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BKNG

Booking Holdings Inc. Common StClose $212.88EOD only
Max Pain
$200.00
Next expiry Aug 14, 2026
Expected Move
±$5.80
2.7% from close
Price Gap
-12.88
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.98
Balanced positioning
Consensus
5.0/10
Bullish tilt
Published snapshot: Aug 10, 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
Aug 10, 2026 close
BKNG Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 26, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: N/A
Invalidation: Break below gamma flip $176 or spot below $172
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.7% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 62.5% vs VIX 18.4%: elevated
Favorable?
Yes

Term structure: 0DTE extreme skew (call 126%, put 169%); front-week high, contango

⚠️0DTE put skew 169% vs ATM 27%
📌Max pain $170-$175 pins near term
🔄Gamma flip $176; put floor $140-$172

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+10.5M)

Gamma flip: ~$176.00 — Approx — based on put OI concentration of 10,818 (3.0% below spot)

OI concentrations: Max pain pins: $170 (0DTE), $170 (6d), $175 (14d); put OI $172-$140

Verdict: Moderate pin risk near $170-$175; heavy put wall at $172

Premium Opportunities

#1
Short strangle
Sell 2026-07-17 $179.60 put + sell $183.20 call
Sell OTM put and call to capture elevated IV crush.
Credit: $10.75-$13.14
Max loss: Unlimited
BE: 166.46 / 196.34
Mgmt: Close at 50% max gain or before earnings on 2026-07-29. Liquidity warning: Liquidity constraints: short_call: Volume below 5.; short_put: Volume below 5. Substitutions: short_call: resolved contract 2025-07-18 $183.20 missing; used 2026-07-17 $183.20.; short_put: resolved contract 2025-07-18 $179.60 missing; used 2026-07-17 $179.60.

Risk Alerts

!Spot 6.7% above max pain
!0DTE skew distortion
!VIX 18 vs IV 62: potential IV crush
How to Use These Reports
This theta reflects the market close on June 26, 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.