thetaOwl
HomeOptionsNOWReports

NOW

ServiceNow, Inc.Close $101.33EOD only
Max Pain
$106.00
Next expiry Jun 18, 2026
Expected Move
±$4.15
4.1% from close
Price Gap
+4.67
Distance to max pain
IV Rank
86
High premium
P/C OI
0.78
Slightly call-heavy
Consensus
4.0/10
Consensus signal
Published snapshot: Jun 16, 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 16, 2026 close
NOW Earnings Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

NOW setup features extreme front-end put skew and 100% historical beat rate; earnings 35 days away with elevated IV.

Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 9.1% from MP; +0.5 VIX 18
Most important: Front-week put buying suggests hedging or bearish bets; historical consistency supports potential upside.
⚠️Front-week put skew extreme; 0DTE options with IV >500% suggest hedging pressure.
📈Historical beat rate 100%; earnings in 35 days may continue trend.
💡Put OI concentration at $70 implies gamma flip support.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$70.00 — Approx — based on put OI concentration of 13,261 (26.7% below spot)

Earnings Overview

Next earnings: 2026-07-22 (35 days)explicit

Expected moves:

  • 2026-06-18 (1d): ±$3.08 (3.2%)
  • 2026-06-26 (9d): ±$7.00 (7.3%)
  • 2026-07-02 (15d): ±$9.00 (9.4%)

IV Setup

Term structure: Steeply inverted; front-week IV spikes >300% on deep OTM puts, longer-dated IV elevated.

Crush estimate: Front-week IV expected to collapse post-expiry; earnings IV remains elevated until event.

Skew: Extreme put skew, especially 0DTE deep OTM puts; suggests hedging or speculative downside bets.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; beat rate 100% suggests consistent positive surprises.

Directional bias: Bullish bias historically given 100% beat rate.

Key Levels

1$70.00 gamma flip
2EM guardrails: 2d $92.41/$98.56; 1w $88.48/$102.48
3Max pain pins: $105 (2026-06-18); $103 (2026-06-26); $105 (2026-07-02)

Flow Highlights

Heavy put volume on 2026-06-18 strikes $132-$220 with high IV and low OI.

Likely hedging or speculative bets on sharp drop; time decay extreme as expiring tomorrow.

Unusual 15k volume on $65 put expiring 2026-06-26 with 273 OI.

Large deep OTM put position; may indicate downside hedge or tail risk speculation.

Strategies

Call Calendar
Sell 2026-06-26 $105.00 call / buy 2026-07-24 $105.00 call
Debit: $3.67-$4.48
Max loss: $4.48
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot breaches $92 support; roll if IV flattens.
Benefits from front-week IV spike vs back-month, 100% beat rate supports upside, defined risk.
Outperforms: Sell near-term call, buy later call at same strike to capture IV contraction.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-07-17 $90.00 put + sell $105.00 call
Credit: $5.92-$7.23
Max loss: Unlimited
Max gain: $7.23
BE: 82.77 / 112.23
Trigger: Set stop at 2x credit; adjust if spot approaches strikes.
Liquidity high, term structure steep, range-bound support/resistance for premium decay.
Outperforms: Sell OTM put and call to collect elevated premium from IV skew.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Diagonal
Sell 2026-06-26 $105.00 call / buy 2026-07-24 $100.00 call
Debit: $3.89-$4.76
Max loss: $4.76
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot breaks below $92; roll if time decay accelerates. Liquidity warning: Liquidity constraints: long_call: Wide spread (56%).
Leverages 100% beat rate, but liquidity concerns reduce rank.
Outperforms: Buy back-month call financed by selling near-term higher call.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Market weakness (spy -1.25%, qqq -1.01%) pressuring NOW.
!Extreme front-week put skew with high IV decay risk.
!Gamma risk from 0DTE options; potential for outsized move if spot breaks below $92 support.

What to Watch

?Price action near max pain $105 (2026-06-18) and $103 (2026-06-26).
?Gamma flip level ~$70 from put OI concentration.
?Resistance at $104-105; support $92 and $86.
How to Use These Reports
This earnings reflects the market close on June 17, 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.