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BKNG

Booking Holdings Inc. Common StClose $174.64EOD only
Max Pain
$170.00
Next expiry Jun 18, 2026
Expected Move
±$6.22
3.6% from close
Price Gap
-4.64
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
0.82
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 15, 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 15, 2026 close
BKNG Earnings Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG 43 days from earnings, 100% beat rate, but elevated IV and high VIX with mixed flow.

Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.4% from MP; +1 VIX 16
Most important: High IV offers premium selling potential but market weakness and negative flow premium warrant caution.
🐂Deep OTM call buys for 2027 suggest long-term bullish conviction.
⚠️Far OTM put purchase on 2026-07-17 indicates hedging or bearish view.

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 (2.1% below spot)

Earnings Overview

Next earnings: 2026-07-29 (43 days)explicit

Expected moves:

  • 2026-06-18 (2d): ±$6.35 (3.6%)
  • 2026-06-26 (10d): ±$8.80 (5.0%)
  • 2026-07-02 (16d): ±$11.30 (6.4%)

IV Setup

Term structure: Front-end elevated: 2d ±3.6%, 10d ±5.0%, 16d ±6.4%.

Crush estimate: Expected post-earnings IV crush ~30-50%, typical for high-vol names.

Skew: Put skew elevated; gamma flip at $172 indicates put concentration.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not calculated; beat rate 100% suggests moves often favorable.

Directional bias: Bullish (100% beat rate).

Key Levels

1$172.00 gamma flip
2EM guardrails: 2d $169.37/$182.07; 1w $166.92/$184.52
3Max pain pins: $170 (2026-06-18); $170 (2026-06-26); $165 (2026-07-02)

Flow Highlights

Two deep OTM Call sweeps for 2027-03-19 ($154.80 & $164.00 strikes) with high vol/OI ratio.

Bullish long-term bets; speculative positioning on eventual upside.

Put bought on 2026-07-17 $224 strike (far OTM) with 150 vol vs 100 OI.

Potential tail risk hedge or bearish bet on short-term weakness.

Strategies

Bull Call Spread
Buy 2026-08-21 $185.00/$190.00 call spread
Debit: $1.53-$1.87
Max loss: $1.87
Max gain: $3.13
BE: $186.87
Trigger: Exit if spot drops below $175 invalidation; take profit at 50% of max gain.
Aligns with 100% beat rate and bullish bias, limited risk in bearish market.
Outperforms: Buy $185/$190 call spread for defined risk upside.
Underperforms: Loss of support weakens upside continuation thesis.
Call Calendar
Buy 2026-08-21 $175.00 put + buy $185.00 call
Debit: $17.91-$21.89
Max loss: $21.89
Max gain: Unlimited
BE: 153.11 / 206.89
Trigger: Close if short leg becomes ATM; roll if necessary.
Front-end IV elevated; short leg decays faster, benefits from time without direction risk.
Outperforms: Sell near-term call, buy later call to profit from volatility skew and decay.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long Strangle
Buy 2026-08-21 $175.00 put + buy $185.00 call
Debit: $17.91-$21.89
Max loss: $21.89
Max gain: Unlimited
BE: 153.11 / 206.89
Trigger: Set stop loss at 50% of premium; take profit on 100% of one side.
IV skew heavily favors upside tail risk; strangle captures outsized move with lower premium than straddle.
Outperforms: Buy out-of-the-money put and call to profit from significant price swing.
Underperforms: Insufficient realized move reduces long-strangle edge.
Short strangle
Sell 2026-06-26 $172.50 put + sell $177.50 call
Credit: $5.96-$7.29
Max loss: Unlimited
Max gain: $7.29
BE: 165.21 / 184.79
Front-end IV elevated offers rich premium, but bearish flow warrants caution.
Outperforms: Pre-earnings premium capture via short strangle on high IV.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!VIX at 16, market down, negative net premium (-$6.6M) suggesting bearish flow.
!Spot 3.4% above max pain ($170) may attract pinning risk.
!High IV may not compensate if market deteriorates further.

What to Watch

?Spot proximity to $170 max pain and $172 gamma flip.
?Call wall at $232-$240 and put floor at $140.
?Unusual option activity continuation for signs of conviction.
How to Use These Reports
This earnings reflects the market close on June 16, 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.