WBD Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for WBD. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.