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BKNG

Booking Holdings Inc. Common StClose $190.86EOD only
Max Pain
$176.80
Next expiry Apr 24, 2026
Expected Move
±$5.47
2.9% from close
Price Gap
-14.06
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 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
Apr 21, 2026 close
BKNG Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Neutral-leaning: elevated IV with pinning gamma and mixed flow reduces clear directional edge into earnings in 6 days.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19
Most important: Pinning gamma near $180 and high IV compress expected post-event crush
📌Pinning: concentrated put OI ~1.9% below spot aligns with max pain $180
⚠️IV elevated (front 50%+) — expect meaningful post-release compression

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (1.9% below spot)

Earnings Overview

Next earnings: 2026-04-28 (6 days)explicit

Expected moves:

  • 2026-04-24 (2d): ±$5.60 (3.1%)
  • 2026-05-01 (9d): ±$13.50 (7.5%)
  • 2026-05-08 (16d): ±$6.55 (3.7%)

IV Setup

Term structure: Front-month IV ~55-120, elevated and inverted vs later months; short-dated skew steeper.

Crush estimate: Moderate-to-large crush (~30-50% of front IV) post-release

Skew: Put skew steep at very low strikes; call interest concentrated above $180-$190

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historically consistent moves; 4/4 beats with realized moves near expected

Directional bias: Strong historical upside (4/4 beats) but practical upside limited now by heavy put OI/pinning and elevated IV

Key Levels

1$176.00 gamma flip
2EM guardrails: 2d $173.80/$185.00; 1w $165.90/$192.90
3Max pain pins: $180 (2026-04-24); $180 (2026-05-01); $183 (2026-05-08)

Flow Highlights

Large call prints in $190-$210 (May) and concentrated put OI ~1.9% below spot.

Buy-side calls suggest upside positioning while put OI creates pinning near $180.

Net premium negative and P/C volume ~1.06.

Aggressive premium selling overall; mixed flow vs pinning gamma.

Strategies

Defined-risk iron condor (May 15)
Sell 2026-05-15 $169.60/$154.40 put wing and $194.00/$212.00 call wing
Credit: $4.23-$5.18
Max loss: $12.82
Max gain: $5.18
BE: 164.42 / 199.18
Trigger: Enter near top of entry range; trim or roll if price approaches wings or IV collapses after print; close into big gap. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.; long_call: Wide spread (188%).
Neutral stance with elevated front IV and gamma pinning—caps tail risk while collecting rich premium.
Outperforms: Sell 169.6/154.4 put wing and 194/212 call wing to monetize high front-month IV and reduce exposure to post-earnings pinning near $180.
Underperforms: Move outside short strikes invalidates range thesis.
Call diagonal (short May / long Jun)
Sell 2026-05-01 $188.80 call / buy 2026-06-18 $216.00 call
Credit: $0.56-$0.69
Max loss: $0.01
Max gain: Variable
BE: Path-dependent
Trigger: Manage short leg if stock >176 or heavy call fills; harvest premium pre-crush or roll short forward. Liquidity warning: Liquidity constraints: short_call: Wide spread (71%).; long_call: Wide spread (100%).
Keeps defined directional/volatility edge using elevated front IV vs back month while limiting downside.
Outperforms: Sell May 1 188.8 call, buy Jun 18 216 call to harvest front-month decay and back-month optionality.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle (May 1)
Sell 2026-05-01 $172.00 put + sell $188.80 call
Credit: $6.12-$7.48
Max loss: Unlimited
Max gain: $7.48
BE: 164.52 / 196.28
Trigger: Keep tight stops, hedge with buys or close into strong flow or IV spike. Liquidity warning: Liquidity constraints: short_call: Wide spread (71%).
Highest premium but unlimited risk and poor liquidity—only for aggressive, hedged accounts.
Outperforms: Sell May 1 172 put and 188.8 call to collect front IV ahead of earnings.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Elevated front-month IV and steep skew
!Gamma pinning can cap upside near $180
!Potential sharp IV crush and fast repricing post-earnings

What to Watch

?Price vs max pain $180 pre-earnings
?Unusual call fills at $190-$210 and put activity near $132-$135
?Front-month IV and VIX trajectory into announcement
How to Use These Reports
This earnings reflects the market close on April 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.