NOW Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for NOW for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.