NOW Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for NOW for 2026-04-06. 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.