WBD · Warner Bros. Discovery, Inc.

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$25.78 -0.17 (-0.66%) At close · Jul 24

Market Cap

$64.61B

2.51B

Options Chain

15-min delayed Underlying $25.78 · today Options Calculator

Positioning

Jul 31, 2026 · 5 days to expiry · 68 contracts

Put / call OI

3.19

Put-heavy positioning

Open interest

44,847

contracts outstanding

Volume

13,498

traded today

Max pain

$27.00

$1.22 above spot

ATM implied vol

45.3%

market's expected move

Open interest by strike · near the money

Calls Puts

22.5

23.5

24.5

25.5

26.5

27.5

28.5

29.5

30.5

31.5

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Jul 31 5d Aug 7 12d Aug 14 19d Aug 21 26d Aug 28 33d Sep 4 40d Sep 18 54d Oct 16 82d Nov 20 117d Dec 18 145d Jan 15 173d Mar 19 236d Jun 17 326d Jul 16 355d Jan 21 544d Jun 16 691d Sep 15 782d Dec 15 873d

Calls						Puts
OI	Vol	IV	Δ	Last	Strike	Last	Δ	IV	Vol	OI
1	8	332.9%	0.935	$10.92		—	—	—	—	0
Call · $15 In the money Last $10.92 Breakeven $25.92 Implied vol 332.9% Delta 0.935 ≈94% ITM Gamma 0.012 Theta -0.122 Vega 0.004 Open interest 1 Model this call Put · $15 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	2	305.9%	0.926	$10.17		—	—	—	—	0
Call · $16 In the money Last $10.17 Breakeven $26.17 Implied vol 305.9% Delta 0.926 ≈93% ITM Gamma 0.015 Theta -0.125 Vega 0.004 Open interest 0 Model this call Put · $16 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
2	4	275.1%	0.918	$8.86		$0.01	-0.015	162.6%	40	40
Call · $17 In the money Last $8.86 Breakeven $25.86 Implied vol 275.1% Delta 0.918 ≈92% ITM Gamma 0.018 Theta -0.122 Vega 0.004 Open interest 2 Model this call Put · $17 Last $0.01 Breakeven $16.99 Implied vol 162.6% Delta -0.015 ≈1% ITM Gamma 0.007 Theta -0.017 Vega 0.001 Open interest 40 Model this put
1	1	240.8%	0.911	$8.23		—	—	—	—	0
Call · $18 In the money Last $8.23 Breakeven $26.23 Implied vol 240.8% Delta 0.911 ≈91% ITM Gamma 0.021 Theta -0.113 Vega 0.005 Open interest 1 Model this call Put · $18 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	227.1%	0.89	—		$0.02	-0.024	131%	590	590
Call · $19 In the money Last — Breakeven — Implied vol 227.1% Delta 0.89 ≈89% ITM Gamma 0.026 Theta -0.125 Vega 0.007 Open interest 0 Model this call Put · $19 Last $0.02 Breakeven $18.98 Implied vol 131% Delta -0.024 ≈2% ITM Gamma 0.014 Theta -0.021 Vega 0.001 Open interest 590 Model this put
0	—	197.1%	0.876	—		$0.09	-0.116	190.4%	2	0
Call · $20 In the money Last — Breakeven — Implied vol 197.1% Delta 0.876 ≈88% ITM Gamma 0.033 Theta -0.117 Vega 0.007 Open interest 0 Model this call Put · $20 Last $0.09 Breakeven $19.91 Implied vol 190.4% Delta -0.116 ≈12% ITM Gamma 0.033 Theta -0.107 Vega 0.007 Open interest 0 Model this put
1	2	158.6%	0.871	$5.01		$0.07	-0.137	164.8%	2	1
Call · $21 In the money Last $5.01 Breakeven $26.01 Implied vol 158.6% Delta 0.871 ≈87% ITM Gamma 0.042 Theta -0.098 Vega 0.008 Open interest 1 Model this call Put · $21 Last $0.07 Breakeven $20.93 Implied vol 164.8% Delta -0.137 ≈14% ITM Gamma 0.042 Theta -0.103 Vega 0.008 Open interest 1 Model this put
0	—	129.2%	0.854	—		$0.09	-0.158	136.6%	6	0
Call · $22 In the money Last — Breakeven — Implied vol 129.2% Delta 0.854 ≈85% ITM Gamma 0.056 Theta -0.087 Vega 0.008 Open interest 0 Model this call Put · $22 Last $0.09 Breakeven $21.91 Implied vol 136.6% Delta -0.158 ≈16% ITM Gamma 0.056 Theta -0.094 Vega 0.008 Open interest 0 Model this put
2	8	114.3%	0.844	$3.44		$0.01	-0.037	61.7%	1	0
Call · $22.5 In the money Last $3.44 Breakeven $25.94 Implied vol 114.3% Delta 0.844 ≈84% ITM Gamma 0.066 Theta -0.08 Vega 0.008 Open interest 2 Model this call Put · $22.5 Last $0.01 Breakeven $22.49 Implied vol 61.7% Delta -0.037 ≈4% ITM Gamma 0.041 Theta -0.014 Vega 0.003 Open interest 0 Model this put
