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NOW

ServiceNow, Inc.Close $99.69EOD only
Max Pain
$95.00
Next expiry May 22, 2026
Expected Move
±$3.17
3.2% from close
Price Gap
-4.69
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 21, 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 21, 2026 close
NOW Earnings Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

NOW earnings 62 days out; high historical beat rate but near-term IV elevated; gamma pinning at $95 suggests downside risk; spot near $100.

Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.9% from MP; +1 VIX 17
Most important: Watch gamma flip at $92 and call wall at $110-$130.
🛡️Unusual $220 Put tail risk hedge.
📊Max pain $95 across multiple expirations.
📈100% historical beat rate (5/5).

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$92.00 — Approx — based on put OI concentration of 12,931 (7.7% below spot)

Earnings Overview

Next earnings: 2026-07-22 (62 days)explicit

Expected moves:

  • 2026-05-22 (1d): ±$3.18 (3.2%)
  • 2026-05-29 (8d): ±$7.20 (7.2%)
  • 2026-06-05 (15d): ±$9.65 (9.7%)

IV Setup

Term structure: Downward sloping: 1d IV ~61%, 8d ~49%, 15d ~48%.

Crush estimate: N/A - earnings 62 days out.

Skew: Put skew elevated at deep OTM strikes; call OI heavy at $110-$130.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; beat rate 100% implies consistent upside.

Directional bias: Bullish historically.

Key Levels

1$92.00 gamma flip
2EM guardrails: 2d $96.52/$102.87; 1w $92.49/$106.89
3Max pain pins: $95 (2026-05-22); $95 (2026-05-29); $95 (2026-06-05)

Flow Highlights

Unusual $220 Put volume 500, OI 160, IV 175%.

Tail risk hedging or bearish speculation.

Heavy 5/22 $100 Call volume 9,889, OI 3,763, IV 53.4%.

Straddle activity near spot; call bias.

Strategies

Iron Condor
Sell 2026-05-29 $93.00/$89.00 put wing and $105.00/$110.00 call wing
Credit: $1.33-$1.62
Max loss: $3.38
Max gain: $1.62
BE: 91.38 / 106.62
Trigger: Close if spot breaches $93 or $105; take profit at 50% max gain.
Defined risk with gamma pinning at $95 and call wall at $110-$130; downward sloping term structure favors short premium, outranks short strangle due to limited loss.
Outperforms: Sells put spread and call spread near expected range, capturing time decay with defined risk.
Underperforms: Move outside short strikes invalidates range thesis.
Short Strangle
Sell 2026-05-29 $93.00 put + sell $105.00 call
Credit: $2.52-$3.08
Max loss: Unlimited
Max gain: $3.08
BE: 89.92 / 108.08
Trigger: Manage at $93 put or $105 call; roll if breached.
Higher credit than iron condor but unlimited risk; less preferred given 62-day duration and potential gap risk.
Outperforms: Sells naked put and call near ranges, betting on limited movement.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Gamma pinning at $95 may cap upside.
!Deep OTM put activity suggests downside hedging.
!Earnings 62 days away - no immediate catalyst.

What to Watch

?Price action around $95 and $100.
?Unusual option flow, especially $220 puts and $100 calls.
?Volatility term structure changes.
How to Use These Reports
This earnings reflects the market close on May 21, 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.