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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

BKNG expected to consolidate near $160 range due to strong dealer gamma pinning; high vol but mixed flow. Bias neutral to slightly bullish given long dealer delta and spot near max pain.

Confidence:

7 / 10

Base 5; +1 positive gamma pinning, +1 spot near MP, +1 VIX 17; -1 GEX/flow contradict. Net 7.

Supports: Strong dealer gamma support at $160, long delta (+21M shares), spot at max pain.
Conflicts: High IV may attract sellers, mixed flow data.

📌Max pain pinning at $160 for this and next week.

🟢Dealer gamma positive (+$12.7M) suggests price stability.

⚠️Spot at max pain on expiry day increases pinning probability.

Regime Classification

Vol Regime

High

IV is High relative to typical range, supported by VIX at 16.70.

Gamma Regime

Pinning

GEX +$12.7M with pinning near $160-$165; flip at ~$140 based on put OI concentration.

Flow Regime

Mixed

Flow is Mixed; net premium context mixed but dealer long delta (+21M) suggests bias.

Spot vs Max Pain

Spot At max pain ($160) on 5/22 and near $160 for 5/29, within 1w EM guardrails $153.83-$168.28.

Thesis duration: Event-specific — Max pain pinning at $160 for weekly expiries with dealer gamma positive suggests range-bound consolidation this week.

Price Range Forecast

Next 1 week

$153.83$168.28

Range $153.83-$168.28, bias toward $160-165 pin.

Next 2 weeks

$150.86$171.26

Wider range $150.86-$171.26, gamma flip $140 provides downside buffer.

Key Levels

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

EM guardrails: 1w $153.83/$168.28

Support: $160.00 · $150.86

Resistance: $170.00 · $171.26

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,293 (13.1% below spot)

Structural: Max pain $160 (weekly); support $150.86, resistance $171.26; gamma flip ~$140.

Dealer Positioning (GEX/DEX)

GEX: $+12.7M

DEX: +21.0M shares

Gamma flip: ~$140 (Approx — based on put OI concentration of 5,293 (13.1% below spot))

NTM gamma: Dealer gamma +$12.7M with long delta (+21M shares); flip at ~$140.

IV Analysis

IV vs VIX: IV likely elevated relative to VIX (16.70) given High vol regime, indicating options premium pricing in risk.

Term structure: Term structure not provided; near-term expiries likely elevated due to pinning.

Skew: Skew not available; potential advantage selling OTM puts with gamma support at $150.

Flow Analysis

Net premium: Net premium negative $43.7M; put/call vol ratio 0.77 (more calls) but put premium dominates, suggesting large put buys or expensive puts.

Directional prints: 39.8 call 170 OTM 2026-05-29 — Vol/OI 3.5; suggests aggressive buying. Likely bought calls, bullish. 40 put 157.5 OTM 2026-05-29 — Vol/OI 2.3; suggests put buying. Likely bought puts, bearish.

Unusual: 39.6 call 167.5 OTM 2026-05-29 — Vol/OI 3.6, 456 vol vs 125 OI; aggressive call activity. 39.8 call 170 OTM 2026-05-29 — Vol/OI 3.5, 1787 vol vs 503 OI; heavy call volume. 62.8 put 130 OTM 2026-06-05 — Vol/OI 3.0, 357 vol vs 118 OI; unusual put buying.

Risks & Catalysts

!Upside move beyond $170 from short covering.

!Downside break below $140 gamma flip.

!Volatility crush if pinning fails.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Weak	Sell 2026-07-17 $148.00/$134.00 put spread Why now: Large put premium flow and dealer gamma pinning suggest limited downside; credit spread monetizes time decay and pinning.	Upside move beyond $170 could cap profits; downside gamma flip below $140. Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (76%).
Iron condor	Moderate-Weak	Sell 2026-07-17 $150.00/$128.00 put wing and $187.20/$216.00 call wing Why now: High IV and neutral bias support premium sale; wings limit tail risk from earnings.	Volatility expansion beyond wings could cause losses before expiration. Liquidity constraints: long_put: Wide spread (110%).; short_call: Wide spread (127%).

Top Plays

Put Credit Spread

Sell 2026-07-17 $148.00/$134.00 put spread

Sell put spread to profit from time decay and pinned price near $148.

Why this play: Limited downside due to dealer gamma pinning; premium from high put vol.

Credit: $2.05-$2.50

Max loss: $11.50

BE: $145.50

Mgmt: Exit if spot breaches $160 invalidation. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (76%).

Bullish-leaning traders expecting range-bound price above $148.

Iron Condor

Sell 2026-07-17 $150.00/$128.00 put wing and $187.20/$216.00 call wing

Sell wings to collect premium with defined risk from pinned volatility.

Why this play: Neutral bias and high IV favor premium sale; wings cap tail risk.

Credit: $4.27-$5.22

Max loss: $23.58

BE: 144.78 / 192.42

Mgmt: Manage wings if spot approaches strikes; exit ahead of earnings. Liquidity warning: Liquidity constraints: long_put: Wide spread (110%).; short_call: Wide spread (127%).

Neutral traders comfortable with wide wings.

Watchlist Triggers

Entry Triggers

IFBKNG spot holds above $160 support with put implied volatility elevated → Enter sell 2026-07-17 $148.00/$134.00 put spread for credit 2.05–2.50

IFBKNG spot near $160 max pain and IV remains high → Enter sell iron condor: 2026-07-17 $150/$128 put wing and $187.20/$216 call wing for credit 4.27–5.22

Exit Triggers

EXITBKNG spot breaks below $160.00 (put spread invalidation) → Exit the put credit spread

Tactical Summary

Neutral to slightly bullish bias. Enter put credit spread if $160 support holds; exit if broken. Enter iron condor near $160 for premium. Manage positions around key levels and earnings.

How to Use These Reports

This directional reflects the market close on May 22, 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.