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BKNG

Booking Holdings Inc. Common StClose $160.56EOD only
Max Pain
$176.00
Next expiry May 15, 2026
Expected Move
±$2.80
1.7% from close
Price Gap
+15.44
Distance to max pain
IV Rank
14
Low premium
P/C OI
0.85
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: May 12, 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 12, 2026 close
BKNG Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Put credit spreads
Invalidation: Break below 154 support
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 11.4% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 68.6% vs VIX 17.9 — IV extremely elevated, >280% of VIX.
Favorable?
Yes

Term structure: Front-end extreme skew: 2d call IV 159% vs put 97%, term structure declining then rising after 30d.

⚠️Earnings-related skew? 2d call IV 159% suggests event risk.
📉Bearish flow and short gamma exacerbate downside risk.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-8.0M)

Gamma flip: ~$154.00 — Approx — based on put OI concentration of 4,348 (0.7% below spot)

OI concentrations: Put OI concentration at 154 (0.7% below spot, gamma flip); call OI wall $170-$232.

Verdict: Moderate — spot near put concentration but call wall far; high IV may cause pinning at low end of range.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $154.00/$152.00 put spread
Sell 154/152 put spread to collect premium with capped downside.
Credit: $1.04-$1.27
Max loss: $0.73
BE: $152.73
Mgmt: Exit if spot breaks 154; take profit at 50% max gain. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#2
Cash-secured put
Sell 2026-07-17 $154.00 cash-secured put
Sell 154 put to collect premium, obligated to buy stock at 154 if assigned.
Credit: $8.60-$10.51
Max loss: $143.49
BE: $143.49
Mgmt: Buy back at 50% profit; monitor 154 support closely. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk Alerts

!High IV (68.6%) relative to VIX; bearish flow and short dealer gamma; watch 154 support for break.
!Front-end skew extreme — avoid naked shorts near exp.
How to Use These Reports
This theta reflects the market close on May 13, 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.