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BKNG

Booking Holdings Inc. Common StClose $184.56EOD only

Max Pain

$175.00

Next expiry Jul 10, 2026

Expected Move

±$7.85

4.3% from close

Price Gap

-9.56

Distance to max pain

IV Rank

Low premium

P/C OI

0.90

Balanced positioning

Consensus

5.0/10

Bullish tilt

Published snapshot: Jul 2, 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

Jul 2, 2026 close

BKNG Flow Report

Analysis based on market close May 20, 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 20, 2026. A newer flow report is available for June 29, 2026.

View latest report

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17

Watch next session: Above 160; Below 140

Flow Summary

Net premium: -$51.4M bearish

P/C volume ratio: 0.90

P/C OI ratio: 0.85

Positive gamma pinning and unusual call buying support upside toward max pain despite mixed flow and net premium selling. Invalidation on breakdown below 140.

Notable Prints

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 52.7%

Notional: ~$1.8M

Intent: Long-term bullish speculation

Read-through: Expects significant upside by 2027

BKNG 2027-03-19 $180.00 Put

Vol: 500

OI: 268

Vol/OI: 1.9x

IV: 53.6%

Notional: ~$1.7M

Intent: Bearish speculation or hedge

Read-through: Anticipates downside risk

BKNG 2026-06-26 $230.00 Call

Vol: 320

OI: 180

Vol/OI: 1.8x

IV: 87.9%

Notional: ~$19K

Intent: Speculative lottery bet

Read-through: Hoping for extreme rally in ~1 month

Institutional Positioning

Call additions: Unusual call volume in 2027 $154.80 strike and 2026 $230 strike.

Put additions: Unusual put volume in 2027 $180 strike; put OI concentrated 10.8% below spot.

GEX/DEX consistency: GEX positive ($3M), DEX positive (20.3M shares); consistent with pinning regime.

OI clusters: Largest put OI at $180 (2027), call OI at $154.80 (2027) and $230 (2026).

Hedging evidence: Large put OI below spot suggests hedging; net premium negative -$51.4M.

Max pain context: Spot below max pain; gamma pinning near $140 (put OI concentration).

Signal vs Noise

~Unusual calls in 2027 $154.80 and 2026 $230: signal of long-term bullish bets.

~Unusual puts in 2027 $180: signal of hedging or bearish positioning.

~Net premium negative -$51.4M: real flow but mixed with short-dated activity.

~Small OI changes at distant strikes: likely noise, not institutional.

~Low volume at $200 strike: noise from retail.

Key Conclusions

🐂Long-term call accumulation suggests bullish conviction.

🛡️Hedging via puts below spot indicates downside protection.

📉Negative net premium and max pain below spot hint at bearish bias.

How to Use These Reports

This flow reflects the market close on May 20, 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.