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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

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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.3% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

IV ~63% > VIX 16.7, elevated implied vol relative to index vol

Favorable?

Yes

Term structure: Flat structure post-0 DTE; slight dip at 35 DTE; no strong contango

📈IV/VIX ratio high, favoring premium selling

⚠️0 DTE put IV 153% indicates extreme near-term fear

📊Term structure flat, limited time decay benefit in back months

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+72.2M)

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 12,989 (9.9% below spot)

OI concentrations: Max pain this week $97, next weeks $95; heavy call OI $110-$150, put floor $60-$92

Verdict: High pin risk near $97-$95, with large call wall overhead; gamma flip at $92 provides distant support

Premium Opportunities

Put credit spread

Sell 2026-05-29 $97.00/$92.00 put spread

Sell $97 put, buy $92 put, collect premium with defined risk.

Credit: $0.68-$0.83

Max loss: $4.17

BE: $96.17

Mgmt: Monitor IV and price near $97; close at 50% profit target.

Cash-secured put

Sell 2026-05-29 $97.00 cash-secured put

Sell $97 put, collect premium, and possibly get assigned at $97.

Credit: $1.01-$1.24

Max loss: $95.76

BE: $95.76

Mgmt: Manage assignment risk; roll if stock drops below $97.

Risk Alerts

!Spot near resistance $110, breakout could accelerate

!0 DTE extreme skew may indicate tail risk event

!High vol regime increases chance of gap moves

!Gamma flip at $92 is far below spot

How to Use These Reports

This theta reflects the market close on May 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.