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BKNG

Booking Holdings Inc. Common StClose $209.62EOD only
Max Pain
$200.00
Next expiry Aug 28, 2026
Expected Move
±$7.35
3.5% from close
Price Gap
-9.62
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
1.00
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Aug 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
Aug 21, 2026 close
BKNG Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 26, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Short Put
Invalidation: Spot breaks below $157.5 support
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV at 58.7% vs VIX 17% — 3.4x ratio
Favorable?
Yes

Term structure: Slightly contango, front-month elevated, decaying into back months

⚠️IV vs VIX extreme — elevated premium but high move risk
📈Term structure downward sloping toward front-week expiry

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+9.7M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,295 (14.3% below spot)

OI concentrations: Put OI heavy at $140 floor, call wall $232-240, max pain $158 (May 29) and $165 (June 5/12)

Verdict: Moderate — spot at $171.5, above max pain; OI suggests drift toward $165

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $165.00/$162.00 put spread
Sell OTM put spread to capture elevated IV while limiting downside.
Credit: $1.35-$1.65
Max loss: $1.35
BE: $163.35
Mgmt: Exit if spot breaks $157.5; take profit at 50% max gain.
#2
Put calendar
Sell 2026-06-18 $165.00 put / buy 2026-08-21 $165.00 put
Sell front-month $165 put, buy back-month same strike to profit from faster decay.
Debit: $5.58-$6.82
Max loss: $6.82
BE: Path-dependent
Mgmt: Close before earnings or if IV widens unexpectedly.
#3
Call calendar
Sell 2026-06-18 $165.00 call / buy 2026-08-21 $165.00 call
Sell front-month $165 call, buy back-month; profits if spot stays near strike.
Debit: $6.57-$8.03
Max loss: $8.03
BE: Path-dependent
Mgmt: Manage gamma risk; exit if spot moves above $175.

Risk Alerts

!IV 3.4x VIX — implied move extreme
!Gamma flip at $140 — 18% below spot
How to Use These Reports
This theta reflects the market close on May 26, 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.