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NOW

ServiceNow, Inc.Close $89.00EOD only

Max Pain

$95.00

Next expiry May 15, 2026

Expected Move

±$3.92

4.4% from close

Price Gap

+6.00

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 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 12, 2026 close

NOW Theta Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 8.4% from MP; +1 VIX 18

IV Environment

IV Regime

High

IV vs VIX

IV at 67% vs VIX 18% – very elevated

Favorable?

Term structure: Front 2d low (51.6%), mid-term ~55-59%, slight contango

📈Put/call OI ratio 0.79, but volume ratio 0.42 – skewed bullish

⚠️Negative GEX -$15.4M, dealers short gamma – amplifies moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-15.4M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,315 (19.6% below spot)

OI concentrations: Put floor $60-$80 (16.3k OI), call wall $95-$120; max pain $95 (2d)

Verdict: Moderate pin risk: spot $86.8 well below $95 MP, gamma flip at $70

Premium Opportunities

Call calendar

Sell 2026-05-15 $95.00 call / buy 2026-05-22 $95.00 call

Sell near-term 95 call, buy later 95 call to profit from time decay and stable price below 95.

Debit: $0.72-$0.88

Max loss: $0.88

BE: Path-dependent

Mgmt: Close if front-month short call becomes ATM; adjust if stock breaks above 90.

Put credit spread

Sell 2026-05-15 $85.00/$84.00 put spread

Sell 85/84 put spread to collect premium with support at 80.

Credit: $0.22-$0.27

Max loss: $0.73

BE: $84.73

Mgmt: Exit if stock breaks below 85 to limit loss.

Risk Alerts

!High IV regime + negative dealer gamma → large swing potential

!Spot 8.4% below MP, trending gamma – premium sellers face tail risk

How to Use These Reports

This theta reflects the market close on May 13, 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.