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BKNG

Booking Holdings Inc. Common StClose $184.56EOD only

Max Pain

$173.40

Next expiry Apr 17, 2026

Expected Move

±$3.42

1.9% from close

Price Gap

-11.16

Distance to max pain

IV Rank

High premium

P/C OI

0.75

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Apr 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

Apr 16, 2026 close

BKNG Theta Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 10.5% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV elevated vs VIX; extreme dislocation in 0d/1w skews; mid-dated IV more tradable with hedges

Favorable?

Term structure: Very steep short-dated skew (0–21d rich); beyond 21d skew flattens—selling only conditional with hedges

⚠️Near-term IV dislocation (0d call/put extremes) inflates tail risk; short-dated selling unfavorable

📌Max-pain cluster $174–$179 with gamma flip ~$176, pinning risk; selling only beyond front week with defined hedges

📊Dealer GEX ~+35.7M and net short premium amplify pinning; dealers can unwind and flip exposure on heavy flow

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+35.7M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,993 (8.3% below spot)

OI concentrations: Put OI concentrated ~8.3% below spot; max-pain pins at $174/$176/$179; dealer GEX/net-short premium magnify local pinning

Verdict: Material pin risk into weekly expiries; market likely to linger near $176–$179 absent strong directional flow or dealer unwind

Premium Opportunities

Call diagonal

Sell 2026-05-22 $205.00 call / buy 2026-06-18 $232.00 call

Collect near-term premium with back-month call as hedge for upside; expresses neutral-to-slightly-bearish view and play on mid-dated IV compression.

Credit: $1.37-$1.68

Max loss: $0.01

BE: Path-dependent

Mgmt: Trim or close if spot >186 or IV collapses rapidly; roll short leg wider or same-month if pin breaks; size small given liquidity concerns. Liquidity warning: Liquidity constraints: short_call: Wide spread (182%).; long_call: Wide spread (176%).

Put diagonal

Sell 2026-05-22 $180.00 put / buy 2026-07-17 $184.60 put

Sell short-dated put to collect premium into pin band while holding longer-dated long put as crash protection; expresses neutral-to-bullish skew capture.

Debit: $3.64-$4.45

Max loss: $4.45

BE: Path-dependent

Mgmt: Close or roll if spot <174 or IV collapses; avoid large size into earnings window and monitor gamma flip levels. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!Watch gamma flip $176 and $174–$179 pin band

!Dealer GEX +$35.7M and net short premium amplify pinning but can reverse on heavy flow

!Rapid IV unwind or >3% spot move invalidates thesis

Read the Theta analysis for BKNG for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.