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BKNG

Booking Holdings Inc. Common StClose $167.49EOD only
Max Pain
$165.00
Next expiry Jun 5, 2026
Expected Move
±$4.05
2.4% from close
Price Gap
-2.49
Distance to max pain
IV Rank
17
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
BKNG Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell put vertical spreads
Invalidation: BKNG below $155.44
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 22

IV Environment

IV Regime
High
IV vs VIX
IV 61% vs VIX 21.5 - rich for sellers
Favorable?
Yes

Term structure: Short-term elevated, downward slope to 7DTE then flat

📈IV at 61% vs VIX 21.5, rich for premium selling
⚠️Gamma pinning at $170, monitor pin risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+10.0M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,249 (15.6% below spot)

OI concentrations: Max pain $170; put OI 5,249 (15.6% below spot); call wall $232-$240

Verdict: Moderate pin risk due to high put OI below spot and gamma pinning

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $165.00/$164.00 put spread
Sell 165/164 put spread to collect premium with defined loss.
Credit: $0.54-$0.66
Max loss: $0.34
BE: $164.34
Mgmt: Monitor IV and price; close if BKNG drops near 155.44. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
#2
Cash-secured put
Sell 2026-07-17 $164.00 cash-secured put
Sell 164 put to collect premium with full cash backing.
Credit: $6.84-$8.36
Max loss: $155.64
BE: $155.64
Mgmt: Monitor support; roll if price approaches invalidation. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#3
Short strangle
Sell 2026-07-17 $164.00 put + sell $166.00 call
Sell 164 put and 166 call to collect premium from both sides.
Credit: $15.12-$18.48
Max loss: Unlimited
BE: 145.52 / 184.48
Mgmt: Close if price moves beyond wings; high maintenance. Liquidity warning: Liquidity constraints: short_call: Volume below 5.; short_put: Volume below 5.

Risk Alerts

!Market selloff may push price below put floor $140
!IV spike could increase margin requirements
!Gamma flip at $140 could accelerate moves
How to Use These Reports
This theta reflects the market close on June 5, 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.