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NOW

ServiceNow, Inc.Close $99.69EOD only
Max Pain
$95.00
Next expiry May 22, 2026
Expected Move
±$3.17
3.2% from close
Price Gap
-4.69
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 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
May 21, 2026 close
NOW Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell put spreads below $95 support
Invalidation: Break above $103 resistance or below $92 gamma flip
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.9% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV ≈ 65% vs VIX 17, rich for selling
Favorable?
Yes

Term structure: Front-end elevated, mildly contango

📊IV 65% vs VIX 17 – rich premiums for selling
📌Max pain $95 with 12.9K put OI pinning – expect gravitation
🔄Dealer GEX +$32.9M positive gamma, net premium -$4.1M mixed flow

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+32.9M)

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 12,931 (7.7% below spot)

OI concentrations: Put OI 12,931 at $95; call wall $110-$130; put floor $60-$92

Verdict: Max pain $95 heavy put OI – strong pin risk, spot likely drifts toward $95

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $90.00/$85.00 put spread
Sells near-the-money put spread to capture elevated IV and pin risk decay.
Credit: $0.88-$1.07
Max loss: $3.93
BE: $88.93
Mgmt: Close at 50% max gain or if NOW breaks below $92.
#2
Iron condor
Sell 2026-06-18 $92.00/$84.00 put wing and $110.00/$124.00 call wing
Balanced short vol play with defined risk, profiting from range-bound move.
Credit: $3.47-$4.24
Max loss: $9.76
BE: 87.76 / 114.24
Mgmt: Adjust if NOW approaches $92 or $110; close near max pain.
#3
Put calendar
Sell 2026-06-12 $90.00 put / buy 2026-07-17 $90.00 put
Sells short-dated put, buys longer-dated to profit from vol contraction.
Debit: $2.14-$2.61
Max loss: $2.61
BE: Path-dependent
Mgmt: Monitor theta; close if spot moves below $90.

Risk Alerts

!IV elevated but could contract quickly
!Pin risk at $95 – heavy put OI concentration
!Gamma flip at $92 – break could accelerate
How to Use These Reports
This theta reflects the market close on May 21, 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.