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NOW

ServiceNow, Inc.Close $100.14EOD only
Max Pain
$95.00
Next expiry Apr 24, 2026
Expected Move
±$10.00
10.0% from close
Price Gap
-5.14
Distance to max pain
IV Rank
67
High premium
P/C OI
0.85
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 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
Apr 21, 2026 close
NOW Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Defined-risk spreads or long-dated premium harvesting; avoid naked short-dated sells
Invalidation: Spot closes below $89.82, or VIX >30, or front-week IV re-prices >200% ATM
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.7% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Front-week IV extremely rich vs VIX (~154% ATM 2d) with steep short-dated skew
Favorable?
No

Term structure: Very inverted 2–9d then normalizes by 30–90d

⚠️2d IV ~154% — near-term premium is very expensive
🛡️Premium selling discouraged short-dated; if selling, use defined-risk spreads, hedged collars, or buy protective gamma

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+9.5M)

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 10,753 (17.5% below spot)

OI concentrations: Put OI clustered ~17.5% below spot; gamma flip near ~$85; downside floor between $60–$85

Verdict: High pin risk at $98/$89 expiries; mitigate with gamma hedges, avoid naked short expiries, or shorten duration

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $100.00 call / buy 2026-06-18 $104.00 call
Capture front-week term collapse, limit gamma via month spread.
Credit: $0.09-$0.11
Max loss: $0.01
BE: Path-dependent
Mgmt: Close or roll if spot>100 or IV spikes; hedge gamma near pin levels.
#2
PMCC / LEAPS diagonal
Buy 2026-09-18 $104.00 call + sell 2026-05-22 $108.00 call
Lower long IV cushions short premium; defined loss = premium paid.
Debit: $8.01-$9.79
Max loss: $9.79
BE: Path-dependent
Mgmt: Buy back short if spot>108 or on IV >30; trim longs before earnings.
#3
Call diagonal
Sell 2026-05-22 $107.00 call / buy 2026-06-18 $120.00 call
Short nearer rich calls to collect theta with distant upside hedge.
Credit: $3.92-$4.79
Max loss: $0.01
BE: Path-dependent
Mgmt: Avoid if liquidity thin; tighten if spot>107 or front IV rerates. Liquidity warning: Liquidity constraints: short_call: Wide spread (59%).

Risk Alerts

!Front-week IV repricing or material earnings/print news
!Spot closes below $89.82 invalidates thesis
!Rapid VIX spike >30 indicating systemic volatility
How to Use These Reports
This theta reflects the market close on April 22, 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.