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BKNG

Booking Holdings Inc. Common StClose $171.78EOD only
Max Pain
$170.00
Next expiry Jun 26, 2026
Expected Move
±$7.60
4.4% from close
Price Gap
-1.78
Distance to max pain
IV Rank
78
High premium
P/C OI
0.82
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
BKNG Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short puts near support
Invalidation: Break below $155 or VIX spike above 20
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Stock IV 57% vs VIX 17, very high relative premium.
Favorable?
Yes

Term structure: Front-end IV elevated, spike at 39 DTE; moderate contango otherwise.

📌Max pain pins at $170 for front two expiries; spot $165 below.
🟢Positive GEX $1.8M suggests dealer gamma long, pinning likely.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+1.8M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,239 (16.6% below spot)

OI concentrations: Put OI heavy at $170 (6/26, 7/2) and $175 (7/10); put wall $140-$154.

Verdict: Spot below max pain; positive gamma may pull towards $170, but mixed flow adds uncertainty.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $156.00/$155.00 put wing and $170.00/$172.00 call wing
Sells put and call wings around support and resistance, profiting from range-bound price action.
Credit: $1.04-$1.27
Max loss: $0.73
BE: 154.73 / 171.27
Mgmt: Exit if spot touches $155 or $170; adjust wings upon IV collapse.
#2
Put credit spread
Sell 2026-08-21 $155.00/$150.00 put spread
Bullish put spread selling out-of-the-money puts, collecting premium with wider buffer.
Credit: $1.31-$1.60
Max loss: $3.40
BE: $153.40
Mgmt: Roll down if spot nears $155; take profit at 50% max gain.

Risk Alerts

!High IV decay post-expiry, but pin risk elevated near $170.
!Spot near support; breakdown below $155 invalidates bull thesis.
!Dealer net short premium $28M; unwind could amplify moves.
How to Use These Reports
This theta reflects the market close on June 22, 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.