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BKNG

Booking Holdings Inc. Common StClose $192.90EOD only
Max Pain
$190.00
Next expiry Aug 7, 2026
Expected Move
±$6.65
3.5% from close
Price Gap
-2.90
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.98
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Jul 31, 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 31, 2026 close
BKNG Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 18, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Put Credit Spread at $170
Invalidation: Break below $170 or VIX >20
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.0% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 69.6% vs VIX 16.4 – elevated, 0DTE spike
Favorable?
Yes

Term structure: 0DTE 81.8%, 8DTE 37.9% – steep decay then contango

📌Max pain $170 with put OI 8,170 – high pin risk
💰GEX +$19.4M – dealer hedging supportive
🔄0DTE IV spike 81.8% – event-driven distortion

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+19.4M)

Gamma flip: ~$170.00 — Approx — based on put OI concentration of 8,170 (1.0% below spot)

OI concentrations: Put OI 8,170 at $170 (1% below spot); call wall $232-$240

Verdict: High pin risk at $170 max pain – gamma flip zone

Premium Opportunities

Risk Alerts

!0DTE expiry – gamma squeeze risk near $170
!VIX at 16 implies low macro vol – event-specific risk
How to Use These Reports
This theta reflects the market close on June 18, 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.