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BKNG

Booking Holdings Inc. Common StClose $171.78EOD only
Max Pain
$170.00
Next expiry Jun 26, 2026
Expected Move
±$7.60
4.4% from close
Price Gap
-1.78
Distance to max pain
IV Rank
77
High premium
P/C OI
0.82
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
BKNG Earnings Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings setup: 100% beat rate, 41 days out, IV elevated, gamma pinning near $170.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.0% from MP; +1 VIX 16
Most important: Max pain at $170, put wall at $140, call wall at $232+.
📈100% beat rate supports bullish sentiment.
⚠️Heavy put volume near expiration signals caution.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$170.00 — Approx — based on put OI concentration of 8,170 (1.0% below spot)

Earnings Overview

Next earnings: 2026-07-29 (41 days)explicit

Expected moves:

  • 2026-06-26 (8d): ±$7.60 (4.4%)
  • 2026-07-02 (14d): ±$10.40 (6.1%)
  • 2026-07-10 (22d): ±$13.00 (7.6%)

IV Setup

Term structure: Contango; 8d ~4.4%, 22d ~7.6%

Crush estimate: IV likely drop ~30-40% post-earnings

Skew: Put skew elevated on near-dated OTM puts

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not explicit; implied moves moderate.

Directional bias: Bullish bias due to 100% beat rate

Key Levels

1$170.00 gamma flip
2EM guardrails: 1w $164.18/$179.38
3Max pain pins: $170 (2026-06-18); $170 (2026-06-26); $165 (2026-07-02)

Flow Highlights

Unusual put volume on BKNG 2026-06-18 $198 Put (vol 486 vs OI 175).

Bearish bet or hedging near expiration.

Deep OTM puts active on July $135 and $224 strikes.

Speculative or hedging for extreme moves.

Strategies

Short Strangle BKNG
Sell 2026-07-24 $170.00 put + sell $175.00 call
Credit: $14.09-$17.22
Max loss: Unlimited
Max gain: $17.22
BE: 152.78 / 192.22
Trigger: Close before earnings or adjust if pinning breaks. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
Only eligible candidate; utilizes elevated IV and contango near max pain $170.
Outperforms: Sells $170 put and $175 call to capture premium decay in range-bound setup.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Gamma pinning near $170 may cap upside.
!High IV suggests elevated premium for options.
!Unusual put flow shows downside hedging.
!Call wall at $232+ provides long-term resistance.

What to Watch

?Price action around $170 max pain.
?Earnings expectations and any guidance changes.
?IV crush magnitude post-earnings.
?Unusual flow continuation.
How to Use These Reports
This earnings reflects the market close on June 18, 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.