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BKNG

Booking Holdings Inc. Common StClose $181.25EOD only

Max Pain

$170.00

Next expiry Jun 26, 2026

Expected Move

±$5.00

2.8% from close

Price Gap

-11.25

Distance to max pain

IV Rank

Low premium

P/C OI

0.97

Balanced positioning

Consensus

5.0/10

Range bias

Published snapshot: Jun 24, 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 24, 2026 close

BKNG Theta Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

IV 60.3% vs VIX 18.9 — significantly elevated

Favorable?

Yes

Term structure: Near-term IV spike: 1d ATM 37.6% but put 101.9%, call 91.2%; 7d ATM 45.8% with call 102.4%, put 83.0%; backwardated thereafter

⚠️1d put IV 101.9% extreme skew, pin risk at $170

📌Max pain pins at $170 (today) and $170/$175 next week

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+7.4M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,819 (0.6% below spot)

OI concentrations: Max pain $170 (1d, 7d) and $175 (15d); put OI 10,819 contracts 0.6% below spot at $176

Verdict: Spot $177 above max pain $170; positive gamma; moderate pin risk at key levels

Premium Opportunities

Put credit spread

Sell 2026-09-18 $176.00/$172.00 put spread

Sell 176/172 put spread to collect elevated IV premium with defined risk.

Credit: $2.79-$3.41

Max loss: $0.59

BE: $172.59

Mgmt: Monitor gamma near expiration; close if spot nears 176.

Cash-secured put

Sell 2026-07-17 $175.00 cash-secured put

Sell 175 put to collect premium ahead of earnings, accepting assignment risk.

Credit: $4.81-$5.88

Max loss: $169.12

BE: $169.12

Mgmt: Prepare for assignment or roll if spot approaches 175. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk Alerts

!Extreme short-dated IVs amplify gamma risk near pin levels

!Gamma flip at $176 — below that dealers hedge negatively

!Tomorrow's $170 expiration high OI: possible pinning or max pain drift

How to Use These Reports

This theta reflects the market close on June 25, 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.