0	—	109.3%	0.813	—		$0.01	-0.187	109.7%	1	0
Call · $23 In the money Last — Breakeven — Implied vol 109.3% Delta 0.813 ≈81% ITM Gamma 0.078 Theta -0.086 Vega 0.008 Open interest 0 Model this call Put · $23 Last $0.01 Breakeven $22.99 Implied vol 109.7% Delta -0.187 ≈19% ITM Gamma 0.078 Theta -0.085 Vega 0.008 Open interest 0 Model this put
0	—	95.7%	0.795	—		$0.01	-0.24	113.7%	1	1
Call · $23.5 In the money Last — Breakeven — Implied vol 95.7% Delta 0.795 ≈79% ITM Gamma 0.096 Theta -0.081 Vega 0.008 Open interest 0 Model this call Put · $23.5 Last $0.01 Breakeven $23.49 Implied vol 113.7% Delta -0.24 ≈24% ITM Gamma 0.087 Theta -0.101 Vega 0.01 Open interest 1 Model this put
0	—	84.8%	0.76	—		$0.03	-0.065	37.7%	14	21
Call · $24 In the money Last — Breakeven — Implied vol 84.8% Delta 0.76 ≈76% ITM Gamma 0.117 Theta -0.078 Vega 0.011 Open interest 0 Model this call Put · $24 Last $0.03 Breakeven $23.97 Implied vol 37.7% Delta -0.065 ≈7% ITM Gamma 0.108 Theta -0.014 Vega 0.005 Open interest 21 Model this put
32	30	86.3%	0.692	$1.47		$0.04	-0.282	72.1%	1	0
Call · $24.5 In the money Last $1.47 Breakeven $25.97 Implied vol 86.3% Delta 0.692 ≈69% ITM Gamma 0.13 Theta -0.089 Vega 0.011 Open interest 32 Model this call Put · $24.5 Last $0.04 Breakeven $24.46 Implied vol 72.1% Delta -0.282 ≈28% ITM Gamma 0.149 Theta -0.069 Vega 0.011 Open interest 0 Model this put
64	30	93.4%	0.616	$0.98		$0.11	-0.25	33.8%	2.7k	30.1k
Call · $25 In the money Last $0.98 Breakeven $25.98 Implied vol 93.4% Delta 0.616 ≈62% ITM Gamma 0.13 Theta -0.104 Vega 0.012 Open interest 64 Model this call Put · $25 Last $0.11 Breakeven $24.89 Implied vol 33.8% Delta -0.25 ≈25% ITM Gamma 0.299 Theta -0.03 Vega 0.011 Open interest 30.1k Model this put
0	30	100.7%	0.549	$0.01		$0.26	-0.402	26.1%	2.2k	297
Call · $25.5 In the money Last $0.01 Breakeven $25.51 Implied vol 100.7% Delta 0.549 ≈55% ITM Gamma 0.126 Theta -0.117 Vega 0.012 Open interest 0 Model this call Put · $25.5 Last $0.26 Breakeven $25.24 Implied vol 26.1% Delta -0.402 ≈40% ITM Gamma 0.472 Theta -0.028 Vega 0.012 Open interest 297 Model this put
Underlying $25.78
284	173	63.3%	0.456	$0.49		$0.50	-0.636	27.2%	451	177
Call · $26 Last $0.49 Breakeven $26.49 Implied vol 63.3% Delta 0.456 ≈46% ITM Gamma 0.199 Theta -0.073 Vega 0.013 Open interest 284 Model this call Put · $26 In the money Last $0.50 Breakeven $25.50 Implied vol 27.2% Delta -0.636 ≈64% ITM Gamma 0.449 Theta -0.028 Vega 0.011 Open interest 177 Model this put
56	133	39%	0.268	$0.15		$0.54	-0.607	79.1%	68	1.5k
Call · $26.5 Last $0.15 Breakeven $26.65 Implied vol 39% Delta 0.268 ≈27% ITM Gamma 0.269 Theta -0.038 Vega 0.011 Open interest 56 Model this call Put · $26.5 In the money Last $0.54 Breakeven $25.96 Implied vol 79.1% Delta -0.607 ≈61% ITM Gamma 0.156 Theta -0.087 Vega 0.013 Open interest 1.5k Model this put
382	155	40.2%	0.164	$0.16		$0.91	-0.732	61.7%	482	1.4k
Call · $27 Last $0.16 Breakeven $27.16 Implied vol 40.2% Delta 0.164 ≈16% ITM Gamma 0.195 Theta -0.029 Vega 0.009 Open interest 382 Model this call Put · $27 In the money Last $0.91 Breakeven $26.09 Implied vol 61.7% Delta -0.732 ≈73% ITM Gamma 0.171 Theta -0.057 Vega 0.011 Open interest 1.4k Model this put
113	207	41.6%	0.097	$0.06		$1.70	-0.862	50.3%	47	15
Call · $27.5 Last $0.06 Breakeven $27.56 Implied vol 41.6% Delta 0.097 ≈10% ITM Gamma 0.13 Theta -0.021 Vega 0.006 Open interest 113 Model this call Put · $27.5 In the money Last $1.70 Breakeven $25.80 Implied vol 50.3% Delta -0.862 ≈86% ITM Gamma 0.144 Theta -0.03 Vega 0.006 Open interest 15 Model this put
2.4k	4.7k	39.5%	0.039	$0.01		$2.25	—	—	27	3
Call · $28 Last $0.01 Breakeven $28.01 Implied vol 39.5% Delta 0.039 ≈4% ITM Gamma 0.068 Theta -0.01 Vega 0.003 Open interest 2.4k Model this call Put · $28 In the money Last $2.25 Breakeven $25.75 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 Model this put
