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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 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 19, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Premium selling
Invalidation: Spot breaches gamma flip at $140 or call wall at $170
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 59.5% vs VIX 18.0 (3.3x), extremely elevated
Favorable?
Yes

Term structure: Steep backwardation: 3d IV 62.6%, 10d 42.9%, indicating near-term event risk

🔥IV/VIX ratio 3.3x, rich for premium sellers
⚠️Front-end skew extreme at 62.6%, watch for IV crush post-event

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-1.8M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,258 (9.4% below spot)

OI concentrations: Max pain $160/$165; put floor $140; call wall $170; gamma flip $140

Verdict: Spot below max pain, dealer negative gamma, pin risk elevated near 5/22 expiry

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $154.00/$152.00 put spread
Selling put spread to collect premium with defined risk
Credit: $0.85-$1.04
Max loss: $0.96
BE: $152.96
Mgmt: Close at 50% profit or before earnings 2026-07-29 Liquidity warning: Liquidity constraints: long_put: Volume below 5. Substitutions: long_put: resolved contract 2026-06-18 $153.00 missing; used 2026-06-18 $152.00.

Risk Alerts

!High IV implies large expected move
!Trending gamma may amplify price swings
!Mixed flow adds directional uncertainty
How to Use These Reports
This theta reflects the market close on May 19, 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.