Tour v390
WBD
WARNER BROS DISCOVER Series A
$25.85 +0.08%
$25.89 (+0.15%)🌙
as of 07/22 09:22 PM
(7/21 19:15) ◀
|
Wednesday, July 22, 2026 (9:22pm)
January 2026
|
▶ (7/23 19:19)
◀ 7/22 21:22 ▶

Option Volume

Detail
ℹ
Current (07/22) 67,991
Calls: 29,546 (43%)
Puts: 38,445 (57%)
Prior (07/21) 317,400
Calls: 78,444 (25%)
Puts: 238,956 (75%)
Current vs Prior -78.58%
Calls: -62.33% (Calls)
Puts: -83.91% (Puts)
Prior 7-Day Total 1,294,466
Calls: 547,779 (42%)
Puts: 746,687 (58%)
Prior 7-Day Average 184,923
Calls: 78,254 (42%)
Puts: 106,669 (58%)
Current vs Prior 7-Day Avg -63.23%
Calls: -62.24%
Puts: -63.96%
Sentiment BEARISH

Dollar Volume

Detail
ℹ
Current (07/22) $4.67M
Calls: $1.93M (41%)
Puts: $2.74M (59%)
Prior (07/21) $30.29M
Calls: $5.30M (18%)
Puts: $24.99M (82%)
Current vs Prior -84.58%
Calls: -63.52%
Puts: -89.04%
Prior 7-Day Total $98.30M
Calls: $30.86M (31%)
Puts: $67.44M (69%)
Prior 7-Day Average $14.04M
Calls: $4.41M (31%)
Puts: $9.63M (69%)
Current vs Prior 7-Day Avg -66.74%
Calls: -56.14%
Puts: -71.59%
Sentiment BEARISH

Put/Call Ratio

Detail
ℹ
Current (07/22) 1.30
Prior (07/21) 3.05
Current vs Prior -57.28%
Prior 7-Day Average 1.54
Current vs Prior 7-Day Avg -15.55%
Sentiment BEARISH

Open Interest

Detail
ℹ
Current (07/22) 1,915,187
Calls: 613,076 (32%)
Puts: 1,302,111 (68%)
Prior (07/21) 1,987,082
Calls: 676,880 (34%)
Puts: 1,310,202 (66%)
Current vs Prior -3.62%
Prior 7-Day Total 12,938,816
Calls: 4,554,226 (35%)
Puts: 8,384,590 (65%)
Prior 7-Day Average 1,848,402
Calls: 650,603 (35%)
Puts: 1,197,798 (65%)
Current vs Prior 7-Day Avg +3.61%
Sentiment BULLISH

Expected Move

Detail
ℹ
Expiry (07/24) | Next (07/31)Expiry (08/21) | Next (09/18)
Current 3.09% | 7.16%10.52% | 14.62%
Prior 3.33% | 6.58%9.29% | 15.37%
Current vs Prior -7.05% | +8.74%+13.25% | -4.86%
Prior 7-Day Avg 4.41% | 7.76%6.54% | 11.94%
Current vs 7-Day Avg -29.83% | -7.79%+61.01% | +22.51%
Prior 7-Day Eod 3.33% | 6.58%9.29% | 15.37%
Current vs 7-Day Eod -7.05% | +8.74%+13.25% | -4.86%
Sentiment BULLISHBEARISH

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

Light premium activity with dollar volume down 85% vs prior. Below-average activity with volume down 79% vs prior. Bearish P/C ratio of 1.30 indicates protective positioning. P/C ratio dropping 57% - sentiment shifting bullish.

