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BKNG

Booking Holdings Inc. Common StClose $173.46EOD only

Max Pain

$173.00

Next expiry Apr 17, 2026

Expected Move

±$8.05

4.6% from close

Price Gap

-0.46

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.70

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 10, 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

Apr 10, 2026 close

BKNG Flow Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5.5 (pre-computed); +1 GEX pinning (+$14.2M) anchoring near $172; -1 net premium negative (-$48.8M) creates bearish offset; -0.5 high IV 67.8% supports caution

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)

Today's flow is mixed: intraday volume leans toward calls (P/C vol 0.89), but net premium is strongly negative (-$48.8M), implying heavier put premium collected or larger-sized put trades wiping out call premium. Dealers show positive GEX (+$14.2M) and a gamma flip ~ $172 that supports pinning; large call OI clusters (notably $170C with 37,764 OI and long-dated call walls $236-$244) create structural resistance above. Overall read: pinning pressure around $172 with a slight bearish tilt from net premium — watch for directional follow-through in put flow.

Notable Prints

BKNG 2026-04-17 $182.00 Put

Vol: 426

OI: 171

Vol/OI: 2.5x

IV: 70.4%

Notional: ~$424,000

Intent: Directional put buying (downside protection or bearish bet ahead of near-term risk).

Dual read: Aggressive buy of puts (bearish) OR a large hedge by an institution (protective/portfolio hedge) — likely buyer-initiated given IV spike and high vol/OI.

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.

BKNG 2026-04-17 $180.00 Call

Vol: 238

OI: 5,665

Vol/OI: 0.0x

IV: 39.7%

Notional: ~$28,560 (session print premium est.)

Intent: Likely short-dated call buying or dealers rebalancing; but given large existing OI at $180 it more likely reflects roll/adjust activity against a call wall.

Dual read: Fresh call buyers (bullish) OR market-maker hedging/positioning around a known call OI cluster (neutral/pinning).

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.

BKNG 2026-04-17 $170.00 Call (OI cluster)

Vol: 48

OI: 37,764

Vol/OI: 0.0x

IV: 48.6%

Notional: ~$25.5M (premium at OI * est mid ~$6.75)

Intent: Structural positioning / call wall — most likely long-dated call sellers or long positions accumulated earlier; not a single-session directional print.

Dual read: Represents a strong dealer / institutional call OI concentration that can act as a magnet or wall, not a fresh directional trade.

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

~Top Premium Flow list contains very large dollar entries at strikes ($3,300–$4,100) that are unrelated to BKNG's strike grid and likely mapping or ticker misattribution — treat those as data noise.

~Large existing OI clusters (e.g., $170C 37,764 OI) are structural and should not be read as fresh directional prints when small session volume occurs against them.

~Small-volume prints at strikes with huge OI (vol/OI <<1) are likely market-maker rebalances or roll activity, not new directional conviction.

~Some put activity near expiry (4/17) may be protective/expiration-hedge related rather than pure speculative directional bets.

Key Conclusions

📌Gamma pinning is in effect around ~$172 (gamma flip), supported by positive GEX +$14.2M and concentrated OI at $170-$176.

🐻Net premium skew is bearish (-$48.8M) and a concentrated 4/17 $182 put print indicates real short-term downside hedging or bearish positioning.

🛡️Short-dated put demand (4/17 $182) reads as institutional protection — increases chance of a pullback into the $170-$172 pin region.

🧱$170 call OI (37,764) is the dominant structural cluster and will act as a magnet/wall in the near term; position sizing here is meaningfully large (~$25M equivalent premium).

⚖️Flow is mixed: session-level call volume dominance (P/C vol 0.89) but overall premium flow is negative — trade setups should respect both the pin (172) and the downside skew from net premium.

Read the Flow analysis for BKNG for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.