BKNG
Booking Holdings Inc. Common StClose $165.84EOD 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
Neutral to slightly bullish as gamma pinning near $168-$170 and positive GEX support range-bound price action. Spot ~3% below max pain suggests gradual drift upward, but mixed flow and high vol cap conviction.
Conflicts: Mixed flow, spot below MP, gamma flip at $140, high vol regime
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $+5.5M
DEX: +20.8M shares
Gamma flip: ~$140 (Approx — based on put OI concentration of 5,247 (13.7% below spot))
NTM gamma: GEX +$5.5M, DEX +20.8M shares. Gamma flip ~$140 from put OI concentration (5,247 contracts 13.7% below spot). Positive gamma supports price stability.
IV Analysis
IV vs VIX: Tick IV elevated vs VIX consistent with high vol regime. Premium pricing for event risk.
Term structure: Contango expected with kinks near weekly expiries given pinning dynamics.
Skew: Put skew elevated due to below-MP spot; skew flattens in longer tenors.
Flow Analysis
Net premium: Net premium -$13.4M, bearish (puts dominate premium), though call volume higher (P/C vol 0.74).
Directional prints:
Unusual: 52.7 call 154.8 ITM 2027-03-19 — Volume 706 vs OI 276 (2.6x); ITM call, likely bought for bullish directional exposure or synthetic long; sold side less likely. 103.9 call 225 OTM 2026-06-12 — Volume 251 vs OI 100 (2.5x); OTM call with high IV 104%, speculative short-dated lottery; bought if bullish, sold if covered.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Put credit spread | Moderate-Weak | Sell 2026-07-17 $154.00/$146.00 put spread Why now: Positive GEX & gamma pinning support range-bound action; selling put spreads captures premium with defined risk. | Unexpected break below $162 could lead to losses; max loss if spot below lower strike. Liquidity constraints: long_put: Volume below 5. |
| Put credit spread | Moderate-Weak | Sell 2026-08-21 $145.00/$135.00 put spread Why now: Positive gamma support near $168-170 and neutral flow favor limited downside; put credit spread provides premium with downside protection. | Unexpected break below gamma flip at $140 or earnings shock could breach short put. Liquidity constraints: short_put: Volume below 5. |
| Bull call spread | Moderate-Weak | Buy 2026-08-21 $175.00/$190.00 call spread Why now: Call volume ratio (0.74) suggests call bias; spot near gamma pin and slightly below max pain favors gradual rebound. | If earnings disappoint or IV expansion fails to materialize, premium paid may decay. Liquidity constraints: short_call: Volume below 5. |
| Call diagonal | Moderate-Strong | Sell 2026-06-12 $167.50 call / buy 2026-09-18 $192.00 call Why now: Earnings on 2026-07-29 creates elevated near-term IV; calendar call benefits from vol crush while maintaining long deltas. | If stock moves sharply against the short call or IV persists, the trade may suffer. |
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.