0	138	58.7%	0.079	$0.04		$2.47	—	—	20	0
Call · $28.5 Last $0.04 Breakeven $28.54 Implied vol 58.7% Delta 0.079 ≈8% ITM Gamma 0.08 Theta -0.025 Vega 0.006 Open interest 0 Model this call Put · $28.5 In the money Last $2.47 Breakeven $26.03 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
35	861	60.3%	0.056	$0.05		$2.29	—	—	15	0
Call · $29 Last $0.05 Breakeven $29.05 Implied vol 60.3% Delta 0.056 ≈6% ITM Gamma 0.059 Theta -0.019 Vega 0.003 Open interest 35 Model this call Put · $29 In the money Last $2.29 Breakeven $26.71 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	—	—	—		—	—	—	—	0
Call · $29.5 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $29.5 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
6.9k	111	69.2%	0.035	$0.02		$2.90	—	—	2	0
Call · $30 Last $0.02 Breakeven $30.02 Implied vol 69.2% Delta 0.035 ≈4% ITM Gamma 0.036 Theta -0.016 Vega 0.004 Open interest 6.9k Model this call Put · $30 In the money Last $2.90 Breakeven $27.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
1	1	—	—	$0.01		—	—	—	—	0
Call · $30.5 Last $0.01 Breakeven $30.51 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 Model this call Put · $30.5 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
220	1	77.6%	0.027	$0.01		—	—	—	—	0
Call · $31 Last $0.01 Breakeven $31.01 Implied vol 77.6% Delta 0.027 ≈3% ITM Gamma 0.025 Theta -0.014 Vega 0.002 Open interest 220 Model this call Put · $31 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
223	132	—	—	$0.01		—	—	—	—	0
Call · $31.5 Last $0.01 Breakeven $31.51 Implied vol — Delta — Gamma — Theta — Vega — Open interest 223 Model this call Put · $31.5 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
18	13	85.4%	0.02	$0.03		—	—	—	—	0
Call · $32 Last $0.03 Breakeven $32.03 Implied vol 85.4% Delta 0.02 ≈2% ITM Gamma 0.018 Theta -0.012 Vega 0.002 Open interest 18 Model this call Put · $32 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	251.2%	0.257	—		$6.70	—	—	1	0
Call · $33 Last — Breakeven — Implied vol 251.2% Delta 0.257 ≈26% ITM Gamma 0.041 Theta -0.234 Vega 0.009 Open interest 0 Model this call Put · $33 In the money Last $6.70 Breakeven $26.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	266.2%	0.246	—		—	—	—	—	0
Call · $34 Last — Breakeven — Implied vol 266.2% Delta 0.246 ≈25% ITM Gamma 0.038 Theta -0.241 Vega 0.01 Open interest 0 Model this call Put · $34 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
1	1	280.7%	0.237	$0.01		—	—	—	—	0
Call · $35 Last $0.01 Breakeven $35.01 Implied vol 280.7% Delta 0.237 ≈24% ITM Gamma 0.035 Theta -0.249 Vega 0.01 Open interest 1 Model this call Put · $35 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
1	1	294.9%	0.229	$0.01		—	—	—	—	0
Call · $36 Last $0.01 Breakeven $36.01 Implied vol 294.9% Delta 0.229 ≈23% ITM Gamma 0.032 Theta -0.256 Vega 0.01 Open interest 1 Model this call Put · $36 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	—	—	—		—	—	—	—	0
Call · $37 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $37 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	—	—	—		—	—	—	—	0
Call · $40 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $40 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put

About this data

Greeks, implied volatility, open interest and the last price come from the latest daily snapshot and are 15-minute delayed. Bid and ask are not included on this plan.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. The 25 strikes around the money are shown by default — switch to "All 34" for the wings. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.

Key facts CIK 1437107 CUSIP 934423104 13F (30d) 353 filings 339 filers Visit website Investor relations