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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 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

8/10 confidence; strong bullish flow and GEX pinning near $95, but spot 8.7% above MP adds risk

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.7% from MP; +1 VIX 17
Most important: Heavy put buying across $92-94 strikes signals downside hedges despite bullish flow.
⚠️Large $92 put buy for Jan'27 may indicate long-term hedge
📈$105 call buying in 2d expiry suggests bullish momentum
🔒Max pain at $95 for May22, spot far above; potential pinning risk

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 11,060 (17.7% below spot)

Earnings Overview

Next earnings: 2026-07-22 (63 days)explicit

Expected moves:

  • 2026-05-22 (2d): ±$4.93 (4.8%)
  • 2026-05-29 (9d): ±$8.75 (8.5%)
  • 2026-06-05 (16d): ±$11.35 (11.0%)

IV Setup

Term structure: Upward sloping; 2d IV ~54%, 9d ~58%, 16d ~60%

Crush estimate: Earnings 63d away; IV crush not imminent, expect gradual decay

Skew: Put skew elevated with OI concentration at $60-85

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: N/A

Directional bias: Bullish (100% beat rate)

Key Levels

1$85.00 gamma flip
2EM guardrails: 2d $98.38/$108.23; 1w $94.55/$112.05
3Max pain pins: $95 (2026-05-22); $93 (2026-05-29); $95 (2026-06-05)

Flow Highlights

Unusual $92 put volume 11k vs OI 2k

Large long put positioning suggests hedges or bearish bets

Heavy $105 call volume 13k vs OI 6.7k

Bullish short-dated call buying targeting upside

Strategies

Bullish Call Diagonal
Sell 2026-05-29 $110.00 call / buy 2026-07-17 $100.00 call
Debit: $8.60-$10.51
Max loss: $10.51
Max gain: Variable
BE: Path-dependent
Trigger: Monitor $100 support; exit if spot breaks below $95 invalidation.
Best aligns with bullish bias (100% beat rate), spot above $100 support, and high front premium from call wall.
Outperforms: Sell short-dated $110 call, buy longer-dated $100 call; captures time decay and directional upside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bullish Call Calendar
Sell 2026-05-29 $110.00 call / buy 2026-07-17 $105.00 call
Debit: $6.53-$7.98
Max loss: $7.98
Max gain: Variable
BE: Path-dependent
Trigger: Manage around $100 support; roll if IV expands.
Positive carry from front IV decay; $105 back strike offers participation with lower cost.
Outperforms: Sell front $110, buy back $105 call; profit from volatility contraction and bullish drift.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Neutral-Bullish Iron Condor
Sell 2026-06-05 $97.00/$91.00 put wing and $112.00/$120.00 call wing
Credit: $2.56-$3.14
Max loss: $4.86
Max gain: $3.14
BE: 93.86 / 115.14
Trigger: Adjust if spot breaches $95 or $110; take profits at 50%.
Captures high IV premium while defined risk limits reversion; spot between key walls.
Outperforms: Sell put wing $97/91 and call wing $112/120; profits if spot stays in range.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Spot at $103.30, 8.7% above max pain ($95); risk of mean reversion
!Call wall at $110 may cap upside; heavy OI

What to Watch

?Weekly $95 put open interest for pinning levels
?Calls at $105 and $110 for breakout
How to Use These Reports
This earnings reflects the market close on May 20, 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.