Tour v397
WBD
WARNER BROS DISCOVER Series A
$25.77 -0.70%
$26.08 (+1.20%)🌅
as of 07/25 04:10 AM
(7/23 19:19) ◀
|
Friday, July 24, 2026 (4:10am)
January 2026
|
▶ (7/27 19:16)
◀ 7/24 04:10 ▶

Option Volume

Detail
ℹ
Current (07/25) 121,791
Calls: 57,409 (47%)
Puts: 64,382 (53%)
Prior (07/23) 101,688
Calls: 25,279 (25%)
Puts: 76,409 (75%)
Current vs Prior +19.77%
Calls: +127.10% (Calls)
Puts: -15.74% (Puts)
Prior 7-Day Total 1,049,141
Calls: 385,736 (37%)
Puts: 663,405 (63%)
Prior 7-Day Average 149,877
Calls: 55,105 (37%)
Puts: 94,772 (63%)
Current vs Prior 7-Day Avg -18.74%
Calls: +4.18%
Puts: -32.07%
Sentiment BEARISH

Dollar Volume

Detail
ℹ
Current (07/25) $7.97M
Calls: $1.70M (21%)
Puts: $6.26M (79%)
Prior (07/23) $8.76M
Calls: $3.38M (39%)
Puts: $5.39M (61%)
Current vs Prior -9.10%
Calls: -49.52%
Puts: +16.26%
Prior 7-Day Total $86.52M
Calls: $23.80M (28%)
Puts: $62.72M (72%)
Prior 7-Day Average $12.36M
Calls: $3.40M (28%)
Puts: $8.96M (72%)
Current vs Prior 7-Day Avg -35.55%
Calls: -49.86%
Puts: -30.12%
Sentiment BEARISH

Put/Call Ratio

Detail
ℹ
Current (07/25) 1.12
Prior (07/23) 3.02
Current vs Prior -62.90%
Prior 7-Day Average 1.77
Current vs Prior 7-Day Avg -36.51%
Sentiment BEARISH

Open Interest

Detail
ℹ
Current (07/25) 1,939,173
Calls: 661,651 (34%)
Puts: 1,277,522 (66%)
Prior (07/23) 1,465,128
Calls: 536,513 (37%)
Puts: 928,615 (63%)
Current vs Prior +32.36%
Prior 7-Day Total 12,658,638
Calls: 4,431,358 (35%)
Puts: 8,227,280 (65%)
Prior 7-Day Average 1,808,376
Calls: 633,051 (35%)
Puts: 1,175,325 (65%)
Current vs Prior 7-Day Avg +7.23%
Sentiment BULLISH

Expected Move

Detail
ℹ
Expiry (07/31) | Next (08/07)Expiry (08/21) | Next (09/18)
Current 7.30% | 8.65%9.47% | 9.47%
Prior 6.05% | 6.40%11.33% | 13.03%
Current vs Prior +20.58% | +35.28%-16.43% | -27.31%
Prior 7-Day Avg 4.50% | 7.44%8.44% | 12.80%
Current vs 7-Day Avg +62.07% | +16.30%+12.16% | -26.03%
Prior 7-Day Eod 6.05% | 6.40%11.33% | 13.03%
Current vs 7-Day Eod +20.58% | +35.28%-16.43% | -27.31%
Sentiment BEARISHBULLISH

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 79% of dollar volume in puts ($6.26M) vs calls ($1.70M). Slightly bearish P/C ratio of 1.12. P/C ratio dropping 63% - sentiment shifting bullish. Put-heavy open interest (1,277,522 puts vs 661,651 calls) suggests hedging or bearish positioning.

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 NEUTRAL
Prior BEARISH
7-Day Avg NEUTRAL
Current NEUTRAL
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. -- found (avg $--, cheapest $--)

No options available for this category

In-the-money options with delta >0.50. Higher probability of profit, lower leverage. 12 found (avg delta 0.74, highest 0.95)

CALLS (3)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$23.00Aug 211.225.10$3.16122.8%10.91--
$25.00Aug 210.012.21$1.11198.2%100.67--
$25.50Jul 310.022.70$1.36197.1%300.63--
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$28.00Jul 310.263.40$1.83171.6%270.953
$27.50Jul 310.393.45$1.92159.4%470.9115
$27.00Jul 310.043.20$1.62195.1%4820.841.4K
$28.00Aug 210.283.20$1.74167.8%20.833.2K
$28.00Aug 140.284.40$2.34176.1%70.761

Most actively traded options today. High liquidity = easy entry/exit. 54 active (total vol 68.1K, top 19.3K)

