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BKNG

Booking Holdings Inc. Common StClose $179.40EOD only
Max Pain
$180.00
Next expiry Apr 24, 2026
Expected Move
±$5.60
3.1% from close
Price Gap
+0.60
Distance to max pain
IV Rank
18
Low premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 22, 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 22, 2026 close
BKNG Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Event in 5 days with elevated IV and historical beats (4/4). Balanced but leaning cautious given bearish flow and pinning dynamics.

Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +0.5 VIX 19
Most important: High IV with pinning near $180 and bearish flow increases risk of asymmetric downside moves.
⚠️Bearish flow + pinning near $176–180 increases downside tail risk.
📈Historical beat rate 100% cushions directional risk but not IV/crush exposure.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bearish
Spot vs MP
Below
Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (0.4% below spot)

Earnings Overview

Next earnings: 2026-04-28 (5 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$4.70 (2.7%)
  • 2026-05-01 (8d): ±$12.15 (6.9%)
  • 2026-05-08 (15d): ±$15.00 (8.5%)

IV Setup

Term structure: Near-term IV elevated (~50–120% across strikes) steep front-month > back-month.

Crush estimate: Material crush expected post-release (~30–50% front-month IV drop).

Skew: Put IV extreme at deep strikes; call IV rich around near-term strikes (~$175–185).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical moves small relative to current front-month premium; beats 100% (4/4).

Directional bias: Slightly bullish historically but current flow/spot tilt bearish.

Key Levels

1$176.00 gamma flip
2EM guardrails: 2d $172.05/$181.45; 1w $164.60/$188.90
3Max pain pins: $180 (2026-04-24); $182 (2026-05-01); $183 (2026-05-08)

Flow Highlights

Net premium heavily negative (~-39M) and put volume > call volume.

Dealer selling/short gamma exposure, supports pinning and downside pressure.

Put OI concentration ~0.4% below spot; gamma flip ~176.

Pinning risk near $176–180 with potential amplified moves if breached.

Strategies

Front‑month Put Calendar
Sell 2026-05-01 $176.00 put / buy 2026-06-18 $176.00 put
Debit: $4.64-$5.67
Max loss: $5.67
Max gain: Variable
BE: Path-dependent
Trigger: Close into rapid IV crush or if price trades below $176; roll or cut before sustained directional move. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
Captures rich front‑month put IV and skew, limited downside risk vs selling outright.
Outperforms: Sell May1 $176 put, buy Jun18 $176 put to collect front‑month premium and profit if IV crushes while keeping defined risk long month.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Call Diagonal Hedge
Sell 2026-05-01 $186.00 call / buy 2026-06-18 $176.80 call
Debit: $9.09-$11.11
Max loss: $11.11
Max gain: Variable
BE: Path-dependent
Trigger: Buy to close if spot rallies toward gamma flip (~$176) or IV fails to collapse; roll long call if needed. Liquidity warning: Liquidity constraints: short_call: Wide spread (189%).
Exploits steep front‑month > back‑month term structure to sell calls while owning longer call protection.
Outperforms: Sell May1 $186 call / buy Jun18 $176.8 call to monetize elevated May calls and cap upside risk via longer call.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle (Aggressive)
Sell 2026-05-01 $176.00 put + sell $180.00 call
Credit: $10.49-$12.82
Max loss: Unlimited
Max gain: $12.82
BE: 163.18 / 192.82
Trigger: Tight, fast management: buy back into earnings move or after immediate IV shrink; cut on large one‑sided flow. Liquidity warning: Liquidity constraints: short_call: Wide spread (61%).; short_put: Volume below 5.
Highest premium but largest tail risk given bearish flow and pinning near $180.
Outperforms: Sell May1 $176 put + May1 $180 call to harvest front‑month rich IV; naked upside/downside risk.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High front-month IV and large expected crush
!Bearish flow and negative net premium — downside pinning risk
!Tail put activity (high IV deep puts) signals skewed downside risk

What to Watch

?Earnings print and immediate IV snap (front-month)
?Price behavior vs max pain $180–183
?Unusual prints: deep puts (May1 $135/$132) and May8 $174.8 call
?Gamma flip level ~$176
How to Use These Reports
This earnings reflects the market close on April 23, 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.