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BKNG

Booking Holdings Inc. Common StClose $192.03EOD only
Max Pain
$176.00
Next expiry Apr 24, 2026
Expected Move
±$6.10
3.2% from close
Price Gap
-16.03
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: Apr 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
Apr 20, 2026 close
BKNG Earnings Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-probability pinning environment into BKNG earnings in 7 days; expect elevated IV with material post-event crush.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 8.0% from MP; +0.5 VIX 20
Most important: Pinning gamma and concentrated put OI ~7.8% below spot increase odds of spot gravitating toward $176–180 around expiry.
📌Pinning risk: put OI concentration ~7.8% below spot may draw price toward $176–180
⚠️Front-month IV elevated — expect a notable IV crush after earnings
📉Flow tilted bearish: net premium large negative and P/C volume >1.29

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bearish
Spot vs MP
Above
Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (7.8% below spot)

Earnings Overview

Next earnings: 2026-04-28 (7 days)explicit

Expected moves:

  • 2026-04-24 (3d): ±$5.48 (2.9%)
  • 2026-05-01 (10d): ±$13.85 (7.3%)
  • 2026-05-08 (17d): ±$8.00 (4.2%)

IV Setup

Term structure: Front-month IV elevated vs wings; April 24 and May 1 spikes with very high short-dated IV on some puts.

Crush estimate: Moderate-to-large IV crush (front-month ~35–50% post-event implied drop).

Skew: Put-heavy skew with large put prints and expensive OTM puts; call OI wall higher out.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical moves roughly in line or above expected; 4/4 beats previously.

Directional bias: Slight downside bias historically with put flow and current bearish regime.

Key Levels

1$176.00 gamma flip
2EM guardrails: 2d $185.39/$196.34; 1w $177.01/$204.71
3Max pain pins: $177 (2026-04-24); $180 (2026-05-01); $183 (2026-05-08)

Flow Highlights

Large short-dated April 24 $188 put prints and concentrated put OI ~7.8% below spot.

Dealer delta hedging likely supports pinning near $176–180.

Net premium negative and put-call volume >1.29.

Orderflow skewed bearish; heavier downside premium paid.

Strategies

May iron condor
Sell 2026-05-01 $176.00/$141.60 put wing and $206.40/$216.00 call wing
Credit: $3.20-$3.91
Max loss: $30.49
Max gain: $3.91
BE: 172.09 / 210.31
Trigger: Trim or roll wings if spot breaches 176–180 or IV stays elevated after event Liquidity warning: Liquidity constraints: short_put: Wide spread (138%).; short_call: Wide spread (138%).; long_call: Wide spread (171%).
Collect rich front-month premium into expected IV crush and pin near 176–180
Outperforms: Sell OTM wings to pocket decay while capping tail risk if post-earnings move surprises
Underperforms: Move outside short strikes invalidates range thesis.
Call diagonal (May/Jun)
Sell 2026-05-01 $206.40 call / buy 2026-06-18 $218.00 call
Debit: $1.10-$1.35
Max loss: $1.35
Max gain: Variable
BE: Path-dependent
Trigger: Buy back short if price >186 or IV fails to collapse; adjust long if momentum resumes Liquidity warning: Liquidity constraints: short_call: Wide spread (138%).; long_call: Wide spread (91%).
Sell expensive May calls, keep June upside to benefit from front-month crush
Outperforms: Earn theta on May while retaining directional upside into June with limited short exposure
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put diagonal (May/Jun)
Sell 2026-05-01 $183.20 put / buy 2026-06-18 $162.00 put
Credit: $0.99-$1.21
Max loss: $0.01
Max gain: Variable
BE: Path-dependent
Trigger: Close short if spot drops toward 176 or widen protection if IV crush undershoots Liquidity warning: Liquidity constraints: short_put: Wide spread (53%).; long_put: Wide spread (59%).
Front-month puts rich vs back; sell May put to harvest decay with back-month protection
Outperforms: Short May downside, long Jun protection to limit realized tail risk
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Spot 8% above mid-price increases downside reversion risk
!High front-month IV -> wide realized moves and execution slippage
!Gamma pinning can reverse quickly if prints unwind

What to Watch

?April 24 printed flow and changes in April 24 put OI
?Post-earnings IV collapse magnitude vs model
?Price action around $180 and gamma flip at $176
How to Use These Reports
This earnings reflects the market close on April 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.

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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.