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BKNG

Booking Holdings Inc. Common StClose $190.86EOD only

Max Pain

$176.80

Next expiry Apr 24, 2026

Expected Move

±$5.47

2.9% from close

Price Gap

-14.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

BKNG Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19

Watch next session: Monitor 190/210 call activity and fills vs OI; Track 132–135 put flow and IV moves; Watch spot vs gamma flip (176) and dex/supply shifts

Flow Summary

Net premium: -$36.2M bearish

P/C volume ratio: 1.06

P/C OI ratio: 0.86

Mixed flows: dealer-positive gamma/pinning and call prints offset by significant put demand, high IV and negative premium — potential pin unless put pressure grows.

Notable Prints

BKNG 2026-05-15 $210.00 Call

Vol: 549

OI: 204

Vol/OI: 2.7x

IV: 53.9%

Notional: ~$71K

Intent: bullish short-term

Dual read: speculation or hedge

Read-through: upper-strike call demand

BKNG 2026-05-15 $190.00 Call

Vol: 1,079

OI: 522

Vol/OI: 2.1x

IV: 45.4%

Notional: ~$442K

Intent: bullish short-term

Dual read: speculation or roll

Read-through: concentrated mid-strike demand

BKNG 2026-05-01 $135.20 Put

Vol: 468

OI: 239

Vol/OI: 2.0x

IV: 110.5%

Notional: ~$12K

Intent: protective downside hedge

Dual read: hedge or directional buy

Read-through: elevated tail-risk puts

BKNG 2026-05-01 $132.00 Put

Vol: 255

OI: 162

Vol/OI: 1.6x

IV: 118.2%

Notional: ~$19K

Intent: deep protection buy

Dual read: hedge or assignment hedge

Read-through: near-OTM downside interest

BKNG 2026-05-08 $174.80 Call

Vol: 150

OI: 100

Vol/OI: 1.5x

IV: 56.1%

Notional: ~$244K

Intent: income or hedge

Dual read: sell-to-open covered

Read-through: short-dated covered-call flow

Institutional Positioning

Call additions: Concentrated May‑15 call buys around 190/210 (notional moderate); could reflect directional buys or hedged spreads — ~60% prob directional given size

Put additions: Active May‑1 puts 132–135; put OI cluster ≈10.9k contracts (~1.9% below spot) suggesting short‑term support potential but not definitive

GEX/DEX consistency: GEX +$6.4M vs DEX +19M shares — flows are mixed; net GEX positive implies some dealer short‑gamma, but DEX equity buying offsets; monitor short‑dated gamma risk for amplification

OI clusters: Largest OI concentration sits just below spot near the gamma flip (~176); this may attract activity but outcomes vary by delta/GEX shifts

Hedging evidence: Net premium flow and put buys consistent with dealers implementing collars/put hedges, though could also be long institutional protection — probability ~50/50

Max pain context: Spot ≈0.3% from max pain; clustering increases chance of pinning but alternative scenario (breakout) remains plausible

Signal vs Noise

~Signal: May‑15 190/210 call prints — material directional flow worth watching

~Signal: Put OI cluster near gamma flip — potential short‑term support/pinning

~Noise: small odd IV spikes on isolated short contracts, likely microstructure

Key Conclusions

📌Spot near MP and concentrated puts imply increased probability of short‑term pinning (~55%) but dealers may hedge either direction; size and gamma will decide

⚠️Mixed GEX/DEX (GEX+$6.4M vs DEX+19M shares) means net effect uncertain; short‑dated call flow can amplify gamma moves — monitor IV and order flow

How to Use These Reports

This flow reflects the market close on April 22, 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.