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BKNG

Booking Holdings Inc. Common StClose $186.79EOD only
Max Pain
$180.00
Next expiry Jul 31, 2026
Expected Move
±$3.17
1.7% from close
Price Gap
-6.79
Distance to max pain
IV Rank
8
Low premium
P/C OI
1.02
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Jul 27, 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
Jul 27, 2026 close
BKNG Theta Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short put credit spread
Invalidation: Spot closes below $160 support
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Avg IV 64.8% vs VIX 19.4: elevated
Favorable?
Yes

Term structure: Contango from 1d 65% to 15d 44%; decay favorable

⚠️Extreme put skew on 0DTE (114%) indicates hedging demand
📌Max pain pin $165 (1d) and $170 (week) near spot

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+10.5M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,264 (14.4% below spot)

OI concentrations: Put OI floor $140 (5k); Call OI wall $232-$240; Max pain $165/$170

Verdict: Multiple pins near spot; elevated pin risk

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $158.00/$155.00 put spread
Sell $158/$155 put spread, collect premium with bullish bias.
Credit: $0.99-$1.21
Max loss: $1.79
BE: $156.79
Mgmt: Close at 50% max gain or if spot breaks $157.69.
#2
Short strangle
Sell 2026-07-17 $158.00 put + sell $165.00 call
Sell $158 put and $165 call, bet on spot staying between.
Credit: $12.29-$15.02
Max loss: Unlimited
BE: 142.98 / 180.02
Mgmt: Monitor pin risk; adjust or close if volatility spikes.

Risk Alerts

!High IV vs VIX may compress
!Pinning at multiple levels
!Mixed dealer flow (GEX +$10.5M but net premium negative)
How to Use These Reports
This theta reflects the market close on June 11, 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.