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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

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 Flow Report

Analysis based on market close April 2, 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 April 2, 2026. A newer flow report is available for May 19, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 sustained heavy net premium & P/C ratio; +1 GEX/flow alignment; +0.5 spot below max pain; -0.5 slight reduction in near-term put volume ratio

Watch next session: Defense of the $100 PUT OI wall (10,780); Any aggressive call buying to challenge the $105-110 zone

Flow Summary

Net premium: -$76.4M bearish

P/C volume ratio: 1.29 — put-dominant

P/C OI ratio: 0.88 — slight put lean

Bearish positioning remains entrenched. While the put/call volume ratio has moderated slightly from 1.46, net premium remains massively negative, driven by continued large, high-strike put purchases. The flow aligns with a negative GEX regime and spot trading below max pain.

Notable Prints

NOW 4/17/26 $70 Put

Vol: 4,503

OI: 275

Vol/OI: 16.4x

IV: 80.5%

Notional: ~$1.58M (est. premium, 4503 * $3.50 avg price)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) vs. Sold to open (bullish, but unlikely given high IV and distance from spot)

Read-through: A massive, high-volume print in a low-OI contract. The $70 strike is 31% below spot, indicating a bet on or hedge against a significant breakdown. The high IV suggests expensive protection is being purchased.

NOW 6/18/26 $178 Put

Vol: 1,107

OI: 190

Vol/OI: 5.8x

IV: 112.6%

Notional: ~$8.50M (based on provided premium flow data)

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

Dual read: Bought to open (bearish hedge/speculation) vs. sold to open (yield, extremely unlikely given IV > 112%)

Read-through: This is the single largest premium outflow in the dataset (~$8.5M). The extreme IV (>112%) and strike 75% above spot are hallmarks of expensive tail-risk hedging, likely by an institution. This flow has persisted from the prior session.

NOW 4/10/26 $105 Call

Vol: 3,072

OI: 580

Vol/OI: 5.3x

IV: 44.9%

Notional: ~$307k (est. premium, 3072 * $0.10 avg price)

Intent: Near-term, OTM call purchase

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

Read-through: The most significant call flow today. However, its notional value is trivial compared to the massive put premiums. This could be a speculative bet on a bounce to $105 (just above spot) or part of a spread/bearish structure (e.g., call sell against stock).

NOW 4/10/26 $95 Put

Vol: 2,201

OI: 635

Vol/OI: 3.5x

IV: 49.9%

Notional: ~$220k (est. premium, 2201 * $0.10 avg price)

Intent: Short-dated, OTM downside protection

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

Read-through: Targets a move below the $97-$100 support zone. Its proximity to the 8-day expected move low ($96.67) suggests it's a hedge against a near-term breakdown.

NOW 6/18/26 $174 Put

Vol: 503

OI: 128

Vol/OI: 3.9x

IV: 106.9%

Notional: ~$3.65M (based on provided premium flow data)

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: Clusters with the $178P flow, reinforcing the view of a coordinated, institutional-sized bearish/hedging position in the June expiry. The high IV again indicates a willingness to pay up for protection.

Institutional Positioning

Call additions: Minimal. Small $105C 4/10 activity, but notional is insignificant versus put flow.

Put additions: Heavy in high-strike Jun'26 puts ($174-$178) and near-term protective puts ($70P 4/17, $95P 4/10). OI remains concentrated at $90, $100, $85 puts.

GEX/DEX consistency: Yes — Negative GEX (-$9.2M) confirms flow is net short gamma, reinforcing pro-cyclical (trending) regime. Bearish flow aligns perfectly.

OI clusters: Major put walls at $90 (10,806 OI), $100 (10,780 OI), $85 (10,201 OI). These are massive support levels. Call OI is diffuse and far OTM (e.g., $164C).

Hedging evidence: Overwhelming. The massive premium paid for long-dated, high-strike puts ($174-$178P) with IV > 100% is a classic institutional tail-risk hedge. The new $70P 4/17 purchase adds a nearer-term, deep OTM protective layer.

Max pain context: Spot ($102) is below the nearest max pain ($108 for 3/27, though that expiry has passed). The path of max pain trends lower across expirations, culminating at $100 for 2027-03-19. This aligns with the heavy put OI and bearish flow, suggesting a gravitational pull lower.

Signal vs Noise

~The elevated IV in the April 24 expiry (63.2% ATM) is earnings-related (earnings est. 4/22), making flow in that expiry event-driven and potentially noisy for directional reads.

~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 $105C 4/10 print, while notable in volume, has a low notional value and could be part of a spread (e.g., a call sell in a bear call spread) rather than a pure bullish bet.

Key Conclusions

⚠️Institutional bearish/hedging pressure is intensifying. The persistence of massive, expensive put buying in June ($174-$178P) and new deep OTM puts in April ($70P) signals elevated fear or structured downside positioning.

🎯Price is magnetized toward major put OI support at $100 and $90. A break below $100 could trigger accelerated selling due to dealer hedging (negative GEX) and the large OI wall giving way.

📅Earnings on ~4/22 is a key pivot. The bearish flow may represent pre-earnings hedging despite a history of positive surprises, creating a potential volatility crush setup post-event.

🌀Negative GEX regime (-$9.2M) means market makers are short gamma and will hedge in a directionally reinforcing manner. This amplifies moves, increasing the risk of a sharp decline if $100 breaks.

How to Use These Reports

This flow reflects the market close on April 2, 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.