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BKNG

Booking Holdings Inc. Common StClose $168.52EOD only
Max Pain
$170.00
Next expiry Sep 25, 2026
Expected Move
±$5.70
3.4% from close
Price Gap
+1.48
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.98
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Sep 21, 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 21, 2026 close
BKNG Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Iron Condor
Invalidation: Spot breaches support or resistance levels; VIX spikes above 25
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV significantly elevated vs VIX (60.9% vs 19.5%)
Favorable?
Yes

Term structure: Steep term structure with pronounced call skew (up to 109% IV on 7/2 calls)

⚡IV/VIX ratio >3x, rich premium
⚠️Call skew extreme near-term, upside risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+1.8M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 5,244 (17.1% below spot)

OI concentrations: Max pain $170 (6/26, 7/2); $175 (7/10); put floor $140-$154

Verdict: Elevated pin risk near $170 for front expirations; spot 0.6% from MP

Premium Opportunities

#1
Put credit spread
Sell 2026-07-24 $160.00/$150.00 put spread
Sell put spread to capture elevated IV with defined risk.
Credit: $2.02-$2.48
Max loss: $7.52
BE: $157.52
Mgmt: Exit if spot nears short strike $160. Liquidity warning: Liquidity constraints: long_put: Wide spread (77%).

Risk Alerts

!High IV with mixed dealer flow may cause sharp moves
!Call skew suggests asymmetric upside risk
!Pin risk at $170 for 6/26 and 7/2
How to Use These Reports
This theta reflects the market close on June 23, 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.