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BKNG

Booking Holdings Inc. Common StClose $159.68EOD only
Max Pain
$160.00
Next expiry May 22, 2026
Expected Move
±$3.27
2.0% from close
Price Gap
+0.32
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 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
May 21, 2026 close
BKNG Earnings Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Earnings 69 days out; high IV, pinning gamma, net negative flow. 100% beat rate supports bullish lean but long-dated puts suggest hedging.

Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP; +1 VIX 17
Most important: 69 days until earnings; long-dated call and put activity indicates positioning for large move.
⚠️Long-dated put OI at $180 suggests hedging ahead of earnings.
📈Historical 100% beat rate supports bullish bias.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,314 (12.3% below spot)

Earnings Overview

Next earnings: 2026-07-29 (69 days)explicit

Expected moves:

  • 2026-05-22 (1d): ±$3.27 (2.1%)
  • 2026-05-29 (8d): ±$7.50 (4.7%)
  • 2026-06-05 (15d): ±$10.05 (6.3%)

IV Setup

Term structure: Front-end elevated (1d 2.1% implied), back-end steep (15d 6.3%); skew neutral.

Crush estimate: Expected crush modest (~2-3%) given 1d expected move.

Skew: Put skew elevated on longer-dated expirations; call OI wall at $170+.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Small sample but 100% beat rate suggests potential upside.

Directional bias: Historically bullish post-earnings (5/5 beats).

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $156.40/$162.95; 1w $152.18/$167.18
3Max pain pins: $160 (2026-05-22); $160 (2026-05-29); $165 (2026-06-05)

Flow Highlights

Unusual long-dated calls ($154.80, $168.40) and put ($180.00); net premium -$47.5M.

Bearish flow but gamma pinning may contain short-term moves; large put OI at $180 suggests hedging.

Strategies

Call Calendar
Sell 2026-05-29 $160.00 call / buy 2026-07-17 $160.00 call
Debit: $5.76-$7.04
Max loss: $7.04
Max gain: Variable
BE: Path-dependent
Trigger: Close if short leg ITM near expiration or IV spikes; roll if necessary.
Only eligible candidate; term structure favors calendar with front-end IV low vs back-end.
Outperforms: Exploits term slope: short front-month decays, long back-month captures earnings bump.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Event risk 69 days out; IV elevated but crush uncertain.
!Large call OI wall may cap upside near $170.
!Put activity at $180 suggests downside hedging.

What to Watch

?Watch price action around $160 max pain for pinning.
?Monitor further unusual flow into next earnings.
?Gamma flip near $140 based on put OI.
How to Use These Reports
This earnings reflects the market close on May 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.

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.