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BKNG

Booking Holdings Inc. Common StClose $179.40EOD only
Max Pain
$180.00
Next expiry Apr 24, 2026
Expected Move
±$5.60
3.1% from close
Price Gap
+0.60
Distance to max pain
IV Rank
18
Low premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 22, 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 22, 2026 close
BKNG Theta Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Defined‑risk credit spreads or calendar diagonals (avoid naked premium selling)
Invalidation: Sustained move above 1w upper guardrail $188.90 or collapse of near‑dated IV toward term structure
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Near‑dated ATM IV 75.7 (1d) vs VIX 19; front‑loaded short‑dated IV materially rich.
Favorable?
No

Term structure: Steep short‑end spike (1d) then ATM ~52–56 for 1–4w; longer‑term IV ~41–47.

⚠️1d IV extreme vs VIX — gap/execution risk and elevated early‑assignment/borrow/margin risk
📌Max‑pain cluster 180–183 with put OI concentration near gamma flip — pinning and assignment pressure likely

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+5.7M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,943 (0.4% below spot)

OI concentrations: Max‑pain pins $180/$182/$183; put OI cluster ~10,943 (~0.4% below spot); gamma flip ~176.

Verdict: Elevated pin risk—dealer GEX and OI concentrations raise expiry pin probability and increase early‑assignment and borrow/margin pressures; avoid naked short options or mandate hedges/defined‑risk structures.

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $190.00 call / buy 2026-06-18 $202.00 call
Sell 5/22 $190 call, buy 6/18 $202 call to collect elevated front-month premium while long back-month protection; defined risk and positive theta if calls compress.
Debit: $0.72-$0.88
Max loss: $0.88
BE: Path-dependent
Mgmt: Close or roll if spot breaches 176 or front IV collapses; trim if delta >0.30 on short leg. Liquidity warning: Liquidity constraints: short_call: Wide spread (184%).
#2
Put credit spread
Sell 2026-05-22 $165.20/$150.00 put spread
Sell 5/22 165/150 put spread to collect rich near-term put premium with capped downside.
Credit: $2.59-$3.16
Max loss: $12.04
BE: $162.04
Mgmt: Take profits on 50-70% of max gain; defend or roll if spot <176 or stress widens spreads. Liquidity warning: Liquidity constraints: short_put: Wide spread (80%).; long_put: Wide spread (112%).
#3
Iron condor
Sell 2026-05-22 $163.60/$130.00 put wing and $195.00/$245.00 call wing
Sell 5/22 163.6/130 put wing and 195/245 call wing to monetize elevated near-term IV while capping tails.
Credit: $1.20-$1.47
Max loss: $48.53
BE: 162.13 / 196.47
Mgmt: Widen or remove if spot approaches 180–183; cut losses at predefined risk limits. Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).; long_put: Open interest below 25.; short_call: Wide spread (195%).; long_call: Wide spread (196%).

Risk Alerts

!Near‑dated IV spike (1d) raises gap, assignment and execution risk
!Avoid naked premium selling; borrow and margin costs may spike—use defined‑risk or hedge mandates
!Pin concentration 180–183 increases chop and target zones; spot <176 could accelerate downside
How to Use These Reports
This theta reflects the market close on April 23, 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.