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NOW

ServiceNow, Inc.Close $102.12EOD only
Max Pain
$99.00
Next expiry May 29, 2026
Expected Move
±$4.93
4.8% from close
Price Gap
-3.12
Distance to max pain
IV Rank
49
Middle-high premium
P/C OI
0.79
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 27, 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 27, 2026 close
NOW Earnings Report
Analysis based on market close April 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 10, 2026. A newer earnings report is available for May 26, 2026.

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Earnings Verdict

Earnings expected around 2026-04-22 (TBD). Vol is High (ATM term points up into 4/24), dealers are short gamma (GEX -$14.3M) and flow is mixed — best strategy is directional or asymmetric defined-risk (buy-call-spread + put-sell hedge) or a post-event long volatility if you want to avoid gap risk. Key risk: negative dealer gamma can amplify moves and gap beyond EM bounds ($76.97–$89.03).

Confidence:
6 / 10
base 5; +1.5 negative GEX/DEX alignment (GEX -$14.3M, DEX +28.5M); -0.5 spot 17.8% below max pain
Most important: IV trajectory into the event (ATM IV 62.6% for 4/17 vs 87.7% for 4/24) — watch whether IV front-runs into the 4/17 expiry or stays elevated into 4/24
📅Earnings scheduled 2026-04-22 (TBD) — front-running evident in 4/24 term structure.
⚠️GEX is negative (-$14.3M) — dealers are short gamma and can amplify price moves beyond EM.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below

Earnings Overview

Next earnings: 2026-04-22 (TBD) (12 days)explicit

Expected moves:

  • 2026-04-17 (7d): 7.3% ±$6.03 [$76.97 - $89.03]
  • 2026-04-24 (14d): 8.2% ±$6.80 [$76.20 - $89.80]

IV Setup

Term structure: Front-week ATM IV is 62.6% (4/17) then spikes to 87.7% at 4/24 (14d) before decaying — a clear term-structure elevation centered on the 14d expiry consistent with the 4/22 event.

Crush estimate: Post-earnings IV likely re-prices down toward the 4/24 -> 4/30 contiguous levels; expect a meaningful IV compression from ~87.7% toward the mid-60s to 70s over the following week — ~15-25 vol points on ATM short-dated options if event is contained.

Skew: Puts show heavier premium and volume at near-term strikes (notably $85 and $90) while calls have large structural OI further out ($100-$120). Put-side is relatively richer in the near-term chain.

Historical Context

Beat rate: 100% (4/4 quarters showed positive EPS surprises)

Avg move vs expected: N/A (actual move sizes not provided in dataset)

Directional bias: Tends to gap up on results (consistent with consecutive positive EPS surprises)

Key Levels

1$76.97 (1w EM low)
2$89.03 (1w EM high)
3$85.00 (heavy put OI: 13,734 / 10,480 and very large net put premium at this strike)

Flow Highlights

Very large net premium at $85.00 (Calls $5,903,332 / Puts $29,205,275 / Net $-23,301,942).

Big funded/insured downside exposure—concentrated put selling/buying flow around $85 is creating a major short-gamma zone and a support magnet at $85.

Structural call OI wall in the $100-$120 area (calls and max pain concentrations).

Long-term call interest creates an upside supply region beyond the short-term EM; if the stock gaps above short-term EM, call sellers/dealers may start to cap rallies near those higher strikes over time.

Strategies

Short strangle (defined-risk variation)
Sell 2026-04-17 $85 put / sell 2026-04-17 $90 call and hedge with a further OTM long put for protection (example: long 2026-04-17 $75 put) — keep position size limited.
Max loss: Varies by hedge; if unhedged, unlimited on upside; with $75 long put, defined loss between strikes
Max gain: Net credit received
BE: $85 put-side breakeven ≈ $85 - net premium received; $90 call-side breakeven ≈ $90 + net premium
Trigger: Enter 1–3 days before earnings if collected premium is attractive and IV is not spiking beyond current rates (4/17 ATM IV 62.6%).
EM and near-term put concentration at $85 make a short put leg attractive for premium collectors; selling both sides captures elevated IV while keeping a small protective long put limits tail risk given negative GEX.
Outperforms: Stock stays inside 1-week EM [$76.97–$89.03] and IV compresses modestly after earnings.
Underperforms: Large gap beyond EM on either side (gap risk amplified by negative GEX).
Long-call-spread (directional, bullish skew protection)
Buy 2026-04-24 $85 call and sell 2026-04-24 $95 call (both strikes available in the chain).
Max loss: Net debit paid
Max gain: $10.00
BE: Entry price + $85 (call spread breakeven = lower strike + debit)
Trigger: Enter if you have bullish conviction (historical EPS beats) and IV has not run significantly above current 4/24 ATM ~87.7%.
Market shows habit of positive EPS surprises and concentrated put interest at $85 implies asymmetric upside potential. A 4/24 call spread captures upside while capping cost during large IV levels.
Outperforms: Stock gaps or rallies above $95 post-earnings; limited cost vs buying naked calls and protected against heavy IV crush with defined structure.
Underperforms: Stock pins near $83 and IV collapses; move insufficient to cover debit.
Post-earnings long straddle (event risk-on play)
Buy 2026-04-24 $85 straddle (buy call + buy put) or nearest strikes ($84/$85 available) — enter after the print if you want to avoid pre-earnings front-run.
Max loss: Net debit paid
Max gain: Unlimited (calls) / large (puts)
BE: Lower breakeven = strike - premium; upper breakeven = strike + premium
Trigger: Enter immediately after earnings if the stock gaps and IV collapses less than the size of the realized move (use only if you expect continued post-print momentum or follow-through).
Given the high 14d ATM IV (87.7%) and a history of beats, a post-print long straddle can capture a large directional continuation while avoiding pre-print front-running and negative dealer gamma into the release.
Outperforms: Post-print gap with continued directional follow-through and IV does not fully collapse relative to realized move.
Underperforms: Price pins near strike and IV collapses sharply, or move is smaller than premium paid.

Risk Assessment

!Gap risk: EM for 1 week is ±$6.03 (7.3%); negative GEX (-$14.3M) increases chance of amplified gaps and follow-through.
!IV crush: 4/24 ATM IV is 87.7% — large IV compression possible post-event; long volatility will suffer if move is muted or pins.
!Liquidity: Chains show strong OI at $85 and $90 puts and good volume on near strikes — entries/exits should be feasible but wideners on wide bid/ask (some strikes have thin OI).
!Sizing: Keep position sizes conservative vs account risk because dealer short-gamma and concentrated put premium at $85 create asymmetric tail risk.

What to Watch

?IV trajectory into 4/17 and 4/24 expiries (watch for front-running or a lift in 4/17 IV)
?Unusual activity at $85 puts (very large net put premium) and any surge in call buying at $90–$95
?Movement of spot relative to the 1-week EM bounds [$76.97–$89.03] pre-open on the print day
?Any sudden change in net premium or P/C volume that would indicate dealer re-hedging
How to Use These Reports
This earnings reflects the market close on April 10, 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.

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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.