Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WBD options intelligence
Warner Bros Discovery Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
57
Market data through 31 Jul 2026
Checked 1 Aug 2026 11:25 · complete available chain
Put-side pressure
Bearish pressure
WBD currently carries bearish options pressure with a 57/100 conviction score. The nearest-chain expected move is 3.0%, with volume/open-interest participation at 0.04.
Expected move
3.0%
Near-term move context
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
2.74
Put-side skew
Trend fit
78
Options agree with trend context
Weekly backdrop
+2.1%
RS -0.6
Expected move
3.0%
Put-call volume
2.74
Volume / OI
0.04
Reference IV
0.29
Max pain
26.00
Underlying
25.77
Nearest expiry
7 Aug 2026
Contracts
922
Research Brief
WBD has a bearish chain read with 57/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 25.00–26.54; The largest call open-interest concentration is 30.00; the largest put concentration is 25.00. The most active strike by current volume is 25.50.
Priced range25.00–26.54
Call concentration30.00
Put concentration25.00
Max pain reference26.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
Priced Move
Where the chain says movement becomes exceptional
Options imply 25.00 to 26.54. Max pain at 26.00 sits inside that range, 0.9% above spot.
Spot
Max pain
25.0025.77 ± 0.7726.54
Confirmation level
A close beyond 26.54 or below 25.00 at the 7 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 57/100
Pressure is 58/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure58 × 42%
+24.6
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement78 × 26%
+20.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility32 × 10%
+3.2
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 30.00; the largest put concentration is 25.00. The most active strike by current volume is 25.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
15.00-41.8%
0
0
16.00-37.9%
1
1
17.00-34.0%
3
1
18.00-30.2%
1
1
21.00-18.5%
0
353
24.00-6.9%
0
179
24.50-4.9%
0
434
25.00-3.0%
0
163
25.50-1.0%
93
55
26.000.9%
667
31
26.502.8%
28
385
27.004.8%
597
28
27.506.7%
157
7
28.008.7%
388
0
30.0016.4%
1034
0
31.0020.3%
311
0
32.0024.2%
48
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.29
7 Aug
7d
0.11
14 Aug
14d
0.28
21 Aug
21d
0.13
28 Aug
28d
0.20
4 Sep
35d
0.17
11 Sep
42d
0.29
18 Sep
49d
0.27
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
21
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
31
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 922 / 922
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $8.4M of estimated gross traded notional, puts · 91+ days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-58
1W price+2.1%
Call premium22%
Put premium78%
Notional split
C 22% / P 78%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
78/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 5 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · OTM
puts cluster with 26414 contracts traded, $5.3M estimated gross traded notional, and 64% of visible notional.
$5.3M
Puts · 46-90 days · OTM
puts cluster with 44820 contracts traded, $944568 estimated gross traded notional, and 11% of visible notional.
$944568
Calls · 91+ days · OTM
calls cluster with 6253 contracts traded, $844162 estimated gross traded notional, and 10% of visible notional.
$844162
Calls · 46-90 days · OTM
calls cluster with 14462 contracts traded, $452182 estimated gross traded notional, and 5% of visible notional.
$452182
Calls · 0-7 days · ITM
calls cluster with 334 contracts traded, $281790 estimated gross traded notional, and 3% of visible notional.
$281790
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Expected move or upcoming earnings makes the setup more event-sensitive.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close26.30
1W+2.1%
RS-0.6
Fair value+80.5%
Options pressure-58
Speculation41
Volatility32
Trend fit78
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:05
Bearish
Pressure -42
Move 2.3%
30 Jul 10:04
Bearish
Pressure -53
Move 1.9%
30 Jul 14:51
Bearish
Pressure -73
Move 1.9%
30 Jul 15:14
Bearish
Pressure -73
Move 1.9%
30 Jul 19:50
Bearish
Pressure -75
Move 2.3%
1 Aug 10:25
Bearish
Pressure -58
Move 3.0%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 47 · OI 0
Puts · V 0 · OI 0
Strike16.00
Calls · V 46 · OI 1
Puts · V 0 · OI 0
Strike17.00
Calls · V 81 · OI 3
Puts · V 0 · OI 1
Strike18.00
Calls · V 94 · OI 1
Puts · V 0 · OI 1
Strike19.00
Calls · V 22 · OI 1
Puts · V 0 · OI 6
Strike20.00
Calls · V 4 · OI 1
Puts · V 1 · OI 30
Strike21.00
Calls · V 0 · OI 0
Puts · V 1000 · OI 1
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts68
Avg IV0.29
Put-call1.36
Expiry14 Aug 2026
Contracts66
Avg IV0.11
Put-call48.30
Expiry21 Aug 2026
Contracts74
Avg IV0.28
Put-call0.84
Expiry28 Aug 2026
Contracts42
Avg IV0.13
Put-call0.38
Expiry4 Sep 2026
Contracts42
Avg IV0.20
Put-call-
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV0.31
Put IV0.24
Skew-0.07
14 Aug 2026Put IV premium
Call IV0.25
Put IV0.36
Skew0.11
21 Aug 2026Call IV premium
Call IV0.31
Put IV0.21
Skew-0.10
28 Aug 2026Put IV premium
Call IV0.32
Put IV0.40
Skew0.08
4 Sep 2026Put IV premium
Call IV0.04
Put IV0.59
Skew0.55
Contract Tape
Most active contracts
ContractWBD260918P00022000
SidePut
Expiry18 Sep 2026
Strike22.00
Volume18610
OI19025
IV0.23
ContractWBD270319P00025000
SidePut
Expiry19 Mar 2027
Strike25.00
Volume10000
OI57207
IV0.43
ContractWBD270416P00025000
SidePut
Expiry16 Apr 2027
Strike25.00
Volume10000
OI7
IV0.33
ContractWBD261016P00020000
SidePut
Expiry16 Oct 2026
Strike20.00
Volume9271
OI234026
IV0.41
ContractWBD260918P00016000
SidePut
Expiry18 Sep 2026
Strike16.00
Volume6000
OI-
IV0.56
ContractWBD261016P00025000
SidePut
Expiry16 Oct 2026
Strike25.00
Volume5404
OI174342
IV0.24
ContractWBD261016P00023000
SidePut
Expiry16 Oct 2026
Strike23.00
Volume5204
OI11614
IV0.36
ContractWBD260918C00031000
SideCall
Expiry18 Sep 2026
Strike31.00
Volume5000
OI23920
IV0.20
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.