BKNG
Booking Holdings Inc. Common StClose $168.37EOD onlyThis page reflects BKNG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 10, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Activity and OI change at $172-$174 strikes (gamma flip / near-term max pain); Fresh put buying or heavy put volume that pushes PC volume ratio >1.1
Flow Summary
Net premium: -$48.8M bearish
P/C volume ratio: 0.89 — modest call bias by volume (calls traded more than puts)
P/C OI ratio: 0.70 — longer-term OI skewed toward calls (moderate call positioning)
Notable Prints
Read-through: Concentrated ITM put activity 5% below spot, high IV and vol/OI ~2.5 suggest real demand for downside protection into the April 17 expiry; this increases probability of short-term downside pressure and reinforces the gamma flip near $172 as a pin area.
Read-through: There is a meaningful call OI cluster at $180 (5,665 OI) that contributes +$2.9M GEX concentration; the intra-day volume is small relative to that OI, so today's prints are more consistent with adjustments rather than a new structural bullish bet.
Read-through: The massive $170 call OI (37,764) is the dominant structural stake in the chain; with spot $173.46 and MP near $170–$173, this creates a pinning/resistance dynamic and a potential 'ceiling' if dealers hedge into selling above these strikes.
Institutional Positioning
Call additions: $170-$190 area concentrated (largest OI at $170C=37,764; notable clusters at $180C=5,665, $188C=4,487, $184C=2,429 and long-dated walls $236-$244). Flow shows incremental short-dated call activity but much of the call footprint is structural OI.
Put additions: Notable short-dated put buying at $182 (4/17) and put clusters lower ($176P OI=10,826; $172P OI=10,375). There is evidence of protective put demand in the very short end and some mid-term put accumulation around $160-$170 strikes.
GEX/DEX consistency: Yes — positive GEX (+$14.2M) and DEX (+18.8M shares) align with the pre-computed 'pinning' regime and the observed concentrated call OI; dealers are positioned to be short gamma above ~172 but overall net GEX is positive which supports pin behavior.
OI clusters: $170 call wall (37,764 OI) is the largest concentration; secondary call clusters at $236 (10,200 OI) and $244 (9,976 OI) create long-term structural resistance; put clusters concentrated at $176 (10,826 OI) and $172 (10,375 OI) — these create a localized pinband between $170-$176.
Hedging evidence: Yes — clear short-dated protective activity (BKNG 4/17 $182P vol spike) and substantial call OI that would prompt dealer delta-hedging (gamma hedging) around $172; limited evidence of collars (no coordinated concurrent large call buys + put sells in the same strikes).
Max pain context: Max pain near-term sits at $170 (4/10) → rising toward $176 in later expiries; combined with high call OI at $170 and positive GEX this supports a pin toward $170-$173 in the coming expiries.
Signal vs Noise
Key Conclusions
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