BKNG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $204.75.

Put/Call (OI)

0.85

293k P / 343k C

Put/Call (Volume)

1.13

5k P / 5k C today

30d ATM IV

32%

annualized implied move

Call wall

$212

11k contracts

Put wall

$160

13k contracts

Tail hedging

1.9×

deep-OTM puts vs calls

What the positioning says

●Call wall at $212 (11k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $160 (13k contracts), 22% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	18k	15k	0.79	1k
2026-08-28	3k	3k	1.04	1k
2026-09-04	773	2k	2.65	254
2026-09-11	458	1k	3.02	186
2026-09-18	37k	30k	0.83	1k
2026-09-25	123	1k	9.02	145
2026-10-02	31	79	2.55	322
2026-10-16	45k	16k	0.35	670
2026-12-18	45k	38k	0.83	257
2027-01-15	67k	113k	1.68	1k
2027-03-19	12k	18k	1.44	748
2027-06-17	24k	14k	0.61	2k
2027-09-17	15k	9k	0.62	286
2027-12-17	25k	13k	0.51	115
2028-01-21	25k	13k	0.51	172
2028-12-15	25k	7k	0.29	143

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.