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NOW

ServiceNow, Inc.Close $112.45EOD only
Max Pain
$119.00
Next expiry Jun 12, 2026
Expected Move
±$8.60
7.7% from close
Price Gap
+6.55
Distance to max pain
IV Rank
100
High premium
P/C OI
0.85
Slightly call-heavy
Consensus
5.0/10
Range bias
Published snapshot: Jun 5, 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 5, 2026 close
NOW Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 22, 2026. A newer earnings report is available for June 5, 2026.

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Earnings Verdict

High implied-vol event with strong bullish flow and elevated pinning risk; market pricing implies a large move (~11–13%) and very high near-dated IV.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.7% from MP; +0.5 VIX 19; override: Base model + observed flow, GEX and spot adjustments
Most important: Concentrated near‑dated option flow and gamma around the 97–108 strikes materially increase chance of spot gravitating toward max‑pain zones.
📌Pinning risk: concentrated Apr24 flow near 97–108 boosts chance of spot gravitating to that band.
⚡Front‑end IV extreme (~150%+) — expect a large crush post release for nearest expiries.
📈Net premium inflow and call sweeps create short‑gamma dealer exposure that supports pinning.

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 10,753 (17.5% below spot)

Earnings Overview

Expected moves:

  • 2026-04-24 (2d): ±$11.50 (11.2%)
  • 2026-05-01 (9d): ±$13.25 (12.9%)
  • 2026-05-08 (16d): ±$15.95 (15.5%)

IV Setup

Term structure: Very steep front‑end IV (~150%+ for nearest expiries) that decays sharply across monthly tenors.

Crush estimate: Material IV crush expected for same‑week/Apr24 expiries (large), smaller but meaningful for the following week/month.

Skew: Put-heavy concentration below spot with sizable call prints in 103–108 band; skew flattens near expiry as both wings bid.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: In a small sample of similar events (e.g., Nov‑2023, Jan‑2024, Feb‑2024, Mar‑2024) realized moves often exceeded model expected moves — sample size limited.

Directional bias: Modestly bullish/pinning given net premium inflows and call‑heavy prints near current strikes.

Key Levels

1$85.00 gamma flip
2EM guardrails: 2d $91.57/$114.57; 1w $89.82/$116.32
3Max pain pins: $98 (2026-04-24); $89 (2026-05-01); $95 (2026-05-08)

Flow Highlights

Large put and call prints concentrated on 2026‑04‑24 expiries (97–108 strikes).

Heavy concentrated flow increases likelihood of spot pinning into that band pre‑event.

Net premium inflow with put_call_oi_ratio ~0.86 and notable block call sweeps.

Dealers likely short gamma/volatility into expiry, amplifying pinning and rapid reactivity to delta moves.

Strategies

Defined‑risk iron condor
Sell 2026-05-01 $98.00/$96.00 put wing and $105.00/$110.00 call wing
Credit: $2.20-$2.69
Max loss: $2.31
Max gain: $2.69
BE: 95.31 / 107.69
Trigger: Close or adjust if spot trends toward a wing; trim size into IV spikes; tighten if fills widen.
Caps tail risk around strong pinning band while harvesting rich front‑end IV.
Outperforms: Sell May iron condor (98/96 put, 105/110 call) to collect elevated premium with defined loss if spot breaches wings.
Underperforms: Move outside short strikes invalidates range thesis.
Front‑end sold call calendar
Sell 2026-05-01 $105.00 call / buy 2026-06-18 $105.00 call
Debit: $3.60-$4.40
Max loss: $4.40
Max gain: Variable
BE: Path-dependent
Trigger: Rollover or unwind after IV crush; monitor delta drift toward 100 invalidation; reduce if spot nears 105.
Exploits steep front‑end IV vs back month and modest bullish/pinning bias.
Outperforms: Sell near‑term May 105, buy Jun 105 to collect roll‑down as front IV collapses post event while keeping longer exposure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put diagonal (defined left tail)
Sell 2026-05-01 $98.00 put / buy 2026-06-18 $96.00 put
Debit: $2.20-$2.69
Max loss: $2.69
Max gain: Variable
BE: Path-dependent
Trigger: Buy back if spot dives toward 96–98 or widen diagonal if skew steepens.
Sells rich near puts into pinning while back month limits large move risk.
Outperforms: Sell May 98 put, buy Jun 96 put to harvest front IV and cap downside via longer put.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-05-01 $97.00 put + sell $105.00 call
Credit: $8.60-$10.51
Max loss: Unlimited
Max gain: $10.51
BE: 86.49 / 115.51
Very steep front‑end IV and concentrated gamma 97–108; sell premium where flow is rich pre‑event.
Outperforms: Collect elevated front‑end IV by shorting a tight near‑dated strangle into pinning flow.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Bid/ask widths can widen 3–8x around prints; expect larger transaction cost than normal
!Post‑event liquidity often drops (observed ADV compression ~40–70% same day), causing slippage on size
!Gamma flip/pinning risk: rapid intraday moves toward option walls can trigger outsized hedging flows

What to Watch

?Spot action vs max‑pain band 97–108 over 48h pre‑event
?Sweep/block prints in Apr24 97–108 strikes and dealer response (fills vs posted size)
?Front‑end IV moves and skew vs broader market VIX direction
How to Use These Reports
This earnings reflects the market close on April 22, 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.