Tour v381
WBD
WARNER BROS DISCOVER Series A
$25.83 -0.12%
$25.82 (-0.04%)🌙
as of 07/21 07:15 PM
(7/20 19:16) ◀
|
Tuesday, July 21, 2026 (7:15pm)
January 2026
|
▶ (7/22 21:22)
◀ 7/21 19:15 ▶

Option Volume

Detail
ℹ
Current (07/21) 317,400
Calls: 78,444 (25%)
Puts: 238,956 (75%)
Prior (07/20) 327,264
Calls: 147,442 (45%)
Puts: 179,822 (55%)
Current vs Prior -3.01%
Calls: -46.80% (Calls)
Puts: +32.88% (Puts)
Prior 7-Day Total 1,050,501
Calls: 499,454 (48%)
Puts: 551,047 (52%)
Prior 7-Day Average 150,071
Calls: 71,350 (48%)
Puts: 78,721 (52%)
Current vs Prior 7-Day Avg +111.50%
Calls: +9.94%
Puts: +203.55%
Sentiment BEARISH

Dollar Volume

Detail
ℹ
Current (07/21) $30.29M
Calls: $5.30M (18%)
Puts: $24.99M (82%)
Prior (07/20) $25.03M
Calls: $6.51M (26%)
Puts: $18.52M (74%)
Current vs Prior +21.00%
Calls: -18.55%
Puts: +34.89%
Prior 7-Day Total $73.21M
Calls: $27.65M (38%)
Puts: $45.56M (62%)
Prior 7-Day Average $10.46M
Calls: $3.95M (38%)
Puts: $6.51M (62%)
Current vs Prior 7-Day Avg +189.58%
Calls: +34.18%
Puts: +283.90%
Sentiment BEARISH

Put/Call Ratio

Detail
ℹ
Current (07/21) 3.05
Prior (07/20) 1.22
Current vs Prior +149.77%
Prior 7-Day Average 1.31
Current vs Prior 7-Day Avg +132.34%
Sentiment BEARISH

Open Interest

Detail
ℹ
Current (07/21) 1,987,082
Calls: 676,880 (34%)
Puts: 1,310,202 (66%)
Prior (07/20) 1,885,676
Calls: 621,478 (33%)
Puts: 1,264,198 (67%)
Current vs Prior +5.38%
Prior 7-Day Total 12,565,995
Calls: 4,402,706 (35%)
Puts: 8,163,289 (65%)
Prior 7-Day Average 1,795,142
Calls: 628,958 (35%)
Puts: 1,166,184 (65%)
Current vs Prior 7-Day Avg +10.69%
Sentiment BULLISH

Expected Move

Detail
ℹ
Expiry (07/24) | Next (07/31)Expiry (08/21) | Next (09/18)
Current 3.33% | 6.58%9.29% | 15.37%
Prior 4.06% | 6.42%11.48% | 16.74%
Current vs Prior -18.00% | +2.53%-19.10% | -8.21%
Prior 7-Day Avg 4.96% | 8.58%6.23% | 11.64%
Current vs 7-Day Avg -32.81% | -23.32%+49.17% | +32.02%
Prior 7-Day Eod 4.06% | 6.42%11.48% | 16.74%
Current vs 7-Day Eod -18.00% | +2.53%-19.10% | -8.21%
Sentiment BULLISHBULLISH

Relative Spread

Detail
ℹ
Expiry | Next
Current 34.07% | 95.34%
Calls: 24.39% | 42.00%
Puts: 43.75% | 148.68%
Prior 34.07% | 95.34%
Calls: 24.39% | 42.00%
Puts: 43.75% | 148.68%
Current vs Prior +0.00% | +0.00%
Prior 7-Day Avg 34.07% | 95.34%
Calls: 24.39% | 42.00%
Puts: 43.75% | 148.68%
Current vs 7-Day Avg +0.00% | +0.00%
Liquidity Expensive
+
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🤖 AI Insights

Strong bearish conviction with 82% of dollar volume in puts ($24.99M) vs calls ($5.30M). Dollar volume significantly above 7-day average (190% higher). Volume explosion - 111% above 7-day average (317,400 vs avg 150,071). Extreme bearish P/C ratio of 3.05 - heavy put buying.

