WBD Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $27.85.

Put/Call (OI)

1.85

2.0M P / 1.1M C

Put/Call (Volume)

1.82

34k P / 19k C today

30d ATM IV

18%

annualized implied move

Call wall

$28

293k contracts

Put wall

$20

580k contracts

Tail hedging

11.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.85 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $28 (293k contracts), 1% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $20 (580k contracts), 28% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 11.8× deep-OTM call OI — an institutional hedging ladder sits under this stock.
●30-day ATM implied volatility is 18% — 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 2026-09-18. 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 today
2026-08-21	341k	148k	0.43	11k
2026-08-28	2k	1k	0.67	2k
2026-09-04	322	160	0.50	9
2026-09-11	278	37	0.13	52
2026-09-18	230k	423k	1.84	3k
2026-09-25	151	40	0.26	31
2026-10-02	44	0	0.00	96
2026-10-16	164k	583k	3.56	13k
2026-11-20	94k	49k	0.52	4k
2026-12-18	27k	286k	10.67	6k
2027-01-15	111k	125k	1.13	9k
2027-02-19	667	82	0.12	3k
2027-03-19	28k	181k	6.44	52
2027-04-16	762	22k	28.22	13
2027-05-21	13k	25k	1.91	153
2027-06-17	5k	96k	19.30	108
2027-07-16	8k	1k	0.19	304
2028-01-21	27k	24k	0.88	242
2028-06-16	980	161	0.16	29
2028-09-15	1k	530	0.38	118
2028-12-15	11k	2k	0.14	184

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.