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NOW

ServiceNow, Inc.Close $103.30EOD only

Max Pain

$95.00

Next expiry May 22, 2026

Expected Move

±$4.92

4.8% from close

Price Gap

-8.30

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.72

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

NOW Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong net premium & P/C ratio; +1 GEX/flow alignment; +0.5 spot below max pain; -1 IV term structure inversion

Watch next session: $100 PUT OI (10,762) for defense; Any call buying at $115-$120 to challenge bearish flow

Flow Summary

Net premium: -$76.5M bearish

P/C volume ratio: 1.46 — put-dominant

P/C OI ratio: 0.88 — slight put lean

Aggressive bearish positioning dominates. Net premium is heavily negative, driven by large, high-strike put purchases. The flow aligns with a negative GEX regime, suggesting institutional hedging or downside speculation ahead of earnings.

Notable Prints

NOW 6/18/26 $178 Put

Vol: 1,107

OI: 190

Vol/OI: 5.8x

IV: 100.1%

Notional: ~$8.25M (est. premium paid)

Intent: Large, long-dated downside hedge or speculative bet

Dual read: Bought to open (bearish hedge/speculation) vs. sold to open (yield, but unlikely given IV > 100%)

Read-through: Extremely high IV suggests expensive protection being purchased. This is a major capital outlay for a strike 70% above spot, indicative of tail-risk hedging or a structured trade leg.

NOW 6/18/26 $174 Put

Vol: 503

OI: 128

Vol/OI: 3.9x

IV: 94.3%

Notional: ~$3.53M (est. premium paid)

Intent: Part of a multi-strike bearish structure (with $178P)

Dual read: Bought to open (bearish) as part of a put spread or ladder

Read-through: Complements the $178P flow. The clustering of high-strike, high-IV put buys in June suggests a coordinated institutional position, not retail noise.

NOW 4/24/26 $115 Call

Vol: 749

OI: 299

Vol/OI: 2.5x

IV: 57.7%

Notional: ~$167k (est. premium, size unclear)

Intent: Near-term, OTM call purchase ahead of earnings (4/22)

Dual read: Bought (speculative upside bet) vs. Sold/Covered (call writing against stock)

Read-through: A modest bullish counter-signal ahead of earnings. However, its premium is dwarfed by the put flow. Could be a speculative lottery ticket or part of a collar (paired with puts).

NOW 4/2/26 $102 Put

Vol: 361

OI: 162

Vol/OI: 2.2x

IV: 49.5%

Notional: ~$36k (est. premium, size unclear)

Intent: Short-dated, near-the-money downside protection

Dual read: Bought (protective put) vs. Sold (put write, bullish)

Read-through: Given the broader bearish flow and spot at $104.55, this is likely protective buying targeting a move below the $102 near-term max pain level.

Institutional Positioning

Call additions: Minimal. Small $115C 4/24 activity stands out but is low notional.

Put additions: Heavy in high-strike Jun'26 puts ($174-$178) and near-term $102P. OI concentrated at $90, $100, $85 puts.

GEX/DEX consistency: Yes — Negative GEX (-$560K) confirms flow is net short gamma, reinforcing pro-cyclical (trending) regime. Bearish flow aligns.

OI clusters: Major put walls at $90 (10,771 OI), $100 (10,762 OI), $85 (10,183 OI). Call OI is diffuse, with highest at $164 (8,241 OI), far OTM.

Hedging evidence: Strong evidence. Large, expensive, long-dated put purchases at strikes far above spot ($174-$178) are classic institutional tail-risk hedges. The high IV (94-100%) indicates willingness to pay up for protection.

Max pain context: Spot ($104.55) is below primary max pain ($108 for 3/27). Near-term max pain drifts to $102 (4/2), aligning with put flow. Path of least resistance is lower toward these pain points.

Signal vs Noise

~The $220 Put 6/18/26 print (Vol 290) is likely a leg of a complex structure (e.g., put spread with the $174/$178 puts) rather than a standalone directional bet on a >100% drop.

~High OI at deep OTM calls ($164C, $125C) is likely from long-dated, previously opened positions (LEAPS) and is not reflective of recent directional flow.

~The elevated IV in the April 24 expiry (63.6% ATM) is earnings-related (4/22), making near-term flow in that expiry noisy and event-driven.

Key Conclusions

⚠️Institutions are paying up for expensive, long-dated downside protection (Jun $174-$178 Puts), signaling elevated fear or hedging needs.

🎯Price magnet is lower toward max pain clusters at $108, then $102. Major put OI walls at $100 and $90 define key support levels.

📅Earnings on 4/22 is distorting near-term IV. The bearish flow may be a pre-earnings hedge given a history of positive surprises.

🔄Negative GEX regime means market makers are short gamma, which can amplify spot moves—reinforcing the bearish flow bias.

How to Use These Reports

This flow reflects the market close on March 31, 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.