BKNG
Booking Holdings Inc. Common StClose $155.03EOD onlyThis page reflects BKNG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
Bearish near-term bias due to bearish flow and dealer short gamma; high vol amplifies moves, but long DEX may support near $154 flip.
Conflicts: Positive DEX, gamma flip support at $154
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $-6.6M
DEX: +20.2M shares
Gamma flip: ~$154 (Approx — based on put OI concentration of 4,349 (0.3% below spot))
NTM gamma: GEX -$6.6M, DEX +20.2M shares, gamma flip ~$154 (put OI).
IV Analysis
IV vs VIX: IV rich vs VIX; high vol regime justifies premium.
Term structure: Contango into next expiries; event risk priced in.
Skew: Put skew steep; overpriced downside puts could be sold if neutral.
Flow Analysis
Net premium: Net put premium $100M with P/C vol ratio 2.18, strong bearish flow.
Directional prints: 225.9 put 188 ITM 2026-05-15 — Vol 1250 vs OI 273 (4.6x). Likely bought puts for downside; preferred read bearish. 177.2 put 177 ITM 2026-05-15 — Vol 830 vs OI 174 (4.8x). Likely bought puts; preferred read bearish. 152.6 put 172 ITM 2026-05-15 — Vol 351 vs OI 177 (2.0x). Bought puts; preferred read bearish.
Unusual: 83.8 call 225 OTM 2026-06-05 — Vol 279 vs OI 117 (2.4x). Unusual call in heavy put flow; likely bought calls hedging or speculative; preferred read neutral. 50.3 call 156 OTM 2027-03-19 — Vol 286 vs OI 120 (2.4x). Long-dated ITM call unusual; likely bought for long-term bullish view; preferred read bullish. 41.5 put 145 OTM 2027-01-15 — Vol 268 vs OI 164 (1.6x). Long-dated put unusual; likely bought as insurance; preferred read bearish but hedging.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bear put spread | Moderate | Buy 2026-06-12 $155.00/$145.00 put spread Why now: Net put premium $100M, P/C vol ratio 2.18, and lead put print 4.6x OI. High vol supports move. | Spot above 155 may squeeze; positive DEX buffers declines. Liquidity constraints: long_put: Volume below 5. |
| Call credit spread | Moderate-Weak | Sell 2026-06-05 $165.00/$175.00 call spread Why now: High implied vol and bearish flow favor selling calls; strikes near 156 act as resistance. | Squeeze above 155 if dealer gamma flips; defined risk mitigates tail. Liquidity constraints: long_call: Wide spread (59%). |
| Long put | Moderate-Weak | Buy 2026-06-18 $154.00 put Why now: Heavy put buying and short gamma make puts attractive; target OTM put for leverage. | Time decay if spot stays range-bound; squeeze risk above 155. Liquidity constraints: long_put: Volume below 5. |
Top Plays
Watchlist Triggers
Tactical Summary
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.