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BKNG

Booking Holdings Inc. Common StClose $167.43EOD only

Max Pain

$165.00

Next expiry Jun 5, 2026

Expected Move

±$5.50

3.3% from close

Price Gap

-2.43

Distance to max pain

IV Rank

Low premium

P/C OI

0.83

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 29, 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 29, 2026 close

BKNG Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

5 / 10

base 5.0; +0.5 GEX positive (pinning) ; -1.0 GEX/flow contradict (net premium negative) ; -0.5 spot 4.7% from MP ; +0.5 VIX 18.4

Watch next session: Follow intraday activity at $176–$180 strikes (delta/gamma hedging signal from BKNG260424C00176000 and $180 GEX cluster); Spike in put buying at $172 or $170 strikes (would reinforce bearish premium flow and break pin)

Flow Summary

Net premium: -$46.2M bearish

P/C volume ratio: 1.00 — neutral call/put volume balance today

P/C OI ratio: 0.75 — OI still favors calls (moderate call lean), so today's flow is more premium selling/put demand than structural repositioning

Flow is mixed: sizable net premium outflow (-$46.2M) points to bearish option-selling/put buying, while dealer positioning (GEX +$23.2M) and concentrated positive GEX near $180-$184 create pinning forces. Short-dated unusual activity shows both aggressive near-spot call buying and elevated near-term put volume — suggests tactical directional bets layered on a dealer pin around $176–$180.

Notable Prints

BKNG260424C00176000 CALL $176.00 (exp 2026-04-24)

Vol: 1,549

OI: 161

Vol/OI: 9.6x

IV: 46.8%

Notional: ~$1.19M

Intent: Fresh directional call buying (short-dated ITM calls; bullish bet or collar leg)

Dual read: Bought call (bullish directional) OR dealer/institution sold calls (overwriting) with heavy delta hedging; large vol/OI (9.6x) points to a fresh trade more than a roll.

Read-through: Significant near-term bullish exposure right below the gamma flip (~$176). If market makers hedge, could support spot into $176–$180 pin region; if this is dealer selling, it offsets put demand and muddies directional read.

BKNG260417P00178000 PUT $178.00 (exp 2026-04-17)

Vol: 425

OI: 196

Vol/OI: 2.2x

IV: 61.3%

Notional: ~$65.9K

Intent: Near-term protective put buying or speculative short-dated downside bet

Dual read: Buy puts (bearish protection/speculation) OR sellers opening credit structures (less likely given IV spike).

Read-through: Concentrated short-dated put activity at $178 (2% OTM) increases short-term downside sensitivity despite positive GEX; watch delta-hedge flows into the close that could amplify moves below the gamma flip.

BKNG270319P00128000 PUT $128.00 (exp 2027-03-19)

Vol: 204

OI: 102

Vol/OI: 2.0x

IV: 49.8%

Notional: ~$160.8K

Intent: Long-dated tail protection or speculative deep‑bearish bet (out-of-the-money put buying)

Dual read: Bought as catastrophe hedge (institutional tail protection) OR sold as part of long-dated spread (less likely given vol/oi).

Read-through: Shows long-dated downside hedging appetite or speculative positioning; not likely to move near-term price but signals institutional caution over longer horizon.

BKNG261218C00340000 CALL $340.00 (exp 2026-12-18)

Vol: 214

OI: 101

Vol/OI: 2.1x

IV: 37.6%

Notional: ~$9.63K

Intent: Speculative long-dated call buying or part of a complex structure

Dual read: Long call (high-conviction long-term upside) OR sold call as funding leg in collar; low notional and distant strike make immediate impact minimal.

Read-through: Small notional relative to front-month flow; treat as noise for near-term price but note presence of long-term asymmetric positioning.

Institutional Positioning

Call additions: Some short-dated call demand around $176–$180 (notably BKNG260424C $176 and $180 GEX +$4.7M), plus large multi‑month call OI clusters far OTM ($232–$244) indicating longer-term upside exposure held off high strikes.

Put additions: Net premium negative suggests institutions are net buyers of downside protection or sellers of calls; near-term put concentration at $172 and $176 (OI 10,376 & 10,827 combined across expiries) and active $178/$180 short-dated put activity indicate added protective positioning around $172–$178.

GEX/DEX consistency: Partially consistent — positive Total GEX (+$23.2M) and concentrated GEX at $180 (+$4.7M) support pinning near $176–$180 even as net premium is negative, producing a mixed read where dealers' gamma hedging may counteract directional premium flow.

OI clusters: Largest OI clusters: $170 CALL OI 37,769 (odd high value), $236–$244 CALL walls (10,200; 9,976) are structural but out of 10% range; nearest meaningful clusters within ±10%: $180 CALL OI 5,534, $188 CALL OI 4,507, $172 PUT OI 10,376, $176 PUT OI 10,827 — these create short-term pin/magnet dynamics around $172–$180.

Hedging evidence: Yes — concentrated puts at $172 and $176 and long-dated deep OTM puts point to protective hedging; limited evidence of widespread collars in front month, though simultaneous short-dated call buys and put activity suggest mixed collars or spreads exist.

Max pain context: Max pain near-term expiries sit at $173 (4/17) → $176 (4/24) → $178.40 (5/01). MP trend is rising; spot ($181.12) is above MP but within the 1‑week EM guardrail [$172.32 - $189.92], so dealers can pin price toward the $173–$176 zone while absorbing premium flows.

Signal vs Noise

~Large OI at $236–$244 calls are structural but outside ±10% of spot and unlikely to influence near-term price — treat them as long-term positioning, not immediate resistance.

~The high premium flows listed at extreme strikes in Top Premium Flow (e.g., $3300, $3400) appear unrelated or represent large notional instruments; they should not be read as BKNG front‑month directional signals.

~Long-dated $128 put (03/19/27) and $340 call (12/18/26) are low immediate impact: likely tail hedges or speculative multi-quarter trades, not front-month drivers.

~Some elevated front-month volume (e.g., $176 call) could be dealer inventory hedging rather than pure directional client buy — watch accompanying tape for bid/ask aggressiveness to differentiate.

Key Conclusions

⚖️Flow is mixed: sizable net premium outflow (-$46.2M) points bearish while dealer GEX (+$23.2M) pins around $176–$180.

📌$176–$180 is the tactical pin region (gamma flip ~$176, GEX +$4.7M at $180, near-term MP $173→$176).

🐂/🐻Notable short-dated $176 call buying (~$1.19M notional) creates near-term bullish exposure but could be delta-hedged by dealers; interpret together with $178 4/17 put flow.

🛡️Put OI concentration at $172 and $176 plus near-term put activity implies institutional hedging — downside protection is meaningful around $172–$176.

👀Watch price reaction to intraday flow at $176 and $180; aggressive selling through $176 would invalidate pin and favor downside; failure to break supports dealer pinning.

How to Use These Reports

This flow reflects the market close on April 14, 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.