Smart Money BEARISH
Retail Flow BEARISH
Overall BEARISH
Dollar Volume
Option Volume
Put/Call Ratio
Open Interest
Expected Move
Current BEARISH
Prior BEARISH
7-Day Avg BEARISH
Current BEARISH
Prior NEUTRAL
7-Day Avg NEUTRAL
Current BEARISH
Prior BEARISH
7-Day Avg NEUTRAL
Current BEARISH
Prior BEARISH
7-Day Avg NEUTRAL
Current BEARISH
Prior BULLISH
7-Day Avg BULLISH

📈 Options Analysis

🎯 Tightest Spreads
💰 Best Value Under $1
📊 High Delta (ITM)
🔥 High Volume
⏰ Backwardation
📈 Debit Spreads
📉 Credit Spreads
📅 Calendar Spreads
⚡ Straddles
🔀 Strangles
🦅 Iron Condors
🦋 Butterflies
⚖️ Ratio Spreads
🛡️ Covered Calls

Options with the tightest bid-ask spreads (<10%). Lower spreads = better fills and less slippage. Showing top 1 of results (avg 6.4%, best 6.4%)

CALLS (1)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$26.00Aug 211.051.12$1.096.4%2.3K0.503.1K
PUTS (0)
No puts meet the criteria

Affordable options under $1.00 per contract. Great for defined-risk strategies with minimal capital. 2 found (avg $0.38, cheapest $0.29)

CALLS (2)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$29.00Aug 210.270.30$0.2910.3%11.8K0.18133.2K
$28.00Aug 210.440.50$0.4712.8%20.5K0.27102.0K
PUTS (0)
No puts meet the criteria

In-the-money options with delta >0.50. Higher probability of profit, lower leverage. 24 found (avg delta 0.78, highest 1.00)

CALLS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$21.00Jul 243.256.95$5.1072.5%640.99--
$22.00Jul 242.315.15$3.7376.1%660.99125
$24.50Jul 240.132.73$1.43181.8%10.95--
$24.00Jul 240.073.95$2.01193.0%30.94--
$25.00Jul 240.312.24$1.28150.8%130.8942
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$27.50Jul 240.272.99$1.63166.9%51.00--
$27.00Jul 310.071.75$0.91184.6%301.00548
$27.00Jul 240.671.52$1.1077.3%2230.9611.1K
$26.50Jul 240.381.10$0.7497.3%1.2K0.861.7K
$26.00Jul 240.250.44$0.3554.3%1.9K0.6510.8K

Most actively traded options today. High liquidity = easy entry/exit. 70 active (total vol 91.0K, top 20.5K)

CALLS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$28.00Aug 210.440.50$0.4712.8%20.5K0.27102.0K
$29.00Aug 210.270.30$0.2910.3%11.8K0.18133.2K
$26.00Jul 240.000.22$0.11200.0%5.0K0.402.1K
$30.00Aug 210.120.16$0.1428.6%3.0K0.1053.8K
$26.00Aug 211.051.12$1.096.4%2.3K0.503.1K
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$24.00Aug 140.151.06$0.61149.2%15.4K0.25--
$25.00Aug 210.320.85$0.5989.8%13.4K0.3461.7K
$25.00Jul 240.030.06$0.0560.0%6.0K0.125.9K
$25.50Jul 240.090.11$0.1020.0%3.1K0.269.4K
$24.00Aug 210.340.58$0.4652.2%2.7K0.2411.1K

Term structure inversion — near-term IV higher than far-term IV at the same strike. Signals expected near-term catalyst or volatility event. 9 strikes (avg 63.2%, max 285.0%)

CALLS (5)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$23.00Jul 24Aug 21167.6%43.5%285.0%54
$30.00Jul 24Aug 2175.8%38.9%94.9%3.0K64.7K
$29.00Jul 24Aug 2864.3%40.4%59.1%897.8K
$24.00Jul 24Aug 2156.1%40.2%39.6%4--
$28.00Jul 24Aug 2847.6%39.3%21.4%1573.8K
PUTS (2)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$24.00Jul 24Aug 2156.1%40.2%39.6%2.8K11.1K
$24.50Jul 24Aug 2138.7%36.3%6.7%56535

Bull call spreads & bear put spreads with the best risk/reward ratios. Pay a debit upfront, defined max loss. 23 found (best R:R 8.09, avg 2.73)

BULL CALL (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$28.00$29.00Aug 28$0.17$0.83$0.174.88$28.17
$28.00$29.00Aug 21$0.18$0.82$0.184.56$28.18
$26.00$26.50Aug 21$0.10$0.40$0.104.00$26.10
$27.00$28.00Aug 7$0.22$0.78$0.223.55$27.22
$29.50$30.00Aug 21$0.11$0.39$0.113.55$29.61
BEAR PUT (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$25.00$24.00Jul 31$0.11$0.89$0.118.09$24.89
$23.00$21.00Aug 21$0.25$1.75$0.257.00$22.75
$24.00$23.00Aug 21$0.16$0.84$0.165.25$23.84
$26.00$25.50Jul 31$0.15$0.35$0.152.33$25.85
$26.00$25.50Aug 7$0.15$0.35$0.152.33$25.85

