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NOW

ServiceNow, Inc.Close $96.44EOD only
Max Pain
$95.00
Next expiry Apr 17, 2026
Expected Move
±$2.35
2.4% from close
Price Gap
-1.44
Distance to max pain
IV Rank
100
High premium
P/C OI
0.80
Slightly call-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 16, 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 16, 2026 close
NOW Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Defined‑risk credit spreads or iron condors (avoid uncovered shorts)
Invalidation: Close < $84, VIX > 25, or dealer GEX flips materially negative
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Elevated front‑week IV vs VIX with noisy 0d spikes; longer tenors normalize by 5/29
Favorable?
No

Term structure: Steep near‑term skew and rich 0–7d expiries; term structure flattens after 2–4 weeks

⚠️Near‑term IV high but 0d distortions and pin risk make naked premium selling unfavorable
📌OI cluster at strikes 95/91/85 with gamma flip ~85 (~12% below spot ≈97) — expect pinning into expiries

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+22.4M)

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 10,763 (12.1% below spot)

OI concentrations: Put OI concentrated at 95/91/85; gamma flip area ~85 (~12% below spot ≈97)

Verdict: Pinning risk elevated at 95/91/85. Early‑assignment likelihood: low‑moderate for short puts but rises if deep ITM in last 1–2 days or around dividends. Guidance: avoid naked shorts, prefer defined‑risk spreads, roll/close by 48–72h before expiry to limit assignment and margin spikes; expect higher margin for uncovered positions.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $95.00/$92.00 put wing and $100.00/$104.00 call wing
Sell 95/92 put wing and 100/104 call wing 2026-05-15 to collect elevated premium while capping risk.
Credit: $2.52-$3.08
Max loss: $0.92
BE: 91.92 / 103.08
Mgmt: Enter within quoted range; trim/roll or close if price pierces wings or VIX>25; close 48–72h before expiry to limit assignment.
#2
Put credit spread
Sell 2026-05-08 $95.00/$92.00 put spread
Sell 95/92 put spread 2026-05-08 to sell elevated post-earnings premium with defined risk.
Credit: $1.12-$1.38
Max loss: $1.62
BE: $93.62
Mgmt: Target entry per range; avoid if price < $95 or VIX spikes; close/roll 48–72h pre-expiry to reduce assignment risk. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Sudden gap‑down below $84
!VIX jump >25
!Dealer GEX swings negative or rapid unwind of concentrated OI
!Elevated early‑assignment risk last 48–72h
!Margin requirements spike for uncovered short positions

Read the Theta analysis for NOW for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.