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BKNG

Booking Holdings Inc. Common StClose $158.38EOD only
Max Pain
$165.00
Next expiry Oct 23, 2026
Expected Move
±$4.62
2.9% from close
Price Gap
+6.62
Distance to max pain
IV Rank
11
Low premium
P/C OI
0.95
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Oct 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
Oct 21, 2026 close
BKNG Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Short strangles
Invalidation: Break below support 155.8 or above resistance 170
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV significantly above VIX (~3.2x)
Favorable?
Yes

Term structure: Near-term IV elevated, term structure relatively flat with slight contango in mid-dated

📌Max pain $168-$170, spot below, pinning likely
📈GEX +$5.5M positive gamma, dealer hedging supportive
⚠️IV at 61% is elevated, premium rich but risky

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+5.5M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,247 (13.7% below spot)

OI concentrations: Put OI 5,247 at $140; Call OI wall $232-$240

Verdict: Pinning risk elevated due to max pain cluster $168-$170 and positive GEX. Spot below could drift upward. Beware of pin risk at expiration.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $162.00/$160.00 put spread
Sell put spread to harvest elevated premium with limited downside.
Credit: $0.86-$1.05
Max loss: $0.95
BE: $160.95
Mgmt: Exit if spot nears invalidation level 155.8 or IV collapses.

Risk Alerts

!High IV may expand further if market drops.
!Spot below max pain, but resistance at $167.5-$170 may cap upside.
!Gamma flip at $140 suggests deep put support.
How to Use These Reports
This theta reflects the market close on June 8, 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.