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 BEARISH
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 -- of results (avg --%, best --%)

No options available for this category

Affordable options under $1.00 per contract. Great for defined-risk strategies with minimal capital. 2 found (avg $0.38, cheapest $0.27)

CALLS (2)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$29.00Aug 210.250.29$0.2714.8%6.1K0.17133.4K
$28.00Aug 210.450.50$0.4810.4%10.7K0.27104.9K
PUTS (0)
No puts meet the criteria

In-the-money options with delta >0.50. Higher probability of profit, lower leverage. 23 found (avg delta 0.80, highest 1.00)

CALLS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$21.00Jul 242.956.95$4.9580.8%250.9928
$22.00Jul 242.554.95$3.7564.0%680.99125
$24.50Jul 240.092.97$1.53188.2%60.9653
$25.00Jul 240.012.85$1.43198.6%1240.9149
$23.00Jul 241.604.15$2.8888.5%2190.8730
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$30.50Jul 242.906.75$4.8379.7%11.00--
$31.00Jul 243.307.25$5.2874.8%11.00--
$27.50Jul 240.083.75$1.92191.1%10.9645
$27.00Jul 240.673.25$1.96131.6%80.956.6K
$26.50Jul 240.011.10$0.56194.6%60.891.6K

Most actively traded options today. High liquidity = easy entry/exit. 74 active (total vol 36.9K, top 10.7K)

CALLS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$28.00Aug 210.450.50$0.4810.4%10.7K0.27104.9K
$29.00Aug 210.250.29$0.2714.8%6.1K0.17133.4K
$26.00Jul 240.070.15$0.1172.7%2.0K0.396.4K
$27.00Aug 210.330.83$0.5886.2%1.4K0.357.7K
$26.00Aug 210.901.20$1.0528.6%9070.505.5K
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$24.00Aug 210.350.48$0.4231.0%10.0K0.2411.8K
$25.50Jul 240.050.08$0.0742.9%6840.2210.2K
$25.00Aug 210.520.75$0.6435.9%4480.3564.6K
$25.00Jul 240.010.05$0.03133.3%4020.0910.2K
$21.00Aug 210.050.13$0.0988.9%1550.0623.6K

Term structure inversion — near-term IV higher than far-term IV at the same strike. Signals expected near-term catalyst or volatility event. 11 strikes (avg 129.4%, max 570.2%)

CALLS (5)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$24.00Jul 24Aug 21257.7%38.4%570.2%243146
$29.00Jul 24Aug 2887.7%34.6%153.4%327.7K
$30.00Jul 24Aug 2193.8%38.7%142.4%51264.7K
$28.00Jul 24Aug 2185.3%41.7%104.6%10.7K108.8K
$22.50Jul 24Jul 31295.2%158.7%86.1%28237
PUTS (2)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$23.00Jul 24Aug 21155.7%40.7%282.0%9314.7K
$27.00Jul 24Aug 2140.2%35.4%13.6%4812.5K

Bull call spreads & bear put spreads with the best risk/reward ratios. Pay a debit upfront, defined max loss. 17 found (best R:R 12.33, avg 3.87)

BULL CALL (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$30.00$31.00Aug 21$0.12$0.88$0.127.33$30.12
$29.00$30.00Aug 21$0.14$0.86$0.146.14$29.14
$28.00$30.00Aug 14$0.29$1.71$0.295.90$28.29
$24.50$25.00Jul 24$0.10$0.40$0.104.00$24.60
$28.00$29.00Aug 21$0.21$0.79$0.213.76$28.21
BEAR PUT (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$23.00$21.00Aug 21$0.15$1.85$0.1512.33$22.85
$25.00$24.00Aug 28$0.13$0.87$0.136.69$24.87
$24.00$23.00Aug 21$0.18$0.82$0.184.56$23.82
$25.00$24.00Aug 21$0.22$0.78$0.223.55$24.78
$26.00$25.50Jul 24$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. 24 found (best R:R 14.91, avg 2.03)

