WBD Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $30.94 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

2.80

2.1M P / 760k C

Put/Call (Volume)

1.06

19k P / 17k C that session

30d ATM IV

annualized implied move

Call wall

$31

88k contracts

Put wall

$20

747k contracts

Tail hedging

35.7×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 2.80 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $31 (88k contracts), 0% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (747k contracts), 35% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 35.7× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 1% — calm pricing; option premium is cheap.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-30. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-09	10k	6k	0.63	20k
2026-10-16	253k	863k	3.41	7k
2026-10-23	2k	1k	0.70	29
2026-10-30	7k	884	0.13	47
2026-11-06	24	31	1.29	41
2026-11-13	0	0	—	62
2026-11-20	154k	192k	1.25	346
2026-12-18	35k	302k	8.63	308
2027-01-15	126k	226k	1.79	2k
2027-02-19	2k	23k	13.70	5
2027-03-19	30k	187k	6.32	9
2027-04-16	2k	20k	8.29	370
2027-05-21	14k	27k	1.95	22
2027-06-17	6k	129k	20.47	125
2027-07-16	9k	6k	0.73	31
2027-09-17	422	2k	4.23	269
2028-01-21	29k	27k	0.93	2k
2028-06-16	4k	1k	0.25	160
2028-09-15	3k	1k	0.41	695
2028-12-15	16k	4k	0.26	244
2029-01-19	5k	9k	1.67	1k

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.