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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
45
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 Theta Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer theta report is available for May 21, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short volatility via calendar spread to exploit IV inversion
Invalidation: Close below $100 gamma flip or if near-term IV expands further
Confidence:
8 / 10
base 7; +1 high IV; +1 pinning near max pain; +1 volatility surface opportunity; -1 trending gamma

IV Environment

IV Regime
High
IV vs VIX
IV 59.8% — very elevated with front-end inversion
Favorable?
Yes

Term structure: Pronounced inversion: 4/24 IV 67.7% vs 6/18 IV 56.2% (11.5-point differential)

💰Rich IV favors sellers
📉Front-end IV inversion >10 points — calendar spread opportunity

Pin Risk Assessment

Spot vs MP: Below by 2.5% (spot $102.42 vs 4/10 MP $105)

GEX regime: Trending (GEX -$8.3M)

Gamma flip: ~$100.00 — Below $100, dealers amplify moves

OI concentrations: Put wall $100 (10,761 OI), call wall $110 (5,119 OI)

Verdict: Mixed — pinning near max pain supports, but negative GEX suggests trending risk

Premium Opportunities

#1
calendar spread
Sell $105 call 4/24 (18 DTE, IV 67.7%) / Buy $105 call 6/18 (73 DTE, IV 56.2%)
Exploits 11.5-point IV inversion; high near-term IV to sell, lower longer-term IV to buy; profits from IV crush and theta decay
Credit: $1.20-$1.60
Max loss: $3.80
BE: See management
Mgmt: Close when short IV collapses (target 50% profit); exit if spot breaches $110 or $95; roll short leg if challenged
#2
put spread
Sell $100/$95 put spread 4/17 (11 DTE)
High IV provides rich credit; $100 is major put OI support; below gamma flip
Credit: $1.00-$1.25
Max loss: $4.00
BE: $99.00
Mgmt: Close at 65% profit; exit on close <$98
#3
iron condor
Sell $95/$90P x $110/$115C 4/24 (18 DTE)
Wide expected move ($90.17-$114.67) with high IV; strikes align with OI clusters
Credit: $1.50-$2.00
Max loss: $3.50
BE: 93.50/111.50
Mgmt: Close at 50% profit; roll if either short strike tested
#4
covered call
Sell $110 call 4/17 (11 DTE) against long stock
High IV provides premium; $110 is call OI wall and max pain for 4/17
Credit: $0.90-$1.05
Mgmt: Close at 80% profit; roll up if spot approaches $108

Risk Alerts

!Earnings on 2026-04-22 — close all positions before announcement
!Gamma flip at $100 — trending below accelerates moves
!High IV (59.8%) — monitor for crush after earnings
!Negative GEX (-$8.3M) suggests trending risk
!Unusual put flow at $178 (June) indicates institutional bearish bets
!Front-end IV inversion may correct quickly — manage calendar spreads actively
How to Use These Reports
This theta reflects the market close on April 6, 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.