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BKNG

Booking Holdings Inc. Common StClose $163.45EOD only
Max Pain
$165.00
Next expiry Oct 23, 2026
Expected Move
±$5.47
3.4% from close
Price Gap
+1.55
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
0.92
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Oct 16, 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
Oct 16, 2026 close
BKNG Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 4, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short put spreads
Invalidation: Break below $157 support or above $178 resistance
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.5% from MP; +1 VIX 15

IV Environment

IV Regime
High
IV vs VIX
Avg IV 63.7% vs VIX 15.4, extreme elevation
Favorable?
Yes

Term structure: Front-week IV 64.7% (1DTE), then drops to 40-46%; call skew elevated

📈Call IV higher than put IV for most tenors, indicating upside demand
⚠️1DTE IV 64.7% vs 10Y avg ~30%, sharp decay likely

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+14.7M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,250 (16.4% below spot)

OI concentrations: Max pain pins: $165 (1DTE), $168 (next week), $170 (weekly). Put OI $140 floor, call OI $232-$240 wall

Verdict: Gamma pinning toward $165-$170; put wall at $140 provides downside support

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $165.00/$162.50 put spread
Sell 2026-06-12 $165/$162.50 put spread capturing high IV premium with defined risk.
Credit: $0.86-$1.05
Max loss: $1.45
BE: $163.95
Mgmt: Monitor for break below $165 support; consider early close if IV collapses or earnings risk shifts.

Risk Alerts

!High front-week IV (64.7% 1DTE) may distort pin action
!Net dealer premium negative (-$3M) suggests hedging pressure
How to Use These Reports
This theta reflects the market close on June 4, 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.