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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 19, 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 19, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.4% from MP; +0.5 VIX 18

Watch next session: BKNG; SPY

Flow Summary

Net premium: -$77.5M bearish

P/C volume ratio: 1.01

P/C OI ratio: 0.83

Net put premium and negative gamma indicate bearish bias. Weekly call buying at $162.5 and $170 may hedge upside risk. Large $166 put suggests downside protection. Declining below $140 would confirm bearish trend.

Notable Prints

BKNG 2027-01-15 $166.00 Put

Vol: 3,236

OI: 140

Vol/OI: 23.1x

IV: 38.5%

Notional: ~$8.2M

Intent: Bearish speculation or hedge

Dual read: Institutional hedging

Read-through: Significant downside risk anticipation

BKNG 2026-05-22 $162.50 Call

Vol: 4,390

OI: 258

Vol/OI: 17.0x

IV: 56.3%

Notional: ~$241K

Intent: Speculative upside bet

Dual read: Hedge for short position

Read-through: High IV, small premium

BKNG 2026-05-22 $170.00 Call

Vol: 4,369

OI: 368

Vol/OI: 11.9x

IV: 65.8%

Notional: ~$57K

Intent: Cheap lotto tickets

Dual read: Part of a spread

Read-through: Speculative OTM calls

BKNG 2027-01-15 $125.00 Put

Vol: 3,223

OI: 381

Vol/OI: 8.5x

IV: 43.9%

Notional: ~$2.4M

Intent: Bearish, buying protection

Dual read: Rolling positions

Read-through: Long-dated bearish bet

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 50.7%

Notional: ~$1.8M

Intent: Bullish directional or volatility play

Dual read: Covered call writing

Read-through: Neutral-bullish

Institutional Positioning

Call additions: Large call buying at May22 $162.5 (17x OI), $170 (12x), Mar27 $154.80 (2.6x), Jun26 $230 (1.8x).

Put additions: Heavy put buying at Jan27 $166 (23x OI), $125 (8.5x), Mar27 $180 (1.9x), May22 $140 (1.7x).

GEX/DEX consistency: Consistent: GEX -$1.8M, DEX +20.2M shares; short gamma, dealers net long delta.

OI clusters: Largest OI: 140 put (5,258), Jan27 $125 put (381), Mar27 $154.80 call (276), $180 put (268), $162.5 call (258), $170 call (368).

Hedging evidence: Long-dated puts (Jan27) indicate downside hedge; Mar27 $154.80 call & $180 put suggest collar.

Max pain context: Spot 3.4% below MP; gamma flip at 140 put provides support; pin likely near MP.

Signal vs Noise

~High vol/oi ratios (23x, 17x, 12x) on select strikes signal institutional intent.

~Negative net premium (-$77.5M) aligns with hedging flow.

~Large OI cluster at 140 put acts as a gamma anchor.

~Put/call volume ratio near 1 is indecisive.

~Small OI on some strikes reduces reliability of volume spikes.

Key Conclusions

🔒Institutions add downside protection via Jan27 puts; bearish tilt despite call buying.

📌140 put OI cluster and gamma flip pin spot toward max pain above current level.

How to Use These Reports

This flow reflects the market close on May 19, 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.