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BKNG

Booking Holdings Inc. Common StClose $163.95EOD only
Max Pain
$162.50
Next expiry Oct 2, 2026
Expected Move
±$7.00
4.3% from close
Price Gap
-1.45
Distance to max pain
IV Rank
11
Low premium
P/C OI
0.96
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Sep 25, 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
Sep 25, 2026 close
BKNG Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 14, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Bear put spreads
Invalidation: Spot rallies above $170 resistance
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 9.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV=71.7% vs VIX=17.3, extremely elevated
Favorable?
Yes

Term structure: Steep contango 1d→1w (61%→43%), flat afterward

⚠️1d call IV 209%: extreme OTM call skew, possible panic
📌Max pain $170 across 3 weekly expiries

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-6.6M)

Gamma flip: ~$154.00 — Approx — based on put OI concentration of 4,349 (0.3% below spot)

OI concentrations: Heavy OI at $170 puts/calls for 5/15, 5/22, 5/29

Verdict: High pin risk at $170 this week and next

Premium Opportunities

Risk Alerts

!Negative dealer gamma (-$6.6M) can accelerate moves
!Spot below gamma flip $154, near 2d support
!Put/call volume ratio 2.18: bearish flow dominates
How to Use These Reports
This theta reflects the market close on May 14, 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.