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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 May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.3% from MP; +1 VIX 17

Watch next session: Monitor gamma flip level at $92, and any rollover of today's large OI to next week.

Flow Summary

Net premium: +$8.9M bullish

P/C volume ratio: 0.35

P/C OI ratio: 0.76

Bullish flow dominates with heavy call buying at $102-$104 and net premium inflow. Gamma is pinning above $101. Spot remains above max pain, supported by positive dealer gamma. Unusual prints show high vol/OI ratios in calls. Market context bullish with SPY/QQQ up, VIX low.

Notable Prints

NOW 2026-05-22 $101.00 Put

Vol: 3,299

OI: 905

Vol/OI: 3.6x

IV: 17.4%

Notional: ~$10K

Intent: Bearish hedge or speculative put

Dual read: Unusual OTM put volume, possibly closing

Read-through: Bearish bias near term

NOW 2026-05-29 $104.00 Call

Vol: 1,208

OI: 378

Vol/OI: 3.2x

IV: 52.5%

Notional: ~$278K

Intent: Bullish speculation on earnings

Dual read: High IV suggests event anticipation

Read-through: Expect volatility, possible upside

NOW 2026-05-22 $104.00 Call

Vol: 5,679

OI: 1,856

Vol/OI: 3.1x

IV: 25.0%

Notional: ~$17K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-05-29 $96.00 Put

Vol: 1,298

OI: 425

Vol/OI: 3.0x

IV: 51.8%

Notional: ~$123K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NOW 2026-05-22 $104.00 Put

Vol: 2,137

OI: 733

Vol/OI: 2.9x

IV: 60.7%

Notional: ~$397K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Active call buying at 102-104 strikes for 5/22 and 5/29 expiries

Put additions: Some put activity at 101, 102, 104 (hedging) and 96 for 5/29

GEX/DEX consistency: Yes, positive gamma and delta consistent with bullish flow

OI clusters: Largest OI at 102C (3665), 103C (2414), 102P (1705); gamma flip at 92

Hedging evidence: Collar-like activity: buying calls and protective puts at 104

Max pain context: Spot 5.3% above MP; pinning likely near gamma flip at 92

Signal vs Noise

~High call volume at 102-104: real bullish positioning

~Low put/call volume ratio and positive net premium: signal

~Gamma flip at 92 is approximate; treat as noise

~IV spikes on some prints may be noise from small OI

Key Conclusions

📈Strong call accumulation at 102-104 strikes; flow bullish near term.

⚠️Spot well above MP; pinning risk to downside if hedge unwinds.

How to Use These Reports

This flow reflects the market close on May 22, 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.