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NOW

ServiceNow, Inc.Close $101.83EOD only
Max Pain
$93.00
Next expiry May 22, 2026
Expected Move
±$6.10
6.0% from close
Price Gap
-8.83
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
0.74
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 19, 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 19, 2026 close
NOW Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: N/A
Invalidation: Spot breaks below $92 support or above $101 resistance.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.3% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Avg IV 69.55% vs VIX 18.43 – high relative IV
Favorable?
Yes

Term structure: Front-month (0DTE) extreme IV skew: calls 159%, puts 146%; rest ~55-62%.

⚠️0DTE IV skew extreme – use weekly or further out

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+91.2M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,311 (26.4% below spot)

OI concentrations: OI: $92 max pain, $100-$120 call wall, $60-$85 put floor.

Verdict: Moderate pin risk: spot near $92 max pain, call wall caps upside.

Premium Opportunities

#1
Iron condor
Sell 2026-06-05 $88.00/$86.00 put wing and $100.00/$105.00 call wing
Sells volatility between support and resistance for theta decay.
Credit: $1.64-$2.01
Max loss: $2.99
BE: 85.99 / 102.01
Mgmt: Manage if spot nears $92 or $100.
#2
Put credit spread
Sell 2026-06-05 $88.00/$86.00 put spread
Bullish theta play betting on support at $92.
Credit: $0.38-$0.47
Max loss: $1.53
BE: $87.53
Mgmt: Exit if spot breaks $92.
#3
Call calendar
Sell 2026-06-05 $100.00 call / buy 2026-07-17 $100.00 call
Volatility term structure edge on $100 resistance.
Debit: $3.28-$4.01
Max loss: $4.01
BE: Path-dependent
Mgmt: Roll if spot approaches $100.

Risk Alerts

!Extreme 0DTE IV due to expiration day
!Pinning around $92 max pain
!Bullish flow but resistance at $100
How to Use These Reports
This theta reflects the market close on May 15, 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.