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BKNG

Booking Holdings Inc. Common StClose $175.35EOD only
Max Pain
$184.00
Next expiry Sep 18, 2026
Expected Move
±$7.65
4.4% from close
Price Gap
+8.65
Distance to max pain
IV Rank
28
Middle-high premium
P/C OI
0.97
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Sep 14, 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
Sep 14, 2026 close
BKNG Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put
Invalidation: Break below $170 or above $186.49
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 62.8% far above VIX 16.2
Favorable?
Yes

Term structure: Front-end elevated with spike at 17 DTE (call IV 107%)

📊Rich premiums relative to VIX
📌Max pain $170 pinning zone

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+28.3M)

Gamma flip: ~$172.00 — Approx — based on put OI concentration of 10,446 (1.5% below spot)

OI concentrations: Put OI $170 (max pain) & $172; call wall $232-$240

Verdict: Low – pinning likely

Premium Opportunities

#1
Put credit spread
Sell 2026-08-21 $165.00/$145.00 put spread
Sell 165/145 put spread to capture elevated IV premium with defined risk.
Credit: $4.79-$5.86
Max loss: $14.14
BE: $159.14
Mgmt: Close at 50% max gain or adjust if BKNG breaks below $172.
#2
Iron condor
Sell 2026-08-21 $165.00/$145.00 put wing and $200.00/$240.00 call wing
Sell 165/145 put wing and 200/240 call wing to profit from range-bound movement.
Credit: $8.03-$9.82
Max loss: $30.18
BE: 155.18 / 209.82
Mgmt: Monitor IV and manage wings independently if price approaches either short strike. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Front-end IV spike at 17 DTE suggests event risk
!Large call wall at $232-$240 as resistance
How to Use These Reports
This theta reflects the market close on June 15, 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.