thetaOwl
HomeOptionsNOWReports

NOW

ServiceNow, Inc.Close $101.83EOD only
Max Pain
$93.00
Next expiry May 22, 2026
Expected Move
±$6.10
6.0% from close
Price Gap
-8.83
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
0.74
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 19, 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
May 19, 2026 close
NOW Earnings Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Earnings Verdict

Bullish pre-earnings flow with pinning near $93 MP, but call OI walls cap upside.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.5% from MP; +0.5 VIX 18
Most important: Massive $112 call volume (21.8k) for May29 (pre-earnings) signals strong bullish sentiment; spot 9.5% above MP with gamma flip at $85.
📈Massive $112 call volume (21.8k) pre-earnings; expires before Jul 22 event.
⚠️Spot 9.5% above $93 MP; pinning risk could pull lower.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$85.00 — Approx — based on put OI concentration of 11,080 (16.5% below spot)

Earnings Overview

Next earnings: 2026-07-22 (64 days)explicit

Expected moves:

  • 2026-05-22 (3d): ±$6.10 (6.0%)
  • 2026-05-29 (10d): ±$9.15 (9.0%)
  • 2026-06-05 (17d): ±$11.65 (11.4%)

IV Setup

Term structure: Near-term IV 70-82%, longer-dated 50-60%.

Crush estimate: Moderate post-earnings crush (Jul 22); near-term IV may collapse if no catalyst.

Skew: Put skew elevated at $105-$102, indicating hedging.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available

Directional bias: Slight bullish (100% beat rate 5 quarters, but move vs implied unknown).

Key Levels

1$85.00 gamma flip
2EM guardrails: 2d $95.73/$107.93; 1w $92.68/$110.98
3Max pain pins: $93 (2026-05-22); $92 (2026-05-29); $93 (2026-06-05)

Flow Highlights

Unusual call buying: 21,847 contracts on NOW May29 $112 call (vol/OI 118:1) — expires before earnings.

Aggressive pre-earnings bullish bet or short hedge; not an earnings-driven position.

Elevated put activity at $105 and $102 for May22 (pre-earnings).

Pre-earnings downside hedging near support; consistent with pinning near $93 MP.

Strategies

Call Diagonal Pre-Earnings
Sell 2026-05-29 $109.00 call / buy 2026-07-17 $105.00 call
Debit: $5.85-$7.15
Max loss: $7.15
Max gain: Variable
BE: Path-dependent
Trigger: Monitor gamma flip at $85; exit if spot drops below $93 invalidation level.
Only eligible candidate; exploits near-term IV premium vs longer-dated IV.
Outperforms: Sell short-dated call, buy longer-dated call to capture IV crush and time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Call OI wall $110-$150 caps upside.
!Put floor $60-$85 limits downside; spot 9.5% above MP may drift lower.
!VIX >18 implies volatility expansion risk.

What to Watch

?Gamma flip at $85 for downside protection.
?May29 $112 call activity pre-earnings.
?Put volume $105-$102 for support.
How to Use These Reports
This earnings reflects the market close on May 19, 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.