WBDWarner Bros. Discovery, Inc. Series A Common Stock
Options Analysis Report•CABLE & OTHER PAY TELEVISION SERVICES
Market Cap $68.0B|NASDAQ
● 2026-05-15$27.12
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +196.7%YTD -4.9%7D +0.0%
Options Vol
58,282
30D
Implied Move
±9.4%
IV Rank
28%
WBD Options Overview
bearish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 34.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 3.46x — IV premium over HV
Sector Relative≤50%
Sector percentile 27% — below sector median
Term Structure
<1.1xFront/Back 0.80x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 30.9% — normal range
Spread-Adjusted Value
<80%Effective IV 65.5% (ATM 30.9% + spread 17.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 25.29% (spread 17.32% + slippage 7.97%) — high friction
Vega Efficiency
≥5.0Vega efficiency 4.40 (vega 7.628 / spread 17.32%) — spread drag
Sentiment
Bullish or bearish?
6.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +84%, Raw: +74%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +84% (strong bullish) — Raw: +74%
OI Skew Magnitude
≥15%|OI skew| 40.9% — put-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -81.6%, OI skew -40.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 3%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +70%, ATM: +92%, OTM: -8% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 94% — very bearish vs sector
Activity
Unusual activity?
4.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 2.7% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +5.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 31% — below sector avg
Trade Quality
≥30%Large trade volume 87% — heavy institutional
Execution Urgency
≥60%Aggressive execution 64% — urgent
Flow Conviction
≥30Conviction +84 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 17.3% — wide
Adequate OI
≥10,000OI 2,125,880 — deep
Active Volume
≥500Volume 58,282/day — active
Reasonable Cost
≤$0.50$0.87 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 35% — tighter than sector
Order Book Depth
≥100 contractsDepth 213.9 contracts (bid:154.9 ask:59.0) — adequate
Execution Quality
<1.0%Avg slippage 7.97% — poor
Timing
Is now a good time?
7.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -19.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 34% — neutral
Event Detection
≥10pts kinkIV kink -4.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1059.39 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +84% @ 92% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 117 (ITM 20% + inst 87%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, bullish flow
Long Puts5.5
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV too cheap, bullish flow
Covered Call4.4
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.