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BKNG

Booking Holdings Inc. Common StClose $163.30EOD only
Max Pain
$157.50
Next expiry May 29, 2026
Expected Move
±$6.05
3.7% from close
Price Gap
-5.80
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 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
May 26, 2026 close
BKNG Earnings Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG 64 days to earnings, IV elevated, flow mixed with bullish and bearish long-dated activity. 100% beat rate supports historical bullish bias, but spot near resistance and negative net premium caution.

Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +1 VIX 17
Most important: Focus on IV crush post-earnings and gamma pinning near $158-$165 max pain.
📈Unusual ITM call volume suggests long-dated bullish positioning.
⚠️High put/call volume ratio indicates hedging pressure.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,295 (14.3% below spot)

Earnings Overview

Next earnings: 2026-07-29 (64 days)explicit

Expected moves:

  • 2026-05-29 (3d): ±$6.05 (3.7%)
  • 2026-06-05 (10d): ±$10.00 (6.1%)
  • 2026-06-12 (17d): ±$12.70 (7.8%)

IV Setup

Term structure: Front-end elevated, ~55% IV for 3d; downward sloping post-event.

Crush estimate: Expected crush 40-50% after earnings.

Skew: Put skew elevated (PCR volume >1), but long-dated calls suggest upside.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: N/A (5/5 beat rate, avg move data not provided)

Directional bias: Mixed: bearish premium flow vs long-dated bullish positioning.

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $157.25/$169.35; 1w $153.30/$173.30
3Max pain pins: $158 (2026-05-29); $165 (2026-06-05); $165 (2026-06-12)

Flow Highlights

Unusual ITM call on BKNG 2027-03-19 $154.80, vol/OI 2.6

Bullish long-dated positioning, possible hedge or directional bet.

Unusual put on BKNG 2027-03-19 $180, vol/OI 1.9

Bearish hedge or speculative downside positioning.

Strategies

Long Strangle
Buy 2026-08-21 $165.00 put + buy $170.00 call
Debit: $22.99-$28.11
Max loss: $28.11
Max gain: Unlimited
BE: 136.89 / 198.11
Trigger: Enter near max pain levels; exit after earnings move or if IV contracts sharply.
Cheapest long-vol play with liquidity pass; captures earnings move despite IV crush risk; fits mixed flow with limited downside.
Outperforms: Buys OTM put and call to profit from large move; cheaper than straddle, suitable for uncertain direction.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long Straddle
Buy 2026-08-21 $170.00 put + buy $170.00 call
Debit: $25.38-$31.02
Max loss: $31.02
Max gain: Unlimited
BE: 138.98 / 201.02
Trigger: Enter near support/resistance; exit post-earnings or at 2x premium. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
More expensive than strangle, same liquidity issue; directional uncertainty reduces appeal vs strangle.
Outperforms: Buys ATM put and call to profit from large move in either direction.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.
Short strangle
Sell 2026-06-05 $162.50 put + sell $165.00 call
Credit: $7.92-$9.68
Max loss: Unlimited
Max gain: $9.68
BE: 152.82 / 174.68
IV elevated near earnings; neutral bias with mixed flow; pre-event premium capture avoids crush.
Outperforms: Sell OTM call and put before earnings to collect elevated IV premium, expecting spot to stay within strikes.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!IV crush could reduce option premiums significantly.
!Spot near resistance $170 may face rejection.
!Gamma pinning at max pain levels may limit moves.

What to Watch

?Earnings date 2026-07-29, 64 days out.
?Spot relative to max pain: $158, $165.
?GEX pinning near $140 gamma flip level.
How to Use These Reports
This earnings reflects the market close on May 26, 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.