Home Options BKNGReports

BKNG

Booking Holdings Inc. Common StClose $156.95EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$4.83

3.1% from close

Price Gap

+3.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.85

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects BKNG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

BKNG Directional Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer directional report is available for May 20, 2026.

View latest report

Outlook

Bearish bias driven by negative gamma, bearish flow, and spot below max pain. Dealers' long delta may slow declines but not reverse trend.

Confidence:

6.5 / 10

Base 5: +2 GEX/flow aligned; -1 spot 7.4% from MP; +0.5 VIX 18; net 6.5

Supports: High vol regime, trending gamma, bearish flow, spot below MP
Conflicts: Dealer DEX +20.8M shares (long delta) may provide support at gamma flip ~$154

🐻Negative gamma: dealers sell into weakness, exacerbating drops

📉Bearish flow: net premium negative, P/C ratio elevated

⚠️Gamma flip at ~$154: potential acceleration if broken

Regime Classification

Vol Regime

High

High vol: IV elevated vs typical range, reflecting uncertainty and option demand

Gamma Regime

Trending

Trending gamma: net short gamma (-$6.4M GEX) with flip at ~$154; spot near flip

Flow Regime

Bearish

Bearish flow: negative net premium, elevated put/call ratio indicating downside hedging

Spot vs Max Pain

Below

Below MP: spot $153 vs $166 MP; significant gap reduces pin probability, favors directional move lower

Thesis duration: Multi-week — Bearish regime likely persists through next OPEX (June) absent catalyst; gamma flip and support levels provide multi-week relevance

Price Range Forecast

Next 1 week

$147.81$160.46

Resistance at $160; momentum favors downside

Next 2 weeks

$144.83$163.43

Gamma flip at $154; below that accelerates

Key Levels

Max pain pins: $166 (2026-05-15); $168 (2026-05-22); $170 (2026-05-29)

EM guardrails: 1w $147.81/$160.46

Support: $154.00 · $144.83

Resistance: $160.00 · $163.43 · $166.40

Gamma flip: ~$154.00 — Approx — based on put OI concentration of 4,349 (0.1% below spot)

Structural: Support $154 (gamma flip), $144.83; resistance $160, $163.43, $166.4. Max pain pins: $166 (May15), $168 (May22), $170 (May29)

Dealer Positioning (GEX/DEX)

GEX: $-6.4M

DEX: +20.8M shares

Gamma flip: ~$154 (Approx — based on put OI concentration of 4,349 (0.1% below spot))

NTM gamma: Net short gamma (-$6.4M) with flip at ~$154. DEX +20.8M shares long delta. Dealers hedged for downside acceleration below flip.

IV Analysis

IV vs VIX: IV elevated vs VIX (~18.4), reflecting high idiosyncratic risk and option demand

Term structure: Steep contango; event kinks around May22/29 OPEX; front-month IV rich

Skew: Put skew steep; buying puts expensive. Favor bear put spreads to reduce vega cost

Flow Analysis

Net premium: Net premium -$97.6M, P/C vol ratio 2.22, heavy put buying.

Directional prints: 270.4 put 177 ITM 2026-05-15 — Vol/OI 4.9, IV 270%, high vol 0DTE put; likely bought bearish. 351.5 put 188 ITM 2026-05-15 — Vol/OI 4.6, IV 352%, deep ITM put; bearish. 41.2 put 145 OTM 2026-06-12 — Vol/OI 3.6, IV 41%, longer-dated put; bearish positioning.

Unusual: 270.4 put 177 ITM 2026-05-15 — Vol/OI 4.9, IV 270%, 0DTE put; aggressive bearish. 351.5 put 188 ITM 2026-05-15 — Vol/OI 4.6, IV 352%, deep ITM put; bearish. 255.9 put 172 ITM 2026-05-15 — Vol/OI 3.5, IV 256%, aggressive put; bearish.

Risks & Catalysts

!Gamma flip at ~$154: break below triggers dealer hedging, accelerating sell-off

!DEX long delta may create pause or bounce if spot reaches support

!VIX spike could lift all IV, hurting short vol positions if not hedged

!Max pain at $166 suggests potential rally if sentiment shifts; low probability

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-05-29 $155.00/$152.50 put spread Why now: Negative gamma & heavy put buying support decline.	Defined loss if spot reverses above long strike.
Call credit spread	Weak	Sell 2026-05-29 $155.00/$162.50 call spread Why now: Bearish flow & high IV favor call credit.	Upside risk if spot rallies above short call. Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.
Long put	Moderate-Weak	Buy 2026-06-12 $155.00 put Why now: Heavy put buying & bearish gamma.	Time decay if spot flat/up. Liquidity constraints: long_put: Volume below 5.
Bearish risk reversal	Conditional	Buy 2026-06-12 $155.00 put / sell 2026-06-12 $155.00 call Why now: Bearish bias & elevated IV.	Unlimited upside if spot surges. Liquidity constraints: long_put: Volume below 5.

Top Plays

Bear Put Spread

Buy 2026-05-29 $155.00/$152.50 put spread

Profits if BKNG declines below $155 by May 29; limited risk, defined max profit.

Why this play: Directly profits from bearish move, excellent liquidity, aligns with negative gamma and heavy put buying.

Debit: $1.13-$1.38

Max loss: $1.38

BE: $153.62

Mgmt: Exit if spot breaks above $160 invalidation; take profits at target near $152.50.

Traders seeking defined-risk bearish exposure with good liquidity.

Long Put

Buy 2026-06-12 $155.00 put

Pure bearish bet on BKNG decline by June 12; unlimited upside if stock drops.

Why this play: Strong directional play with high profit potential, but lower liquidity than spread.

Debit: $6.34-$7.76

Max loss: $7.76

BE: $147.24

Mgmt: Watch $160 invalidation; consider rolling or closing at 50% profit. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Traders comfortable with higher premium outlay and longer duration.

Call Credit Spread

Sell 2026-05-29 $155.00/$162.50 call spread

Profits from stock staying below $155; benefits from time decay.

Why this play: Bearish play with theta decay and high IV, but illiquid and smaller potential return.

Credit: $2.29-$2.81

Max loss: $4.69

BE: $157.81

Mgmt: Exit if spot trades above $160; close early for 50% of credit. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Traders preferring credit strategies with high IV.

Watchlist Triggers

Entry Triggers

IFBKNG spot breaks below $154 gamma flip level → Enter bear put spread: buy 2026-05-29 $155/$152.50 put spread at 1.13-1.38 debit

Adjustment Triggers

ADJBKNG spot holds $154 support with bounce → Consider adding long put: buy 2026-06-12 $155 put at 6.34-7.76 for extended duration

Exit Triggers

EXITBKNG spot rallies above $160 invalidation level → Close bear put spread for loss; exit all bearish positions

Tactical Summary

Bearish bias; gamma flip at $154. Key support $144.83, resistance $160. Top play: bear put spread for defined risk. Invalidation above $160.

How to Use These Reports

This directional reflects the market close on May 15, 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.