BEAR CALL (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$22.50$26.00Jul 31$3.28$3.28$0.2214.91$25.78
$24.00$25.00Aug 21$0.84$0.84$0.165.25$24.84
$22.00$22.50Jul 24$0.40$0.40$0.104.00$22.40
$26.00$26.50Aug 21$0.39$0.39$0.113.55$26.39
$25.00$26.00Aug 21$0.51$0.51$0.491.04$25.51
BULL PUT (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$25.00$24.00Aug 14$0.89$0.89$0.118.09$24.11
$26.50$26.00Jul 24$0.34$0.34$0.162.13$26.16
$26.00$25.50Aug 21$0.34$0.34$0.162.12$25.66
$26.00$25.50Jul 31$0.32$0.32$0.181.78$25.68
$27.00$26.00Aug 21$0.54$0.54$0.461.17$26.46

Same strike, different expirations. Sell near-term, buy far-term. Profits from time decay differential. 11 found (avg debit $0.22, cheapest $0.09)

CALLS (5)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$27.00Jul 24Jul 31$0.1040.2%30.5%
$25.00Jul 24Aug 21$0.1336.5%34.2%
$26.50Jul 24Jul 31$0.1430.0%25.8%
$21.00Jul 24Jul 31$0.20118.7%197.4%
$26.00Jul 24Jul 31$0.2521.7%26.2%
PUTS (3)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$25.50Jul 24Jul 31$0.0926.9%18.8%
$25.00Jul 24Jul 31$0.1236.5%28.8%
$26.00Jul 24Jul 31$0.2621.7%26.2%

Buy call + put at the same strike and expiry. Profits from large moves in either direction. 16 found (cheapest 1.28% of stock, avg 7.66%)

StrikeExpiryCall$Put$TotalBE LowBE HighCost%
$26.00Jul 24$0.11$0.22$0.33$25.67$26.331.28%
$26.50Jul 24$0.04$0.56$0.60$25.90$27.102.32%
$25.50Jul 24$0.58$0.07$0.65$24.85$26.152.51%
$26.00Jul 31$0.36$0.48$0.84$25.16$26.843.25%
$25.00Jul 24$1.43$0.03$1.46$23.54$26.465.65%
$24.50Jul 24$1.53$0.02$1.55$22.95$26.056.00%
$26.00Aug 7$1.00$0.82$1.82$24.18$27.827.04%
$27.50Jul 24$0.03$1.92$1.95$25.55$29.457.54%
$27.00Jul 24$0.03$1.96$1.99$25.01$28.997.70%
$25.00Aug 21$1.56$0.64$2.20$22.80$27.208.51%

Buy OTM call + OTM put at different strikes. Cheaper than straddles, needs bigger move to profit. 72 found (cheapest 0.23% of stock, avg 3.48%)

Call KPut KExpiryCall$Put$TotalBE LowBE High
$27.00$25.00Jul 24$0.03$0.03$0.06$24.94$27.06
$27.50$25.00Jul 24$0.03$0.03$0.06$24.94$27.56
$26.50$25.00Jul 24$0.04$0.03$0.07$24.93$26.57
$27.00$25.50Jul 24$0.03$0.07$0.10$25.40$27.10
$27.50$25.50Jul 24$0.03$0.07$0.10$25.40$27.60
$26.50$25.50Jul 24$0.04$0.07$0.11$25.39$26.61
$28.00$25.00Jul 24$0.08$0.03$0.11$24.89$28.11
$26.00$25.00Jul 24$0.11$0.03$0.14$24.86$26.14
$28.00$25.50Jul 24$0.08$0.07$0.15$25.35$28.15
$26.00$25.50Jul 24$0.11$0.07$0.18$25.32$26.18

Sell OTM put spread + OTM call spread. Collect premium, profit if stock stays between breakevens. 26 found (best R:R 3.00, avg credit $0.52)

