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NOW

ServiceNow, Inc.Close $95.94EOD only

Max Pain

$100.00

Next expiry Jun 26, 2026

Expected Move

±$4.70

4.9% from close

Price Gap

+4.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

5.5/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

NOW Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: spot ~$94, 6.2% below max pain $100. Dealer short gamma (-$4.6M) amplifies downside. High vol regime. Upside risk from gamma flip at $75 (low probability).

Confidence:

6.5 / 10

Base 5; +2 GEX/flow aligned; -1 spot vs MP; +0.5 VIX 19 => net 6.5

Supports: Dealer short gamma, spot below max pain, high vol
Conflicts: Mixed flow, wide ranges, gamma flip at $75

📉Spot below max pain; short gamma amplifies downside.

⚠️Gamma flip ~$75; low probability but high impact.

📊VIX 19 keeps IV rich; premium selling attractive.

Regime Classification

Vol Regime

High

IV elevated (VIX 19, ticker high); options rich.

Gamma Regime

Trending

Trending gamma, GEX -$4.6M short; amplifies moves.

Flow Regime

Mixed

Mixed net premium; P/C ratio balanced.

Spot vs Max Pain

Below

Spot ~$94, 6.2% below max pain $100; downside pin risk.

Thesis duration: Event-specific — Multiple monthly expiries within 3 weeks; gamma and vol elevate event risk.

Price Range Forecast

Next 2 days

$90.08$97.53

Below MP, dealer short gamma

Next 1 week

$87.30$100.30

Trending gamma, downside bias

Next 2 weeks

$84.85$102.75

Support at 84.85; gamma flip at 75

Key Levels

Max pain pins: $100 (2026-06-26); $101 (2026-07-02); $106 (2026-07-10)

EM guardrails: 2d $90.08/$97.53; 1w $87.30/$100.30

Support: $85.00 · $84.85

Resistance: $100.00 · $102.75

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,481 (20.0% below spot)

Structural: Max pain $100 (6/26), $101 (7/2), $106 (7/10). EM guardrails: 2d $90.08/$97.53; 1w $87.30/$100.30. Support: 85.0, 84.85. Resistance: 100.0, 102.75. Gamma flip ~$75.

Dealer Positioning (GEX/DEX)

GEX: $-4.6M

DEX: +40.9M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,481 (20.0% below spot))

NTM gamma: GEX -$4.6M short gamma; DEX +40.9M long delta; gamma flip ~$75.

IV Analysis

IV vs VIX: IV rich relative to VIX 19; elevated implied vol suggests premium selling.

Term structure: Contango typical; front-month highest due to events.

Skew: Put skew elevated; consider put credit spreads given downside bias.

Flow Analysis

Net premium: Net selling premium ~$19.6M; call volume dominates (P/C vol 0.31) but overall bearish premium flow; OI ratio 0.77 indicates more call open interest.

Directional prints: 99.2 call 114 OTM 2026-06-26 — Vol/OI 8.0, high IV 99.2%, low premium $0.05; unusual activity likely speculative buying but net selling context suggests potential sell-side. 55.5 call 97 OTM 2026-06-26 — Vol/OI 2.5, IV 55.5%, premium $0.70; elevated volume relative to OI; could be bullish buying or bearish selling; net negative premium favors sell.

Unusual: 99.2 call 114 OTM 2026-06-26 — Vol/OI 8.0, low premium $0.05, high implied vol; notable outlier activity. 55.5 call 97 OTM 2026-06-26 — Vol/OI 2.5, moderate premium $0.70; unusual volume relative to open interest. 55.5 call 93 ITM 2026-06-26 — Vol/OI 1.7, premium $2.30; elevated activity for ITM call; unusual print.

Risks & Catalysts

!Spot breaks below $84.85 support, accelerating losses.

!Gamma flip at $75 triggered by sharp selloff.

!Earnings/macro catalyst reversing trend.

!IV crush if vol normalizes.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-24 $87.00/$85.00 put spread Why now: Defined-risk bearish exposure with earnings catalyst.	Upside reversal beyond $100 max pain.
Long put	Moderate	Buy 2026-07-24 $85.00 put Why now: Simple convex bearish position into earnings.	Time decay if move delayed; vol crush.
Call credit spread	Moderate	Sell 2026-07-24 $114.00/$115.00 call spread Why now: Bearish-neutral defined-risk credit; resistance near $100-$105.	Spot rally above $100 forces spread ITM.

Top Plays

Bear Put Spread for Earnings

Buy 2026-07-24 $87.00/$85.00 put spread

Buy $87/$85 put spread to profit from downside into earnings

Why this play: Defined risk bearish play aligned with max pain and dealer gamma

Debit: $0.95-$1.16

Max loss: $1.16

BE: $85.84

Mgmt: Close at -50% loss or hold through earnings; target 50% of max gain

Traders seeking capped risk bearish exposure

Long Put for Convex Bearish

Buy 2026-07-24 $85.00 put

Buy $85 put for convex downside exposure

Why this play: Simple directional bet with high payoff potential

Debit: $2.79-$3.41

Max loss: $3.41

BE: $81.59

Mgmt: Set stop at 100% premium; take profits on sharp drops

Risk-tolerant bearish traders

Call Credit Spread on Resistance

Sell 2026-07-24 $114.00/$115.00 call spread

Sell $114/$115 call spread to collect premium on capped upside

Why this play: Bearish-neutral credit capture near resistance

Credit: $0.14-$0.17

Max loss: $0.83

BE: $114.17

Mgmt: Close at 50% profit or if stock above $100

Income-focused bearish traders

Watchlist Triggers

Entry Triggers

IFIF spot breaks and holds below $84.85 support → THEN buy the 2026-07-24 $87/$85 bear put spread for $0.95-$1.16

IFIF spot breaks below $84.85 support with momentum → THEN buy the 2026-07-24 $85 put for $2.79-$3.41

IFIF spot stays below $100 resistance → THEN sell the 2026-07-24 $114/$115 call spread for $0.14-$0.17 credit

Exit Triggers

EXITIF spot rallies above $100 → THEN close all bearish positions

EXITIF long put loses 100% of premium → THEN exit

Tactical Summary

Bearish bias on NOW into earnings (7/22). Spot ~$94, max pain $100, dealer short gamma. Support $84.85, resistance $100. High vol. Preferred plays: bear put spread ($87/$85), long put ($85), or call credit spread ($114/$115). Exit if above $100.

How to Use These Reports

This directional reflects the market close on June 24, 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.