Home Options NOWReports

NOW

ServiceNow, Inc.Close $103.07EOD only

Max Pain

$97.50

Next expiry Apr 24, 2026

Expected Move

±$11.50

11.2% from close

Price Gap

-5.57

Distance to max pain

IV Rank

100

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

NOW Flow Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 13.9% from MP; +0.5 VIX 19

Watch next session: Spot vs MP reversion above midpoint; New large call prints or block buys; GEX move toward zero or positive; IV compression

Flow Summary

Net premium: -$65.2M bearish

P/C volume ratio: 0.76

P/C OI ratio: 0.86

High-vol, trending gamma with mixed flow but dominant downside pressure: heavy put activity, negative GEX and net premium indicate dealer short-delta exposure and downside risk unless call demand reverses or GEX flips.

Notable Prints

NOW 2026-05-01 $90.00 Call

Vol: 5,888

OI: 259

Vol/OI: 22.7x

IV: 60.8%

Notional: ~$801K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-04-24 $84.00 Put

Vol: 7,268

OI: 579

Vol/OI: 12.6x

IV: 50.2%

Notional: ~$654K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-05-22 $80.00 Put

Vol: 2,651

OI: 215

Vol/OI: 12.3x

IV: 56.3%

Notional: ~$875K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-05-22 $70.00 Put

Vol: 1,185

OI: 103

Vol/OI: 11.5x

IV: 61.4%

Notional: ~$104K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-04-24 $92.00 Call

Vol: 2,416

OI: 212

Vol/OI: 11.4x

IV: 68.4%

Notional: ~$24K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated call activity at 85–92 strikes into early Apr/May expiries—several multi-contract prints and elevated IV; could be structured buy-writes or directional buys.

Put additions: Notable put flow at 70–84 into Apr/May expiries, including large prints consistent with downside hedging but possibly speculative spreads or one-off trades (timestamps: many within last 48–72h).

GEX/DEX consistency: GEX currently negative (~-$40M) while DEX shows stock buys (~+35M shares); this offset appears plausible but is tentative — requires delta-adjusted, time-aligned analysis to confirm hedged buying.

OI clusters: Largest OI clusters: puts concentrated ~70–80, calls ~85–92 (percentiles elevated vs 30d average).

Hedging evidence: Elevated put OI and contemporaneous selling suggest hedging activity, though alternatives (spreads, directional shorts) remain possible; no single definitive collar signal.

Max pain context: Max pain below spot (~14% out); raises short-term pin risk toward lower strikes into April expiries.

Signal vs Noise

~Signal criteria: repeat large prints, elevated IV, and clustered OI across expiries -> concentrated puts 70–84 and calls 85–92 flagged as signal.

~Noise criteria: isolated single-contract prints, no IV move or OI follow‑through -> treated as noise (examples: lone high-volume calls without repeat prints).

~Caveat: GEX/DEX offset treated as tentative signal only if flows align by timestamp and are delta-adjusted; otherwise classify as ambiguous.

Key Conclusions

⚠️Evidence points to institutional downside protection plus upside position-sculpting (70–92), but collars/net short-premium are plausible, not proven; consider alternative spread/speculation explanations.

🔍GEX negative vs DEX stock buys may offset gamma risk, but treat as tentative until time-aligned, delta-adjusted flow confirms hedged buying.

How to Use These Reports

This flow reflects the market close on April 23, 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.