Home Options BKNGReports

BKNG

Booking Holdings Inc. Common StClose $159.68EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$3.27

2.0% from close

Price Gap

+0.32

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

BKNG Directional Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

BKNG pinned at $160 MP with +$9.0M GEX supports near-term range. However, mixed flow and 2W resistance cluster at $170 suggest longer-term bearish drift. Neutral-to-bearish overall; wait for breakout below $156 or above $163.

Confidence:

7 / 10

Base 5, -1 mixed flow, +1 GEX pinning, +1 spot at MP, +1 VIX 17. Longer-term bearish adds -1 for 2W resistance.

Supports: +$9.0M GEX, spot at $160 MP, VIX 16.76, tight 2D guardrails.
Conflicts: Mixed flow, resistance $162.95 2D, $170 2W, no catalyst.

📌Max pain $160 for 2D and 1W, strong pinning.

🟢Dealer long gamma +$9.0M, dampens vol.

⚖️Mixed flow; no aggressive bets.

🔻2W resistance $170 favors bearish drift.

Regime Classification

Vol Regime

High

High vol (VIX 17, IV rich) vs typical range; options rich for sellers.

Gamma Regime

Pinning

Pinning near spot; +$9.0M GEX, dealers long gamma, dampens vol.

Flow Regime

Mixed

Mixed put/call activity; no directional bias.

Spot vs Max Pain

Spot at $160 MP; pinning expected through expiries.

Thesis duration: Multi-week — Overlapping expiries (2D,1W,2W) with MP at $160/$165. No catalyst; structural support $154, resistance $170.

Price Range Forecast

Next 2 days

$156.40$162.95

Range $156.40-$162.95; pinning at $160, positive GEX.

Next 1 week

$152.18$167.18

Range $152.18-$167.18; MP $160,$165; gamma flip $140 downside buffer.

Next 2 weeks

$149.63$169.73

Range $149.63-$169.73; resistance $170; if pinning fails, drift lower.

Key Levels

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

EM guardrails: 2d $156.40/$162.95; 1w $152.18/$167.18

Support: $154.00 · $149.63

Resistance: $160.00 · $169.73 · $170.00

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,314 (12.3% below spot)

Structural: Support $154 (2D guardrail), $149.63 (2W low). Resistance $160 MP, $169.73-$170 (2W high). Gamma flip $140.

Dealer Positioning (GEX/DEX)

GEX: $+9.0M

DEX: +20.4M shares

Gamma flip: ~$140 (Approx — based on put OI concentration of 5,314 (12.3% below spot))

NTM gamma: Dealers long gamma +$9.0M; flip risk ~$140. Pinning near $160; break below $140 triggers selling.

IV Analysis

IV vs VIX: IV rich vs VIX 17; event premium, but pinning limits realized vol.

Term structure: Contango; near-term IV elevated, back months cheaper; calendar spreads attractive.

Skew: Steep put skew below $140; put calendar spread for vol contraction.

Flow Analysis

Net premium: Net put premium $47.5M; put/call vol ratio 0.74 suggests larger put sizes or higher put IV.

Directional prints: 49.7 call 154.8 ITM 2027-03-19 — 2.6x vol/OI, deep ITM call; likely bought for bullish directional bet. 59.6 call 168.4 OTM 2026-05-22 — 2.1x vol/OI, expiring tomorrow; low premium suggests speculative purchase. 43.6 put 180 ITM 2027-03-19 — 1.9x vol/OI, long-dated put; potentially bought for hedge or bearish view.

Unusual: 49.7 call 154.8 ITM 2027-03-19 — Deep ITM call with 2.6x vol/OI; unusual for its size and expiration. 59.6 call 168.4 OTM 2026-05-22 — Low premium, high IV, expiring tomorrow; unusual speculative volume. 43.6 put 180 ITM 2027-03-19 — Long-dated put with 1.9x vol/OI; unusual OTM put volume.

Risks & Catalysts

!Gamma flip below $140 triggers rapid selling.

