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BKNG

Booking Holdings Inc. Common StClose $159.68EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$3.27

2.0% from close

Price Gap

+0.32

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 21, 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

May 21, 2026 close

BKNG Flow Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP; +1 VIX 17

Watch next session: $140 gamma flip; $168.4 call activity; Net premium shift

Flow Summary

Net premium: -$47.5M bearish

P/C volume ratio: 0.74

P/C OI ratio: 0.84

Mixed flow with net put premium but more call volume; positive GEX and spot at MP suggest pinning. Unusual long-dated prints indicate range positioning.

Notable Prints

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 49.7%

Notional: ~$1.8M

Intent: Rolling deep ITM calls

Dual read: Bullish if bought; bearish if sold, but high OI suggests positioning

Read-through: Neutral; likely part of spread

BKNG 2026-05-22 $168.40 Call

Vol: 210

OI: 102

Vol/OI: 2.1x

IV: 59.6%

Notional: ~$1K

Intent: Speculative OTM call purchase

Dual read: Could be selling to close, but low premium favors buying

Read-through: Slightly bullish noise

BKNG 2027-03-19 $180.00 Put

Vol: 500

OI: 268

Vol/OI: 1.9x

IV: 43.6%

Notional: ~$1.7M

Intent: Hedging downside risk

Dual read: Could be selling puts for premium, but high premium suggests buying

Read-through: Bearish or hedging

BKNG 2026-06-26 $230.00 Call

Vol: 320

OI: 180

Vol/OI: 1.8x

IV: 85.9%

Notional: ~$19K

Intent: Speculative far OTM call

Dual read: Potential for gamma exposure

Read-through: Bullish lottery ticket

Institutional Positioning

Call additions: Unusual calls at $154.8 (2.6 vol/oi) and $230 (1.8 vol/oi); small $168.4 call (low OI, near expiry, likely noise)

Put additions: Unusual put at $180 (1.9 vol/oi) for long-term hedge

GEX/DEX consistency: GEX +$9.0M positive, DEX +20.4M shares positive; consistent bullish positioning despite net premium negative

OI clusters: Concentrated OI near $154.8C, $180P; $230C has high IV (speculative noise); gamma flip at $140

Hedging evidence: Long-dated $180 put (2027) suggests protective hedging

Max pain context: Spot at MP, pinning expected; low VIX 17 supports stability

Signal vs Noise

~$154.8 call with high vol/oi is real bullish positioning

~$168.4 call with low OI and near expiration is noise

~$180 put with vol/oi 1.9 is genuine hedging

~$230 call with 85.9% IV may be speculative noise

Key Conclusions

📈Dealers long gamma pinning spot near MP; bullish skew in calls

🛡️Long-dated put hedging protects against downside risk

📊Low VIX and positive GEX/DEX support price stability

How to Use These Reports

This flow reflects the market close on May 21, 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.