NOW
ServiceNow, Inc.Close $83.00EOD onlyMax Pain
$104.00
Next expiry Apr 17, 2026
Expected Move
±$6.03
7.3% from close
Price Gap
+21.00
Distance to max pain
IV Rank
100
High premium
P/C OI
0.83
Slightly call-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 10, 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
Apr 10, 2026 close
NOW Theta Report
Analysis based on market close April 10, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness7 / 10
Sizing: Moderate
Primary: Collect premium with defined-risk put spreads and select cash-secured puts (30-45 DTE); use iron condors only with defined risk and strict management
Invalidation: Move above $89.03 (1-week EM upper) would invalidate short put bias; break below $76.97 (1-week EM lower) invalidates short-call bias / requires defensive action
Confidence:
6 / 10
base 6.0 (precomputed); +1 high IV (Avg IV 73.1%); -1 negative GEX (-$14.3M) trending; -0.0 earnings risk noted
IV Environment
IV Regime
High
IV vs VIX
Avg IV 73.1% (ticker) — VIX not provided for direct compare; ATM 35d (2026-05-15) = 72.3% — very elevated
Favorable?
Yes
Term structure: Steep front-mid curve: 7d ATM 62.6% → 14d 87.7% (kink) → 21-42d 80.4%→69d 65.9%; short-dated vols are rich and mid-dates spike (opportunities for calendar and 30-45 DTE sells)
💰Avg IV 73.1% — rich spot IV that favors sellers of premium
⚠️Gamma regime = Trending with Total GEX -$14.3M — dealer flow can accelerate moves (risk for naked shorts)
Pin Risk Assessment
Spot vs MP: Spot $83.00 is below max pain short-term ($101 on 2026-04-10; MP trend rising). Current spot is 17.8% below MP as noted in confidence base.
GEX regime: Trending / breakout accelerant (Total GEX -$14.3M) — dealers are net negative gamma which amplifies directional moves
OI concentrations: Large put OI at $85 (13,734 and 10,480 entries), $90 put (10,751); call OI wall $100-$120 (structural). Net premium flow concentrated on puts at $85 ($29.2M) — downside interest
Verdict: Threatens naked credit positions — pinning likelihood is low (GEX negative) and large short-side put flow means downside tail risk; defined-risk spreads preferred
Premium Opportunities
#1
put spread (defined-risk)
Sell 85/80 put spread 2026-05-15 (35 DTE)
85 put has the largest OI concentration (13,734 & 10,480) and heavy put flow into $85. IV is elevated (Avg IV 73.1%, May15 ATM 72.3%), so selling a defined 5-wide put spread captures rich premium while capping downside. The put wall at $85 creates a short-term magnet for premium; using spread reduces assignment / tail risk given negative GEX
Credit: $3.00-$3.60
Max loss: $1.40
BE: $82.00
Mgmt: Take profits at 50-65% of max credit; roll down and out if price tests short strike with <14 days (roll to higher debit or widen to maintain defined risk); cut losses if 85 short is filled and underlying closes below $76.97 (1-week EM lower) or if spread mark exceeds 70% of max loss
#2
cash-secured put (CSP)
Sell 75 put 2026-05-15 (35 DTE) cash-secured
75 put sits near the 1-week EM lower bound ($76.97) and there is seen flow/interest in $75 (unusual activity & meaningful IV). CSP at 75 offers attractive yield vs risk with high IV; best if you want to accumulate stock at a discount with defined allocation (cash-secured).
Credit: $2.40-$3.00
Max loss: $72.60
BE: $72.60
Mgmt: Close or roll if underlying closes below $76.97 (week EM lower) or if mark-to-market reaches 50-65% of debit required to buy stock; take profits at 40-60% of max premium collected; do NOT hold through earnings (see risk alerts)
#3
iron condor (defined-risk wings)
Sell 80/75 put spread + sell 95/100 call spread 2026-05-15 (35 DTE)
Front-month expected move (35d) is wide but IV elevated; sell balanced wings inside EM bounds: put side sits close to one-week lower EM (~$76.97) and call side stays well below structural call OI wall ($100). Defined risk iron condor captures theta while limiting tail exposure in a negative GEX environment.
Credit: $1.20-$1.60
Max loss: $3.80
BE: 78.80 / 96.60
Mgmt: Close at 50% of max profit; tighten or roll the tested wing if underlying trades within 1.5% of a short strike; exit entire condor if underlying closes beyond the wing's bought strike ($75 or $100) or if IV collapses >15 vol points
#4
calendar (vol-timing play)
Sell 2026-04-24 85 put (14 DTE) and buy 2026-05-15 85 put (35 DTE) — 85 put calendar
14d ATM IV is 87.7% and 35d is 72.3% — short-dated vol is relatively richer (kink at 14d). Calendar collects short decay while keeping directional exposure limited. Use when you expect rangebound action into the short expiry but want to keep downside protection vs selling near-term naked puts.
Debit: $0.80-$1.40
Max loss: $85.00
Mgmt: Target 40-60% of debit as profit on calendar; roll short leg if price moves >2% and short leg daily theta falls below expectation; exit before earnings (see alerts)
Risk Alerts
!Earnings 2026-04-22 (within 2 weeks) — avoid selling naked premium through the print; prefer defined-risk or close/roll prior to announcement
!Total GEX -$14.3M (Trending) — dealers negative gamma can accelerate moves and spike intraday vol; prefer spreads over naked positions
!Large put flow and OI concentration at $85 (largest put OI) — downside tail risk if sellers of protection unwind or buyers force moves
!EM guardrails tight: 1-week expected move $76.97 - $89.03 — breaches of these bounds would require active management (roll or hedge)
!High front/mid IV kink (14d ATM 87.7%) — short-dated defined-risk sells okay, but weekly naked shorts are risky; consider weeklies only for defined-risk spreads
Read the Theta analysis for NOW for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.