27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Deep-pocketed investors have adopted a bullish approach towards ServiceNow (NYSE:NOW), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NOW usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for ServiceNow. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 60% leaning bullish and 40% bearish. Among these notable options, 2 are puts, totaling $85,824, and 8 are calls, amounting to $398,042.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $600.0 and $1000.0 for ServiceNow, spanning the last three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for ServiceNow's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across ServiceNow's significant trades, within a strike price range of $600.0 to $1000.0, over the past month.
ServiceNow Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOW | CALL | TRADE | BEARISH | 06/21/24 | $91.2 | $88.3 | $88.9 | $720.00 | $88.9K | 237 | 3 |
| NOW | CALL | TRADE | BULLISH | 09/20/24 | $202.5 | $198.3 | $202.5 | $600.00 | $60.7K | 12 | 3 |
| NOW | CALL | TRADE | BEARISH | 01/16/26 | $97.0 | $87.0 | $89.99 | $1000.00 | $53.9K | 113 | 0 |
| NOW | CALL | SWEEP | BULLISH | 04/05/24 | $9.3 | $6.7 | $9.3 | $770.00 | $46.5K | 136 | 5 |
| NOW | CALL | SWEEP | BEARISH | 06/21/24 | $44.0 | $43.9 | $43.9 | $800.00 | $43.9K | 774 | 10 |
About ServiceNow
ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.
In light of the recent options history for ServiceNow, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of ServiceNow
- With a trading volume of 105,655, the price of NOW is up by 1.0%, reaching $766.75.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 20 days from now.
Expert Opinions on ServiceNow
3 market experts have recently issued ratings for this stock, with a consensus target price of $880.0.
- An analyst from Stifel downgraded its action to Buy with a price target of $820.
- Reflecting concerns, an analyst from Keybanc lowers its rating to Overweight with a new price target of $1000.
- An analyst from Stifel has revised its rating downward to Buy, adjusting the price target to $820.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ServiceNow with Benzinga Pro for real-time alerts.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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