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BKNG

Booking Holdings Inc. Common StClose $175.72EOD only
Max Pain
$170.00
Next expiry Jun 18, 2026
Expected Move
±$6.35
3.6% from close
Price Gap
-5.72
Distance to max pain
IV Rank
38
Middle-high premium
P/C OI
0.83
Slightly call-heavy
Consensus
5.5/10
Bullish tilt
Published snapshot: Jun 16, 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 16, 2026 close
BKNG Earnings Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG: 42d to earnings, 100% beat rate. VIX 18.4, high vol. Gamma pinning at $170. Mixed flow: negative net premium but long-term put hedging. OTM put activity extreme.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 1.0% from MP; +0.5 VIX 18
Most important: Gamma pinning at $170 and 100% beat rate. OTM put activity extreme.
📊100% beat rate but 42d out, historical edge diminishes.
🛡️Heavy put buying in Jan'27 suggests hedging.
⚠️OTM put with 185% IV is extreme speculation.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$170.00 — Approx — based on put OI concentration of 8,170 (0.9% below spot)

Earnings Overview

Next earnings: 2026-07-29 (42 days)explicit

Expected moves:

  • 2026-06-18 (1d): ±$4.17 (2.4%)
  • 2026-06-26 (9d): ±$8.15 (4.7%)
  • 2026-07-02 (15d): ±$10.50 (6.1%)

IV Setup

Term structure: Front-end elevated, long-dated puts skewed.

Crush estimate: Moderate post-event, ~2-3%.

Skew: Put skew steep, Jan'27 $178 put IV 34.9%.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: 1d ±2.4%, 9d ±4.7%, 15d ±6.1%.

Directional bias: Neutral.

Key Levels

1$170.00 gamma flip
2EM guardrails: 2d $167.46/$175.81; 1w $163.48/$179.78
3Max pain pins: $170 (2026-06-18); $170 (2026-06-26); $165 (2026-07-02)

Flow Highlights

Large put purchase: Jan'27 $178, 1012 vs 259 OI.

Long-term hedging or bearish travel bet.

OTM put: Jun18 $198, 486 vol, IV 185%.

Speculative negative earnings play.

Bullish call: Mar'27 $154.80, 706 vol.

Leveraged upside expectation.

Strategies

Tail Hedge Strangle
Buy 2026-08-21 $170.00 put + buy $175.00 call
Debit: $18.54-$22.66
Max loss: $22.66
Max gain: Unlimited
BE: 147.34 / 197.66
Trigger: Exit if spot breaks $160 or $185. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Cheaper than straddle, captures extreme OTM put skew.
Outperforms: Long strangle to profit from large move while hedging tail risk.
Underperforms: Insufficient realized move reduces long-strangle edge.
Vol Straddle
Buy 2026-08-21 $170.00 put + buy $170.00 call
Debit: $20.97-$25.63
Max loss: $25.63
Max gain: Unlimited
BE: 144.37 / 195.63
Trigger: Close before earnings to avoid crush. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
100% beat rate and elevated IV favor straddle.
Outperforms: Long straddle to capture post-earnings volatility.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!1) Negative net premium (-$16.4M) shows bearish bias.
!2) OTM put IV 185% risky if spot holds.
!3) Gamma flip at $170 could trigger sharp move.

What to Watch

?1) Spot vs $170 gamma level.
?2) Front-month put volume.
?3) Earnings date confirmations.
How to Use These Reports
This earnings reflects the market close on June 17, 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.