Options/WBD

WBDWarner Bros. Discovery, Inc. Series A Common Stock

Options Analysis Report•CABLE & OTHER PAY TELEVISION SERVICES

Market Cap $70.7B|NASDAQ

● 2026-09-11$28.20

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +74.4%YTD -1.1%7D -0.2%

Options Vol

66,264

30D

Implied Move

±9.5%

IV Rank

23%

WBD Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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WBD Gamma Walls

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Value

Is IV priced right?

4.9

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 50.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 2.63x — IV premium over HV

Sector Relative≤50%

Sector percentile 43% — below sector median

Term Structure

<1.1x

Front/Back 1.85x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 32.7% — normal range

Spread-Adjusted Value

<80%

Effective IV 62.5% (ATM 32.7% + spread 14.9% + bias) — good value

Execution Efficiency

<3.0%

Total drag 26.48% (spread 14.89% + slippage 11.59%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.10 (vega 3.132 / spread 14.89%) — spread drag

Sentiment

Bullish or bearish?

5.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +9%, Raw: +11%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +9% (neutral) — Raw: +11%

OI Skew Magnitude

≥15%

|OI skew| 41.2% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +32.1%, OI skew -41.2% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 4%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -97%, ATM: -28%, OTM: +24% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 19% — very bullish vs sector

Activity

Unusual activity?

3.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 2.2% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +3.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 41% — neutral vs sector

Trade Quality

≥30%

Large trade volume 66% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 83% — highly urgent

Flow Conviction

≥30

Conviction +9 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.3

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 14.9% — wide

Adequate OI

≥10,000

OI 3,053,656 — deep

Active Volume

≥500

Volume 66,264/day — active

Reasonable Cost

≤$0.50

$0.74 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 53% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 89.2 contracts (bid:38.5 ask:50.7) — thin

Execution Quality

<1.0%

Avg slippage 11.59% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +85.2% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 51% — neutral

Event Detection

≥10pts kink

IV kink 14.1pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 172.08 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +9% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 96 (ITM 20% + inst 66%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.4

bullishIV fair, mixed flow

Long Puts4.8

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.4

bullishIV fair, mixed flow

Covered Call4.8

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on WBD

WBD gamma walls WBD option chain WBD max pain WBD expected move WBD IV rank WBD put/call ratio WBD options flow