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BKNG

Booking Holdings Inc. Common StClose $208.25EOD only
Max Pain
$190.00
Next expiry Aug 21, 2026
Expected Move
±$7.00
3.4% from close
Price Gap
-18.25
Distance to max pain
IV Rank
18
Low premium
P/C OI
0.99
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Aug 18, 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
Aug 18, 2026 close
BKNG Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6.5 / 10
Sizing: Conservative
Primary: Premium selling
Invalidation: Spot break above $170 or below $140 gamma flip
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 59% vs VIX 17, elevated
Favorable?
Yes

Term structure: Front-end IV spike to ~78% on puts/calls, back-month decay to 40-45%

⚠️Front-month IV skew extreme, reflecting high demand for hedges
📈Positive dealer gamma +$3M supports pinning near max pain $160-$162

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+3.0M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,257 (10.8% below spot)

OI concentrations: Max pain pins $160 (May22), $162 (May29); OI concentrated at $160 puts and $170 calls; spot $154.84 below max pain

Verdict: Spot below max pain; positive dealer gamma likely to pull spot to $160

Premium Opportunities

#1
Short strangle
Sell 2026-06-18 $154.00 put + sell $160.00 call
Sell OTM put and call to collect premium, betting spot stays near $160.
Credit: $10.35-$12.65
Max loss: Unlimited
BE: 141.35 / 172.65
Mgmt: Monitor gamma; roll if spot nears strikes.
#2
Put credit spread
Sell 2026-06-18 $154.00/$152.00 put spread
Sell put spread for credit with capped loss, expecting spot above $154.
Credit: $0.63-$0.77
Max loss: $1.23
BE: $153.23
Mgmt: Exit if spot breaks $154; close early for profit. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Front-month IV skew extreme; tail risk elevated if spot moves beyond guardrails
How to Use These Reports
This theta reflects the market close on May 20, 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.