Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
NOW options intelligence
ServiceNow Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:01 · partial chain
Call-side pressure
Bullish pressure
NOW currently carries bullish options pressure with a 37/100 conviction score. The nearest-chain expected move is 10.6%, with volume/open-interest participation at 0.13.
Expected move
10.6%
Wider near-term move priced
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
0.59
Call-side skew
Trend fit
35
Options are not fully confirming trend
Weekly backdrop
+12.6%
RS -25.2
Expected move
10.6%
Put-call volume
0.59
Volume / OI
0.13
Reference IV
0.48
Max pain
106.00
Underlying
98.78
Nearest expiry
31 Jul 2026
Contracts
2000
Research Brief
NOW has a bullish chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 88.31–109.25; The largest call open-interest concentration is 125.00; the largest put concentration is 85.00. The most active strike by current volume is 110.00.
Priced range88.31–109.25
Call concentration125.00
Put concentration85.00
Max pain reference106.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 88.31 to 109.25. Max pain at 106.00 sits inside that range, 7.3% above spot.
Spot
Max pain
88.3198.78 ± 10.47109.25
Confirmation level
A close beyond 109.25 or below 88.31 at the 31 Jul expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 37/100
Pressure is 27/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure27 × 42%
+11.4
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.5
Volume relative to existing open interest and contract-level activity.
Trend agreement35 × 26%
+9.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility74 × 10%
+7.4
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 125.00; the largest put concentration is 85.00. The most active strike by current volume is 110.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4849
85.00-14.0%
32
2671
95.00-3.8%
1071
3633
100.001.2%
3422
1817
104.005.3%
528
3429
105.006.3%
3491
1897
106.007.3%
803
1510
107.008.3%
1231
570
108.009.3%
1352
1407
109.0010.3%
755
2982
110.0011.4%
4528
962
111.0012.4%
1108
2291
112.0013.4%
1786
420
113.0014.4%
840
1409
115.0016.4%
4526
173
120.0021.5%
4515
126
125.0026.5%
4934
0
140.0041.7%
3917
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.48
31 Jul
1d
0.64
7 Aug
8d
0.59
14 Aug
15d
0.60
21 Aug
22d
0.60
28 Aug
29d
0.59
4 Sep
36d
0.61
11 Sep
43d
0.60
18 Sep
50d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
80
82
84
86
88
90
91
93
95
97
99
101
103
105
107
108
110
112
114
116
118
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
Usable with limits
Retained chain94%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 2000 / 2138
- 94% of provider contracts were retained for this snapshot.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $71.4M of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+27
1W price+12.6%
Call premium69%
Put premium31%
Notional split
C 69% / P 31%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.13
Volume divided by open interest across the visible chain.
Trend fit
35/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 91+ days · OTM
calls cluster with 10961 contracts traded, $12.4M estimated gross traded notional, and 17% of visible notional.
$12.4M
Calls · 46-90 days · OTM
calls cluster with 13575 contracts traded, $9.3M estimated gross traded notional, and 13% of visible notional.
$9.3M
Calls · 0-7 days · OTM
calls cluster with 58180 contracts traded, $9.2M estimated gross traded notional, and 13% of visible notional.
$9.2M
Calls · 8-21 days · OTM
calls cluster with 22567 contracts traded, $7.2M estimated gross traded notional, and 10% of visible notional.
$7.2M
Puts · 0-7 days · ITM
puts cluster with 36236 contracts traded, $6.3M estimated gross traded notional, and 9% of visible notional.
$6.3M
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close111.23
1W+12.6%
RS-25.2
Fair value-28.3%
Options pressure27
Speculation43
Volatility74
Trend fit35
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:02
Bullish
Pressure 29
Move 12.2%
30 Jul 10:01
Bullish
Pressure 35
Move 18.0%
31 Jul 10:01
Bullish
Pressure 27
Move 10.6%
Strike Map
Where activity is clustering
Strike55.00
Calls · V 0 · OI 14
Puts · V 1 · OI 131
Strike60.00
Calls · V 2 · OI 11
Puts · V 0 · OI 17
Strike65.00
Calls · V 0 · OI 6
Puts · V 30 · OI 459
Strike70.00
Calls · V 35 · OI 47
Puts · V 1 · OI 279
Strike74.00
Calls · V 0 · OI 11
Puts · V 1 · OI 140
Strike75.00
Calls · V 2 · OI 16
Puts · V 3 · OI 1188
Strike76.00
Calls · V 9 · OI 6
Puts · V 6 · OI 62
Strike77.00
Calls · V 6 · OI 9
Puts · V 3 · OI 38
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts152
Avg IV0.48
Put-call0.97
Expiry7 Aug 2026
Contracts140
Avg IV0.64
Put-call0.42
Expiry14 Aug 2026
Contracts144
Avg IV0.59
Put-call0.54
Expiry21 Aug 2026
Contracts130
Avg IV0.60
Put-call0.21
Expiry28 Aug 2026
Contracts114
Avg IV0.60
Put-call0.90
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.83
Put IV1.19
Skew0.35
7 Aug 2026Balanced skew
Call IV0.64
Put IV0.66
Skew0.02
14 Aug 2026Balanced skew
Call IV0.60
Put IV0.61
Skew0.01
21 Aug 2026Balanced skew
Call IV0.60
Put IV0.60
Skew-
28 Aug 2026Balanced skew
Call IV0.60
Put IV0.61
Skew0.01
Contract Tape
Most active contracts
ContractNOW260731P00110000
SidePut
Expiry31 Jul 2026
Strike110.00
Volume9839
OI2982
IV0.81
ContractNOW260731C00110000
SideCall
Expiry31 Jul 2026
Strike110.00
Volume8389
OI4528
IV0.82
ContractNOW260731C00115000
SideCall
Expiry31 Jul 2026
Strike115.00
Volume8358
OI4526
IV0.84
ContractNOW260807C00120000
SideCall
Expiry7 Aug 2026
Strike120.00
Volume6099
OI2944
IV0.63
ContractNOW260821C00115000
SideCall
Expiry21 Aug 2026
Strike115.00
Volume5420
OI7410
IV0.59
ContractNOW260807C00115000
SideCall
Expiry7 Aug 2026
Strike115.00
Volume4782
OI2618
IV0.63
ContractNOW260731P00108000
SidePut
Expiry31 Jul 2026
Strike108.00
Volume4561
OI570
IV0.81
ContractNOW260918C00120000
SideCall
Expiry18 Sep 2026
Strike120.00
Volume3390
OI10060
IV0.59
Research Graph
Related research and context
Sharemaestro research
Related News
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Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.