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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

WBD Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 extreme put/call volume ratio (5.03); +1 large-scale put OI concentration; -0.5 net premium slightly positive

Watch next session: $21.00 PUT 9/18 OI buildup post-print; Spot reaction near $27.00 max pain level

Flow Summary

Net premium: +$1.9M (slightly bullish)

P/C volume ratio: 5.03 — extreme put-dominant volume

P/C OI ratio: 2.06 — significant put-leaning positioning

Extreme put volume dominance (5:1) conflicts with a slightly positive net premium, creating a mixed but bearish-leaning picture. The massive put OI concentration at $20 and $27 suggests structural hedging or downside positioning, while the flow is dominated by large, long-dated put purchases.

Notable Prints

WBD 9/18/26 $21.00 Put

Vol: 46,323

OI: 25,482

Vol/OI: 1.8x

IV: 39.0%

Notional: ~$1.21M (Premium Paid)

Intent: Large-scale, long-dated protective put purchase or outright bearish bet.

Dual read: Bought for downside protection (hedge) or sold as part of a put spread (bullish). The high volume/OI ratio and net premium data favor a buy.

Read-through: This is the dominant flow signal. A ~$1.2M premium outlay for September $21 puts (~23% below spot) indicates significant concern about downside risk over the medium term, likely hedging or positioning for a breakdown.

WBD 5/15/26 $27.00 Call

Vol: 2,307

OI: 1,172

Vol/OI: 2.0x

IV: 31.2%

Notional: ~$62k (Est. Premium)

Intent: Near-the-money call purchase for a May expiry.

Dual read: Bought for a bullish breakout bet or sold as part of a covered call/calendar spread.

Read-through: Significant relative to its existing OI, but the notional value is an order of magnitude smaller than the major put print. Could be a tactical long against the dominant bearish hedge or a roll from a nearer-term call.

WBD 4/10/26 $27.00 Call

Vol: 222

OI: 124

Vol/OI: 1.8x

IV: 57.6%

Notional: ~$6k (Est. Premium)

Intent: Short-dated, high-IV call trade.

Dual read: Likely a closing trade or a volatility play given the elevated 57.6% IV for a 10-day option.

Read-through: Noise in size and likely not directional. The high IV suggests this could be an expiration roll or a dealer adjustment.

Institutional Positioning

Call additions: Minor activity at $27 calls (May, April). Top OI clusters are at $30-$31 calls, but these are likely legacy positions.

Put additions: Massive OI at $20 PUT (193k) and $27 PUT (combined ~220k). New flow into $21 PUT (Sep).

GEX/DEX consistency: Yes — Negative GEX (-$143.7M) aligns with put-dominant flow, indicating a pro-cyclical (trend-accelerating) gamma regime.

OI clusters: Major Put Walls: $20 (193k OI), $27 (~220k OI). Call Walls: $30 (39k), $31 (41k). The $27 put cluster aligns with current max pain, creating a strong magnet/pin risk.

Hedging evidence: Strong evidence. The colossal $20 put OI (193k contracts) is a multi-million share hedge far below spot. The new $21 Sep put flow adds to this defensive posture.

Max pain context: Spot ($27.46) is just below near-term max pain ($27.50-$28.00), drifting toward the dominant $27.00 level seen in later expiries. The falling MP trend suggests gravity is pulling expectations lower.

Signal vs Noise

~High-IV, low-volume calls (e.g., 4/10 $27C) are likely volatility or closing trades, not directional signals.

~The slightly positive net premium is misleading; it's driven by a few large premium calls at low strikes ($16, $12, $10) which are likely lottery tickets or part of complex multi-leg strategies, not outright bullish bets.

~The $27.00 strike activity is ambiguous due to its max pain status; flow here is more related to pinning dynamics than pure directional conviction.

Key Conclusions

⚠️Extreme Put/Call Volume Ratio (5.03) signals overwhelming bearish flow interest.

🛡️Massive institutional hedging evident in $20 & $27 Put OI walls.

🎯Negative GEX (-$143.7M) suggests any price move could be accelerated by dealer hedging.

🧲Spot pinned near max pain $27.50-$28.00, with strong gravitational pull toward $27.00.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.