Bear call spreads & bull put spreads collecting premium. Receive credit upfront, profit if stock stays in range. 28 found (best R:R 3.55, avg 0.99)

BEAR CALL (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$23.50$24.00Jul 24$0.38$0.38$0.123.17$23.88
$27.00$27.50Aug 21$0.34$0.34$0.162.12$27.34
$25.00$26.00Aug 21$0.56$0.56$0.441.27$25.56
$26.50$27.00Aug 21$0.26$0.26$0.241.08$26.76
$23.00$24.00Aug 21$0.49$0.49$0.510.96$23.49
BULL PUT (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$26.50$26.00Jul 24$0.39$0.39$0.113.55$26.11
$27.00$26.50Jul 24$0.36$0.36$0.142.57$26.64
$27.00$26.00Aug 14$0.71$0.71$0.292.45$26.29
$27.00$26.00Jul 31$0.58$0.58$0.421.38$26.42
$26.00$25.50Jul 24$0.25$0.25$0.251.00$25.75

Same strike, different expirations. Sell near-term, buy far-term. Profits from time decay differential. 11 found (avg debit $0.33, cheapest $0.07)

CALLS (5)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$27.00Jul 24Jul 31$0.0736.2%23.3%
$23.00Jul 24Aug 21$0.14167.6%43.5%
$27.50Jul 24Jul 31$0.1638.6%36.8%
$25.00Jul 24Jul 31$0.2333.5%34.9%
$29.00Jul 24Aug 7$0.3564.3%71.0%
PUTS (3)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$25.50Jul 24Jul 31$0.0827.3%24.2%
$25.00Jul 24Jul 31$0.1433.5%34.9%
$24.50Jul 24Aug 21$0.5038.7%36.3%

Buy call + put at the same strike and expiry. Profits from large moves in either direction. 16 found (cheapest 1.78% of stock, avg 6.42%)

StrikeExpiryCall$Put$TotalBE LowBE HighCost%
$26.00Jul 24$0.11$0.35$0.46$25.54$26.461.78%
$25.50Jul 24$0.51$0.10$0.61$24.89$26.112.36%
$26.50Jul 24$0.07$0.74$0.81$25.69$27.313.14%
$26.00Jul 31$0.48$0.33$0.81$25.19$26.813.14%
$27.00Jul 31$0.11$0.91$1.02$25.98$28.023.95%
$27.00Jul 24$0.04$1.10$1.14$25.86$28.144.41%
$25.00Jul 24$1.28$0.05$1.33$23.67$26.335.15%
$24.50Jul 24$1.43$0.02$1.45$23.05$25.955.61%
$27.50Jul 24$0.02$1.63$1.65$25.85$29.156.39%
$25.00Jul 31$1.51$0.19$1.70$23.30$26.706.58%

Buy OTM call + OTM put at different strikes. Cheaper than straddles, needs bigger move to profit. 61 found (cheapest 0.23% of stock, avg 3.90%)

Call KPut KExpiryCall$Put$TotalBE LowBE High
$27.00$24.50Jul 24$0.04$0.02$0.06$24.44$27.06
$27.00$24.00Jul 24$0.04$0.04$0.08$23.92$27.08
$26.50$24.50Jul 24$0.07$0.02$0.09$24.41$26.59
$27.00$25.00Jul 24$0.04$0.05$0.09$24.91$27.09
$26.50$24.00Jul 24$0.07$0.04$0.11$23.89$26.61
$26.50$25.00Jul 24$0.07$0.05$0.12$24.88$26.62
$26.00$24.50Jul 24$0.11$0.02$0.13$24.37$26.13
$28.00$24.00Jul 31$0.05$0.08$0.13$23.87$28.13
$27.00$25.50Jul 24$0.04$0.10$0.14$25.36$27.14
$26.00$24.00Jul 24$0.11$0.04$0.15$23.85$26.15

Sell OTM put spread + OTM call spread. Collect premium, profit if stock stays between breakevens. 23 found (best R:R 2.57, avg credit $0.52)

