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NOW

ServiceNow, Inc.Close $103.07EOD only

Max Pain

$97.50

Next expiry Apr 24, 2026

Expected Move

±$11.50

11.2% from close

Price Gap

-5.57

Distance to max pain

IV Rank

100

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

NOW Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 13.9% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Elevated IV vs VIX; near-term vols ~53.8% (4/24 ATM) with pronounced front-week richness

Favorable?

Term structure: Steep front-week IV (~53–54%) then rolls down to mid-term ~46–49% — front-end premium vs mid-dates

⚠️1d/8d IV rich vs longer dated—front-end tail risk

📌Spot ~13.9% below max-pain; put OI concentrated ~29% below spot (93–98 strikes)

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-40.3M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 13,977 (29.2% below spot)

OI concentrations: Put OI concentrated around $93–98; notable call wall above spot at ~105–110 (not $60–65)

Verdict: Moderate pin risk into expiries at $98/$93/$97; likely pin if spot drifts into those strikes on expiry days

Premium Opportunities

Call diagonal

Sell 2026-06-18 $100.00 call / buy 2026-08-21 $95.00 call

Capture front-month premium, lower cost roll into post-earnings back month

Debit: $4.54-$5.56

Max loss: $5.56

BE: Path-dependent

Mgmt: Close or roll if spot reclaims ~$98–100 or IV collapses; tighten after earnings

PMCC / LEAPS diagonal

Buy 2026-09-18 $80.00 call + sell 2026-06-18 $92.00 call

Sell near-term call against LEAP to harvest premium and span earnings

Debit: $9.86-$12.04

Max loss: $12.04

BE: Path-dependent

Mgmt: Monitor pin risk at $92–98; buy back short if heavy pin/IV spike or breach invalidation

Risk Alerts

!Front-week IV elevated—fast gap risk

!Dealer GEX negative ~-$40M increases directional dealer gamma exposure

!Max-pain pins nearby—watch expiry flows and liquidity

How to Use These Reports

This theta reflects the market close on April 23, 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.