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NOW

ServiceNow, Inc.Close $103.30EOD only

Max Pain

$95.00

Next expiry May 22, 2026

Expected Move

±$4.92

4.8% from close

Price Gap

-8.30

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.72

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

NOW Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer theta report is available for May 19, 2026.

View latest report

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

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.

Credit: $1.10-$1.40

Max loss: $3.60

BE: $98.60

Mgmt: Close at 65% profit. Roll down/out if $100 tested. Exit if spot closes below $98 (breakeven).

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).

Credit: $1.80-$2.20

Max loss: $3.20

BE: 93.20/116.80

Mgmt: Close at 50% profit. Manage wings independently; roll tested side. Exit if spot breaches $93 or $117.

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.

Credit: $1.40-$1.70

Max loss: $3.30

BE: $88.60

Mgmt: Close at 60% profit. Defend by rolling out in time if $90 breached. Exit on close below $88.

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.

Credit: $2.50-$3.00

Max loss: Unlimited above $115 (stock called away)

BE: $107.55

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.

How to Use These Reports

This theta reflects the market close on March 31, 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.