Put SpreadCall SpreadExpiryCreditMax LossR:RBE LowBE High
23/2425/26Aug 21$0.72$0.282.57$23.28$25.72
26/2728/28Jul 31$0.71$0.292.45$26.29$28.21
24/2527/28Aug 7$0.70$0.302.33$24.30$27.70
26/2728/29Aug 21$0.68$0.322.12$26.32$28.68
25/2628/29Aug 21$0.66$0.341.94$24.84$28.66
21/2324/25Aug 21$1.30$0.701.86$21.70$25.30
26/2730/30Aug 21$0.61$0.391.56$26.39$30.11
26/2628/28Jul 31$0.28$0.221.27$25.72$27.78
23/2427/28Aug 21$0.50$0.501.00$23.50$27.50
24/2526/27Jul 31$0.48$0.520.92$24.52$26.48

Buy lower + upper strikes, sell 2x middle strike. Low cost, max profit at the middle strike at expiry. 15 found (best R:R 2.57, cheapest $0.14)

CALLS (5)
LowMidHighExpiryDebitMax GainR:R
$27.00$28.00$29.00Aug 7$0.39$0.611.56
$24.00$25.00$26.00Aug 21$0.49$0.511.04
$23.00$23.50$24.00Jul 24$0.28$0.220.79
$25.00$26.00$27.00Jul 31$0.66$0.340.52
$25.50$26.00$26.50Jul 24$0.36$0.140.39
PUTS (5)
LowMidHighExpiryDebitMax GainR:R
$25.50$26.00$26.50Jul 24$0.14$0.362.57
$25.00$25.50$26.00Jul 31$0.16$0.342.12
$26.50$27.00$27.50Jul 24$0.17$0.331.94
$25.00$25.50$26.00Jul 24$0.20$0.301.50
$25.00$26.00$27.00Aug 14$0.64$0.360.56

Buy 1 option, sell 2 at a different strike (1:2 ratio). Can be entered for a credit. Unlimited risk on naked leg. 31 found (best net $--, 21 credits)

CALLS (5)
Buy KSell KRatioExpiryNetMax Gain
$29.00$30.001:2Jul 24$0.00$1.00
$28.00$29.001:2Aug 21-$0.11$0.89
$28.00$29.001:2Aug 28-$0.19$0.81
$25.00$26.001:2Aug 21-$0.53$0.47
$28.00$29.001:2Aug 7-$0.54$0.46
PUTS (5)
Buy KSell KRatioExpiryNetMax Gain
$25.00$24.001:2Aug 14-$0.14$0.86
$24.00$23.001:2Aug 21-$0.14$0.86
$25.00$24.001:2Aug 7-$0.27$0.73
$27.00$26.001:2Aug 14-$0.44$0.56
$24.50$24.001:2Jul 24-$0.06$0.44

Sell OTM calls against 100 shares you own. Collect premium for income, capped upside at strike. Yield% = premium/stock price. 13 found (best yield 4.07%, avg 1.42%)

StrikeExpiryBidDeltaOTM%Yield%If Called%VolOI
$26.00Aug 21$1.050.500.7%4.07%4.72%2.3K3.1K
$26.50Aug 21$0.720.452.6%2.79%5.38%58
$27.00Aug 21$0.650.384.5%2.52%7.05%1567.7K
$28.00Aug 21$0.440.278.4%1.70%10.10%20.5K102.0K
$27.00Aug 7$0.340.274.5%1.32%5.85%10206
$28.00Aug 14$0.270.288.4%1.05%9.45%75226
$29.00Aug 21$0.270.1812.3%1.05%13.32%11.8K133.2K
$28.00Aug 28$0.260.288.4%1.01%9.41%250
$29.00Aug 28$0.250.2012.3%0.97%13.24%88179
$27.50Aug 21$0.170.276.5%0.66%7.12%8130

Current 5-Minute Volume Snapshots

Time (HH:MM) Total Volume Call Volume Put Volume Volume Change
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Prior's 5-Minute Volume Snapshots

Time (HH:MM) Total Volume Call Volume Put Volume Volume Change
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Current Put/Call Breakdown

Total Calls 78,444
Total Puts 238,956
Put/Call Ratio 3.05
Net Difference -160,512

Prior's Put/Call Breakdown

Total Calls 147,442
Total Puts 179,822
Put/Call Ratio 1.22
Net Difference -32,380

Prior 7-Day Put/Call Summary

Total Calls 499,454
Total Puts 551,047
Average Put/Call Ratio 1.31
Ratio Trend Rising

Daily Put/Call History (Last 7 Days)

Date Calls Puts Ratio Net Diff
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Upcoming Earnings - 2 Weeks Prior

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Upcoming Earnings - 1 Week Prior

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Earnings This Week

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Earnings - Day Before / Day After

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Options Activity Around Earnings

Ticker Earnings Date Days Away Call Volume Put Volume IV Rank
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Chart Title

Price — Past 7 Days

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