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BKNG

Booking Holdings Inc. Common StClose $164.78EOD only
Max Pain
$165.00
Next expiry Jun 5, 2026
Expected Move
±$5.00
3.0% from close
Price Gap
+0.22
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.85
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Jun 3, 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 3, 2026 close
BKNG Earnings Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

55d out from earnings; IV elevated; flow heavily call-skewed OTM with notable prints; 100% beat rate supports bullish bias.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.5% from MP; +1 VIX 15
Most important: Unusual OTM call activity and pinning gamma near $165-$170.
📈Deep OTM calls $118 and $150 see unusual volume (4x OI).

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 5,250 (16.4% below spot)

Earnings Overview

Next earnings: 2026-07-29 (55 days)explicit

Expected moves:

  • 2026-06-05 (1d): ±$4.05 (2.4%)
  • 2026-06-12 (8d): ±$7.90 (4.7%)
  • 2026-06-18 (14d): ±$10.40 (6.2%)

IV Setup

Term structure: Short-term IV elevated (154%); term structure steep backwardation.

Crush estimate: Moderate crush post-earnings; IV likely sustains elevated until event.

Skew: Put floor at $140; deep OTM calls active.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; historical beat rate 100%.

Directional bias: Bullish bias per consistent beats.

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $163.44/$171.54; 1w $159.59/$175.39
3Max pain pins: $165 (2026-06-05); $168 (2026-06-12); $170 (2026-06-18)

Flow Highlights

Multiple deep OTM call prints (e.g., $118, $150, $176.6) with high vol/OI ratios.

Speculative bullish positioning despite net negative premium; potential hedging or long-dated bets.

Strategies

Call Calendar
Sell 2026-06-12 $170.00 call / buy 2026-07-17 $170.00 call
Debit: $4.90-$6.00
Max loss: $6.00
Max gain: Variable
BE: Path-dependent
Trigger: Close if stock breaches $165 support.
Leverages steep IV backwardation and bullish bias; good liquidity.
Outperforms: Sell short-term IV, buy longer-term; profits if stock stays near strike.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron Condor
Sell 2026-06-18 $165.00/$164.00 put wing and $170.00/$172.00 call wing
Debit: $0.36-$0.44
Max loss: $2.00
BE: 165.00 / 170.00
Trigger: Monitor gamma pinning; exit early if pinning breaks. Liquidity warning: Liquidity constraints: long_put: Wide spread (74%).
Captures elevated IV with defined risk, but lower liquidity.
Outperforms: Sells OTM put and call wings for credit.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!VIX 15 supports moderate volatility.
!Gamma pinning near $165-$170.
!Net premium negative but skewed to calls.

What to Watch

?Price action at $165 support and $170 resistance.
?IV crush on 6/5 expiry after close.
?Continued OTM call volume for sentiment.
How to Use These Reports
This earnings reflects the market close on June 4, 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.