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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

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 Flow Report

Analysis based on market close April 6, 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 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned

Watch next session: $100 gamma flip level; Put flow at $85-$90 structural floor; April 24 IV term structure normalization

Flow Summary

Net premium: -$81.8M bearish

P/C volume ratio: 1.54 — put-dominant

P/C OI ratio: 0.88 — moderate put lean

Clear put dominance with substantial negative net premium. Flow aligns with negative GEX and spot below max pain, indicating institutional bearish positioning.

Notable Prints

NOW 2026-06-18 $178 Put

Vol: 1,107

OI: 190

Vol/OI: 5.8x

IV: 50.7%

Notional: ~$85.4M (1,107 × $77.10 × 100)

Intent: Large-scale protective hedge or bearish bet

Dual read: Bought (bearish) or sold/covered (bullish)

Read-through: Massive notional size suggests institutional hedging against downside risk, consistent with overall bearish flow

NOW 2026-06-18 $174 Put

Vol: 503

OI: 128

Vol/OI: 3.9x

IV: 56.7%

Notional: ~$34.8M (503 × $69.10 × 100)

Intent: Additional downside protection

Dual read: Bought (bearish) or sold/covered (bullish)

Read-through: Follows $178P pattern, reinforcing institutional hedging narrative

NOW 2026-04-24 $100 Call

Vol: 729

OI: 189

Vol/OI: 3.9x

IV: 68.8%

Notional: ~$554,040 (729 × $7.60 × 100)

Intent: Volatility arbitrage or earnings positioning

Dual read: Bought (bullish/vol) or sold (bearish/vol)

Read-through: High IV (68.8%) aligns with term structure spike; likely part of volatility trade targeting April 24 expiration

NOW 2026-04-10 $100 Call

Vol: 1,273

OI: 361

Vol/OI: 3.5x

IV: 55.5%

Notional: ~$458,280 (1,273 × $3.60 × 100)

Intent: Covered call writing or delta hedging

Dual read: Sold (neutral/bearish) or bought (bullish)

Read-through: High volume in near-term ITM call suggests selling pressure, aligning with negative premium flow

NOW 2026-04-17 $103 Call

Vol: 1,149

OI: 452

Vol/OI: 2.5x

IV: 52.5%

Notional: ~$402,150 (1,149 × $3.50 × 100)

Intent: Call selling or spread leg

Dual read: Sold (neutral/bearish) or bought (bullish)

Read-through: OTM call volume supports call writing thesis, adding to bearish flow

Institutional Positioning

Call additions: Minimal — most call flow appears to be selling/writing

Put additions: Large-scale protective puts at $174-$178 (June) and near-term puts at $94-$100

GEX/DEX consistency: Yes — negative GEX (-$8.3M) aligns with bearish flow and put dominance

OI clusters: $100 put wall (10,761 OI), $85-$90 put floor (20K+ OI), $125-$135 call wall (22K+ OI)

Hedging evidence: Strong evidence — massive put buying at deep ITM strikes ($174-$178) suggests institutional downside protection

Max pain context: Spot at $102.42 below near-term max pain ($105-$110), creating downward pin pressure

Signal vs Noise

~High volume in near-term ITM calls ($100C, $103C) likely represents covered call writing or delta hedging, not bullish bets

~Deep ITM puts ($174-$178) are likely protective hedges rather than directional bearish bets due to extreme moneyness

~Some near-term put flow may be earnings-related hedging ahead of 4/22 report

~April 24 expiration IV spike (67.7% vs. 52.9% April 17) suggests volatility arbitrage activity, not pure directional flow

Key Conclusions

🐻Net premium -$81.8M strongly bearish

🛡️Institutional hedging evident via deep ITM puts

📉Negative GEX (-$8.3M) suggests dealer selling pressure on rallies

⚡IV term structure spike in April 24 (67.7%) presents volatility arbitrage opportunity

How to Use These Reports

This flow reflects the market close on April 6, 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.