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BKNG

Booking Holdings Inc. Common StClose $156.95EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$4.83

3.1% from close

Price Gap

+3.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.85

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: May 20, 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 20, 2026 close

BKNG Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.

View latest report

Flow Verdict

Confidence:

4 / 10

base 3; +0.5 for persistent put premium dominance; +0.5 for spot below near-term max pain; -1.0 for low volume/sample size

Watch next session: Spot reaction at $4250 (4/2 max pain); Follow-through on the large $3840 Put block from prior report

Flow Summary

Net premium: -$48.2M bearish

P/C volume ratio: 1.09 — slight put volume edge

P/C OI ratio: 0.72 — moderate call-skewed positioning

The bearish premium flow from the prior report has intensified, with net premium now -$48.2M. While volume is nearly balanced, institutions are paying significantly more for puts, particularly in the $3840-$4100 range. The spot remains below all near-term max pain levels, suggesting continued gravitational pull higher, but the flow indicates strong hedging against a failure to rally.

Notable Prints

BKNG 4/17 $3840 Put

Vol: 1,000

OI: 1,000

Vol/OI: 1.0x

IV: 41.8%

Notional: ~$6.6M

Intent: Fresh protective put purchase or roll from nearer expiration.

Dual read: Bought to hedge a long equity position (bearish hedge) or as a directional short bet.

Read-through: This is the single largest premium outflow in today's data. It is a repeat or follow-through of the large block noted in the prior report, confirming sustained institutional demand for downside protection ~8.5% below spot.

BKNG 4/10 $3930 Put

Vol: 1,000

OI: 1,000

Vol/OI: 1.0x

IV: 41.8%

Notional: ~$4.8M

Intent: Fresh protective put purchase.

Dual read: Hedge against a drop before the 4/10 expiration.

Read-through: Another large OTM put block, part of a layered defensive structure across April expirations ($3840, $3930, $4050). This strike is ~6.3% OTM, indicating concern about a sharp move lower within 8 days.

BKNG 6/18 $3300 Call

Vol: 1,000

OI: 1,000

Vol/OI: 1.0x

IV: 41.5%

Notional: ~$14.6M

Intent: Long-dated, deep OTM call purchase.

Dual read: Lottery ticket for a major rally by June, or a call spread leg (e.g., selling a higher strike against it).

Read-through: While the premium is the largest single inflow, the strike is ~21% OTM. This is a low-delta, speculative bet on a significant upside breakout over 3 months and does not contradict the near-term defensive put flow.

BKNG 4/2 $4050 Put

Vol: 1,000

OI: 1,000

Vol/OI: 1.0x

IV: 44.9%

Notional: ~$6.2M

Intent: Near-dated protective put (expires today).

Dual read: Hedge against a drop before today's close, likely being closed or rolled.

Read-through: Completes the picture of urgent, layered hedging across the front month. The high IV (44.9%) indicates expensive, last-minute protection was purchased.

Institutional Positioning

Call additions: Deep OTM, long-dated calls ($3300C Jun'26). Minimal near-term call buying.

Put additions: Layered OTM puts across April expirations ($3840P 4/17, $3930P 4/10, $4050P 4/2).

GEX/DEX consistency: Yes — Positive but small GEX (+$0.2M) aligns with 'pinning' regime and spot below max pain, suggesting resistance to a large move.

OI clusters: Near-term: $4250 Call (1,509 OI) is a key resistance/magnet. $4400 Put (433 OI) and $4300 Put (415 OI) provide support. Far-dated: Large OI in $5800-$6100 Calls are likely legacy positions.

Hedging evidence: Strong evidence. The largest premium outflows are all OTM put purchases in April expirations, classic institutional hedging behavior. The pattern is consistent and layered.

Max pain context: Spot ($4194) is below the 4/2 max pain ($4250) and 4/17 MP ($4300), creating an upward pull. However, the heavy put buying suggests participants are hedging against a failure to reach those levels, potentially viewing them as resistance.

Signal vs Noise

~The massive $14.6M premium in the $3300 Jun'26 Call is a signal of long-term speculation, not near-term direction. It's a low-delta, high-conviction bet.

~High OI in far OTM calls ($5800-$7900) is noise—likely old, inactive positions from previous rallies.

~The P/C Volume Ratio (1.09) is near-balanced noise; the net premium story (-$48.2M) is the true signal of paid flow direction.

~The $4050 Put (4/2) flow is likely expiration-related hedging/rolling from today's session, not a new directional signal.

Key Conclusions

🛡️Institutional hedging pressure has intensified, with layered OTM put buying driving net premium to -$48.2M.

⚖️A conflict exists: spot is below max pain (upward magnet), but flow is paying for downside protection, suggesting $4250-$4300 is viewed as strong resistance.

🎯Watch $4250 and $4300. A break above with confirming call flow invalidates the hedge; failure there confirms the defensive positioning was warranted.

How to Use These Reports

This flow reflects the market close on April 2, 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.