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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 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG: 100% beat rate, but iv elevated and flow mixed. Gamma flip at $172 key.

Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 16
Most important: Gamma flip at $172 and negative net premium warrant caution.
📊100% beat rate over 5 quarters shows consistent execution.
⚠️Net premium -$7M indicates bearish flow despite strong fundamentals.
📍Gamma flip at $172 is key technical level to monitor.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$172.00 — Approx — based on put OI concentration of 10,446 (1.5% below spot)

Earnings Overview

Next earnings: 2026-07-29 (44 days)explicit

Expected moves:

  • 2026-06-18 (3d): ±$6.23 (3.6%)
  • 2026-06-26 (11d): ±$9.55 (5.5%)
  • 2026-07-02 (17d): ±$11.85 (6.8%)

IV Setup

Term structure: Front-end iv ~33% (3d), back-end ~45%+ (17d), modest contango.

Crush estimate: Post-earnings iv crush ~10-15 points based on historical move.

Skew: Put skew elevated; $152 put unusual volume suggests downside hedging.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Average move inline with expected implied move.

Directional bias: Neutral-to-bullish given consistent beats.

Key Levels

1$172.00 gamma flip
2EM guardrails: 2d $168.41/$180.86
3Max pain pins: $170 (2026-06-18); $170 (2026-06-26); $165 (2026-07-02)

Flow Highlights

1020 vol on $152 Put (exp 7/17) vs 392 OI (vol/oi 2.6).

Bearish: unusual put activity at key support, possibly hedging.

706 vol on $154.80 Call (exp 3/2027) vs 276 OI (vol/oi 2.6).

Bullish: long-dated call buying ahead of earnings.

Strategies

Call Diagonal
Sell 2026-06-26 $182.50 call / buy 2026-07-24 $175.00 call
Debit: $7.04-$8.61
Max loss: $8.61
Max gain: Variable
BE: Path-dependent
Trigger: Sell if stock breaches $172 invalidation; consider rolling if earnings drift higher. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Exploits steep term structure (33% vs 45%+), sells front vol decay, owns back vol for expansion; directly tied to $172 gamma flip.
Outperforms: Captures vol premium while maintaining upside bias via longer-dated call.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron Condor
Sell 2026-06-26 $170.00/$165.00 put wing and $182.50/$185.00 call wing
Credit: $1.71-$2.09
Max loss: $2.91
Max gain: $2.09
BE: 167.91 / 184.59
Trigger: Take profit at 50% max gain; adjust if VIX spikes or stock tests the wings. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
Elevated front-end IV and negative net premium flow support range-bound play; stock expected to stay between $170-$182.5.
Outperforms: Sells wings to profit from low realized volatility and theta decay.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Put floor at $140-$140; below that risk gap.
!Call OI wall $232-$240 may cap upside.
!Negative net premium -$7M suggests bearish flow bias.
!High VIX (16.2) adds macro risk.

What to Watch

?Spot reaction at $172 gamma flip.
?Price action around $170 max pain for near-term expiries.
?Any shift in OI concentration or unusual prints.
?Earnings pre-announcements or travel sector news.
How to Use These Reports
This earnings reflects the market close on June 15, 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.