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BKNG

Booking Holdings Inc. Common StClose $168.37EOD only

Max Pain

$157.50

Next expiry May 29, 2026

Expected Move

±$4.35

2.6% from close

Price Gap

-10.87

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 27, 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 27, 2026 close

BKNG Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 5; -1 net premium bearish; +1 dealer GEX positive (pinning); -1 spot 7.3% from MP; +0.5 VIX 18

Watch next session: Net premium flow direction (does the -$43.0M bearish read persist or reverse?); Price action and volume around near-term resistance $188.00 and support at the gamma flip ~$176

Flow Summary

Net premium: -$43.0M bearish

P/C volume ratio: 0.95

P/C OI ratio: 0.75

There is a clear institutional tilt to protection: sizeable premium exiting the market (-$43.0M) indicates paid-for or bought-down downside exposure even though P/C volume and OI ratios (0.95 / 0.75) are near-normal. Dealers are net long gamma (GEX +$29.9M) which creates a pinning/mean-reversion regime inside the 2d-1w expected-move band; this produces a mixed read — institutional protection without aggressive panic selling, so expect range-bound behavior unless bearish premium continues to accelerate.

Notable Prints

BKNG270319P00128000

Vol: 204

OI: 102

Vol/OI: 2.0x

IV: 50.2%

Notional: ~$161,000

Intent: Institutional tail hedge (opening long-dated deep-OTM protective puts)

Dual read: Could be a speculative long-vol trade, but the strike (31% OTM) and 2.0x volume-to-OI skew toward hedging/insurance rather than front-month directional play.

Read-through: Signals elevated demand for long-tail downside insurance among institutional participants; supports the narrative of put buying for protection rather than immediate directional liquidation.

Institutional Positioning

Call additions: No clear fresh call accumulation; structural long-term call OI is concentrated at $232$232-$244 (far-term wall) and nearer-term call OI clusters at $180 and $188 likely reflect existing positions or call-selling rather than new aggressive buys.

Put additions: Institutions are adding protection around $176 and $172 (large OI concentrations at 10,827 and 10,376) and some interest at $186, consistent with defensive positioning into upcoming earnings and market volatility.

GEX/DEX consistency: Consistent: dealers are net long gamma (GEX +$29.9M) and net long delta (DEX +20.9M shares), which supports pinning inside the expected-move band despite institutional put-buying.

OI clusters: Largest OI sits in the put cluster $172$172-$176 (creates a near-term put floor / magnet) and in distant call strikes $232-$244 (structural ceiling far above spot). Near-term call OI at $180/$188 create local resistance and pinning influence inside the 2-9 day horizon.

Hedging evidence: Clear: concentrated near-term put OI and the long-dated $128 put print indicate both immediate protective positioning and tail risk insurance; some call-selling likely funds protection given net negative premium.

Max pain context: Max pain is clustered lower (2026-04-17: $173 → 2026-05-01: $178.40) and trending higher over longer expiries, but current spot sits above the nearest MP level; dealer pinning (GEX concentration at $188, $190 and $180) suggests price is likely to oscillate inside the 2d/1w EM guardrails rather than run quickly toward MP.

Signal vs Noise

~The BKNG270319P00128000 $128 put is a long-dated tail hedge (31% OTM); high vol/low OI prints like this are insurance buys, not near-term directional bets.

~High call OI at $232-$244 is structural and far from spot — it acts as a long-term call wall, not relevant for immediate directional flow.

~Near-term expirations (2026-04-17 / 2d) can cause expiration-related rolls and gamma pinning; some volume (e.g., $180 call Vol=745) is likely dealer/MM inventory activity tied to front-week expiry rather than fresh directional risk-taking.

Key Conclusions

🔁Mixed flow: institutional protection (put buying) is present while dealers remain long-gamma — expect pinning between $178–$192 rather than a trending breakout.

📉Net premium is meaningfully bearish (-$43.0M); watch for follow-through that could pressure into the $176 gamma flip and the $173/$176 MP zone.

🛡️Long-dated OTM put at $128 signals tail-hedging by institutions — risk-off insurance has increased even if it doesn't move near-term prices.

How to Use These Reports

This flow reflects the market close on April 15, 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.