Put SpreadCall SpreadExpiryCreditMax LossR:RBE LowBE High
26/2728/29Aug 21$0.75$0.253.00$26.25$28.75
23/2425/26Aug 21$0.69$0.312.23$23.31$25.69
26/2729/30Aug 21$0.68$0.322.13$26.32$29.68
26/2730/31Aug 21$0.66$0.341.94$26.34$30.66
24/2526/26Aug 21$0.61$0.391.56$24.39$26.61
24/2528/30Aug 14$1.18$0.821.44$23.82$29.18
25/2626/27Aug 7$0.57$0.431.33$24.93$26.57
23/2426/26Aug 21$0.57$0.431.33$23.43$26.57
26/2628/29Aug 21$0.55$0.451.22$25.45$28.55
21/2324/25Aug 21$0.99$1.010.98$22.01$24.99

Buy lower + upper strikes, sell 2x middle strike. Low cost, max profit at the middle strike at expiry. 15 found (best R:R 15.67, cheapest $0.05)

CALLS (5)
LowMidHighExpiryDebitMax GainR:R
$27.00$28.00$29.00Jul 31$0.06$0.9415.67
$28.00$29.00$30.00Aug 21$0.07$0.9313.29
$27.00$27.50$28.00Jul 24$0.05$0.459.00
$26.00$26.50$27.00Jul 24$0.06$0.447.33
$26.00$26.50$27.00Jul 31$0.13$0.372.85
PUTS (4)
LowMidHighExpiryDebitMax GainR:R
$25.00$25.50$26.00Jul 24$0.11$0.393.55
$25.00$25.50$26.00Aug 21$0.17$0.331.94
$25.50$26.00$26.50Jul 24$0.19$0.311.63
$25.00$25.50$26.00Jul 31$0.31$0.190.61

Buy 1 option, sell 2 at a different strike (1:2 ratio). Can be entered for a credit. Unlimited risk on naked leg. 32 found (best net $-0.40, 19 credits)

CALLS (5)
Buy KSell KRatioExpiryNetMax Gain
$28.00$29.001:2Aug 21-$0.06$0.94
$26.00$27.001:2Aug 7-$0.36$0.64
$25.00$26.001:2Aug 21-$0.54$0.46
$26.50$27.001:2Jul 31-$0.08$0.42
$27.50$28.001:2Jul 24-$0.13$0.37
PUTS (5)
Buy KSell KRatioExpiryNetMax Gain
$24.50$23.001:2Jul 24-$0.40$1.10
$24.00$23.001:2Aug 21-$0.06$0.94
$25.00$24.001:2Aug 21-$0.20$0.80
$27.00$26.001:2Aug 21-$0.61$0.39
$25.50$25.001:2Jul 31-$0.14$0.36

Sell OTM calls against 100 shares you own. Collect premium for income, capped upside at strike. Yield% = premium/stock price. 12 found (best yield 3.48%, avg 1.03%)

StrikeExpiryBidDeltaOTM%Yield%If Called%VolOI
$26.00Aug 21$0.900.500.6%3.48%4.06%9075.5K
$28.00Aug 21$0.450.278.3%1.74%10.06%10.7K104.9K
$27.00Aug 21$0.330.354.5%1.28%5.73%1.4K7.7K
$28.00Aug 14$0.270.278.3%1.04%9.36%42--
$29.00Aug 21$0.250.1712.2%0.97%13.15%6.1K133.4K
$29.00Aug 28$0.250.2312.2%0.97%13.15%20--
$26.00Jul 31$0.210.450.6%0.81%1.39%61202
$26.50Aug 21$0.180.412.5%0.70%3.21%2--
$28.00Aug 7$0.110.378.3%0.43%8.74%2--
$27.00Aug 7$0.100.484.5%0.39%4.84%20--

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 29,546
Total Puts 38,445
Put/Call Ratio 1.30
Net Difference -8,899

Prior's Put/Call Breakdown

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

Prior 7-Day Put/Call Summary

Total Calls 547,779
Total Puts 746,687
Average Put/Call Ratio 1.54
Ratio Trend Falling

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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