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BKNG

Booking Holdings Inc. Common StClose $190.86EOD only

Max Pain

$176.80

Next expiry Apr 24, 2026

Expected Move

±$5.47

2.9% from close

Price Gap

-14.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

BKNG Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

ATM IV ~60–66 vs VIX 18.9 — elevated idiosyncratic IV vs index

Favorable?

Term structure: Very steep near-term skew (24Apr calls/puts >> 1–4w term); IV normalizes by 30–60d

⚠️Pinning regime: concentrated puts ~1.9% below spot at $176 gamma flip

💡Selling specifics: poor intra-day liquidity and assignment/roll risk — if selling, use defined-risk spreads, small size, and favor 30–60d wings to capture time decay

ℹ️Dealer GEX +$6.4M but mixed flow and negative net premium suggest fragile supply

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+6.4M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (1.9% below spot)

OI concentrations: Max-pain pins at $180 (4/24,5/1) and $183 (5/8); put OI cluster 10,943 ~1.9% below spot — concentrated short-term strikes raise roll/assignment risk

Verdict: Elevated pin risk near $180; short-dated tail risk priced into IV and increases assignment probability for short sellers

Premium Opportunities

Put diagonal

Sell 2026-05-15 $176.80 put / buy 2026-06-18 $164.00 put

Sell May 15 $176.80 put, buy Jun 18 $164 put to monetize rich near‑term puts and retain protection via back‑month long put.

Credit: $2.02-$2.48

Max loss: $0.01

BE: Path-dependent

Mgmt: Close or roll if spot breaches $176 or IV spikes; target >50% of debited spread premium capture early post‑earnings. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Call diagonal

Sell 2026-05-15 $190.00 call / buy 2026-06-18 $208.00 call

Sell May 15 $190 call, buy Jun 18 $208 call to collect short premium and keep upside protection via back‑month long call.

Credit: $1.26-$1.54

Max loss: $0.01

BE: Path-dependent

Mgmt: Trim or roll if stock moves >+3% or IV collapses; close before earnings if rapid VIX jump. Liquidity warning: Liquidity constraints: long_call: Wide spread (132%).

Put credit spread

Sell 2026-05-15 $172.80/$155.60 put spread

Sell May 15 $172.80 / $155.60 put spread to collect rich short‑dated premium with capped loss.

Credit: $4.32-$5.28

Max loss: $11.92

BE: $167.52

Mgmt: Avoid if spot <176; cut at invalidation or widen/roll outward if assignment risk rises. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!Rapid drift >±3% from $180 max-pain

!VIX jump >+6 pts or sharp vol term inversion

!Low option liquidity causing wide fills and costly roll/assignment within 7–14 days of expiry

How to Use These Reports

This theta reflects the market close on April 22, 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.