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BKNG

Booking Holdings Inc. Common StClose $155.03EOD only

Max Pain

$175.00

Next expiry May 15, 2026

Expected Move

±$4.85

3.1% from close

Price Gap

+19.97

Distance to max pain

IV Rank

Low premium

P/C OI

0.85

Slightly call-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 13, 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 13, 2026 close

BKNG Flow Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 9.1% from MP; +1 VIX 17

Watch next session: Put activity at 177 and 188; Spot price vs 154 gamma flip

Flow Summary

Net premium: -$100.3M bearish

P/C volume ratio: 2.18

P/C OI ratio: 0.83

Heavy put buying drives bearish flow, with elevated put/call ratio and negative net premium. Unusual prints cluster at near-dated puts, signaling downside hedging. Spot sits below MP in a bearish gamma regime. Caution if VIX drops further.

Notable Prints

BKNG 2026-05-15 $177.00 Put

Vol: 830

OI: 174

Vol/OI: 4.8x

IV: 177.2%

Notional: ~$1.7M

Intent: Bearish bet on near-term decline

Dual read: Hedge within bearish flow

Read-through: Spot expected to fall further

BKNG 2026-05-15 $188.00 Put

Vol: 1,250

OI: 273

Vol/OI: 4.6x

IV: 225.9%

Notional: ~$4.0M

Intent: Aggressive bearish speculation at higher strike

Read-through: Strong downside conviction

BKNG 2027-03-19 $156.00 Call

Vol: 286

OI: 120

Vol/OI: 2.4x

IV: 50.3%

Notional: ~$737K

Intent: Bullish long-term call purchase

Dual read: Against bearish flow, may be insider

Read-through: Long-term optimism on recovery

BKNG 2026-06-05 $225.00 Call

Vol: 279

OI: 117

Vol/OI: 2.4x

IV: 83.8%

Notional: ~$8K

Intent: Short call or bearish call spread

Dual read: Long call hedge on deep OTM

Read-through: Bearish sentiment despite call

BKNG 2026-05-15 $172.00 Put

Vol: 351

OI: 177

Vol/OI: 2.0x

IV: 152.6%

Notional: ~$556K

Intent: Bearish position with lower strike

Dual read: Defensive put

Read-through: Expects decline but not extreme

Institutional Positioning

Call additions: Minimal; small long-dated calls ($156C 2027, $225C June).

Put additions: Heavy May puts $172-188 (vol/oi>4); Jan2027 $145P.

GEX/DEX consistency: Consistent: GEX -$6.6M, DEX +20.2M, amplifying downside.

OI clusters: Largest put OI near $145 and $172-188.

Hedging evidence: Short-dated put buys for downside; long-dated put for tail risk.

Max pain context: Spot ~154.5, far below MP, pin to downside.

Signal vs Noise

~Heavy put volume at $177/188 is real institutional flow (vol/oi>4).

~June $225C call and long-dated $156C are likely noise or low conviction.

Key Conclusions

🐻Bearish institutional flow: put/call vol ratio 2.2, heavy short-dated puts at $177-188.

⚠️Dealer gamma negative ($-6.6M) amplifies moves; VIX 17 high vol environment.

📈Long-dated calls ($156C 2027) offer minor bullish signal but low volume.

How to Use These Reports

This flow reflects the market close on May 14, 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.