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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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG 100% beat rate (5/5) but small sample. Earnings 68 days out; near-term IV ~32-34%. Flow shows bullish call buying in weekly 167.5/170 strikes and long-dated call at 154.8, offset by OTM put activity at 130 and 180.

Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.7% from MP; +1 VIX 17
Most important: Near-term max pain $160 and call wall $170; unusual weekly call volume suggests bullish positioning ahead of earnings.
📊100% Beat Rate: BKNG has beaten earnings 5/5 quarters, but sample is small.
⚠️Deep OTM Put: $130 put IV 62.8% signals extreme downside fear.
📈Call Wall at $170: Heavy call OI could act as resistance if tested.

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 5,293 (13.1% below spot)

Earnings Overview

Next earnings: 2026-07-29 (68 days)explicit

Expected moves:

  • 2026-05-29 (7d): ±$7.22 (4.5%)
  • 2026-06-05 (14d): ±$10.20 (6.3%)
  • 2026-06-12 (21d): ±$13.00 (8.1%)

IV Setup

Term structure: Flat with slight dip at 14d (32.1%), then rise at 21d (33.8%).

Crush estimate: N/A pre-earnings; no immediate event crush.

Skew: Put skew elevated at deep OTM (130 put IV 62.8%).

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; limited data (5 quarters).

Directional bias: Bullish bias from 100% beat rate, but small sample.

Key Levels

1$140.00 gamma flip
2EM guardrails: 1w $153.83/$168.28
3Max pain pins: $160 (2026-05-22); $160 (2026-05-29); $165 (2026-06-05)

Flow Highlights

Unusual call buying: 1,787 contracts on 170C 2026-05-29 (vol/OI 3.5), 456 on 167.5C (vol/OI 3.6).

Bullish near-term positioning; aggressive call buying above current spot.

Deep OTM put activity: 357 contracts on 130P 2026-06-05 (IV 62.8%).

Bearish hedge or speculative put buying; implies downside risk expectation.

Long-dated call: 706 contracts on 154.8C 2027-03-19 (IV 55%).

Long-term bullish bet, possibly institutional.

Strategies

Bullish Call Diagonal
Sell 2026-05-29 $162.50 call / buy 2026-06-05 $160.00 call
Debit: $2.43-$2.97
Max loss: $2.97
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot drops below $160 or adjust strikes on IV expansion.
Term structure dip and bullish bias make this the best risk-reward play.
Outperforms: Sell 7d OTM call, buy 14d ATM call to profit from upward drift and IV differential.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Theta Capture Short Strangle
Sell 2026-05-29 $160.00 put + sell $162.50 call
Credit: $5.33-$6.52
Max loss: Unlimited
Max gain: $6.52
BE: 153.48 / 169.02
Trigger: Monitor for breakout beyond $160-$162.50; roll or close early.
Elevated IV and max pain pinning allow premium collection ahead of earnings.
Outperforms: Sell OTM put and call around max pain to collect theta and IV contraction.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Bearish Put Calendar
Sell 2026-05-29 $160.00 put / buy 2026-06-05 $160.00 put
Debit: $1.42-$1.73
Max loss: $1.73
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot moves above $160 or bid-ask widens beyond threshold. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Term structure dip offers entry but liquidity is poor, limiting execution.
Outperforms: Sell 7d put, buy 14d put to exploit IV skew downward.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Small sample beat rate may not persist.
!IV already elevated; post-earnings crush could be severe.
!Deep OTM put activity signals hedging against tail risk.
!Gamma pinning at $160 may break if flow shifts.

What to Watch

?Spot relative to $160 max pain; whether it holds or breaks.
?Call OI buildup at $170 weekly; resistance test.
?Volume in OTM puts (130, 157.5) for tail risk tone.
?Market vol (VIX ~17) and SPX/QQQ trends.
How to Use These Reports
This earnings reflects the market close on May 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.