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BKNG

Booking Holdings Inc. Common StClose $192.01EOD only

Max Pain

$176.00

Next expiry Apr 24, 2026

Expected Move

±$6.35

3.3% from close

Price Gap

-16.01

Distance to max pain

IV Rank

100

High premium

P/C OI

0.75

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 17, 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 17, 2026 close

BKNG Flow Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 9.1% from MP; +0.5 VIX 19

Watch next session: spot vs MP moves; changes in put OI and vol/OI; IV shifts on short-dated expiries; GEX/delta repositioning; follow-up large call activity

Flow Summary

Net premium: -$25.6M bearish

P/C volume ratio: 1.06

P/C OI ratio: 0.84

Heavy short-dated put buying, negative net premium and high IV create a bearish short-term tilt; positive GEX/pinning and a sizeable call print introduce asymmetric upside risk—watch put OI, IV and GEX for resolution.

Notable Prints

BKNG 2026-05-01 $135.20 Put

Vol: 468

OI: 239

Vol/OI: 2.0x

IV: 101.7%

Notional: ~$12K

Intent: speculative

Dual read: dealer-hedge

Read-through: downside

BKNG 2026-05-01 $121.60 Put

Vol: 200

OI: 117

Vol/OI: 1.7x

IV: 114.1%

Notional: ~$7K

Intent: speculative

Dual read: portfolio-protect

Read-through: tail-protection

BKNG 2026-05-01 $132.00 Put

Vol: 255

OI: 162

Vol/OI: 1.6x

IV: 125.5%

Notional: ~$19K

Intent: speculative

Dual read: dealer-hedge

Read-through: near-term-pain

BKNG 2026-05-08 $174.80 Call

Vol: 150

OI: 100

Vol/OI: 1.5x

IV: 65.3%

Notional: ~$244K

Intent: directional-bull

Dual read: spread/roll

Read-through: upside-interest

Institutional Positioning

Call additions: Small call buys around 175 May expiries (notable 174.8 May8 print) — limited size versus puts; could be directional or part of covered-rolls.

Put additions: Concentrated short‑dated put buys 121–135 into May1 with high IV — likely a mix of protective hedging/collar activity and speculative downside bets; execution noise expected given IV.

GEX/DEX consistency: Net positive GEX (+$17.3M) and DEX (+19M shares) are supportive of pinning only if larger/coordinated flow persists; current signals are mixed.

OI clusters: Largest put OI cluster ~8.3% below spot (~gamma flip ~176) with heavy open interest 121–135 strikes.

Hedging evidence: Pattern and IV skew point toward hedging/collar construction (short‑dated protection) rather than purely directional positioning.

Max pain context: Spot ~9.1% above MP; modest pinning pressure possible but conditional on sustained institutional flow.

Signal vs Noise

~Signal: clustered May1 put prints 121–135 with high IV — meaningful hedge demand but also noisy execution

~Signal: net positive GEX/DEX could enable pinning if reinforced by further flow

~Noise: single 174.8 call print is small relative to put cluster and may be hedged or random directional flow

Key Conclusions

⚠️High‑IV, short‑dated put cluster likely reflects hedging/collar demand with execution noise; monitor expiry for volatility spikes.

📌GEX/DEX tilt supports conditional pinning only if follow‑on flow appears; current evidence is mixed.

How to Use These Reports

This flow reflects the market close on April 20, 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.