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BKNG

Booking Holdings Inc. Common StClose $181.25EOD only
Max Pain
$170.00
Next expiry Jun 26, 2026
Expected Move
±$5.00
2.8% from close
Price Gap
-11.25
Distance to max pain
IV Rank
10
Low premium
P/C OI
0.97
Balanced positioning
Consensus
5.0/10
Range bias
Published snapshot: Jun 24, 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 24, 2026 close
BKNG Earnings Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

BKNG earnings 07/29; IV elevated, historical beat rate 100%, max pain $170-$175, net put flow and negative premium suggest hedging

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 19
Most important: Spot 4% above max pain; gamma flip at $176; high IV crush potential but consistent upside beats
📈100% beat rate despite high IV; earnings upside bias intact
⚠️Negative net premium and put hedging suggest caution near highs
💡Long-dated call buys in deep ITM strikes signal confidence in long-term growth

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 10,819 (0.6% below spot)

Earnings Overview

Next earnings: 2026-07-29 (34 days)explicit

Expected moves:

  • 2026-06-26 (1d): ±$2.38 (1.3%)
  • 2026-07-02 (7d): ±$8.30 (4.7%)
  • 2026-07-10 (15d): ±$11.10 (6.3%)

IV Setup

Term structure: Steep backwardation: 1d IV ~35%, 7d ~28%, 15d ~24% annualized

Crush estimate: Expected 40-50% IV crush post-earnings; reprice to ~20% vol

Skew: Put skew elevated near $176; OI concentration acts as support; call activity in 2027 strikes

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Historical moves close to expected; avg absolute ±1.2% vs 1.3%

Directional bias: 100% beat rate over 5 quarters; consistent upward drift post-earnings

Key Levels

1$176.00 gamma flip
2EM guardrails: 2d $174.68/$179.43; 1w $168.75/$185.35
3Max pain pins: $170 (2026-06-26); $170 (2026-07-02); $175 (2026-07-10)

Flow Highlights

Unusual call volume in 2027 $154.80 and $164 calls with low OI

Long-dated bullish positioning, possibly institutional accumulation

Heavy put activity at $180 and $177.5 expiring today

Hedging or bearish bets near current levels; pinning risk at $176 gamma flip

Strategies

Bull Call Spread
Buy 2026-07-31 $180.00/$195.00 call spread
Debit: $4.14-$5.06
Max loss: $5.06
Max gain: $9.94
BE: $185.06
Trigger: Exit if spot breaks below $176 invalidation; take profits on post-earnings move. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Wide spread (74%).
Best aligns with consistent upward earnings drift and defined risk; avoids IV crush.
Outperforms: Bullish directional play with limited capital at risk.
Underperforms: Loss of support weakens upside continuation thesis.
Call Calendar
Buy 2026-07-31 $180.00 put + buy $180.00 call
Debit: $16.47-$20.13
Max loss: $20.13
Max gain: Unlimited
BE: 159.87 / 200.13
Trigger: Monitor gamma risk; close if spot near short strike before expiry. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; long_put: Open interest below 25.
Exploits steep backwardation and high beat rate; sells near-term high IV.
Outperforms: Sells short-dated call, buys longer-dated call to capture volatility decay.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.
Long Strangle
Buy 2026-07-31 $165.00 put + buy $195.00 call
Debit: $8.46-$10.34
Max loss: $10.34
Max gain: Unlimited
BE: 154.66 / 205.34
Trigger: Sell on post-earnings IV spike; hold only through event. Liquidity warning: Liquidity constraints: long_call: Wide spread (74%).; long_put: Wide spread (93%).
Wider strikes reduce cost; benefits from large move but IV crush limits upside.
Outperforms: Non-directional volatility play with defined max loss.
Underperforms: Insufficient realized move reduces long-strangle edge.
Call calendar
Sell 2026-07-02 $180.00 call / buy 2026-07-31 $180.00 call
Debit: $4.75-$5.80
Max loss: $5.80
Max gain: Variable
BE: Path-dependent
100% beat rate and steep backwardation support calendar; near-term IV decays faster.
Outperforms: Sell rich near-term call IV, own back-month call to benefit from term structure and post-earnings IV crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Spot 4% above max pain ($170); risk of reversion to $175 pin
!Negative net premium ($19.6M) and put OI concentration at $176 threaten support

What to Watch

?Gamma flip at $176; break below could accelerate to $170
?0DTE $180 put activity; $175 strike pinning for weekly expiry
?IV expansion into event; crush trade positioning
How to Use These Reports
This earnings reflects the market close on June 25, 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.