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NOW

ServiceNow, Inc.Close $99.69EOD only
Max Pain
$95.00
Next expiry May 22, 2026
Expected Move
±$3.17
3.2% from close
Price Gap
-4.69
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 21, 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 21, 2026 close
NOW Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 21, 2026.

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Earnings Verdict

Earnings on 2026-04-22 (16 days out). IV elevated at 67.7% for 4/24, offering crush play. Historical beat rate 100% with average move 5.0% vs EM 12.0% — stock under-moves. Key risk: negative gamma regime amplifies gaps.

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned
Most important: IV term structure kink at 4/24 (67.7% vs 52.9% pre) confirms earnings date; stock historically under-moves EM by 7%.
📅Earnings confirmed 2026-04-22 (16 days out), EM ±12.0%
📊Historical: 100% beat rate, 4/4 gap up, average move 5.0% vs EM 12.0%
⚠️Negative gamma regime (GEX -$8.3M) — moves accelerate below $100

Regime Classification

Vol Regime
High (IV 59.8%)
Gamma Regime
Trending (GEX -$8.3M)
Flow Regime
Bearish (net prem -$81.8M, P/C vol 1.54)
Spot vs MP
Below (spot $102.42 vs max pain $105)
Gamma flip: ~$100.00 — Below $100, dealers amplify moves; above, they dampen.

Earnings Overview

Next earnings: 2026-04-22 (16 days)explicit

Expected moves:

  • 4/24 (18d): ±$12.25 (12.0%)

IV Setup

Term structure: Sharp kink at 4/24 (67.7% vs 52.9% pre-earnings)

Crush estimate: ~15 vol pts, back to ~53%

Skew: Puts richer (P/C vol 1.54), but OI balanced (P/C OI 0.88).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Actual 5.0% vs EM 12.0% — under-moves by 7%

Directional bias: 4/4 gap up post-earnings

Key Levels

1$105 (max pain, GEX +$722K)
2$100 (gamma flip, GEX +$239K)
3$110 (max pain 4/17, GEX +$740K)
4EM: $90.17-$114.67

Flow Highlights

Heavy $178P 6/18 buying (1,107 vol vs 190 OI, 5.8x)

Tail hedge or bearish bet far OTM

$103C 4/10 unusual (560 vol vs 120 OI, 4.7x)

Near-term upside speculation

Strategies

Iron condor
Sell $90.17/$85P x $114.67/$120C 4/24
Credit: $2.50-$3.50
Max loss: $6.50
Max gain: $3.00
BE: $87.67
Trigger: Enter 3-5 days before earnings
Historical under-move (5.0% vs 12.0% EM) supports selling premium; strikes calibrated to EM guardrails.
Outperforms: Stock stays within EM bounds ($90.17-$114.67)
Underperforms: Gap exceeds EM by >$6
Long straddle
Buy $103 straddle 4/24
Max loss: $12.25
Max gain: Unlimited
BE: $90.75
Trigger: Enter if IV <70% and VIX stable
100% beat rate and directional bias suggest upside surprise; IV crush risk high.
Outperforms: Actual move exceeds EM by >30% (>15.9%)
Underperforms: Stock pins near $105, IV crushes to 53%
Put credit spread
Sell $95P / Buy $90P 4/24
Credit: $1.20-$1.80
Max loss: $3.80
Max gain: $1.50
BE: $93.80
Trigger: Enter 5 days out if spot >$100
Historical gap-up bias; put floor at $85-$90 provides buffer; high put skew offers premium.
Outperforms: Stock stays above $95
Underperforms: Breaks below $90.17 EM support

Risk Assessment

!Gap risk: 12.0% EM but historical under-move reduces probability; negative gamma amplifies moves below $100.
!IV crush of ~15 vol pts could erode long premium strategies if move is muted.
!Liquidity: 739,734 OI and 68,055 volume — moderate but sufficient for retail sizes.
!Sizing: Keep positions small due to elevated IV and gamma regime.

What to Watch

?IV trajectory into earnings — if >70%, favor credit spreads
?Spot vs $100 gamma flip for hedging pressure
?Unusual OTM put activity (e.g., $178P) for tail risk signals
How to Use These Reports
This earnings reflects the market close on April 6, 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.