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BKNG

Booking Holdings Inc. Common StClose $179.40EOD only

Max Pain

$180.00

Next expiry Apr 24, 2026

Expected Move

±$5.60

3.1% from close

Price Gap

+0.60

Distance to max pain

IV Rank

Low premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

BKNG Flow Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +0.5 VIX 19

Watch next session: Follow May‑1 put fills and change in OI; Spot vs mid-price movement relative to gamma flip (~176); GEX and VIX shifts and any large call buys into May‑8

Flow Summary

Net premium: -$39.4M bearish

P/C volume ratio: 1.23

P/C OI ratio: 0.86

Two-way tension: concentrated short-dated put activity and bearish flow point to downside pressure, but positive GEX/pinning gamma and a large near-term call reduce conviction — watch whether new put OI builds or spot moves through the gamma flip to pick a clearer direction.

Notable Prints

BKNG 2026-05-01 $135.20 Put

Vol: 468

OI: 239

Vol/OI: 2.0x

IV: 115.1%

Notional: ~$12K

Intent: Speculative hedge/short‑term downside bet

Dual read: Buyer protection vs dealer sell‑to‑open

Read-through: Adds near‑term downside pressure and supports May pinning

BKNG 2026-05-01 $132.00 Put

Vol: 255

OI: 162

Vol/OI: 1.6x

IV: 120.9%

Notional: ~$19K

Intent: Deepening short‑dated downside hedge

Dual read: Protective buy or liquidation/roll

Read-through: Reinforces concentrated put interest ahead of May expiry

BKNG 2026-05-08 $174.80 Call

Vol: 150

OI: 100

Vol/OI: 1.5x

IV: 51.7%

Notional: ~$244K

Intent: Directional call/speculative upside exposure

Dual read: Buyer directional vs dealer write

Read-through: Isolated bullish bet; limited weight versus heavy put flow

Institutional Positioning

Call additions: Single distant OTM call (May8 174.8) — lone print is weak/noisy and shouldn't materially change positioning.

Put additions: Concentrated short-dated put buying May1 strikes 135/132; elevated put volume vs calls.

GEX/DEX consistency: GEX mildly positive (+$5.7M) while DEX shows sizable selling (+19.3M shares); mixed — flow leans bearish despite small positive GEX.

OI clusters: Large put OI cluster ~10,943 roughly 0.4% below spot (gamma flip ~176).

Hedging evidence: Short-dated puts and elevated IV (115–121%) point to protective hedging or directional put buys.

Max pain context: Spot ~1.8% below calculated MP; pinning is possible around cluster but would require sustained flow or a catalyst to confirm.

Signal vs Noise

~Signal: concentrated May1 put prints with high vol/oi and elevated IV.

~Signal: DEX selling aligns with bearish flow despite modest positive GEX.

~Noise: lone distant May8 call is weak/noisy and should not materially alter positioning view.

Key Conclusions

⚠️Short-dated put demand + high IV = tangible downside risk into May1 expiry; monitor follow‑through.

📌Pinning around put cluster is possible but needs sustained flow or a catalyst to confirm; treat as conditional.

How to Use These Reports

This flow reflects the market close on April 23, 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.