NOW Theta Gang Report
Analysis based on market close March 31, 2026
Theta Verdict
Confidence:6.5 / 10
base 5; +2 high IV; +0.5 defined-risk preference; -1 trending GEX; -0.5 bearish flow
IV Environment
IV Regime
High
IV vs VIX
IV 59% — very elevated
Favorable?
Yes
Term structure: Humped at 4/24 (63.6%), elevated across curve
IV >50% provides rich premium for sellers
High IV implies elevated risk; use defined-risk spreads
Pin Risk Assessment
Spot vs MP: Below max pain by 3.2% (spot $104.55 vs MP $108)
GEX regime: Trending (GEX -$0.6M — pro-cyclical)
Gamma flip: ~$90.00 — Below $90, dealers amplify moves downward
OI concentrations: Major put walls at $90 (10.8K OI), $100 (10.8K OI), $85 (10.2K OI). Call wall at $125 (7.9K OI).
Verdict: Unfavorable — negative GEX suggests trending, not pinning. OI provides magnetic support at $100 and $90.
Premium Opportunities
#1
put spread
Sell $100/$95 put spread 2026-05-15 (45 DTE)
High IV provides rich credit. Strike sits on major OI support ($100 put wall). 45 DTE optimal for theta decay. Defined risk suits trending GEX regime.
Mgmt: Close at 65% profit. Roll down/out if $100 tested. Exit if spot closes below $98 (breakeven).
#2
iron condor
Sell $95/$90P x $115/$120C 2026-05-15 (45 DTE)
Captures high IV across both sides. Wide range ($95-$115) within expected move (±$17.05). Puts below OI support, calls below OI resistance ($125).
Mgmt: Close at 50% profit. Manage wings independently; roll tested side. Exit if spot breaches $93 or $117.
#3
put spread
Sell $90/$85 put spread 2026-06-18 (79 DTE)
Largest OI concentration at $90 (10,771) provides strong support. 79 DTE allows time for recovery if tested. High IV (55.1%) for this expiration.
Mgmt: Close at 60% profit. Defend by rolling out in time if $90 breached. Exit on close below $88.
#4
covered call
Sell $115 call 2026-04-24 (24 DTE) against long stock
For existing shareholders. High IV (63.6% for 4/24) offers exceptional premium. Strike is below major call wall at $125. Provides 10% upside to $115.
Mgmt: Roll up/out if call tested. Close at 80% profit if IV collapses. Let shares be called if above $115 at expiry.
Risk Alerts
Earnings estimated 2026-04-22 — CLOSE all short premium positions before announcement. Never sell naked through earnings.
Trending GEX regime (GEX -$0.6M) — dealers amplify moves, increasing risk of swift breaks through support/resistance.
Bearish flow (Net prem -$76.5M, P/C 1.46) suggests institutional put buying; respect the directional pressure.
Gamma flip ~$90 — a break below this level could lead to accelerated selling.
Unusual activity in deep OTM June $178/$174 puts — may indicate tail-risk hedging; ensure your positions are defined risk.
IV term structure humped at 4/24 (63.6%) — be aware of potential IV crush post-earnings if selling near that date.
Read the Theta Gang analysis for NOW for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.