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NOW

ServiceNow, Inc.Close $119.36EOD only
Max Pain
$115.00
Next expiry Jun 5, 2026
Expected Move
±$3.80
3.2% from close
Price Gap
-4.36
Distance to max pain
IV Rank
86
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
NOW Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Selling out-of-the-money call spreads
Invalidation: Spot breaks below $92 gamma flip or above $121 guardrail
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +0.5 VIX 22

IV Environment

IV Regime
High
IV vs VIX
avg_iv 74.86% vs VIX 21.51 (3.5x), skewed heavily on 0DTE
Favorable?
Yes

Term structure: Term structure flat beyond 7 days (~62-71% IV) with extreme spike at 0DTE (put IV 288%) due to pinning

📈IV elevated relative to VIX, providing inflated premiums
⚠️0DTE put IV at 288% signals extreme fear and pin risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+8.3M)

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 13,053 (18.2% below spot)

OI concentrations: Put OI floor $60-$92 (13K at $92), call OI wall $120-$150. Max pain pins: $116 (0DTE), $119 (7DTE), $108 (13DTE). Spot below $116.

Verdict: Moderate pin risk: gamma flip at $92, EM guardrails $103.85-$121.05. High vol regime exacerbates pin dynamics.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $100.00/$95.00 put spread
Sells a put spread to collect premium from elevated IV while limiting downside.
Credit: $1.24-$1.51
Max loss: $3.49
BE: $98.49
Mgmt: Close at 50% max gain or at invalidation level $101.15.
#2
Iron condor
Sell 2026-07-17 $100.00/$95.00 put wing and $135.00/$150.00 call wing
Sells an OTM put and call spread to capture theta decay within a wide range.
Credit: $2.72-$3.33
Max loss: $11.67
BE: 96.67 / 138.33
Mgmt: Manage if spot approaches either guardrail; close at 50% max gain.
#3
Call calendar
Sell 2026-07-02 $120.00 call / buy 2026-08-21 $120.00 call
Sells a near-term call and buys a later-term call to profit from term structure.
Debit: $5.94-$7.26
Max loss: $7.26
BE: Path-dependent
Mgmt: Close at 50% of initial debit or if invalidation level $101.15 breached.

Risk Alerts

!Expiration day pin risk with extreme skew on 0DTE options
!High volatility regime increases chance of sharp spot moves
!Dealer net short premium but long gamma contradiction suggests caution
How to Use These Reports
This theta reflects the market close on June 5, 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.