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BKNG

Booking Holdings Inc. Common StClose $175.72EOD only
Max Pain
$170.00
Next expiry Jun 18, 2026
Expected Move
±$6.35
3.6% from close
Price Gap
-5.72
Distance to max pain
IV Rank
38
Middle-high premium
P/C OI
0.83
Slightly call-heavy
Consensus
5.5/10
Bullish tilt
Published snapshot: Jun 16, 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 16, 2026 close
BKNG Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Short OTM call/put spreads on weekly expirations beyond front-month
Invalidation: Spot breaches gamma flip at $170
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 1.0% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV at 64% vs VIX 18.4 — elevated
Favorable?
No

Term structure: Backwardated: front-month IV 51.6% due to binary event; long-term ~40%

⚠️Front-month (1DTE) call/put IV 160%+ — binary risk
📌Max pain pin at $170 across three expirations

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+38.1M)

Gamma flip: ~$170.00 — Approx — based on put OI concentration of 8,170 (0.9% below spot)

OI concentrations: Max pain $170 on 6/18, 6/26, 7/2; put floor $140; call wall $232

Verdict: High pin risk at $170; gamma flip aligns with max pain

Premium Opportunities

#1
Put credit spread
Sell 2026-08-21 $155.00/$145.00 put spread
Sells out-of-the-money put spread to capture theta decay before earnings.
Credit: $1.84-$2.25
Max loss: $7.75
BE: $152.75
Mgmt: Close if spot approaches $170; take profit at 50% max gain.
#2
Call diagonal
Sell 2026-07-24 $185.00 call / buy 2026-08-21 $195.00 call
Sells a near-term call and buys a later-dated call for a net credit.
Debit: $0.25-$0.30
Max loss: $0.30
BE: Path-dependent
Mgmt: Roll short leg if challenged; exit early due to illiquidity. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Binary front-month expiration (6/18) with extreme IVs — avoid short premium.
!Dealer long gamma (GEX +$38M) but net premium negative — potential for violent hedging.
!Spot within 1% of max pain; negative delta exposure if pinned.
How to Use These Reports
This theta reflects the market close on June 17, 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.