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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 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

BKNG below MP $160, gamma pinning, mixed flow. SPY/QQQ up, dealer long gamma support. Near-term neutral-to-bullish, drift to $155-160. Confidence 6.5.

Confidence:

6.5 / 10

Base5 -1 mixed flow +1 GEX pin +0.5 spot vs MP +1 VIX17

Supports: GEX+$, DEX+20M, SPY/QQQ rally, pin $160
Conflicts: Mixed flow, high vol, resistance $160

📌Gamma pin $160

📈Equities support

⚠️High vol caution

Regime Classification

Vol Regime

High

High vol; IV rich vs VIX 17

Gamma Regime

Pinning

Pinning; GEX $+3M flips at $140

Flow Regime

Mixed

Mixed; no bias

Spot vs Max Pain

Below

Spot ~1.9% below MP $160

Thesis duration: Event-specific — Near-term expiry, gamma pinning

Price Range Forecast

Next 2 days

$152.12$161.77

Pin $160 range

Next 1 week

$148.95$164.95

Resis $160 high vol

Next 2 weeks

$146.20$167.70

Support $146 dealer long

Key Levels

Max pain pins: $160 (2026-05-22); $162 (2026-05-29); $165 (2026-06-05)

EM guardrails: 2d $152.12/$161.77; 1w $148.95/$164.95

Support: $154.00 · $146.20

Resistance: $160.00 · $167.70 · $170.00

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,257 (10.8% below spot)

Structural: MP $160, res $160/167.7/170, sup $154/146.2, flip $140

Dealer Positioning (GEX/DEX)

GEX: $+3.0M

DEX: +20.3M shares

Gamma flip: ~$140 (Approx — based on put OI concentration of 5,257 (10.8% below spot))

NTM gamma: NTM GEX +$3M, DEX +20.3M, flip $140

IV Analysis

IV vs VIX: IV rich vs VIX 17

Term structure: Steep near 2d expiry

Skew: Skew neutral, no arb

Flow Analysis

Net premium: Net premium -$51.4M, P/C vol ratio 0.9, indicates bearish flow.

Directional prints: 53.6 put 180 ITM 2027-03-19 — Vol 500 vs OI 268 (vol/OI 1.9). Deep OTM put buying likely bearish speculation.

Unusual: 52.7 call 154.8 ITM 2027-03-19 — Vol 706 vs OI 276 (vol/OI 2.6). Unusual ITM call activity, possibly bearish sold given net premium. 53.6 put 180 ITM 2027-03-19 — Vol 500 vs OI 268 (vol/OI 1.9). Deep OTM put buying, bearish. 87.9 call 230 OTM 2026-06-26 — Vol 320 vs OI 180 (vol/OI 1.8). Deep ITM call with high IV, cheap premium; unclear side.

Risks & Catalysts

!Gap to $140 flip

!Pin failure

!Vol crush

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Weak	Sell 2026-06-05 $150.00/$140.00 put spread Why now: Bearish flow may be overdone; selling put premium near support captures theta.	Gap down below 155 could cause losses. Liquidity constraints: long_put: Wide spread (141%).
Call diagonal	Moderate	Sell 2026-06-18 $166.00 call / buy 2026-07-17 $164.00 call Why now: Near-term vol elevated after flow; back-month vol lower, benefit from time decay.	If stock rallies sharply, short call may lose; define with strikes. Liquidity constraints: short_call: Volume below 5.
Bull call spread	Moderate-Weak	Buy 2026-06-26 $155.00/$170.00 call spread Why now: Bullish bias supported by dealer gamma; limited risk profile.	If stock stays flat or declines, spread decays. Liquidity constraints: short_call: Volume below 5.

Top Plays

Bull Call Spread

Buy 2026-06-26 $155.00/$170.00 call spread

Buy $155/$170 call spread to capture upside with limited risk.

Why this play: Aligns with bullish drift and dealer gamma support.

Debit: $5.24-$6.41

Max loss: $6.41

BE: $161.41

Mgmt: Exit if BKNG falls below $154. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Traders expecting gradual upward move.

Put Credit Spread

Sell 2026-06-05 $150.00/$140.00 put spread

Sell $150/$140 put spread to profit from time decay if support holds.

Why this play: Sells premium near support despite bearish flow, captures theta.

Credit: $1.44-$1.76

Max loss: $8.24

BE: $148.24

Mgmt: Close if BKNG breaks below $154. Liquidity warning: Liquidity constraints: long_put: Wide spread (141%).

Range-bound or slightly bullish outlook.

Call Diagonal

Sell 2026-06-18 $166.00 call / buy 2026-07-17 $164.00 call

Sell front-month call, buy back-month call to capture vol premium.

Why this play: Benefits from vol term structure and time decay.

Debit: $3.24-$3.96

Max loss: $3.96

BE: Path-dependent

Mgmt: Adjust if vol dynamics shift. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Neutral-to-slightly bearish vol view.

Watchlist Triggers

Entry Triggers

IFIF BKNG holds above $154 with bullish momentum → THEN buy 2026-06-26 $155/$170 call spread for up to $6.41

IFIF BKNG holds above $154 but bearish flow persists → THEN sell 2026-06-05 $150/$140 put spread for up to $1.76

IFIF BKNG trades near $154 with neutral volatility → THEN initiate call diagonal: sell 2026-06-18 $166 call, buy 2026-07-17 $164 call for up to $3.96

Exit Triggers

EXITIF BKNG breaks below $154 → THEN close all bullish positions

Tactical Summary

BKNG below $160, dealer gamma supports, near-term neutral-to-bullish but next week bearish. Focus on support $154. Top plays: bull call spread above $154, put credit spread on dips, call diagonal for vol decay. Exit on break of $154.

How to Use These Reports

This directional reflects the market close on May 20, 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.