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BKNG

Booking Holdings Inc. Common StClose $168.94EOD only
Max Pain
$170.00
Next expiry Jun 26, 2026
Expected Move
±$5.38
3.2% from close
Price Gap
+1.06
Distance to max pain
IV Rank
10
Low premium
P/C OI
0.98
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Jun 23, 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 23, 2026 close
BKNG Earnings Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings 35d out; 100% beat rate, elevated IV, gamma pinning near $176, but stock 6.6% above max pain creates downside risk.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.6% from MP; +0.5 VIX 19
Most important: Gamma pinning at $176 and net negative flow ($12.7M) suggest cautious stance despite 100% beat rate.
🚨Stock $12 above max pain ($176) — bearish gravity
📈100% beat rate over 5 quarters — bullish track record
⚠️Net premium -$12.7M — institutional selling pressure

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,809 (2.9% below spot)

Earnings Overview

Next earnings: 2026-07-29 (35 days)explicit

Expected moves:

  • 2026-06-26 (2d): ±$5.00 (2.8%)
  • 2026-07-02 (8d): ±$9.55 (5.3%)
  • 2026-07-10 (16d): ±$11.85 (6.5%)

IV Setup

Term structure: Front-end elevated: 2d IV ~45%, 1w ~40%, ~35d ~35%. Back-month calls active.

Crush estimate: Moderate crush post-earnings, ~5-10 points.

Skew: Put skew steep: out-of-money puts elevated, $224 put at 107% IV.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Stock often gaps in direction of beat, moves reduced vs implied.

Directional bias: Slight upside bias given 100% beat rate.

Key Levels

1$176.00 gamma flip
2EM guardrails: 2d $176.25/$186.25; 1w $171.70/$190.80
3Max pain pins: $170 (2026-06-26); $170 (2026-07-02); $175 (2026-07-10)

Flow Highlights

Large $190 call volume on 2026-08-21 (1111 vs 226 OI)

Bullish positioning, possibly hedging upside.

Unusual $224 put with 107% IV on 2026-07-17

Tail risk hedging or bearish bet at extreme strike.

Strategies

Call Calendar
Sell 2026-07-17 $180.00 call / buy 2026-08-21 $180.00 call
Debit: $5.22-$6.38
Max loss: $6.38
Max gain: Variable
BE: Path-dependent
Trigger: Monitor $176 gamma flip; close if broken. Profit target on crush/upside.
Outranks straddle due to upside bias, term structure, limited risk, gamma pinning support.
Outperforms: Sells near-term IV, buys later, captures decay with long gamma upside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long Straddle
Buy 2026-08-21 $180.00 put + buy $180.00 call
Debit: $22.63-$27.66
Max loss: $27.66
Max gain: Unlimited
BE: 152.34 / 207.66
Trigger: Stop at max loss $27.66; consider close pre-earnings for crush.
Best for large move beyond implied; 100% beat rate supports but negative flow/gamma pinning cap.
Outperforms: Buys call & put to profit from swing; benefits from elevated pre-earnings IV.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Stock 6.6% above max pain ($176) creates downside gravitational pull.
!Net negative premium flow ($12.7M) suggests institutional selling.
!VIX at 19 provides elevated volatility environment.

What to Watch

?Earnings on July 29; watch for pre-earnings positioning shifts.
?Gamma flip level at $176: if spot breaks below, acceleration likely.
?Unusual $190 call activity: potential upside target.
How to Use These Reports
This earnings reflects the market close on June 24, 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.