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BKNG

Booking Holdings Inc. Common StClose $163.30EOD only

Max Pain

$157.50

Next expiry May 29, 2026

Expected Move

±$6.05

3.7% from close

Price Gap

-5.80

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 26, 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 26, 2026 close

BKNG Flow Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +1 VIX 17

Flow Summary

Net premium: -$40.8M bearish

P/C volume ratio: 1.04

P/C OI ratio: 0.84

Mixed flow: positive GEX pinning and elevated VIX counterbalanced by negative net premium. Unusual long-dated call/put activity suggests directional positioning. Spot above MP. Key level at 140 gamma flip.

Notable Prints

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 55.8%

Notional: ~$1.8M

Intent: Bullish momentum play.

Read-through: Expects stock above $154.80.

BKNG 2027-03-19 $180.00 Put

Vol: 500

OI: 268

Vol/OI: 1.9x

IV: 43.2%

Notional: ~$1.7M

Intent: Hedging downside risk.

Dual read: Short put for premium.

Read-through: Protective or bearish bet.

Institutional Positioning

Call additions: Unusual call at $154.8 (vol/oi 2.6) suggests bullish addition; DEX positive.

Put additions: Unusual put at $180 (vol/oi 1.9) indicates hedging/bearish addition; net premium negative.

GEX/DEX consistency: GEX +9.7M, DEX +20.8M shares consistent with bullish gamma/delta, but net premium and put volume contradict.

OI clusters: Put OI cluster at ~$140 (5,295 contracts, 14.3% below spot); call OI likely at higher strikes.

Hedging evidence: Put at $180 (long-dated) likely downside hedge; negative net premium suggests put buying or call selling.

Max pain context: Spot above MP; gamma pinning regime; MP acts as support; VIX 17 implies higher vol.

Signal vs Noise

~Unusual call prints (vol/oi 2.6) and put prints (vol/oi 1.9) are signal.

~Negative net premium (-$40.8M) signals bearish flow.

~Positive GEX/DEX consistent with pinning but contradicts net premium, indicating mixed signal.

~Put/call volume ratio >1 but OI ratio <1 is noise from mixed flows.

Key Conclusions

🔍Unusual call and put activity suggests positioning for large move; call at $154.8 bullish, put at $180 hedging.

📌Gamma pinning and positive GEX (+9.7M) imply support near MP; spot above MP may drift lower.

⚖️Negative net premium vs positive GEX/DEX creates divergence; cautious on directional bias.

How to Use These Reports

This flow reflects the market close on May 26, 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.