WBDWarner Bros. Discovery, Inc. Series A Common Stock
Options Analysis Report•CABLE & OTHER PAY TELEVISION SERVICES
Market Cap $68.9B|NASDAQ
● 2026-04-17$27.47
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +246.0%YTD -3.6%7D +0.1%
Options Vol
18,272
30D
Implied Move
±8.6%
IV Rank
21%
WBD Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 12.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 2.98x — IV premium over HV
Sector Relative≤50%
Sector percentile 0% — below sector median
Term Structure
<1.1xFront/Back 0.87x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 26.6% — normal range
Spread-Adjusted Value
<80%Effective IV 54.5% (ATM 26.6% + spread 14.0% + bias) — good value
Execution Efficiency
<3.0%Total drag 28.39% (spread 13.97% + slippage 14.42%) — high friction
Vega Efficiency
≥5.0Vega efficiency 5.72 (vega 7.989 / spread 13.97%) — acceptable
Sentiment
Bullish or bearish?
4.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -47%, Raw: -32%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -47% (strong bearish) — Raw: -32%
OI Skew Magnitude
≥15%|OI skew| 36.6% — put-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +38.0%, OI skew -36.6% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 12%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +17%, ATM: -70%, OTM: -6% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 62% — bearish vs sector
Activity
Unusual activity?
3.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 1.0% — 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 +2.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 12% — quiet vs sector
Trade Quality
≥30%Large trade volume 56% — heavy institutional
Execution Urgency
≥60%Aggressive execution 50% — patient
Flow Conviction
≥30Conviction -47 (bearish) — moderate
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 14.0% — wide
Adequate OI
≥10,000OI 1,785,122 — deep
Active Volume
≥500Volume 18,272/day — active
Reasonable Cost
≤$0.50$0.70 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 12% — much tighter than sector
Order Book Depth
≥100 contractsDepth 356.9 contracts (bid:194.6 ask:162.3) — adequate
Execution Quality
<1.0%Avg slippage 14.42% — poor
Timing
Is now a good time?
8.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -12.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 12% — buyer opportunity
Event Detection
≥10pts kinkIV kink -5.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1664.44 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -47% @ 74% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 86 (ITM 20% + inst 56%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.0
bullishIV cheap, bearish flow
Long Puts6.7
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put4.2
bullishIV too cheap, bearish flow
Covered Call4.9
bearishIV too cheap, bearish flow
For educational purposes only. Not investment advice.