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NOW

ServiceNow, Inc.Close $89.00EOD only

Max Pain

$95.00

Next expiry May 15, 2026

Expected Move

±$3.92

4.4% from close

Price Gap

+6.00

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 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 12, 2026 close

NOW Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 8.4% from MP; +1 VIX 18

Watch next session: Monitor put-heavy strikes (160-220) activity and spot relative to gamma flip (70)

Flow Summary

Net premium: -$75.1M bearish

P/C volume ratio: 0.42

P/C OI ratio: 0.79

Heavy bearish flow: net premium -$75M, put OI ratio 0.79, and negative GEX -$15.4M. Unusual prints show large put buying at high IV (174-389%) alongside aggressive OTM call buying (87-88 strikes), suggesting hedging and speculation. Spot below MP and gamma flipping below 70 adds downside risk. Mixed signals from low put/call volume ratio (0.42) but premium and OI lean bearish.

Notable Prints

NOW 2026-05-15 $87.00 Call

Vol: 4,816

OI: 366

Vol/OI: 13.2x

IV: 51.6%

Notional: ~$795K

Intent: Bullish speculation near-term bounce. High vol/oi.

Read-through:

NOW 2026-06-18 $174.00 Put

Vol: 510

OI: 120

Vol/OI: 4.2x

IV: 191.5%

Notional: ~$4.3M

Intent: Bearish hedge or directional. Deep ITM put.

Read-through:

NOW 2026-05-15 $144.00 Put

Vol: 770

OI: 198

Vol/OI: 3.9x

IV: 389.1%

Notional: ~$3.7M

Intent: Speculative put on downside. Extreme IV.

Read-through:

NOW 2026-06-18 $220.00 Put

Vol: 569

OI: 160

Vol/OI: 3.6x

IV: 226.1%

Notional: ~$7.2M

Intent: Hedging deep downside. ITM put.

Read-through:

NOW 2026-06-18 $178.00 Put

Vol: 640

OI: 185

Vol/OI: 3.5x

IV: 197.9%

Notional: ~$5.3M

Intent: Bearish position cluster. Similar to $174P.

Read-through:

Institutional Positioning

Call additions: Aggressive call buying at $87/$88 strikes (vol/OI 13.2/2.5) for May 15 expiry.

Put additions: Large put buying at $144/$160/$174/$178/$220 strikes (vol/OI 2.9-4.2) for June 18 expiry.

GEX/DEX consistency: GEX -$15.4M (short gamma) aligns with put dominance; DEX +35.9M shares positive delta, consistent with hedging via long stock.

OI clusters: Heavy put OI concentration (~16,315) at $70 gamma flip 19.6% below spot; call OI clusters at $87-$88.

Hedging evidence: Deep ITM put purchases on June expiry (IV 174-389%) indicate downside hedging for event risk beyond May.

Max pain context: Spot ($87) below MP (likely near $90-$95); pin expected toward MP with gamma flip support at $70.

Signal vs Noise

~High vol/OI prints ($87 Call, $160 Put) are strong flow signals.

~Net premium -$75M confirms put buying dominates.

~Smaller trades (<2.0 vol/OI) are noise.

~Low put/call volume ratio (0.42) vs net premium negative signals ITM put skew.

Key Conclusions

🛡️Institutions hedging downside with deep ITM puts on June expiration, expecting volatility post-May opex.

📈Aggressive near-term call buying at $87-$88 suggests short squeeze or bounce toward MP.

⚠️Spot below MP with heavy put OI at $70 creates risk of pinning to gamma flip.

How to Use These Reports

This flow reflects the market close on May 13, 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.