What is WBD max pain this week?

WBD max pain for the nearest expiration (2026-05-22) is $27.00. Total call open interest: 2,402. Total put open interest: 4,593.

What is max pain in options?

Max pain is the strike price where option holders (buyers of both puts and calls) would collectively lose the most money at expiration. It represents the point of maximum financial pain for option buyers, and theory suggests stock prices tend to gravitate toward max pain as expiration approaches.

Home Options WBDMax Pain

WBD

Warner Bros. Discovery, Inc. - Close $27.42EOD only

Max Pain

$27.00

Next expiry May 22, 2026

Expected Move

±$0.85

3.1% from close

Price Gap

-0.42

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.24

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 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

May 20, 2026 close

Max Pain — WBD

Data as of market close May 20, 2026

Open Available Reports (4/4)

Nearest listed expiration 2026-05-22 shows max pain at $27.00 (0.42 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

±$0.85

±3.1%

Days to Expiry

Calendar days

Total Call OI

2,402

Nearest expiry

Total Put OI

4,593

Nearest expiry

P/C OI Ratio

1.91

Put-heavy

Spot Price

$27.42

Published close

Consensus

Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration

Selected: 2026-05-22

Expiration	Max Pain Strike	Last Updated
2026-05-08	$27.00	5/8/2026, 11:34:16 PM
2026-05-15	$27.00	5/15/2026, 11:46:10 PM
2026-05-22NextUpdated	$27.00	5/20/2026, 11:37:54 PM
2026-05-29	$27.00	5/20/2026, 11:37:54 PM
2026-06-05	$27.00	5/20/2026, 11:37:54 PM
2026-06-12	$27.00	5/20/2026, 11:37:54 PM
2026-06-18	$27.00	5/20/2026, 11:37:54 PM
2026-06-26	$26.00	5/20/2026, 11:37:54 PM
2026-07-17	$28.00	5/20/2026, 11:37:54 PM
2026-08-21	$27.00	5/20/2026, 11:37:54 PM
2026-09-18	$26.00	5/20/2026, 11:37:54 PM
2026-10-16	$27.00	5/20/2026, 11:37:54 PM
2026-11-20	$27.00	5/20/2026, 11:37:54 PM
2026-12-18	$27.00	5/20/2026, 11:37:54 PM
2027-01-15	$20.00	5/20/2026, 11:37:54 PM
2027-03-19	$27.00	5/20/2026, 11:37:54 PM

Selected expiration: 2026-05-22 at max pain $27.00.

WBD pain by strike for 2026-05-22 expiration
Strike	Call Pain	Put Pain	Total Pain
15	0	5034700	5034700
20	11500	2738200	2749700
21	16400	2278900	2295300
22	22300	1854200	1876500
24	34100	1043400	1077500
24.5	37650	840700	878350
25	41200	638050	679250
25.5	44750	436500	481250
26	48300	245000	293300
26.5	51850	84450	136300
27	56900	3850	60750
27.5	87650	250	87900
28	144650	0	144650
28.5	247000	0	247000
29	361350	0	361350
30	590150	0	590150
30.5	705150	0	705150
31	820200	0	820200
32	1051500	0	1051500
35	1748100	0	1748100

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.