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BKNG

Booking Holdings Inc. Common StClose $159.68EOD only
Max Pain
$160.00
Next expiry May 22, 2026
Expected Move
±$3.27
2.0% from close
Price Gap
+0.32
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
BKNG Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Break below $160 support or above $170 resistance
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV (avg 61.6%) significantly higher than VIX (16.7), rich premium
Favorable?
Yes

Term structure: Front-week ATM IV 40.9%, near-term backwardation with spike at 21 DTE

📊IV vs VIX spread ~45%, attractive for short premium

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+12.7M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,293 (13.1% below spot)

OI concentrations: Put floor $140 (5,293 OI), Call wall $170-$240

Verdict: Low pin risk – spot at max pain $160, strong OI at pin

Premium Opportunities

Risk Alerts

!Gamma flip at $140 on put concentration
!Call resistance at $170 may cap upside
How to Use These Reports
This theta reflects the market close on May 22, 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.