NOW Bull Call Spread — 2026-08-21

NOW (ServiceNow, Inc. Common Stock) shows bullish unusual options activity: $2307K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.6x on the 110 call. IV rank is 55 (moderate) — a bull call spread (112/113) trims theta/vega bleed versus a naked long. Buy the $112 / sell the $113 call bull call spread expiring 2026-08-21 (24 DTE) for a net debit of $0.45 ($45 per spread). Breakeven at $112.45; net delta 0.02.

Underlying: NOW @ ~$112.07 | 2026-08-21 (24 DTE) | Net debit (entry): ~$45 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($45 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 55 — reasonable for a debit spread. | TIMING: 24 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: NOW is in Technology — avoid concentration with other open Technology positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.