thetaOwl
HomeOptionsBKNGReports

BKNG

Booking Holdings Inc. Common StClose $213.00EOD only
Max Pain
$190.00
Next expiry Aug 21, 2026
Expected Move
±$4.62
2.2% from close
Price Gap
-23.00
Distance to max pain
IV Rank
21
Low premium
P/C OI
1.00
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Aug 19, 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 19, 2026 close
BKNG Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell put credit spreads near $160 max pain
Invalidation: Break below $154 support
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 59.6% vs VIX 16.8, elevated
Favorable?
Yes

Term structure: Near-term IV backwardation; 1d 49%, 1w 40%, then contango to 43-46%

📌Max pain $160; GEX +$9M supports pin

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+9.0M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,314 (12.3% below spot)

OI concentrations: Max pain $160; put OI heavy at $140; call wall $170-$232

Verdict: Pinning likely at $160, gamma flip risk at $140

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $160.00/$158.00 put spread
Sell 160/158 put spread to capture elevated IV with limited risk.
Credit: $1.08-$1.32
Max loss: $0.68
BE: $158.68
Mgmt: Take profit at 50% max gain; stop loss if price breaks $154. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!High IV may expand further
!Gamma flip at $140 if spot drifts
How to Use These Reports
This theta reflects the market close on May 21, 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.