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WBD

Warner Bros. Discovery, Inc. - Close $28.48EOD only
Max Pain
$27.00
Next expiry Aug 21, 2026
Expected Move
±$0.48
1.7% from close
Price Gap
-1.48
Distance to max pain
IV Rank
29
Middle-high premium
P/C OI
1.90
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: Aug 18, 2026 close
End-of-day snapshot

This page reflects WBD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Aug 18, 2026 close
Max Pain — WBD
Data as of market close Aug 18, 2026
Open Available Reports (4/4)

Nearest listed expiration 2026-08-21 shows max pain at $27.00 (1.48 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$27.00
Nearest expiry
Expected Move
±$0.48
±1.7%
Days to Expiry
3
Calendar days
Total Call OI
341,700
Nearest expiry
Total Put OI
148,938
Nearest expiry
P/C OI Ratio
0.44
Put-heavy
Spot Price
$28.48
Published close
Consensus
-
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-08-21
ExpirationMax Pain StrikeLast Updated
2026-08-07$26.008/7/2026, 11:37:54 PM
2026-08-14$27.008/14/2026, 11:43:14 PM
2026-08-21NextUpdated$27.008/18/2026, 11:42:43 PM
2026-08-28$27.508/18/2026, 11:42:43 PM
2026-09-04$27.008/18/2026, 11:42:43 PM
2026-09-11$27.008/18/2026, 11:42:43 PM
2026-09-18$26.008/18/2026, 11:42:43 PM
2026-09-25$27.008/18/2026, 11:42:43 PM
2026-10-16$27.008/18/2026, 11:42:43 PM
2026-11-20$25.008/18/2026, 11:42:43 PM
2026-12-18$27.008/18/2026, 11:42:43 PM
2027-01-15$23.008/18/2026, 11:42:43 PM
2027-02-19$25.008/18/2026, 11:42:43 PM
2027-03-19$27.008/18/2026, 11:42:43 PM
2027-04-16$25.008/18/2026, 11:42:43 PM
2027-05-21$27.008/18/2026, 11:42:43 PM
2027-06-17$27.008/18/2026, 11:42:43 PM
2027-07-16$27.008/18/2026, 11:42:43 PM
Selected expiration: 2026-08-21 at max pain $27.00.
WBD pain by strike for 2026-08-21 expiration
StrikeCall PainPut PainTotal Pain
150136459300136459300
163600121612000121615600
177200106770600106777800
18116009192930091940900
20222006224670062268900
21279004758750047615400
22441003544190035486000
23641002347350023537600
23.5743501827545018349800
24847001307740013162100
24.59640087761008872500
2510960045202504629850
25.512635033349503461300
2614415021689502313100
26.553710013324501869550
279637505027501466500
27.521440502273002371350
283403300481003451400
28.5105956003145010627050
29178090501480017823850
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures

Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.

How traders use it

It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.

What can break it

Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.

The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.