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BKNG

Booking Holdings Inc. Common StClose $165.84EOD only
Max Pain
$170.00
Next expiry Jun 12, 2026
Expected Move
±$8.15
4.9% from close
Price Gap
+4.16
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.85
Slightly call-heavy
Consensus
5.5/10
Bullish tilt
Published snapshot: Jun 5, 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 5, 2026 close
BKNG Earnings Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings 51d out. 100% beat rate. Spot below max pain ($168-170). Net negative premium. Unusual deep ITM call vol suggests long-term bullish positioning.

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +0.5 VIX 19
Most important: Unusual 2027 $154.80 call (706 vol vs 276 OI) signals confidence in downside protection or long-term upside. Inverted IV term structure (10d highest) adds event risk near June 18.
📞Unusual 2027 $154.80 call buying – likely institutional positioning.
⚡10d IV at 40.5% vs 4d 32.5% – inverted term structure suggests event risk.
📉Net negative premium of $13.4M – selling pressure dominant.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,247 (13.7% below spot)

Earnings Overview

Next earnings: 2026-07-29 (51 days)explicit

Expected moves:

  • 2026-06-12 (4d): ±$5.55 (3.4%)
  • 2026-06-18 (10d): ±$10.85 (6.7%)
  • 2026-06-26 (18d): ±$6.50 (4.0%)

IV Setup

Term structure: Inverted: 10d IV ~40.5%, 4d ~32.5%, 18d ~18%. 10d bulge suggests macro event around June 18.

Crush estimate: Earnings far out; post-earnings crush moderate. Near-term crush potential if June 18 event passes.

Skew: Positive skew: put OI floor at $140, call wall $232-$240. Downside protection elevated.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: N/A; 100% beat rate implies consistent upside, but avg move size unknown.

Directional bias: Upside bias historically, but current flow mixed.

Key Levels

1$140.00 gamma flip
2EM guardrails: 1w $151.45/$173.15
3Max pain pins: $168 (2026-06-12); $170 (2026-06-18); $170 (2026-06-26)

Flow Highlights

Unusual print: BKNG 2027-03-19 $154.80 Call, vol 706 (2.6x OI), IV 52.7%

Deep ITM long call buying or rolling – bullish on long-term outlook or hedging.

Unusual print: BKNG 2026-06-12 $225.00 Call, vol 251 (2.5x OI), IV 103.9%

OTM call speculation on near-term spike, likely lottery ticket.

Strategies

Bullish Call Diagonal
Sell 2026-06-18 $162.50 call / buy 2026-07-17 $162.00 call
Debit: $4.19-$5.12
Max loss: $5.12
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot breaks below $155.8 support.
Directly exploits unusual call activity and elevated near-term IV; limited risk.
Outperforms: Near-term IV elevated vs back-month; unusual call flow suggests upside confidence.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-06-18 $160.00 put + sell $162.50 call
Credit: $7.78-$9.51
Max loss: Unlimited
Max gain: $9.51
BE: 150.49 / 172.01
Trigger: Monitor June 18 event; gamma risk at $140.
Captures IV premium but faces event risk from inverted term structure.
Outperforms: Sells inflated IV from inverted term structure; 100% beat rate limits downside.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Spot near support at $155.8; break below could accelerate to $140 put floor.
!Inverted IV term structure: large moves expected this week; gamma flip at $140.
!Flow net seller of premium; call walls might cap upside.

What to Watch

?$170 resistance and max pain pin.
?June 18 FOMC? IV spike.
?Unusual call activity continuation.
How to Use These Reports
This earnings reflects the market close on June 8, 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.