Consumer Discretionary

Booking Holdings (BKNG) options and signal

Figures as of 28 Sep 2026

BKNG is Booking Holdings, a Consumer Discretionary name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Bear call spread, 18 Dec	25 Sep
IV rank	96 of 100	28 Sep
At the money IV	48.8%	28 Sep
Priced move to 30 Oct	13.4% down, 14.5% up	28 Sep
Call wall and put wall	162.4 and 160	28 Sep
Signal and the desk's view	Bearish signal, view bearish	25 Sep
Last close	163.87	28 Sep
Next report	27 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for BKNG was a bear call spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Bearish, over 45 trading days
Strategy	Bear call spread, credit
Legs	Sell the 194 call, Buy the 200 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $0.60
Probability of profit	71%, the option market's odds at expiry, from delta
Max loss	$540 per contract
Max profit	$60 per contract
Breakeven	194.60
IV rank at that expiry	94 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

BKNG's IV rank is 96 of 100 on 28 Sep 2026.

Figure	Value
IV rank	96 of 100
At the money IV	48.8%, near month, 32 days
Put/call ratio, open interest	1.69
Call open interest, strikes captured near the price	93,500 contracts
Put open interest, strikes captured near the price	158,000 contracts
Cost to trade at the money	Fair, 34.1% of the option's mid price

IV rank is where the at the money IV sits among BKNG's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, BKNG options priced a move of 13.4 percent down and 14.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	4.9%	4.6%	155.86 to 171.33
9 Oct 2026	11	7.7%	7.0%	151.27 to 175.37
23 Oct 2026	25	10.4%	10.7%	146.87 to 181.37
30 Oct 2026	32	13.4%	14.5%	141.97 to 187.57
20 Nov 2026	53	16.1%	17.3%	137.47 to 192.17
18 Dec 2026	81	19.6%	25.1%	131.77 to 204.97
19 Mar 2027	172	32.6%	32.2%	110.37 to 216.57

The range is one standard deviation either side of the close of 163.87, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, BKNG's call wall is the 162.4 strike and its put wall is the 160 strike.

Figure	Value
Call wall, most open call gamma	162.4
Put wall, most open put gamma	160
Net dollar gamma, calls minus puts	minus $15.86 million
Total dollar gamma, both sides	$76.61 million
Close	163.87

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 4 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, BKNG's at the money IV is 48.8 percent against 20 day realized volatility of 40.1 percent.

Figure	Value
At the money IV	48.8%
Realized volatility, 20 trading days	40.1%
Realized volatility, 60 trading days	41.1%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	441, from 26 Jan 2018
Weeks the price moved more than the one week priced move	32.9% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, BKNG's at the money IV runs from 46.8 percent at 4 days to 43.9 percent at 172 days.

Days to expiry	At the money IV
4	46.8%
11	46.2%
18	60.8%
25	40.3%
39	52.0%
53	46.2%
81	45.0%
172	43.9%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, BKNG's IV ten percent below the price sits 1.7 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	47.1%	-1.7 points
At the money	48.8%	0.0 points
10% above the price	47.6%	-1.2 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, BKNG's surface spans 10 expiries out to 172 days, with IV from 39.6 to 196.1 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	178
Lowest IV among them	39.6%
Highest IV among them	196.1%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, BKNG has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	46.8%	3,289	3,718
9 Oct 2026	11	46.2%	1,429	2,695
16 Oct 2026	18	60.8%	17,170	6,323
23 Oct 2026	25	40.3%	1,294	1,286
30 Oct 2026	32	48.8%	609	756
6 Nov 2026	39	52.0%	119	150
20 Nov 2026	53	46.2%	11,232	6,215
18 Dec 2026	81	45.0%	38,767	30,822
15 Jan 2027	109	44.4%	14,600	83,939
19 Mar 2027	172	43.9%	5,033	21,856

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, BKNG's largest open interest sits at the 150 strike, with 25,872 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
150	22,183	3,689	25,872
162.4	15,100	349	15,449
160	2,648	12,252	14,900
170	4,499	6,365	10,864
176	850	9,789	10,639
164	3,927	6,363	10,290

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, BKNG's at the money IV moved from 50.0 percent to 48.8 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	50.0%	48.8%	-1.3 points
Open interest, strikes captured near the price	250,405	251,302	+897
Put/call ratio, open interest	1.71	1.69	-0.02

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 27,007 BKNG option contracts traded, 0.5 times its own recent average.

Figure	Value
Calls traded	12,082
Puts traded	14,925
Against its recent average	0.5 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	502,980 contracts
Volume to open interest	0.05
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of BKNG's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	212.87	$14.16 million	210	176
21 Sep 2026	168.52	minus $29.06 million	175	170
28 Sep 2026	163.87	minus $15.86 million	162.4	160

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of BKNG was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, signal on
Level above the close	170.12, the swing high of 9 Sep 2026, a close past it runs against the view
Level below the close	155.37, the swing low of 23 Sep 2026
The chart	Sits with the view
Strategy family	Bear call spread (sell a call spread above the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 BKNG sat at the 3rd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	5 of 100	Bearish
20 trading days	5 of 100	Bearish
45 trading days	3 of 100	Bearish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 3 of 3 timeframes put BKNG on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 of 2
Long	45 day	Bearish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 BKNG's bearish signal began that trading day, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	Bearish	3 of 100
24 Sep 2026	None	13 of 100
23 Sep 2026	None	14 of 100
22 Sep 2026	None	16 of 100
21 Sep 2026	None	48 of 100
18 Sep 2026	None	48 of 100
17 Sep 2026	None	27 of 100
16 Sep 2026	Bearish	4 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 27 of 106 Consumer Discretionary names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Discretionary	106	27	33	46

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

BKNG closed at 163.87 on 28 Sep 2026.

Figure	Value
Last close	163.87
Change over 5 trading days	-2.8%
Change over 21 trading days	-19.1%
Change over 63 trading days	-10.2%
Change over 252 trading days	-26.5%
52 week high	225.00
52 week low	150.14
20 day moving average	175.76
50 day moving average	190.89
200 day moving average	183.68
RSI, 14 days	34

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

BKNG reports next on 27 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	27 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 4 Aug 2026	+6.6%
Move after the report of 28 Apr 2026	+0.3%
Move after the report of 18 Feb 2026	-6.2%
Move after the report of 28 Oct 2025	-0.9%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 30.6 percent of BKNG's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	30.6%
Five day average	28.5%
52 week median	43.6%
Short interest, share of shares outstanding	2.6% at the 15 Sep 2026 settlement
Days to cover	2.6

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 27 Septembers on record, BKNG's average change was minus 6.3 percent, and it rose in 40.7 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-6.3%	-0.9%	40.7%	27
October	+1.5%	+2.0%	55.6%	27
November	+2.0%	+2.0%	55.6%	27

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 3 headlines naming BKNG in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is BKNG's IV rank?: BKNG's IV rank is 96 of 100 on 28 Sep 2026.
What move are BKNG options pricing?: On 28 Sep 2026, BKNG options priced a move of 13.4 percent down and 14.5 percent up by 30 Oct 2026.
Where are BKNG's call wall and put wall?: On 28 Sep 2026, BKNG's call wall is the 162.4 strike and its put wall is the 160 strike.
What was the latest Trade Card for BKNG on the Free plan?: On 25 Sep 2026 the Trade Card for BKNG was a bear call spread expiring 18 Dec 2026, paper trading.
When does BKNG report earnings next?: BKNG reports next on 27 Oct 2026, a date confirmed by the company.

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