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BKNG

Booking Holdings Inc. Common StClose $155.83EOD only
Max Pain
$160.00
Next expiry Oct 30, 2026
Expected Move
±$7.35
4.7% from close
Price Gap
+4.17
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.94
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Oct 23, 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 23, 2026 close
BKNG Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Credit Spread
Invalidation: Spot breaks below gamma flip $140 or above resistance $170
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.1% from MP

IV Environment

IV Regime
High
IV vs VIX
Avg IV 62% vs VIX 22%, elevated 3x, implying rich premium but high risk
Favorable?
Yes

Term structure: Front-end steep (2D ATM 54.6%) then rapid decline; decay attractive beyond 1 week

📈IV 62% vs VIX 22%, near 3x spread, signals high implied risk and premium
🕐Term structure backwardated, 2D to 8D drop from 54.6% to 44%, decay works for short premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+5.6M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,259 (12.8% below spot)

OI concentrations: Call OI wall $170-$240, put floor $140, max pain pins $168 (2D), $170 (8D,16D)

Verdict: Spot ~$160.5 below max pain, gamma positive, pinning likely $168-$170; downside risk if selloff persists

Premium Opportunities

#1
Short strangle
Sell 2026-07-17 $158.00 put + sell $162.00 call
Sell 158p/162c strangle to capture elevated premium; pinning likely near $168-$170.
Credit: $12.87-$15.73
Max loss: Unlimited
BE: 142.27 / 177.73
Mgmt: Exit if spot breaks $149.69 support or $170 resistance; adjust wings if needed.

Risk Alerts

!Market selloff (-1.6% SPY) and elevated VIX at 22 increase tail risk
!Gamma pinning may cause sharp moves if spot breaks $149.69 support or $170 resistance
!Front-week IV elevated; potential IV crush post-expiration but event risk remains
How to Use These Reports
This theta reflects the market close on June 10, 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.