thetaOwl

BKNG

Booking Holdings Inc. Common StClose $167.43EOD only
Max Pain
$165.00
Next expiry Jun 5, 2026
Expected Move
±$5.50
3.3% from close
Price Gap
-2.43
Distance to max pain
IV Rank
17
Low premium
P/C OI
0.83
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 29, 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 29, 2026 close
BKNG Theta Report
Analysis based on market close April 14, 2026

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

You are viewing an older report from April 14, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell put spreads near the $172–$176 dealer put-wall / gamma flip
Invalidation: Close below $176.00 (gamma flip) — below this level thesis flips and cut losses
Confidence:
6 / 10
base 5.0; +1.0 GEX pinning (+$23.2M); -0.5 spot 4.7% above MP; +0.5 VIX 18.36 supports selling

IV Environment

IV Regime
High
IV vs VIX
Avg IV 69.1% vs VIX 18.36 — IV materially elevated
Favorable?
Yes

Term structure: Front-months (3d–38d) are elevated (ATM 49.9% → ~50.4% through 38d) with a spike at 17d (53.8%) — roll/skew opportunities in 2–4 week DTE

💰Avg IV 69.1% is rich vs VIX 18.36 — premium sellers collect meaningful edge
Highest short-term ATM IVs cluster 3–24d; prefer 30–45d for smoother decay vs earnings on 2026-04-28

Pin Risk Assessment

Spot vs MP: Spot $181.12 is above nearest max pain (Apr17 $173 → Apr24 $176) by ~4.7%

GEX regime: Pinning (GEX +$23.2M) — dealer positioning is magnetizing price toward concentrated OI

Gamma flip: ~$176.00Below $176 dealers flip gamma exposure and can amplify moves; above it dealers hedge passively, creating pinning pressure toward puts/call OI walls

OI concentrations: Large call OI wall $232-$244 and put floor centered at $172 (put OI: $172=10,376; $176 put OI 10,827). Near-term GEX magnets at $180 (+$4.7M), $184 (+$2.3M), $188 (+$2.5M).

Verdict: Favorable — pinning supports short-put / defined-risk credit positions while spot stays above ~$176; risk rises if price dives below $176 (gamma flip).

Premium Opportunities

#1
put spread
Sell 175/170 put spread exp 2026-05-15 (31 DTE)
Max pain and dealer put OI concentrated ~172–176 with gamma flip ~176; pinning (GEX +$23.2M) makes downside mean-reverting. 31 DTE captures solid theta while avoiding front-week noise and being clear of the 4/28 earnings date (close before earnings).
Credit: $1.45-$1.80
Max loss: $3.55
BE: $173.55
Mgmt: Take profit at 60–70% of max credit collected; roll down-and-out if stock closes below $176 (gamma flip) or if short strike tested intraday; cut losses if spread mark >50% of max loss or stock closes below $172 with rising volume.
#2
call credit spread
Sell 184/188 call spread exp 2026-05-15 (31 DTE)
Upside resistance sits inside 1-week EM guardrail $189.92; call OI is lighter in the near-term strikes ~184–190 compared with the very large long-dated call walls out near $232-$244. Selling a defined-risk call spread captures elevated IV on the upside while the pinning regime and current spot above MP reduce immediate upside pressure.
Credit: $0.80-$1.10
Max loss: $3.20
BE: Upper breakeven ~185.12 (stock + credit)
Mgmt: Close at 50% of max profit; if the short call (184) is tested intraday, consider rolling up 1 strike and out 2–4 weeks or convert to iron condor; exit if spread mark >60% of max loss or if VIX ramps with trend acceleration.
#3
iron condor
Sell 170/165 put spread + 188/193 call spread exp 2026-05-29 (45 DTE)
Use 45 DTE winged defined-risk structure to collect high mid-term IV while capitalizing on pinning around $172–176. Put side placed at dealer put-floor zone; call side sits inside 1-week EM but outside immediate GEX magnets (184/188), providing a balanced risk profile.
Credit: $2.20-$2.80
Max loss: $2.20
BE: Put-side BE ~167.80 / Call-side BE ~190.80
Mgmt: Close at 50% of max profit; tighten or buy wings back if either short strike is tested (stock closes inside short strike); reduce size or exit before earnings (4/28) if you hold through earnings window — recommended: avoid opening new positions that cross earnings.
#4
cash-secured put (CSP)
Sell 170 put exp 2026-05-15 (31 DTE) naked / cash-secured
High IV + pinning with significant put OI at $170–$172 makes selling a single-leg CSP attractive for investors willing to own stock. 170 strike is ~6% below spot and sits near put-wall support.
Credit: $1.10-$1.45
Max loss: $168.90
BE: $168.90
Mgmt: Take profit at 60% collected; assign-to-buy plan if filled and stock <170 at expiration; close/roll if stock <176 or if the put rises to >50% of its notional width relative to premium.

Risk Alerts

!Earnings scheduled 2026-04-28 — avoid selling naked positions through earnings; close or hedge positions that expire after this date.
!Gamma flip at $176.00 — if BKNG closes below this repeatedly, dealer dynamics flip and trend risk increases; exit or aggressively hedge credits below $176.
!Large concentrated put OI at $172 and $176 (10k+ OI) — while this supports pinning, a fast gap-down through these levels can trigger abrupt dealer hedging and acceleration.
!Avg IV 69.1% elevated but front-week (Apr17/Apr24) IV is uneven — weekly expirations carry jump risk; prefer 30–45 DTE for standard sells, only use weeklies for defined-risk wings.
!Unusual flow: concentrated ITM $176 call activity (Apr24) and Apr17 $178 put flow — monitor for aggressive directional bets that could unwind into pin area.
How to Use These Reports
This theta reflects the market close on April 14, 2026.
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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.

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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.