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BKNG

Booking Holdings Inc. Common StClose $156.95EOD only
Max Pain
$160.00
Next expiry May 22, 2026
Expected Move
±$4.83
3.1% from close
Price Gap
+3.05
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.85
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: May 20, 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 20, 2026 close
BKNG Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Bearish call spreads
Invalidation: Spot breaks above $166 or below $154
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 7.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Avg IV 72.6% vs VIX 18.4, 3.9x multiple, extremely elevated
Favorable?
Yes

Term structure: Front spike (0 DTE 82%) then drop to 42% by 7 DTE, post-event collapse expected

📊Avg IV 72.6% vs VIX 18.4, 3.9x multiple, extreme event premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-6.4M)

Gamma flip: ~$154.00 — Approx — based on put OI concentration of 4,349 (0.1% below spot)

OI concentrations: Put OI 4,349 (0.1% below spot); Call OI wall $170; Gamma flip $154

Verdict: Elevated pin risk at $166 max pain with bearish flow and spot below MP

Premium Opportunities

#1
Put calendar
Sell 2026-05-22 $155.00 put / buy 2026-05-29 $155.00 put
Sell near-term put, buy later put to profit from IV contraction.
Debit: $1.35-$1.65
Max loss: $1.65
BE: Path-dependent
Mgmt: Exit if spot breaks $154 invalidation or IV expands further.

Risk Alerts

!High IV event risk on front expiration
!Bearish flow: put/call volume ratio 2.22
!Spot 7.4% from MP, potential mean reversion
!IV expansion risk: selling premium at 3.9x VIX multiple could lead to losses if volatility spikes
How to Use These Reports
This theta reflects the market close on May 15, 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.