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BKNG

Booking Holdings Inc. Common StClose $156.95EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$4.83

3.1% from close

Price Gap

+3.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.85

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: May 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

May 20, 2026 close

BKNG Flow Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 7.4% from MP; +0.5 VIX 18

Watch next session: 154 (gamma flip); 172-188 put strikes

Flow Summary

Net premium: -$97.6M bearish

P/C volume ratio: 2.22

P/C OI ratio: 0.83

Heavy put sweeps and high put/call volume ratio (2.2) indicate aggressive put buying. Net premium -$97.6M and negative gamma ($-6.4M) amplify downside. Spot is below MP and near 154 gamma flip, a key level. Bearish bias, with confirmation on break below 154.

Notable Prints

BKNG 2026-05-15 $177.00 Put

Vol: 830

OI: 168

Vol/OI: 4.9x

IV: 270.4%

Notional: ~$1.7M

Intent: Bearish directional bet

Read-through: Sharp drop expected

BKNG 2026-05-15 $188.00 Put

Vol: 1,250

OI: 273

Vol/OI: 4.6x

IV: 351.5%

Notional: ~$4.0M

Intent: Put accumulation

Read-through: Near-term bearish

BKNG 2026-06-12 $145.00 Put

Vol: 595

OI: 166

Vol/OI: 3.6x

IV: 41.2%

Notional: ~$171K

Intent: Bearish on further out

Read-through: Sustained weakness

BKNG 2026-05-15 $172.00 Put

Vol: 351

OI: 101

Vol/OI: 3.5x

IV: 255.9%

Notional: ~$556K

Intent: Syndicated bearish bets

Read-through: Downside pressure

BKNG 2026-05-22 $155.00 Put

Vol: 611

OI: 313

Vol/OI: 1.9x

IV: 37.8%

Notional: ~$215K

Intent: Weekly put buying

Read-through: Short-term bearish

Institutional Positioning

Call additions: Minimal; no unusual call prints

Put additions: Aggressive put buying at 188, 177, 172 (May 15) and 145 (June)

GEX/DEX consistency: GEX negative, DEX positive; bearish flow consistent with below-MP spot

OI clusters: Largest OI: May 15 177/188 puts, June 145 put

Hedging evidence: Heavy put accumulation suggests hedging or bearish bets

Max pain context: Spot at 169, well below MP; path of least resistance lower

Signal vs Noise

~Unusual put volume at 188 (1250 vol, 4.6x OI) is real hedging pressure

~Aggressive weekly puts suggest near-term downside expectations

Key Conclusions

📉Heavy put buying at 188/177 signals protection against further decline

⚠️Spot 7% below MP with negative GEX increases PIN risk

📊Total put/call volume ratio 2.2x confirms bearish flow

How to Use These Reports

This flow reflects the market close on May 15, 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.