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NOW

ServiceNow, Inc.Close $103.07EOD only
Max Pain
$97.50
Next expiry Apr 24, 2026
Expected Move
±$11.50
11.2% from close
Price Gap
-5.57
Distance to max pain
IV Rank
100
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 22, 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
Apr 22, 2026 close
NOW Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Neutral-leaning; flows show call interest vs concentrated put structure but spot below mid-price and elevated IV. Expect directionally mixed into earnings with meaningful IV crush risk.

Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 13.9% from MP; +0.5 VIX 19
Most important: High short-dated call activity into earnings vs concentrated put OI below spot (possible gamma flip from dealer hedging).
⚠️Front-week IV rich with outsized call prints — rapid repricing possible post-release.
📌Historical beat rate 100% (5/5) — not a guarantee against elevated IV and flow risk.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$60.00 — Approx — based on put OI concentration of 13,977 (29.2% below spot)

Earnings Overview

Next earnings: 2026-07-22 (90 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$2.65 (3.1%)
  • 2026-05-01 (8d): ±$6.20 (7.3%)
  • 2026-05-08 (15d): ±$8.85 (10.4%)

IV Setup

Term structure: Front-week IV elevated (~50-68%) with longer-dated IV slightly lower but still high.

Crush estimate: Significant — front-week IV likely to drop materially post-event (~20–35% crush possible).

Skew: Upside skewed for near-dated expirations (calls with high vol_oi ratios) while puts cluster below spot.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Past 5 quarters: beat rate 100%; realized moves varied but often near/above expected.

Directional bias: Slightly bullish historically on beats, but current flow and spot placement mute bias.

Key Levels

1$60.00 gamma flip
2EM guardrails: 2d $82.13/$87.43; 1w $78.58/$90.98
3Max pain pins: $98 (2026-04-24); $93 (2026-05-01); $97 (2026-05-08)

Flow Highlights

Large NOW 2026-05-01 $90 call print and heavy 4/24 calls at 88/92.

Dealer hedging could provide upside gamma into expiry, raising short-term skew.

Concentrated put OI below spot with several put prints at 70–84 strikes.

Downside protection demand keeps tails supported and increases gamma flip risk.

Strategies

Sell near-term call / buy longer call (call diagonal)
Sell 2026-05-01 $92.00 call / buy 2026-06-18 $100.00 call
Debit: $1.66-$2.04
Max loss: $2.04
Max gain: Variable
BE: Path-dependent
Trigger: Enter near mid of entry_range; trim or roll if spot moves >5% toward $92 or if front-week IV collapses early; close into biggest IV drop pre/post-earnings.
Harvest elevated front-week IV and long-call convexity while front-week flow inflates calls
Outperforms: Sell 2026-05-01 $92 call, buy 2026-06-18 $100 call to collect theta and reduce tail risk vs naked sell; benefits if IV crush and spot holds below short strike.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Front-week short strangle
Sell 2026-05-01 $81.50 put + sell $88.00 call
Credit: $3.22-$3.93
Max loss: Unlimited
Max gain: $3.93
BE: 77.57 / 91.93
Trigger: Keep position size small, use strict sizing or buy wings/hedge below $81.50; exit into IV decline or if spot nears breakevens. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.
Maximizes premium capture from 50–68% front-week IV but exposes to unlimited risk
Outperforms: Sell 2026-05-01 $81.50 put and $88 call to harvest near-term theta ahead of expected crush.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High IV and likely post-event crush
!Spot below mid-price (reference: mid of recent bid/ask/trading range) increases downside tail risk
!Flow-driven short-term skew can amplify moves

What to Watch

?Volume and trade flow in 4/24 and 5/01 front-dated calls
?Changes in put OI below $85 pre-earnings
?Realized IV movement into earnings vs current quotes
How to Use These Reports
This earnings reflects the market close on April 23, 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.