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BKNG

Booking Holdings Inc. Common StClose $181.46EOD only
Max Pain
$170.00
Next expiry Jul 2, 2026
Expected Move
±$3.55
2.0% from close
Price Gap
-11.46
Distance to max pain
IV Rank
15
Low premium
P/C OI
0.96
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Jun 26, 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
Jun 26, 2026 close
BKNG Earnings Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 13, 2026. A newer earnings report is available for June 25, 2026.

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Earnings Verdict

BKNG earnings 7/29 with 100% beat rate; high IV amid bearish flow and below max pain.

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 11.4% from MP; +1 VIX 18
Most important: 100% beat rate but bearish positioning suggests caution.
📉Bearish flow with put/call vol ratio 1.8
📈100% beat rate but priced in?

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Bearish
Spot vs MP
Below
Gamma flip: ~$154.00 — Approx — based on put OI concentration of 4,348 (0.7% below spot)

Earnings Overview

Next earnings: 2026-07-29 (77 days)explicit

Expected moves:

  • 2026-05-15 (2d): ±$4.85 (3.1%)
  • 2026-05-22 (9d): ±$6.78 (4.4%)
  • 2026-05-29 (16d): ±$10.00 (6.5%)

IV Setup

Term structure: Steep: 2d ±3.1%, 1w ±4.4%, 3w ±6.5%

Crush estimate: Large post-event crush expected.

Skew: Put-heavy flow; call wall at $170-$232.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available.

Directional bias: Bearish from flow and spot below MP.

Key Levels

1$154.00 gamma flip
2EM guardrails: 2d $150.18/$159.88; 1w $148.25/$161.80
3Max pain pins: $175 (2026-05-15); $170 (2026-05-22); $170 (2026-05-29)

Flow Highlights

457 vol 5/29 $235 call vs OI 115

Speculative far OTM call.

268 vol Jan '27 $145 put vs OI 164

Long-term bearish hedge.

Strategies

Iron Condor
Sell 2026-05-15 $154.40/$154.20 put wing and $160.00/$162.40 call wing
Credit: $0.23-$0.28
Max loss: $2.12
Max gain: $0.28
BE: 154.12 / 160.28
Trigger: Exit at 50% of max gain or before earnings if spot approaches wings. Liquidity warning: Liquidity constraints: short_put: Wide spread (110%).; long_put: Wide spread (120%).; short_call: Wide spread (114%).; long_call: Volume below 5.
Only eligible candidate; collects premium with defined risk ahead of earnings.
Outperforms: Sells put/call wings near expected range $154-$160, expresses range-bound view.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Spot 11.4% below max pain, could revert.
!High IV premium may decay fast.

What to Watch

?Gamma flip near $154.
?Resistance at $160.
How to Use These Reports
This earnings reflects the market close on May 13, 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.