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NOW

ServiceNow, Inc.Close $93.01EOD only

Max Pain

$100.00

Next expiry Jun 26, 2026

Expected Move

±$5.12

5.5% from close

Price Gap

+6.99

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Jun 22, 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 22, 2026 close

NOW Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral with slight bearish bias. High vol and spot below $100 MP imply grind toward pin but resistance caps upside; tech selloff adds downside risk. Confidence 5/10.

Confidence:

5 / 10

Base 5; -1 GEX/flow contradict; +1 GEX positive; -0.5 spot distance; +0.5 VIX => net 5.

Supports: $100 gamma pin, dealer long gamma, support $86.49
Conflicts: High IV, put OI concentration, QQQ selloff

🟡Gamma pin at $100 neutral anchor

🔻Tech weakness (QQQ -3.3%) pressures

🟢Structural support at $86.49

Regime Classification

Vol Regime

High

IV elevated vs VIX 19.5, driven by near-term expiries and tech selloff.

Gamma Regime

Pinning

Positive gamma $351K, pinning to $100 MP; gamma flip ~$75 from put OI concentration.

Flow Regime

Mixed

Mixed flow; 21.8% put OI below spot suggests bearish hedging but GEX positive.

Spot vs Max Pain

Below

Spot ~$96, 4.1% below MP $100; short-term drift likely toward pin.

Thesis duration: Event-specific — High vol and gamma pin around $100 with upcoming expiries suggest near-term event-driven move to pin.

Price Range Forecast

Next 2 days

$91.24$100.64

Grind toward $100 pin; QQQ risk caps

Next 1 week

$88.84$103.04

Risk to $86.49 support if pin fails

Next 2 weeks

$86.49$105.39

Test support; resistance at $105.39

Key Levels

Max pain pins: $100 (2026-06-26); $102 (2026-07-02); $108 (2026-07-10)

EM guardrails: 2d $91.24/$100.64; 1w $88.84/$103.04

Support: $86.49

Resistance: $100.00 · $105.39

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,483 (21.8% below spot)

Structural: MP $100, support $86.49, resistance $105.39, gamma flip $75

Dealer Positioning (GEX/DEX)

GEX: $+351K

DEX: +40.9M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,483 (21.8% below spot))

NTM gamma: Dealer net long gamma $351K; max negative gamma near $75 (put concentration). Spot below $100, dealers likely pin to $100.

IV Analysis

IV vs VIX: IV rich vs VIX 19.5 given ticker's beta; elevated due to expiry events.

Term structure: Kinks at June 26 and July 2 expiries; front-end elevated.

Skew: Put skew steep; consider call spreads targeting $100 pin if bullish.

Flow Analysis

Net premium: Net put premium -$7.5M (net put selling); P/C vol 0.33 call-heavy.

Directional prints: 61 call 100 OTM 2026-06-26 — 13k vol vs OI 4.9k; aggressive call buying, bullish near-term bet.

Unusual: 60 call 103 OTM 2026-07-02 — 788 vol vs OI 213 (3.7x); speculative call, likely bought for upside. 61.7 put 83 OTM 2026-06-26 — 1.3k vol vs OI 392 (3.4x); deep OTM put, likely hedge. 58 put 91 OTM 2026-06-26 — 2.2k vol vs OI 650 (3.3x); OTM put buying, protective or bearish.

Risks & Catalysts

!Break below $86.49 support accelerates selling

!Gamma flip below $75 intensifies dealer hedging

!Tech selloff deepens (QQQ) crushing sentiment

!Earnings or macro catalyst disrupts pin pattern

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-24 $94.00/$87.00 put spread Why now: High IV and call-heavy flow suggest downside vulnerability; defined-risk bearish position captures post-earnings move.	Spot rallies above short put strike breaching max profit; time decay hurts if move delayed. Liquidity constraints: long_put: Open interest below 25.
Call credit spread	Moderate-Weak	Sell 2026-07-24 $110.00/$122.00 call spread Why now: Resistance at $100 and net call selling pressure; credit spread profits if spot stays below short strike.	Upside momentum through earnings could breach short call; capped profit but defined loss. Liquidity constraints: long_call: Volume below 5.
Iron condor	Conditional	Sell 2026-07-24 $87.00/$80.00 put wing and $113.00/$122.00 call wing Why now: Neutral bias with high volatility; iron condor collects premium in defined range.	Breakout beyond wings causes full loss; gamma risk near earnings may expand IV quickly. Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.

Top Plays

Bear put spread ahead of earnings

Buy 2026-07-24 $94.00/$87.00 put spread

Buy $94/$87 put spread to profit from post-earnings decline while limiting risk.

Why this play: Aligned with slight bearish thesis and resistance at $100; defined-risk captures downside with high IV.

Debit: $2.63-$3.22

Max loss: $3.22

BE: $90.78

Mgmt: Exit if spot breaks above $100 or hold through earnings if IV expansion favors puts. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Traders expecting moderate downside but wanting capped risk.

Call credit spread plays resistance

Sell 2026-07-24 $110.00/$122.00 call spread

Sell $110/$122 call spread to collect premium on capped upside.

Why this play: Resistance at $100 and call-heavy flow make short call spread profitable if spot stays below $110.

Credit: $1.64-$2.01

Max loss: $9.99

BE: $112.01

Mgmt: Buy back if spot rallies above $100 or adjust strikes if breached. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Traders with bearish outlook wanting income with wide breakeven.

Iron condor for neutral range

Sell 2026-07-24 $87.00/$80.00 put wing and $113.00/$122.00 call wing

Sell put and call wings to collect theta as range holds.

Why this play: Neutral bias with high IV supports premium collection within $87-$113 range.

Credit: $2.66-$3.25

Max loss: $5.75

BE: 83.75 / 116.25

Mgmt: Close if spot nears either short strike; adjust wings if IV spikes. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.

Traders expecting low volatility around earnings.

Watchlist Triggers

Entry Triggers

IFIF spot breaks below $86.49 support → THEN buy $94/$87 put spread (bear_put_spread_1) near midpoint $2.93

IFIF spot rallies to $100 resistance → THEN sell $110/$122 call spread (call_credit_spread_1) near midpoint $1.83

IFIF spot holds between $87 and $113 → THEN sell iron condor $87/$80 put & $113/$122 call (iron_condor_1) near midpoint $2.96

Exit Triggers

EXITIF spot breaks above $100 invalidation → THEN exit bear put spread and call credit spread positions

Tactical Summary

Neutral/bearish bias ahead of earnings. Enter bear put spread on break below $86.49, call credit spread on rally to $100, iron condor if range-bound. Exit all if spot closes above $100. Use limit orders at given midpoints.

How to Use These Reports

This directional reflects the market close on June 23, 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.