thetaOwl

NOW

ServiceNow, Inc.Close $93.80EOD only
Max Pain
$100.00
Next expiry Jun 26, 2026
Expected Move
±$3.72
4.0% from close
Price Gap
+6.20
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
0.77
Slightly call-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Jun 24, 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
Jun 24, 2026 close
NOW Flow Report
Analysis based on market close June 25, 2026

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

Flow Verdict

BiasBullish
Confirmation: Spot holds above gamma flip near $65, continued OTM call buying, and positive market context.
Invalidation: Spot breaks below gamma flip ($65), triggering negative gamma acceleration.
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.7% from MP; +0.5 VIX 19

Watch next session: Gamma flip level

Flow Summary

Net premium: -$40.4M bearish

P/C volume ratio: 0.49

P/C OI ratio: 0.76

Heavy speculative OTM call buying, especially weekly, suggests bullish bets despite negative net premium and negative gamma. Spot near gamma flip; if holds, upside momentum likely.

Notable Prints

#1
NOW 2026-06-26 $90.00 Call
Vol: 2,034
OI: 138
Vol/OI: 14.7x
IV: 48.1%
Notional: ~$203K
Intent: Speculative call buying.
Dual read: May be part of spread.

Read-through: Aggressive short-dated call buying.

#2
NOW 2026-06-26 $93.00 Call
Vol: 5,929
OI: 552
Vol/OI: 10.7x
IV: 49.0%
Notional: ~$148K
Intent: Similar at higher strike.
Dual read: Or credit spread.

Read-through: Unusually active OTM calls.

#3
NOW 2026-07-10 $95.00 Call
Vol: 1,379
OI: 172
Vol/OI: 8.0x
IV: 54.7%
Notional: ~$280K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
NOW 2026-06-26 $91.00 Call
Vol: 1,936
OI: 244
Vol/OI: 7.9x
IV: 47.0%
Notional: ~$122K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
NOW 2026-07-02 $108.00 Call
Vol: 1,511
OI: 252
Vol/OI: 6.0x
IV: 70.7%
Notional: ~$23K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Near-term OTM calls $90-95; long-dated $110 call

Put additions: Deep ITM put $125 Jul2

GEX/DEX consistency: GEX -$17M vs DEX +41.8M shares; mixed

OI clusters: Strikes $90-95 high OI; $125 put OI 232

Hedging evidence: Put at $125 with 128% IV likely hedge

Max pain context: Spot below MP; put heavy below MP

Signal vs Noise

~High vol/oi near-term calls $90-95: directional signal
~Put at $125 128% IV: hedging noise
~Long-dated $110 call: institutional accumulation signal

Key Conclusions

📈Call buildup in $90-95 strikes signals bullish short-term bias
🛡️Put at $125 indicates hedge against downside risk
🔭Long-dated $110 call shows institutional long-term confidence
How to Use These Reports
This flow reflects the market close on June 25, 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.