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BKNG

Booking Holdings Inc. Common StClose $192.01EOD only
Max Pain
$176.00
Next expiry Apr 24, 2026
Expected Move
±$6.35
3.3% from close
Price Gap
-16.01
Distance to max pain
IV Rank
100
High premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 17, 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
Apr 17, 2026 close
BKNG Earnings Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG shows elevated skew and pinning dynamics into a high-IV earnings; market expects a modest avg move vs option pricing but spot sits above MP which raises directional risk.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 9.1% from MP; +0.5 VIX 19
Most important: Pinning around $176–$183 with concentrated put OI ~8% below spot signals asymmetric downside hedging pressure.
⚠️100% historical beat rate (4/4) but small sample — don't conflate with certainty
📌Max pain pins clustered $176–$183 while spot sits above — watch pinning dynamics

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (8.3% below spot)

Earnings Overview

Next earnings: 2026-04-28 (8 days)explicit

Expected moves:

  • 2026-04-24 (4d): ±$6.10 (3.2%)
  • 2026-05-01 (11d): ±$14.00 (7.3%)
  • 2026-05-08 (18d): ±$7.55 (3.9%)

IV Setup

Term structure: Front-week IV elevated vs 2-week; tails rich into May 1 expiry.

Crush estimate: Post-earnings IV crush ~30–45% front-week, lower further-dated.

Skew: Steep put skew with very high IV on deep puts (100–125% IV) and elevated call IV at near-term strikes.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historically small sample; 4/4 beats, realized moves roughly in line with option-implied for near-dated.

Directional bias: Past beats → slight upside bias, but current pinning and spot>MP mute directional edge.

Key Levels

1$176.00 gamma flip
2Max pain pins: $176 (2026-04-24); $180 (2026-05-01); $183 (2026-05-08)

Flow Highlights

Net premium negative large (-$25.6M) and put volume slightly > call volume.

Flow net seller of options, heavy premium sell pressure.

Unusual prints concentrated in deep puts (May1) and a May8 call block at $174.8.

Hedging/insurance demand on downside; single call block indicates some one-way bullish exposure.

Strategies

May1 186P/204C long strangle
Buy 2026-05-01 $186.00 put + buy $204.00 call
Debit: $5.83-$7.12
Max loss: $7.12
Max gain: Unlimited
BE: 178.88 / 211.12
Trigger: Trim into post-earnings IV crush or on +30–50% gain; cut if stock gaps sharply below put floor or if put OI shifts materially (watch 154–183 strikes). Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; long_put: Open interest below 25.
Cheaper tail exposure than a straddle amid elevated IV and put pinning; buys asymmetric downside protection while retaining upside.
Outperforms: Buy 2026-05-01 186 put + 204 call to capture earnings move/vol; limited known max loss (~premium), keeps upside and downside tails.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!High IV and steep skew → costly entry and large post-crush repricing risk
!Spot 9.1% above MP with pinning → gap-down tail risk if earnings disappoint
!Mixed flow/GEX signals make gamma-led moves less predictable

What to Watch

?May1 strikes and OI shifts around $154–$183 (put floor vs pin zone)
?Short-term IV and bid/ask compression into 48–72h pre-earnings
?Large prints/blocks that change put concentration or call OI wall levels
How to Use These Reports
This earnings reflects the market close on April 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.