!Spot rejection at $160 leads to test of $156.

!Vol contraction reduces option premiums.

!Macro shock overcomes pinning, causing breakout.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-07-17 $154.00/$152.00 put spread Why now: Net put premium and resistance at $170 favor bearish positioning, near-term pinning at $160 warrants defined risk.	Upside risk if BKNG breaks above $163 support. Liquidity constraints: long_put: Volume below 5.
Bear put spread	Moderate-Weak	Buy 2026-06-12 $155.00/$150.00 put spread Why now: Bear put spread profits from small decline; limited risk.	Breakout above $160 could cause loss. Liquidity constraints: long_put: Wide spread (73%).; short_put: Volume below 5.
Short strangle	Weak	Sell 2026-06-12 $155.00 put + sell $160.00 call Why now: Short strangle collects premium from range; put side skew.	Undefined tail risk; volatility expansion. Liquidity constraints: short_put: Wide spread (73%).
Put diagonal	Moderate-Weak	Sell 2026-06-12 $155.00 put / buy 2026-07-17 $154.00 put Why now: Calendar put benefits from time decay and stable underlying; bearish tilt.	If underlying drops sharply, short put loses. Liquidity constraints: short_put: Wide spread (73%).; long_put: Volume below 5.

Top Plays

Bear Put Spread Near-Term

Buy 2026-07-17 $154.00/$152.00 put spread

Buy 2026-07-17 $154/$152 put spread to profit from small decline within expected range.

Why this play: Net put premium and resistance at $170 favor bearish, near-term pinning at $160 warrants defined risk.

Debit: $0.49-$0.60

Max loss: $0.60

BE: $153.40

Mgmt: Exit if BKNG breaks above $160 or if time decay erodes premium. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Traders seeking defined-risk bearish exposure near earnings.

Bear Put Spread Wider

Buy 2026-06-12 $155.00/$150.00 put spread

Buy 2026-06-12 $155/$150 put spread for a larger expected move.

Why this play: Alternative bearish play with limited risk, profits from decline to $150.

Debit: $3.24-$3.96

Max loss: $3.96

BE: $151.04

Mgmt: Close if BKNG holds above $160 to avoid max loss. Liquidity warning: Liquidity constraints: long_put: Wide spread (73%).; short_put: Volume below 5.

Traders expecting a sharper drop within two weeks.

Put Diagonal Calendar

Sell 2026-06-12 $155.00 put / buy 2026-07-17 $154.00 put

Sell 2026-06-12 $155 put / buy 2026-07-17 $154 put to profit from theta decay while maintaining bearish bias.

Why this play: Calendar put benefits from time decay and stable underlying with bearish tilt.

Debit: $0.85-$1.04

Max loss: $1.04

BE: Path-dependent

Mgmt: Monitor theta decay; exit if BKNG breaks $154 support. Liquidity warning: Liquidity constraints: short_put: Wide spread (73%).; long_put: Volume below 5.

Traders wanting theta-positive bearish structure.

Watchlist Triggers

Entry Triggers

IFBKNG breaks below $154.00 support → Buy 2026-07-17 $154.00/$152.00 put spread at $0.49-$0.60

IFBKNG declines to $155.00 and holds below $160 → Buy 2026-06-12 $155.00/$150.00 put spread at $3.24-$3.96

IFBKNG trades near $160 with bearish bias → Sell 2026-06-12 $155.00 put / buy 2026-07-17 $154.00 put at $0.85-$1.04

Exit Triggers

EXITBKNG rallies above $160.00 → Exit all bear put spreads (1 and BKNG_BPS_001)

EXITBKNG breaks below $154.00 support → Exit put diagonal (BKNG_PC_001)

Tactical Summary

Neutral-to-bearish pinned at $160 MP. Key support $154, resistance $170. Prefer bearish spreads on breakdown below $154 or rejection near $160. Manage risk with invalidation levels: $160 for spreads, $154 for diagonal.

How to Use These Reports

This directional reflects the market close on May 21, 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.