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BKNG

Booking Holdings Inc. Common StClose $192.01EOD only
Max Pain
$176.00
Next expiry Apr 24, 2026
Expected Move
±$6.35
3.3% from close
Price Gap
-16.01
Distance to max pain
IV Rank
100
High premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 17, 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 17, 2026 close
BKNG Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6.5 / 10
Sizing: Conservative
Primary: Short-dated put-credit spreads (prefer 30–45d wings) with defined hedge (buy further OTM puts) and explicit roll rules: roll or widen 7–10d before expiry if spot < strike+3% or IV drops >10 pts; buy protection if IV collapses >15 pts or dealer GEX flips negative.
Invalidation: Sustained move below $180, IV collapse >20 pts from current avg, or persistent dealer flow/GEX flip causing widening bid-ask and assignment pressure; follow roll/hedge rules above to de-risk.
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 9.1% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Avg IV ~58.8 vs VIX 18.9 — equity-specific IV elevated; short-term ATM IVs ~45–50 with steep skew.
Favorable?
Yes

Term structure: Steep front-month skew; term structure flattens 1–3 months — shorter-tenor premium richest.

⚠️Worst-case IV collapse modeled: -15–20 pts within 7–14d would still net loss for naked sellers — require bought-hedge or defined spread.
🛡️If selling premium, size as defined spreads and pair with bought OTM puts sized to cap tail risk (~25–50% of position notional).

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+17.3M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (8.3% below spot)

OI concentrations: Put OI cluster ~10,943 strikes concentrated at $176/$180/$183 (~8–10% below spot).

Verdict: Elevated pin risk — concentrated short-dated put OI near key strikes; prefer defined spreads, avoid naked short puts into expiries, and consider rolling earlier (7–10d) if open interest concentrates at-the-money.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $186.00/$184.00 put spread
Sell 186/184 put spread (post-earnings June expiry), buy further OTM put per hedge rules.
Credit: $2.61-$3.19
Max loss: $0.00
BE: $182.81
Mgmt: Roll or widen 7–10d before expiry if spot < strike+3% or IV drops >10pts; buy protection if IV collapses >15pts. Liquidity warning: Liquidity constraints: long_put: Wide spread (73%).
#2
Iron condor
Sell 2026-06-18 $172.00/$148.00 put wing and $230.00/$248.00 call wing
Sell 172/148 put wing and 230/248 call wing (June expiry) to collect premium while capping tail risk.
Credit: $3.53-$4.32
Max loss: $19.68
BE: 167.68 / 234.32
Mgmt: Manage 7–10d pre-expiry; trim or hedge side showing >3% spot breach or rapid IV move. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (62%).; short_call: Wide spread (148%).; long_call: Wide spread (148%).
#3
Covered call
Buy shares + sell 2026-06-18 $200.00 call
Buy shares and sell June 200 call to collect elevated premium.
Credit: $6.84-$8.36
Max loss: Stock downside to $0 less call premium
BE: $183.67
Mgmt: Close or roll if spot nears 186 or ahead of IV collapse; hedge by buying puts if downside risk rises. Liquidity warning: Liquidity constraints: short_call: Wide spread (87%).

Risk Alerts

!Pinning into upcoming expiry increases assignment risk; avoid naked short puts.
!Rapid IV crush >15–20 pts or dealer GEX flip to negative necessitates immediate hedging or roll.
!Spot breach below $180 materially raises forced-assignment and tail-hedge costs.
How to Use These Reports
This theta reflects the market close on April 20, 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.