Options/WBD

WBDWarner Bros. Discovery, Inc. Series A Common Stock

Options Analysis Report•CABLE & OTHER PAY TELEVISION SERVICES

Market Cap $72.1B|NASDAQ

● 2026-08-31$28.77

BEARISH

Analysis: 2026-08-28 EOD data

1Y +147.6%YTD +0.9%7D +0.2%

Options Vol

32,646

30D

Implied Move

±6.2%

IV Rank

11%

WBD Options Overview

IV is low with bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

Loading score history...

WBD Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

7.1

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 5.2% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.37x — IV premium over HV

Sector Relative≤50%

Sector percentile 0% — below sector median

Term Structure

<1.1x

Front/Back 0.75x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 20.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 97.6% (ATM 20.5% + spread 38.5% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 52.57% (spread 38.54% + slippage 14.03%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.70 (vega 2.695 / spread 38.54%) — spread drag

Sentiment

Bullish or bearish?

4.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +17%, Raw: +17%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +17% (bullish) — Raw: +17%

OI Skew Magnitude

≥15%

|OI skew| 42.5% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -65.4%, OI skew -42.5% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -52%, ATM: -43%, OTM: +27% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 88% — very bearish vs sector

Activity

Unusual activity?

3.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.4x avg — normal

Turnover Rate

≥15%

Vol/OI 1.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +7.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 29% — below sector avg

Trade Quality

≥30%

Large trade volume 72% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 50% — patient

Flow Conviction

≥30

Conviction +17 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 38.5% — wide

Adequate OI

≥10,000

OI 2,847,568 — deep

Active Volume

≥500

Volume 32,646/day — active

Reasonable Cost

≤$0.50

$1.93 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 18% — much tighter than sector

Order Book Depth

≥100 contracts

Depth 99.3 contracts (bid:71.3 ask:28.0) — thin

Execution Quality

<1.0%

Avg slippage 14.03% — poor

Timing

Is now a good time?

7.0

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -25.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 5% — buyer opportunity

Event Detection

≥10pts kink

IV kink -7.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 105.25 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +17% @ 59% consistency — unclear

Smart Money Timing

≥40 composite score

Score 102 (ITM 20% + inst 72%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.7

bullishIV cheap, mixed flow

Long Puts6.9

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.3

bullishIV too cheap, mixed flow

Covered Call4.9

bearishIV too cheap, 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 Aug 31, 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 max pain WBD IV rank WBD options flow