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BKNG

Booking Holdings Inc. Common StClose $164.94EOD only
Max Pain
$170.00
Next expiry Jun 18, 2026
Expected Move
±$6.40
3.9% from close
Price Gap
+5.06
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
0.83
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 12, 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 12, 2026 close
BKNG Earnings Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings 47 days away. 100% beat rate (5/5). Spot at max pain $165. Unusual put activity for Jun 18 suggests hedging. Long-term calls bullish.

Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.0% from MP; +1 VIX 18
Most important: Spot at max pain $165-$170. 100% beat rate supports bullish bias, but near-term put flow contradictory.
📈100% beat rate (5/5) shows consistent execution.
📉Put activity for Jun 18 suggests downside hedging.
📌Spot at max pain $165; pinning likely unless catalyst.
🔭Long-dated call accumulation signals structural bullish bet.

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 5,274 (15.1% below spot)

Earnings Overview

Next earnings: 2026-07-29 (47 days)explicit

Expected moves:

  • 2026-06-18 (6d): ±$6.40 (3.9%)
  • 2026-06-26 (14d): ±$10.25 (6.2%)
  • 2026-07-02 (20d): ±$12.15 (7.4%)

IV Setup

Term structure: Upward sloping: 6d ±3.9%, 14d ±6.2%, 20d ±7.4%.

Crush estimate: Significant post-event crush expected, likely 50-70% IV drop.

Skew: Put skew elevated for Jun 18, reflecting hedging demand.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; beat rate 100% suggests consistent upside surprises.

Directional bias: Bullish due to perfect beat record.

Key Levels

1$140.00 gamma flip
2EM guardrails: 1w $158.54/$171.34
3Max pain pins: $165 (2026-06-12); $170 (2026-06-18); $170 (2026-06-26)

Flow Highlights

Unusual put purchases: BKNG Jun 18 $222 Put (550 vs 200 OI) and $216 Put (250 vs 100 OI) with high IV.

Hedging or bearish bets for near-term earnings event.

Large long-dated call buys: 2027 $154.80 Call (706 vs 276 OI) and $164 Call (156 vs 100 OI).

Bullish conviction on long-term growth.

Strategies

Post-Earnings Long Strangle
Buy 2026-08-21 $155.00 put + buy $190.00 call
Debit: $10.62-$12.98
Max loss: $12.98
Max gain: Unlimited
BE: 142.02 / 202.98
Trigger: Close before earnings to avoid crush or adjust strikes.
Only candidate with good liquidity; captures asymmetric move before/after earnings.
Outperforms: Long strangle profits from large move in either direction; benefits from IV rise into earnings.
Underperforms: Insufficient realized move reduces long-strangle edge.
Bullish Earnings Call Spread
Buy 2026-08-21 $180.00/$210.00 call spread
Debit: $4.19-$5.12
Max loss: $5.12
Max gain: $24.88
BE: $185.12
Trigger: Set stop-loss near $154.69; hold through earnings. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
100% beat rate supports bullish outlook; limited risk.
Outperforms: Bull call spread profits from upside move; limited loss if wrong.
Underperforms: Loss of support weakens upside continuation thesis.
Pre-Earnings Iron Condor
Sell 2026-07-24 $150.00/$145.00 put wing and $165.00/$170.00 call wing
Credit: $2.52-$3.08
Max loss: $1.92
Max gain: $3.08
BE: 146.92 / 168.08
Trigger: Close before earnings to avoid event risk. Liquidity warning: Liquidity constraints: long_put: Wide spread (72%).; short_call: Volume below 5.
Capitalizes on range-bound price action before earnings; limited risk.
Outperforms: Iron condor profitable if BKNG stays near $165-$170 by expiry; avoids earnings event.
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle
Sell 2026-07-24 $150.00 put + sell $165.00 call
Credit: $11.52-$14.08
Max loss: Unlimited
Max gain: $14.08
BE: 135.92 / 179.08
Elevated IV and range-bound expectation at max pain; no earnings event before expiry.
Outperforms: Sell OTM put and call at $164 and $166 to collect premium in elevated IV environment.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Elevated IV could lead to sharp crush post-event if no surprise.
!Pinning risk at $165 max pain; spot is at that level.
!Unusual put flow may signal downside concern into earnings.
!Market volatility (VIX 17.7) adds uncertainty.

What to Watch

?Spot action around $165-$170 max pain levels.
?IV changes as earnings approach.
?Any additional unusual flow, especially in monthly expirations.
?Guidance and forward outlook on Jul 29.
How to Use These Reports
This earnings reflects the market close on June 12, 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.