thetaOwl

BKNG

Booking Holdings Inc. Common StClose $168.37EOD only
Max Pain
$157.50
Next expiry May 29, 2026
Expected Move
±$4.35
2.6% from close
Price Gap
-10.87
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.83
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 27, 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 27, 2026 close
BKNG Theta Report
Analysis based on market close April 10, 2026

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

You are viewing an older report from April 10, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness7.5 / 10
Sizing: Moderate
Primary: Sell defined-risk put spreads (30-45 DTE) near the $170 OI / MP cluster
Invalidation: Close/reevaluate if price closes and holds below the gamma flip ~$172 for 2 sessions
Confidence:
6 / 10
base 5.5; +0.5 pinning GEX +$14.2M; 0 flow mixed; 0 spot 1.8% above MP

IV Environment

IV Regime
High
IV vs VIX
Avg IV 67.8% vs (VIX not provided) — IV is elevated (ATM 7d 64.7%, 14d 48.9%)
Favorable?
Yes

Term structure: Very steep near-term IV (7d ATM 64.7%) that compresses by 14-35d (14d ATM 48.9%, 35d ATM 47.4%) — good for selling multi-week premium (30–45 DTE) where realized vol likely mean-reverts

💰High avg IV 67.8% with front-week ATM 64.7% — rich premium available
🕰️Term structure falls by 14d–35d (48.9% → 47.4%) — favor 30–45 DTE to capture elevated theta without extreme front-week tail risk

Pin Risk Assessment

Spot vs MP: Spot $173.46 is Above Max Pain $170 (2026-04-10) and near subsequent MPs $173 (4/17) and $176 (4/24)

GEX regime: Pinning (GEX +$14.2M) — dealer gamma is net long, which tends to magnet spot toward concentrated strikes

Gamma flip: ~$172.00Gamma flip ≈ $172 — below this level dealers may amplify moves; currently spot $173.46 is just above flip so be ready for heightened pin/drop risk if pinged lower

OI concentrations: Largest nearby OI: $170 CALL OI 37,764 (big open interest), $172 PUT OI 10,375, $176 PUT OI 10,826; call OI wall structural: $188-$244

Verdict: Favorable — pinning GEX (+$14.2M) and MP near $170-$173 support selling premium, especially short puts/put spreads a few points below MP; but gamma flip near $172 is a watchpoint

Premium Opportunities

#1
put spread
Sell 2026-05-15 165 / 160 put spread (35 DTE)
35 DTE ATM term structure (~47.4%) still elevated; $165 sits inside the 1–2 week EM lower bound but is >10% below spot? (within ±10% allowed). Positive GEX and MP trend toward $170-$176 make downside cushioned. Defined-risk spread limits assignment/exposure.
Credit: $0.50-$1.10
Max loss: $4.50
BE: 164.50
Mgmt: Take profit at 50–65% of max credit; roll down and widen or close if underlying prints and closes below gamma flip ~$172 for 2 sessions; cut losses if spread reaches 70% of max loss or if price closes below $160
#2
iron condor
Sell 2026-05-15 165/160 put spread + 184/188 call spread (35 DTE)
Wide two-sided defined-risk structure captures rich wings from elevated IV and benefits from pinning toward $170-$176. Using defined-risk call spread instead of naked call avoids the large call OI wall further out ($188+ structural call wall).
Credit: $1.10-$1.80
Max loss: $3.90
BE: 161.10 / 187.80
Mgmt: Close at 50% of max profit; if short put strikes are tested (price ≤ 166) close or roll down; if short call strikes are tested (price ≥ 182) close or roll up; cut losses at 60–70% of max loss.
#3
cash-secured put (CSP)
Sell 2026-05-22 170 put (42 DTE) cash-secured
170 is a strong max-pain / OI magnet (MP $170; very large CALL OI at $170 as well). GEX pinning supports this level holding; selling a single put (cash-secured) allows assignment if you want to own BKNG at effective cost ~168.80.
Credit: $1.20-$2.00
Max loss: Unlimited minus premium (effectively stock - premium); initial capital reserve = strike * 100
BE: $168.80
Mgmt: Take profit at 40–60% of received premium by mid-DTE; close if price drops and holds below gamma flip ~$172 or if the put reaches 70% of its max value; be prepared to convert to a vertical if assigned or roll down proactively to 160/155.
#4
call spread (defined-risk)
Sell 2026-05-15 184 / 188 call spread (35 DTE)
Upside call OI concentration and structural call wall starts at $188-$244; selling a short call spread caps risk while collecting premium with IV elevated. Good hedge against skewed upside flow.
Credit: $0.40-$0.90
Max loss: $3.60
BE: $184.40
Mgmt: Take profit at 50% of credit; close or roll if price > 182 (nearer-term GEX at $180 / $184) or if implied vol drops sharply; cut losses at 60% of max loss or if short strike is definitively tested (close above 186 on daily close).

Risk Alerts

!Gamma flip ~$172 — if spot closes and holds below this level, dealer behavior can flip to amplifying moves; exit or reduce short-delta credit positions.
!Front-week IV very high (7d ATM 64.7%) and unusual ITM put flow into 2026-04-17 $182 PUT — avoid selling naked across the Apr17 weekly expirations; prefer defined-risk structures or 30–45 DTE.
!Max pain trend is rising ($170 → $194 across expirations) — short-dated single-leg bullish puts may be assigned if MP shifts up quickly; manage roll/assignment plans.
!Earnings scheduled 2026-04-28 (outside 2 weeks) — avoid holding large naked directional exposure through the print; close/flatten or move to defined-risk strategies before the event.
!Large call OI wall $188-$244 (structural) — upside can be sticky; prefer defined-risk call spreads for upside protection rather than naked calls.
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This theta reflects the market close on April 10, 2026.
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