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NOW

ServiceNow, Inc.Close $89.52EOD only

Max Pain

$98.00

Next expiry Jun 26, 2026

Expected Move

±$2.40

2.7% from close

Price Gap

+8.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.76

Slightly call-heavy

Consensus

5.5/10

Upside lean

Published snapshot: Jun 25, 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 25, 2026 close

NOW Theta Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.6% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

IV at 72.9% vs VIX 18.4 – historically rich, premium selling favorable but high vol regime demands caution.

Favorable?

Yes

Term structure: Near-term ATM IV low (19.4%) but back-month elevated (50-70%); call skew persists OTM.

📈IV elevated relative to VIX, implying elevated options premium.

🔍Term structure steep with front-month low IV – short-term strategies benefit from time decay.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+29.8M)

Gamma flip: ~$85.00 — Approx — based on put OI concentration of 13,639 (13.6% below spot)

OI concentrations: Max pain pin at $94 (0DTE), $99 (6DTE), $100 (14DTE); support at $94 with heavy put OI below.

Verdict: Moderate pin risk – spot at $98.14, above $94 max pain but below $100 resistance. Dealer GEX positive ($+29.8M) suggests hedging pressure near strikes.

Premium Opportunities

Put credit spread

Sell 2026-07-17 $95.00/$90.00 put spread

Sells overpriced puts, profits from theta decay and stable spot.

Credit: $1.55-$1.90

Max loss: $3.10

BE: $93.10

Mgmt: Close if spot nears $95 or adjust wings.

Call credit spread

Sell 2026-07-24 $100.00/$101.00 call spread

Sells calls post-earnings, benefits from volatility drop and delta negative.

Credit: $0.23-$0.28

Max loss: $0.72

BE: $100.28

Mgmt: Close if spot breaks $100 or capture full profit on IV crush.

Iron condor

Sell 2026-07-17 $95.00/$90.00 put wing and $100.00/$105.00 call wing

Sells both wings, profits from range-bound move, but earnings volatility threatens.

Credit: $3.13-$3.82

Max loss: $1.18

BE: 91.18 / 103.82

Mgmt: Adjust wings if spot nears strikes; consider early close.

Risk Alerts

!High IV may compress quickly leading to assignment risk.

!Gamma flip at $85 – wide buffer but tail risk if spot gaps below support.

!Flow mixed: put/call volume ratio 0.67, OI ratio 0.73 – conflicting signals.

How to Use These Reports

This theta reflects the market close on June 26, 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.