CALLS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$30.00Aug 210.040.06$0.0540.0%19.3K0.0554.1K
$28.00Aug 210.150.26$0.2152.4%8.9K0.18119.9K
$28.00Jul 310.010.06$0.03166.7%4.7K0.062.4K
$27.00Aug 210.190.40$0.3070.0%2.8K0.288.7K
$29.00Aug 210.050.09$0.0757.1%2.3K0.08135.9K
PUTS (5)
StrikeExpiryBidAskMarkSpreadVolDeltaOI
$24.00Aug 210.030.25$0.14157.1%13.5K0.1417.0K
$25.00Aug 210.400.52$0.4626.1%6.6K0.3366.3K
$25.00Jul 310.100.29$0.2095.0%2.7K0.2530.1K
$25.50Jul 310.200.32$0.2646.2%2.2K0.37297
$21.00Aug 210.020.12$0.07142.9%1.1K0.0523.6K

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 114.2%, max 424.7%)

CALLS (4)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$30.00Jul 31Aug 2856.0%26.4%111.7%1176.9K
$27.00Jul 31Sep 434.0%18.8%81.1%165382
$28.00Jul 31Aug 2137.8%30.6%23.9%13.6K122.3K
$26.50Jul 31Aug 2130.9%25.8%19.7%19171
PUTS (5)
StrikeNear ExpFar ExpNear IVFar IVBack%VolOI
$24.50Jul 31Aug 21121.3%23.1%424.7%61--
$23.00Jul 31Aug 21116.5%32.4%259.9%4314.7K
$24.00Jul 31Aug 2140.9%25.8%58.4%13.5K17.0K
$25.00Jul 31Aug 2135.7%28.8%24.1%9.3K96.4K
$28.00Jul 31Aug 2137.8%30.6%23.9%293.2K

Bull call spreads & bear put spreads with the best risk/reward ratios. Pay a debit upfront, defined max loss. 15 found (best R:R 14.38, avg 3.56)

BULL CALL (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$28.00$30.00Aug 7$0.13$1.87$0.1314.38$28.13
$29.00$30.00Aug 28$0.11$0.89$0.118.09$29.11
$28.00$29.00Aug 21$0.14$0.86$0.146.14$28.14
$28.00$30.00Aug 14$0.29$1.71$0.295.90$28.29
$29.00$30.00Jul 31$0.20$0.80$0.204.00$29.20
BEAR PUT (5)
BuySellExpiryDebitMax GainMax LossR:RBE
$27.00$26.50Jul 31$0.15$0.35$0.152.33$26.85
$28.00$26.00Aug 21$0.79$1.21$0.791.53$27.21
$26.00$25.00Aug 21$0.49$0.51$0.491.04$25.51
$26.00$25.50Jul 31$0.26$0.24$0.260.92$25.74
$25.00$24.50Aug 21$0.27$0.23$0.270.85$24.73

Bear call spreads & bull put spreads collecting premium. Receive credit upfront, profit if stock stays in range. 16 found (best R:R 3.55, avg 0.81)

BEAR CALL (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$26.00$26.50Aug 21$0.39$0.39$0.113.55$26.39
$27.50$28.00Aug 21$0.30$0.30$0.201.50$27.80
$26.00$26.50Jul 31$0.17$0.17$0.330.52$26.17
$26.50$27.00Aug 21$0.16$0.16$0.340.47$26.66
$25.00$26.00Aug 21$0.26$0.26$0.740.35$25.26
BULL PUT (5)
SellBuyExpiryCreditMax GainMax LossR:RBE
$27.50$27.00Jul 31$0.30$0.30$0.201.50$27.20
$25.00$24.50Aug 21$0.27$0.27$0.231.17$24.73
$26.00$25.50Jul 31$0.26$0.26$0.241.08$25.74
$26.00$25.00Aug 21$0.49$0.49$0.510.96$25.51
$28.00$26.00Aug 21$0.79$0.79$1.210.65$27.21

Same strike, different expirations. Sell near-term, buy far-term. Profits from time decay differential. 10 found (avg debit $0.44, cheapest $0.11)

CALLS (5)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$27.00Jul 31Aug 7$0.1234.0%37.5%
$28.00Jul 31Aug 7$0.1537.8%46.1%
$26.50Jul 31Aug 21$0.2830.9%25.8%
$27.50Jul 31Aug 7$0.5735.7%69.2%
$26.00Jul 31Aug 7$1.0530.6%70.3%
PUTS (5)
StrikeNear ExpFar ExpNet DebitNear IVFar IV
$24.00Jul 31Aug 21$0.1140.9%25.8%
$26.00Jul 31Aug 7$0.1830.6%70.3%
$25.00Jul 31Aug 21$0.2635.7%28.8%
$28.00Jul 31Aug 14$0.5137.8%47.7%
$25.50Jul 31Aug 7$1.1728.0%74.2%

Buy call + put at the same strike and expiry. Profits from large moves in either direction. 12 found (cheapest 3.38% of stock, avg 7.49%)

