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NOW

ServiceNow, Inc.Close $83.00EOD only

Max Pain

$104.00

Next expiry Apr 17, 2026

Expected Move

±$6.03

7.3% from close

Price Gap

+21.00

Distance to max pain

IV Rank

100

High premium

P/C OI

0.83

Slightly call-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: Apr 10, 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

Apr 10, 2026 close

NOW Flow Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 17.8% from MP

Watch next session: Heavy put volume or bid push at $85-$90 strikes (watch $85 PUT prints/flow); Any meaningful call buying that reduces net premium negativity (monitor $80-$90 call premium flow)

Flow Summary

Net premium: -$145.7M bearish

P/C volume ratio: 1.18 — put-dominant volume

P/C OI ratio: 0.83 — OI still biased to calls (call OI > put OI) but today's flow is put-heavy

Today is a large net-put day: heavy premium flowed into puts (net premium -$145.7M) while overall OI remains more concentrated in calls. Dealers are net short gamma (Total GEX -$14.3M) so put-heavy flow amplifies downside pressure; the most active strikes are clustered at/just above the spot ($85-$90) suggesting tactical protective buying or directional put accumulation rather than long-dated call accumulation.

Notable Prints

NOW 2026-04-17 $85.00 Call

Vol: 16,213

OI: 103

Vol/OI: 157.4x

IV: 62.9%

Notional: ~$3.24M (16,213 * $2.00 *100)

Intent: Likely short-term directional call buying or dealer sell to supply liquidity for larger put flow (small OI before prints).

Dual read: Aggressive buyer (bullish) or someone selling into put flow to rebalance/overwrite (neutral).

Read-through: Large vol/OI signals a fresh, one-sided trade at the $85 strike — but premium flow at that strike is net negative (see Top Premium Flow), implying puts dominated overall; this call print may be isolated tactical event or hedge of a larger put block.

NOW 2026-08-21 $60.00 Put

Vol: 10,136

OI: 114

Vol/OI: 88.9x

IV: 67.2%

Notional: ~$3.55M (10,136 * $3.50 *100)

Intent: Long-dated tail hedging or structured-product protection (directional downside hedge out to Aug).

Dual read: Protective put (bearish/hedge) or dealer sale to create long-dated put exposure for client (could be structured sell depending on context).

Read-through: Significant long-dated put interest indicates institutions layering longer-dated downside protection despite near-term mixed flow; consistent with elevated avg IV (73.1%).

NOW 2026-04-17 $75.00 Put

Vol: 5,079

OI: 274

Vol/OI: 18.5x

IV: 71.6%

Notional: ~$305k (5,079 * $0.60 *100)

Intent: Near-term protective put buying (expiration hedge) as $75 is close to 7d EM lower bound.

Dual read: Protective hedge for stock or replacement of short-dated risk vs expiration roll.

Read-through: Concentrated near-term put flow at $75 supports short-term downside protection being bought into this move; ties to elevated short-dated IV and dealer negative gamma.

NOW 2026-04-17 $88.00 Call

Vol: 2,818

OI: 311

Vol/OI: 9.1x

IV: 62.5%

Notional: ~$3.10M (2,818 * $1.10 *100)

Intent: Tactical call buying for upside protection or small speculative longs ahead of earnings.

Dual read: Bullish call buy or dealer covering short calls (neutral).

Read-through: Call activity exists but is smaller vs put premium at nearby strikes; not enough to offset net premium negativity.

NOW 2026-04-24 $90.00 Call

Vol: 3,119

OI: 582

Vol/OI: 5.4x

IV: 89.9%

Notional: ~$9.36M (3,119 * $3.00 *100)

Intent: Higher-IV call trades indicate either volatility-driven directional buys or structured flow; elevated IV (89.9%) suggests either dealer-driven quoting or buys near expiration.

Dual read: Directional upside exposure or hedging of large short-dated puts.

Read-through: High IV at this strike and size suggests either option-buying demand or volatility skew pressures; nevertheless net premium remains dominated by puts.

Institutional Positioning

Call additions: Some call additions concentrated near-the-money ($85-$90 short-dated) and near-term OI clusters at $100-$140 but these clusters are largely pre-existing (Top OI strikes: $100 call OI 6,477; $120 call OI 6,386).

Put additions: Heavy put premium flow at $85 and other strikes (Top Premium Flow shows $85 put premium $29,205,275) and notable long-dated $60 puts — institutions appear to be adding protection at/above spot ($85-$90) and buying tail protection longer dated ($60).

GEX/DEX consistency: Yes — Total GEX is negative (-$14.3M) and DEX is +28.463M shares: dealers are net short gamma while delta exposure (DEX) shows share demand; put-biased flow aligns with negative GEX (dealer selling into downside moves).

OI clusters: Largest OI clusters cluster around puts at $85 (13,734 / 10,480 across listings) and calls at $100-$140 (call OI: $100 6,477/5,714; $120 6,386; $130 6,486). Near-spot OI concentration at $85 creates a potential short-term focal point; larger call walls at $100-$140 likely act as longer-term resistance but sit >10% away.

Hedging evidence: Clear evidence of protective puts and long-dated tail hedges (e.g., $60 puts with large volume) and near-term protective buys around $75-$85. Minimal direct collar messaging in flow; activity reads more like outright put buying and some short-dated call selling/overwriting.

Max pain context: Max Pain is $101 (nearest expiration) and trending higher across expirations; spot ($83) is well below MP, indicating market is currently below large call OI concentration and MP, creating asymmetry where upside pin is above spot but near-term flow is compressing price lower.

Signal vs Noise

~Large notional at distant strikes (e.g., $178, $168, $160, $155 puts) are tail hedges or structured-product positioning — likely institutional hedges, not directional bets for the next week.

~High vol/OI at the $85 short-dated call (Vol/OI 157.4x) may be a one-off liquidity trade or an options market-making fill; treat isolated high vol/OI with caution — overarching premium flow favored puts.

~Expirations around 2026-04-17 show heavy activity consistent with expiration/roll behavior; some put activity at $75 and $85 could be expiration hedges rather than fresh multi-week directional exposure.

~Elevated ATM IV term inversion (7d ATM 62.6% vs 14d ATM 87.7%) suggests IV flows and dealer quoting quirks — some trades are volatility-timing or vega-driven, not pure directional deltas.

Key Conclusions

🐻Net premium is heavily negative (-$145.7M) and P/C volume favors puts (1.18) — expect downside bias into near-term EM lower bound $76.97.

⚠️Dealers are net short gamma (Total GEX -$14.3M); with sizable put flow this can accelerate moves lower if spot declines toward $77-$80.

🔎Largest active OI sits at $85 puts (13,734 / 10,480) — watch $85 as a near-term focal/support area where protective put hangs and dealer hedging interact.

🛡️Significant long-dated put prints ($60 Aug/Dec) indicate institutional tail hedging — risk managers are buying outsized protection beyond near-term moves.

📈Call OI walls at $100-$140 are structural resistance but lie >10% above spot; short-term price action dictated by puts and dealer gamma, not those walls.

Read the Flow analysis for NOW for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.