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BKNG

Booking Holdings Inc. Common StClose $168.94EOD only

Max Pain

$170.00

Next expiry Jun 26, 2026

Expected Move

±$5.38

3.2% from close

Price Gap

+1.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

6.5/10

Range bias

Published snapshot: Jun 23, 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 23, 2026 close

BKNG Flow Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.6% from MP; +0.5 VIX 19

Watch next session: $190 strike activity; VIX direction

Flow Summary

Net premium: -$12.7M bearish

P/C volume ratio: 0.62

P/C OI ratio: 0.97

Positive GEX ($+7.6M) and high call volume ratio (0.62) suggest bullish pinning, but net negative premium ($-12.7M) and put OI concentration indicate hedging. Mixed regime with spot above MP. VIX elevated (18.6) adds caution. Unusual long-dated calls hint at upside speculation but overall flow balanced.

Notable Prints

BKNG 2026-08-21 $190.00 Call

Vol: 1,111

OI: 226

Vol/OI: 4.9x

IV: 44.8%

Notional: ~$1.0M

Intent: Bullish accumulation

Dual read: Volatility bet

Read-through: Upside by Aug

BKNG 2026-06-26 $190.00 Call

Vol: 388

OI: 129

Vol/OI: 3.0x

IV: 47.4%

Notional: ~$16K

Intent: Near-term speculation

Dual read: May cover shorts

Read-through: Sharp rise in 2d

BKNG 2027-03-19 $154.80 Call

Vol: 706

OI: 276

Vol/OI: 2.6x

IV: 49.1%

Notional: ~$1.8M

Intent: Accumulation ITM calls

Dual read: Rolling possible

Read-through: Long-term bullish

BKNG 2026-07-10 $190.00 Call

Vol: 531

OI: 248

Vol/OI: 2.1x

IV: 40.4%

Notional: ~$159K

Intent: Speculative call

Dual read: Call spread part

Read-through: Up by mid-Jul

BKNG 2026-07-17 $224.00 Put

Vol: 200

OI: 100

Vol/OI: 2.0x

IV: 107.0%

Notional: ~$989K

Intent: Buying puts

Dual read: Hedging stock

Read-through: Decline expected

Institutional Positioning

Call additions: Bulk of activity: $190C Aug21 (1111), Jun26 (388), Jul10 (531); $154.8C Mar27 (706); $185C Jun26 (939).

Put additions: One $224P Jul17 (200 vol, OI 100, IV 107%) – likely tail hedge.

GEX/DEX consistency: GEX +7.6M, DEX +19.4M shares – consistent with call buying and bullish bias.

OI clusters: Largest OI: $185C (577), $190C (226 Aug, 129 Jun, 248 Jul); put OI concentrated ~$176 (gamma flip).

Hedging evidence: Negative net premium (-12.7M) despite heavy call flow; high IV put suggests hedge.

Max pain context: Spot above MP (~$176 based on put OI concentration); pinning gamma may drag price toward $176.

Signal vs Noise

~Multiple large call trades (Aug, Jul, Mar) are strong bullish signal.

~Put buying at 224P with 107% IV is a hedge, not directional bearish.

~Low put/call volume ratio (0.62) confirms call dominance.

~GEX/DEX positive reinforce bullish flow.

~Net premium negative is noise from put premium offsetting.

~High VIX (19) adds noise but regime is High Vol, so expected.

Key Conclusions

🟢Institutions adding calls across expiries, bullish flow confirmed by low P/C vol ratio and positive GEX/DEX.

🟡Hedge put at 224P with very high IV suggests tail risk management, not directional bearishness.

🔵Positive gamma and delta positioning likely pin price near $176 (gamma flip level and max pain).

How to Use These Reports

This flow reflects the market close on June 24, 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.