26, 2026

Expected Move

±$6.05

6.4% from close

Price Gap

+6.96

Distance to max pain

IV Rank

100

High premium

P/C OI

0.77

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Jun 18, 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 18, 2026 close

NOW Directional Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: negative GEX, high vol, spot below MP. Targets support 85-92.

Confidence:

7 / 10

Base5 +2GEX/flow -1spot +1VIX => 7.0

Supports: Neg GEX, high vol, below MP, resistance 100
Conflicts: DEX +39.8M long; mixed call flow

📉GEX -$8.7M, flip $75

📌Spot $93 below $100 MP

🔄EM guardrails 85.61-100.41

Regime Classification

Vol Regime

High

High vol (VIX 17)

Gamma Regime

Trending

Trending gamma, neg GEX

Flow Regime

Mixed

Mixed (puts and calls)

Spot vs Max Pain

Below

Spot $93 below $100 MP (7%)

Thesis duration: Event-specific — Max pain pins Jun26, Jul2, Jul10

Price Range Forecast

Next 1 week

$85.61$100.41

Range $85.61-$100.41; support $92

Next 2 weeks

$83.46$102.56

Support $83.46; resistance $102.56

Key Levels

Max pain pins: $100 (2026-06-26); $105 (2026-07-02); $110 (2026-07-10)

EM guardrails: 1w $85.61/$100.41

Support: $92.00 · $85.00 · $83.46

Resistance: $100.00 · $102.56

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,483 (19.4% below spot)

Structural: EM 1w: $85.61/$100.41; support $92/$85/$83.46; resistance $100/$102.56; flip $75

Dealer Positioning (GEX/DEX)

GEX: $-8.7M

DEX: +39.8M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,483 (19.4% below spot))

NTM gamma: GEX -$8.7M; short gamma; flip ~$75 from put OI 13.5k

IV Analysis

IV vs VIX: High vol regime; IV likely elevated vs VIX

Term structure: Event-driven; likely backwardated

Skew: Downside skew expected from neg gamma

Flow Analysis

Net premium: Negative $20.9M net premium; P/C vol ratio 0.37 suggests large put buying or call selling.

Directional prints: 58.4 call 95 OTM 2026-07-17 — Vol 4915/OI 2459; if bought bullish, if sold bearish. Net premium negative implies sold; bearish. 61 call 95 OTM 2026-06-26 — Vol 3070/OI 878, vol/OI 3.5; ambiguous, net premium leans bearish.

Unusual: 59.8 call 93 ITM 2026-06-26 — Highest vol/OI 3.9; small OI suggests new position; likely sold given net premium. 66.9 call 112 OTM 2026-07-02 — OTM call vol/OI 3.7; speculative; bearish bias. 64.5 put 80 OTM 2026-07-31 — Only put; vol/OI 3.3; if bought bearish; net negative premium suggests bought puts; bearish.

Risks & Catalysts

!Reversal to $100 MP

!Flip $75

!DEX unwind

!Macro vol spike

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-24 $93.00/$87.00 put spread Why now: Defined-risk bearish debit spread expresses bearish bias with limited loss. Post-earnings expiration captures event follow-through.	Reversal above short strike or further downside beyond long strike; time decay works against if no move. Liquidity constraints: short_put: Open interest below 25.
Long put	Moderate-Weak	Buy 2026-07-24 $88.00 put Why now: Long put offers convexity and limited downside for bearish view. Post-earnings expiration aligned with duration.	Time decay if spot does not decline; implied volatility crush post-earnings reduces value. Liquidity constraints: long_put: Open interest below 25.
Call credit spread	Moderate	Sell 2026-07-24 $106.00/$114.00 call spread Why now: Call credit spread capitalizes on bearish bias and elevated IV, defined risk. Post-earnings expiration captures event follow-through.	Upside gap past short strike if management reverses trend; limited profit potential. Liquidity constraints: long_call: Open interest below 25.

Top Plays

Long Put

Buy 2026-07-24 $88.00 put

Buy 2026-07-24 $88 put to express bearish view with limited loss.

Why this play: Best convexity for bearish bias with high vol.

Debit: $4.37-$5.33

Max loss: $5.33

BE: $82.67

Mgmt: Set stop-loss at $100 invalidation; take profit at $85. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Traders seeking max upside from downside move.

Bear Put Spread

Buy 2026-07-24 $93.00/$87.00 put spread

Buy $93/$87 put spread for bearish bias with capped loss.

Why this play: Defined risk, captures event follow-through at lower cost.

Debit: $2.43-$2.97

Max loss: $2.97

BE: $90.03

Mgmt: Exit if spot exceeds $100; target $87. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk-averse traders with defined risk tolerance.

Call Credit Spread

Sell 2026-07-24 $106.00/$114.00 call spread

Sell $106/$114 call spread to collect premium with defined risk.

Why this play: Credit strategy capitalizing on elevated IV and bearish view.

Credit: $1.28-$1.57

Max loss: $6.43

BE: $107.57

Mgmt: Buy back if spot breaches $106; hold to expiry. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Income-oriented traders expecting bearish move.

Watchlist Triggers

Entry Triggers

IFSpot closes below $92 → Buy 2026-07-24 $88 put (NOW_LP_002).

IFSpot holds $92-$95 → Buy $93/$87 put spread (NOW_BPS_001).

IFSpot below $100, IV elevated → Sell $106/$114 call spread (NOW_CCS_003).

Exit Triggers

EXITSpot above $100 → Close all bearish positions: long put, put spread, buy back call spread.

Tactical Summary

Bearish bias pre-earnings (7/22). Support $92/$85; resistance $100/$102.56. Use long put (convexity) or bear put spread (defined risk). Call credit spread if IV high. Invalidate above $100.

How to Use These Reports

This directional reflects the market close on June 22, 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.