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BKNG

Booking Holdings Inc. Common StClose $175.72EOD only

Max Pain

$170.00

Next expiry Jun 18, 2026

Expected Move

±$6.35

3.6% from close

Price Gap

-5.72

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.83

Slightly call-heavy

Consensus

5.5/10

Bullish tilt

Published snapshot: Jun 16, 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

Jun 16, 2026 close

BKNG Flow Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 1.0% from MP; +0.5 VIX 18

Watch next session: $170 gamma flip; spot reaction to MP

Flow Summary

Net premium: -$16.4M bearish

P/C volume ratio: 0.76

P/C OI ratio: 0.81

BKNG shows positive dealer gamma and delta despite negative net premium. Unusual put buying near-term and long-dated, but call volume exceeds puts. High IV suggests caution. Pinning around MP with gamma flip at $170. Mixed flow but bullish structure underpinned by dealer hedging.

Notable Prints

BKNG 2027-01-15 $178.00 Put

Vol: 1,012

OI: 259

Vol/OI: 3.9x

IV: 34.9%

Notional: ~$2.2M

Intent: Bearish speculation or hedge

Dual read: Possible put spread component

Read-through: Bearish on BKNG

BKNG 2026-06-18 $198.00 Put

Vol: 486

OI: 175

Vol/OI: 2.8x

IV: 185.0%

Notional: ~$1.2M

Intent: Speculative ITM put ahead of expiry

Dual read: Closing or roll trade

Read-through: Extreme near-term bearish

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 51.7%

Notional: ~$1.8M

Intent: Bullish call buying

Dual read: Could be part of a spread

Read-through: Bullish

BKNG 2026-07-17 $224.00 Put

Vol: 200

OI: 100

Vol/OI: 2.0x

IV: 84.2%

Notional: ~$989K

Intent: Bearish speculation via deep ITM puts

Dual read: Capitalizing on high IV

Read-through: Bearish

BKNG 2026-06-26 $165.00 Put

Vol: 582

OI: 321

Vol/OI: 1.8x

IV: 36.8%

Notional: ~$87K

Intent: Bearish hedge with OTM puts

Dual read: Possible put spread

Read-through: Cautious bearish

Institutional Positioning

Call additions: Mar 2027 $154.8C and $164C added (volume/ OI >2)

Put additions: Jan 2027 $178P, Jun 18 $198P, Jul 17 $224P, Jun 26 $165P added (high vol/OI)

GEX/DEX consistency: GEX +$38.1M, DEX +22.1M shares; both bullish delta, pinning, but put flow adds hedge

OI clusters: Put OI concentration at $170 gamma flip, 0.9% below spot

Hedging evidence: Multiple deep-OTM puts (e.g., $198P with 185% IV) suggest hedging or bearish bets

Max pain context: Spot near max pain; regime indicates pinning

Signal vs Noise

~Signal: heavy put accumulation (institutional hedging or bearish view) despite positive GEX/DEX

~Signal: spot near max pain, gamma pinning likely

~Noise: OTM call additions may be speculative or counterparty flow

~Noise: high IV on Jun 18 $198P could be positioning noise

Key Conclusions

⚠️Institutions adding puts aggressively; net premium negative. Hedging or bearish tilt.

📌Spot pinned near max pain with positive GEX; short-term support from dealer gamma.

How to Use These Reports

This flow reflects the market close on June 17, 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.