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BKNG

Booking Holdings Inc. Common StClose $159.68EOD only

Max Pain

$160.00

Next expiry May 22, 2026

Expected Move

±$3.27

2.0% from close

Price Gap

+0.32

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

BKNG Flow Report

Analysis based on market close May 22, 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; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.7% from MP; +1 VIX 17

Watch next session: BKNG 2026-05-29 $167.50 Call; BKNG 2026-05-29 $170.00 Call; BKNG 2026-05-29 $157.50 Put

Flow Summary

Net premium: -$43.7M bearish

P/C volume ratio: 0.77

P/C OI ratio: 0.82

Net premium -$2.3M; call volume 65% on weekly expiries with BKNG $167.5C and $170C active. Put flow concentrated on $157.5P. GEX positive (~$150M) pins spot near max pain. Mixed flow amid elevated VIX.

Notable Prints

BKNG 2026-05-29 $167.50 Call

Vol: 456

OI: 125

Vol/OI: 3.6x

IV: 39.6%

Notional: ~$58K

Intent: Bullish speculation or covering

Read-through: Upside near term

BKNG 2026-05-29 $170.00 Call

Vol: 1,787

OI: 503

Vol/OI: 3.5x

IV: 39.8%

Notional: ~$152K

Intent: Aggressive bullish bet

Read-through: Strong upside

BKNG 2026-06-05 $130.00 Put

Vol: 357

OI: 118

Vol/OI: 3.0x

IV: 62.8%

Notional: ~$9K

Intent: Speculative put or hedge

Read-through: Downside fear

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 55.0%

Notional: ~$1.8M

Intent: Long-term bullish outlook

Read-through: Positive long-term

BKNG 2026-05-29 $157.50 Put

Vol: 535

OI: 230

Vol/OI: 2.3x

IV: 40.0%

Notional: ~$110K

Intent: Bearish bet or protective

Read-through: Expects pullback

Institutional Positioning

Call additions: Aggressive call buying at $167.5/$170 weekly (vol/OI 3.6x/3.5x) and long-dated $154.8 Jan '27 call.

Put additions: Heavy put buying at $157.5 weekly and $130 Jun '25, plus long-dated $180 Jan '27 put.

GEX/DEX consistency: Consistent: positive GEX ($12.7M) and DEX (+21M shares) support pinning near $140.

OI clusters: Largest OI: put concentration at $140 (5,293 contracts) near spot; calls spread.

Hedging evidence: Long-dated collars: $154.8 call & $180 put pair suggests protective structure.

Max pain context: Spot at MP ($140) with pinning expected; 0.7% from MP reinforces pin.

Signal vs Noise

~Unusual volume at $167.5/$170 calls signals call buying; $157.5/$130 puts signal put hedging.

~Negative net premium ($-43.7M) amid mixed flow indicates net premium selling, possibly covered calls.

~High vol (VIX 16.7) inflates IV, but flow is mixed—not a clear directional signal.

Key Conclusions

🔄Mixed positioning: aggressive call and put buying in weekly expiries creates gamma squeeze potential, but net premium negative suggests hedging.

📌Spot at MP ($140) with positive gamma: pinning likely if no catalyst moves price.

How to Use These Reports

This flow reflects the market close on May 22, 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.