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BKNG

Booking Holdings Inc. Common StClose $192.03EOD only

Max Pain

$176.00

Next expiry Apr 24, 2026

Expected Move

±$6.10

3.2% from close

Price Gap

-16.03

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

BKNG Flow Report

Analysis based on market close April 21, 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 8.0% from MP; +0.5 VIX 20

Watch next session: spot vs 176 gamma flip; follow-through on BKNG 4/24 $188 put print; net_premium and PC volume shifts; any large call prints

Flow Summary

Net premium: -$25.4M bearish

P/C volume ratio: 1.30

P/C OI ratio: 0.84

Heavy put flow and negative net premium point to downside pressure. If puts persist, expect breakdown; if spot rallies above the ~176 gamma flip with meaningful call buying, the bearish signal is invalidated.

Notable Prints

BKNG 2026-04-24 $188.00 Put

Vol: 640

OI: 109

Vol/OI: 5.9x

IV: 45.5%

Notional: ~$83K

Intent: Bearish (speculation or hedge)

Dual read: Directional vs protection

Read-through: Increases near-term downside; supports pinning

BKNG 2026-05-15 $165.00 Put

Vol: 419

OI: 108

Vol/OI: 3.9x

IV: 48.4%

Notional: ~$57K

Intent: Medium-dated bearish/hedge

Dual read: Speculation vs portfolio hedge

Read-through: Extends bearish skew into May

BKNG 2026-05-01 $135.20 Put

Vol: 468

OI: 239

Vol/OI: 2.0x

IV: 157.3%

Notional: ~$12K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

BKNG 2026-05-01 $121.60 Put

Vol: 200

OI: 117

Vol/OI: 1.7x

IV: 107.8%

Notional: ~$7K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

BKNG 2026-05-01 $132.00 Put

Vol: 255

OI: 162

Vol/OI: 1.6x

IV: 165.8%

Notional: ~$19K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Small call interest around $174.8 May08 (tactical, low OI).

Put additions: Noticeable short‑dated put flow: Apr24 $188, May15 $165 and a cluster of May01 strikes (121–135) with large prints but very high IV and low liquidity — treat May01 prints as suspect and downweight.

GEX/DEX consistency: Mixed — GEX +$14.7M and DEX +19.2M point to hedge/pinning pressure, but directional read is tempered by mixed flow and illiquid prints.

OI clusters: Largest put OI cluster ~10,943 (~7.8% below spot); gamma flip near ~176.0, though short‑dated illiquid strikes can distort apparent clusters.

Hedging evidence: Evidence consistent with protective put accumulation and possible collars, but characterize as probable hedging rather than definitive given mixed metrics and noisy prints.

Max pain context: Spot ~8% above MP; concentrated put interest plus positive GEX raises pinning risk toward max pain if flows persist, acknowledging uncertainty.

Signal vs Noise

~Signal: clustered put OI near gamma flip (~176) with elevated vol/volume (weighted by liquidity).

~Signal: negative net premium and P/C volume >1.29 support bearish hedging bias.

~Noise: May01 high‑IV low‑liquidity prints likely distort short‑dated picture — downweight these.

~Noise: small isolated call block has low OI and is not trend‑defining.

Key Conclusions

⚠️Short‑dated put concentration near the gamma flip likely reflects hedging/pinning intent but should be treated probabilistically given illiquidity.

📌Positive GEX plus concentrated puts increases pinning risk toward MP, contingent on persistent flow and excluding suspect May01 prints.

🔎Deprioritize lone call block; prioritize put cluster, net premium and P/C volume while downweighting high‑IV illiquid trades.

How to Use These Reports

This flow reflects the market close on April 21, 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.