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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 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer earnings report is available for May 20, 2026.

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Earnings Verdict

Pre-earnings with strong fundamental beat rate but distant event date; bullish flow and high IV suggest elevated expectations.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.3% from MP; +0.5 VIX 18
Most important: Earnings 68 days away; high IV and bullish flow but long wait introduces uncertainty.
📊100% beat rate (5Q) supports bullish bias.
⚠️Unusual deep OTM put volume may indicate hedging.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,311 (26.4% below spot)

Earnings Overview

Next earnings: 2026-07-22 (68 days)explicit

Expected moves:

  • 2026-05-22 (7d): ±$6.23 (6.5%)
  • 2026-05-29 (14d): ±$8.65 (9.1%)
  • 2026-06-05 (21d): ±$11.40 (12.0%)

IV Setup

Term structure: Elevated for far-dated expirations, decaying towards event.

Crush estimate: Moderate crush post-event due to long time to earnings.

Skew: Put skew elevated on deep OTM puts indicating hedging.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: 100% beat rate over 5 quarters, but sample small.

Directional bias: Bullish based on consistent beats.

Key Levels

1$70.00 gamma flip
2EM guardrails: 1w $88.84/$101.29
3Max pain pins: $92 (2026-05-15); $89 (2026-05-22); $89 (2026-05-29)

Flow Highlights

Large volume on deep OTM $60 put June 5: 15k vs 344 OI.

Likely hedging or speculative; deep OTM suggests low probability event.

Strategies

Iron Condor
Sell 2026-05-22 $90.00/$86.00 put wing and $100.00/$105.00 call wing
Credit: $1.30-$1.59
Max loss: $3.41
Max gain: $1.59
BE: 88.41 / 101.59
Trigger: Monitor near support/resistance; consider early close if range breaks.
Best fit given high IV and distant earnings, enabling premium collection without directional exposure, mitigating broad market weakness.
Outperforms: Sells OTM put and call wings to collect IV premium, expecting price to stay within range.
Underperforms: Move outside short strikes invalidates range thesis.
Call Calendar
Sell 2026-05-22 $100.00 call / buy 2026-06-18 $100.00 call
Debit: $3.13-$3.82
Max loss: $3.82
Max gain: Variable
BE: Path-dependent
Trigger: Watch for time decay; adjust if stock approaches strike early.
Capitalizes on elevated near-term IV with term structure decay, while maintaining bullish bias for eventual earnings move.
Outperforms: Sells short-term call and buys later expiration, profiting from IV contraction near event.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Distant earnings date introduces time decay and uncertainty.
!Market context: QQQ down 1.5%, VIX 18; broad weakness adds risk.
!Deep OTM put activity may signal tail risk hedging.

What to Watch

?Earnings date Jul 22.
?Spot behavior around $92 max pain and $88 support.
?Volume on deep OTM puts for sustained hedging.
How to Use These Reports
This earnings reflects the market close on May 15, 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.