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NOW

ServiceNow, Inc.Close $89.52EOD only

Max Pain

$98.00

Next expiry Jun 26, 2026

Expected Move

±$2.40

2.7% from close

Price Gap

+8.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.76

Slightly call-heavy

Consensus

5.5/10

Upside lean

Published snapshot: Jun 25, 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 25, 2026 close

NOW Directional Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-bullish bias within 1w range $92.54-$104.14; dealer long gamma pins spot near max pain $94-$100; mixed flow and high vol limit upside but provide support.

Confidence:

5 / 10

Base 5; adjustments: GEX/flow contradict (-1), GEX positive pinning (+1), spot 4.6% from MP (-0.5), VIX 18 (+0.5) => score 5.0.

Supports: Dealer long gamma +$29.8M, long DEX +41.2M shares, max pain pins at $94/$99/$100.
Conflicts: Mixed flow signal, high vol regime, spot above MP.

📌Max pain pins at $94, $99, $100 across expiries.

🏦Dealer long gamma $29.8M; net delta long 41.2M shares.

⚠️High vol and mixed flow add uncertainty; close stop below $94.

Regime Classification

Vol Regime

High

IV elevated (High) vs VIX 18; options rich, suitable for premium selling if range holds.

Gamma Regime

Pinning

Dealer gamma long $29.8M; pinning likely near max pain $94-$100; gamma flip ~$85 (13.6% below spot).

Flow Regime

Mixed

Mixed net premium with no clear directional conviction; puts and calls balanced.

Spot vs Max Pain

Above

Spot above near-term max pain $94; strength above MP supports bullish structure.

Thesis duration: Event-specific — Proximity to weekly expiration on 2026-06-26 creates pinning dynamics; max pain levels dominate.

Price Range Forecast

Next 1 week

$92.54$104.14

Dealer gamma support at $94; resistance at $104.14.

Next 2 weeks

$89.69$106.99

Broader range $89.69-$106.99; gamma flip risk below $85.

Key Levels

Max pain pins: $94 (2026-06-26); $99 (2026-07-02); $100 (2026-07-10)

EM guardrails: 1w $92.54/$104.14

Support: $94.00 · $89.69

Resistance: $100.00 · $106.99

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 13,639 (13.6% below spot)

Structural: Max pain pins: $94 (6/26), $99 (7/2), $100 (7/10); support $94, $89.69; resistance $100, $106.99; gamma flip ~$85.

Dealer Positioning (GEX/DEX)

GEX: $+29.8M

DEX: +41.2M shares

Gamma flip: ~$85 (Approx — based on put OI concentration of 13,639 (13.6% below spot))

NTM gamma: Dealer net gamma +$29.8M; long 41.2M shares; gamma flip at ~$85 (based on put OI concentration).

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX 18; rich options imply high demand; consider selling premium if staying rangebound.

Term structure: Near-term expiry (6/26) IV elevated due to pinning; back months lower, typical expiration kink.

Skew: Put skew elevated; call skew flatter. Opportunity in calendar spreads to capture time decay.

Flow Analysis

Net premium: Net bearish -$14.8M; P/C vol ratio 0.67.

Directional prints: 77 put 65 OTM 2026-07-17 — Vol 14,784 vs OI 495 (29.9x); deep OTM put bought, bearish speculation. 131.7 put 125 ITM 2026-07-02 — Vol 952 vs OI 131 (7.3x); ITM put with high IV, likely downside hedge. 52.2 put 94 OTM 2026-07-02 — Vol 2,886 vs OI 422 (6.8x); OTM put buying, bearish.

Unusual: 27.5 call 98 ITM 2026-06-26 — Vol 7,244 vs OI 1,137 (6.4x); ITM call on expiry, possibly closing. 55.9 call 100 OTM 2026-07-10 — Vol 4,479 vs OI 821 (5.5x); ATM call accumulation, bullish. 31.3 put 96 OTM 2026-06-26 — Vol 3,625 vs OI 639 (5.7x); OTM put on expiry, unusual.

Risks & Catalysts

!Breakdown below $94 support, targeting gamma flip $85.

!Sudden macro vol expansion (VIX spike) overwhelms pinning.

!Failed pinning leads to acceleration beyond range bounds.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-07-17 $90.00/$85.00 put spread Why now: Dealer long gamma pins near $94-$100; low likelihood of breakdown before earnings.	Breakdown below $94 accelerates gamma flip; undefined tail risk if naked.
Iron condor	Moderate	Sell 2026-07-17 $90.00/$85.00 put wing and $105.00/$115.00 call wing Why now: High IV supports credit collection; max pain zone near $94-$100 acts as pin.	Breakout beyond $94-$100 range causes loss; IV expansion can widen wings.

Top Plays

Put Credit Spread

Sell 2026-07-17 $90.00/$85.00 put spread

Sell $90/$85 put spread to collect premium from time decay and pinning action.

Why this play: Dealer long gamma pins near $94-$100; bearish flow supports put selling; bias aligns with neutral-bullish thesis.

Credit: $0.92-$1.13

Max loss: $3.87

BE: $88.87

Mgmt: Monitor $94 support; close if breakdown below $94.

Mildly bullish traders seeking income with defined risk.

Iron Condor

Sell 2026-07-17 $90.00/$85.00 put wing and $105.00/$115.00 call wing

Sell $90/$85 put wing and $105/$115 call wing to profit from range-bound movement.

Why this play: High IV yields credit; max pain zone pinning supports range-bound bias; suits mixed flow environment.

Credit: $2.57-$3.14

Max loss: $6.86

BE: 86.86 / 108.14

Mgmt: Adjust wings if price breaches $94 or $105; monitor vol ahead of earnings.

Neutral traders expecting price within $94-$100 range.

Watchlist Triggers

Entry Triggers

IFIF NOW price stays above $94 support → THEN sell 2026-07-17 $90/$85 put credit spread

IFIF NOW price remains within $94-$100 range → THEN sell 2026-07-17 $90/$85 put and $105/$115 call iron condor

Adjustment Triggers

ADJIF NOW price breaches $94 or $105 → THEN adjust iron condor wings to manage risk

Exit Triggers

EXITIF NOW price breaks below $94 → THEN close put credit spread at loss

Tactical Summary

Neutral-bullish bias within $92.54-$104.14; dealer gamma pins near max pain $94-$100. Key support $94, resistance $100. Put credit spread and iron condor benefit from pinning and time decay. Risk: breakdown below $94 or macro vol expansion.

How to Use These Reports

This directional reflects the market close on June 26, 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.