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BKNG

Booking Holdings Inc. Common StClose $163.99EOD only
Max Pain
$167.50
Next expiry Jun 12, 2026
Expected Move
±$5.85
3.6% from close
Price Gap
+3.51
Distance to max pain
IV Rank
23
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 9, 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 9, 2026 close
BKNG Earnings Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings 49 days out. Historical 100% beat rate supports bullish bias, but high IV and pinning gamma suggest cautious positioning.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.1% from MP
Most important: Spot below max pain at $170; call OI wall and VIX at 22 indicate elevated uncertainty. Focus on July 29 event.
📊Historical beat rate 100% but avg move not given; rely on recent beats for bullish tilt.
⚡Unusual long-dated call from flow: 2027 $154.80 strike with high vol/OI ratio.
⚠️Spot below max pain and VIX above 20: typical uncertainty before earnings.

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 5,259 (12.8% below spot)

Earnings Overview

Next earnings: 2026-07-29 (49 days)explicit

Expected moves:

  • 2026-06-12 (2d): ±$4.83 (3.0%)
  • 2026-06-18 (8d): ±$8.05 (5.0%)
  • 2026-06-26 (16d): ±$10.95 (6.8%)

IV Setup

Term structure: Upward sloping expected moves: 3% (2d) to 6.8% (16d), reflecting normal contango.

Crush estimate: Significant crush anticipated post-earnings, likely 30-50% IV drop.

Skew: Call OI wall $170-$240 dominates, put floor $140; bullish skew with resistance at $170.

Historical Context

Beat rate: 100% (5/5 quarters)

Directional bias: Bullish (100% beat rate over 5 quarters)

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $155.81/$165.46; 1w $152.59/$168.69
3Max pain pins: $168 (2026-06-12); $170 (2026-06-18); $170 (2026-06-26)

Flow Highlights

Unusual call activity: 706 contracts on BKNG 2027-03-19 $154.80 call (IV 55.2, vol/OI 2.6).

Long-dated bullish bet, anticipating price appreciation over 9 months.

Heavy OTM call: 251 contracts on BKNG 2026-06-12 $225 call (IV 148.4, last $0.08).

Speculative lottery ticket; likely to expire worthless given spot at $160.52.

Strategies

Long Straddle on 100% Beat
Buy 2026-08-21 $160.00 put + buy $160.00 call
Debit: $22.41-$27.39
Max loss: $27.39
Max gain: Unlimited
BE: 132.61 / 187.39
Trigger: Set stop at 50% premium loss; exit if IV drops below 30% before earnings. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Defined risk suits bullish bias; short strangle's unlimited loss is riskier near earnings.
Outperforms: Buys put and call to profit from large move, leveraging consistent beats and spot below max pain.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.
Short Strangle on High IV
Sell 2026-07-17 $160.00 put + sell $162.00 call
Credit: $13.68-$16.72
Max loss: Unlimited
Max gain: $16.72
BE: 143.28 / 178.72
Trigger: Place stop orders at $140 and $170; consider rolling if 50% of max premium collected.
Captures elevated pre-earnings premium but ranks lower due to gap risk.
Outperforms: Sells OTM put and call to collect premium; profits from IV crush if spot stays between strikes.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High VIX (22.2) and spot 4.1% below max pain imply elevated uncertainty.
!Gamma flip at $140: if spot breaks below, delta hedging could accelerate downside.
!Call OI wall acts as resistance, limiting upside unless earnings catalyst overwhelms.

What to Watch

?Earnings date 2026-07-29: monitor implied moves and IV changes.
?Key levels: $170 resistance (call wall), $140 support (put floor).
?Flow and gamma around max pain $168-$170 in near-term expirations.
How to Use These Reports
This earnings reflects the market close on June 10, 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.