thetaOwl
HomeOptionsBKNGReports

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
12
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 Earnings Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Earnings Verdict

Base 6.5 (5 base -1 flow contradict +1 GEX pin +0.5 spot near MP +1 VIX 17). Earnings 70d out; long-dated call wall $170-$232, put floor $140.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17
Most important: Long-dated bullish flow vs near-term bearish premium; 100% beat rate.
📞Long-dated $154.8 call buying signals bullish thesis into 2027.
🛡️Large $180 put buy hedges downside beyond current support.
⚠️Net negative premium and mixed flow suggest caution near support.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,257 (10.8% below spot)

Earnings Overview

Next earnings: 2026-07-29 (70 days)explicit

Expected moves:

  • 2026-05-22 (2d): ±$4.83 (3.1%)
  • 2026-05-29 (9d): ±$8.00 (5.1%)
  • 2026-06-05 (16d): ±$10.75 (6.8%)

IV Setup

Term structure: Upward sloping: 2d ±3.1%, 9d ±5.1%, 16d ±6.8%.

Crush estimate: N/A (earnings 70d out)

Skew: Call wall $170-$232, put floor $140; long-dated IV elevated.

Historical Context

Beat rate: 100% (5/5 quarters)

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $152.12/$161.77; 1w $148.95/$164.95
3Max pain pins: $160 (2026-05-22); $162 (2026-05-29); $165 (2026-06-05)

Flow Highlights

BKNG 2027-03-19 $154.8 Call vol 706 vs OI 276, IV 52.7%

Bullish long-dated call buying

BKNG 2027-03-19 $180 Put vol 500 vs OI 268, IV 53.6%

Bearish hedge at high strike

BKNG 2026-06-26 $230 Call vol 320 vs OI 180, IV 87.9%

OTM call speculation, high IV

Strategies

Call Diagonal
Sell 2026-05-29 $157.50 call / buy 2026-07-17 $155.00 call
Debit: $6.71-$8.20
Max loss: $8.20
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot breaks below $154.
Captures time decay and upside drift, aligns with long-dated bullish flow.
Outperforms: Sell near-term call, buy later-dated call to exploit term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-05-29 $155.00 put + sell $157.50 call
Credit: $6.10-$7.45
Max loss: Unlimited
Max gain: $7.45
BE: 147.55 / 164.95
Trigger: Monitor spot vs $160 max pain; adjust if IV spikes.
Elevated IV and narrow range 155-157.5, good for premium decay.
Outperforms: Sell OTM put and call to collect theta.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Net premium -$51.4M (bearish flow)
!Spot near support $154; put floor $140
!Long-dated put activity suggests hedging

What to Watch

?Spot vs $160 max pain
?Sustained call buying at $154.8
?Earnings catalysts 70d out
How to Use These Reports
This earnings 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.