StrikeExpiryCall$Put$TotalBE LowBE HighCost%
$26.00Jul 31$0.35$0.52$0.87$25.13$26.873.38%
$25.00Aug 21$1.11$0.46$1.57$23.43$26.576.09%
$25.50Jul 31$1.36$0.26$1.62$23.88$27.126.29%
$26.50Jul 31$0.18$1.47$1.65$24.85$28.156.40%
$27.00Jul 31$0.11$1.62$1.73$25.27$28.736.71%
$26.00Aug 21$0.85$0.95$1.80$24.20$27.806.98%
$28.00Jul 31$0.03$1.83$1.86$26.14$29.867.22%
$28.00Aug 21$0.21$1.74$1.95$26.05$29.957.57%
$27.50Jul 31$0.06$1.92$1.98$25.52$29.487.68%
$26.00Aug 7$1.40$0.70$2.10$23.90$28.108.15%

Buy OTM call + OTM put at different strikes. Cheaper than straddles, needs bigger move to profit. 51 found (cheapest 0.89% of stock, avg 3.35%)

Call KPut KExpiryCall$Put$TotalBE LowBE High
$28.00$25.00Jul 31$0.03$0.20$0.23$24.77$28.23
$27.50$25.00Jul 31$0.06$0.20$0.26$24.74$27.76
$28.00$25.50Jul 31$0.03$0.26$0.29$25.21$28.29
$27.00$25.00Jul 31$0.11$0.20$0.31$24.69$27.31
$27.50$25.50Jul 31$0.06$0.26$0.32$25.18$27.82
$28.00$24.00Aug 21$0.21$0.14$0.35$23.65$28.35
$28.00$23.00Aug 21$0.21$0.15$0.36$22.64$28.36
$27.00$25.50Jul 31$0.11$0.26$0.37$25.13$27.37
$26.50$25.00Jul 31$0.18$0.20$0.38$24.62$26.88
$28.00$24.50Aug 21$0.21$0.19$0.40$24.10$28.40

Sell OTM put spread + OTM call spread. Collect premium, profit if stock stays between breakevens. 8 found (best R:R 3.76, avg credit $0.56)

Put SpreadCall SpreadExpiryCreditMax LossR:RBE LowBE High
25/2628/28Aug 21$0.79$0.213.76$25.21$28.29
22/2329/30Jul 31$0.68$0.322.13$22.32$29.68
25/2626/27Aug 21$0.65$0.351.86$25.35$27.15
25/2628/29Aug 21$0.63$0.371.70$25.37$28.63
27/2829/30Jul 31$0.50$0.501.00$27.00$29.50
26/2629/30Jul 31$0.46$0.540.85$25.54$29.46
24/2528/29Aug 21$0.41$0.590.69$24.59$28.41
26/2729/30Jul 31$0.35$0.650.54$26.65$29.35

Buy lower + upper strikes, sell 2x middle strike. Low cost, max profit at the middle strike at expiry. 7 found (best R:R 7.33, cheapest $0.10)

CALLS (4)
LowMidHighExpiryDebitMax GainR:R
$28.00$29.00$30.00Aug 21$0.12$0.887.33
$26.00$26.50$27.00Jul 31$0.10$0.404.00
$26.00$26.50$27.00Aug 21$0.23$0.271.17
$26.50$27.00$27.50Aug 21$0.37$0.130.35
PUTS (3)
LowMidHighExpiryDebitMax GainR:R
$26.50$27.00$27.50Jul 31$0.15$0.352.33
$25.00$25.50$26.00Jul 31$0.20$0.301.50
$24.00$24.50$25.00Aug 21$0.22$0.281.27

Buy 1 option, sell 2 at a different strike (1:2 ratio). Can be entered for a credit. Unlimited risk on naked leg. 21 found (best net $-0.16, 9 credits)

CALLS (5)
Buy KSell KRatioExpiryNetMax Gain
$27.00$28.001:2Aug 14-$0.28$0.72
$26.00$26.501:2Aug 21-$0.07$0.43
$25.00$26.001:2Aug 21-$0.59$0.41
$26.50$27.001:2Aug 21-$0.14$0.36
$27.00$29.001:2Sep 4-$1.69$0.31
PUTS (5)
Buy KSell KRatioExpiryNetMax Gain
$28.00$26.001:2Aug 21-$0.16$1.84
$24.00$23.001:2Aug 21-$0.16$0.84
$24.50$24.001:2Aug 21-$0.09$0.41
$25.50$25.001:2Jul 31-$0.14$0.36
$23.00$21.001:2Aug 21$0.01$1.99

Sell OTM calls against 100 shares you own. Collect premium for income, capped upside at strike. Yield% = premium/stock price. 10 found (best yield 1.94%, avg 0.83%)

StrikeExpiryBidDeltaOTM%Yield%If Called%VolOI
$26.00Aug 7$0.500.470.9%1.94%2.83%10--
$26.00Aug 21$0.400.490.9%1.55%2.44%576.8K
$28.00Aug 14$0.270.238.7%1.05%9.70%47230
$26.00Jul 31$0.200.440.9%0.78%1.67%173284
$27.00Aug 21$0.190.284.8%0.74%5.51%2.8K8.7K
$28.00Aug 21$0.150.188.7%0.58%9.24%8.9K119.9K
$29.00Aug 28$0.140.1812.5%0.54%13.08%496282
$27.00Aug 7$0.110.224.8%0.43%5.20%30246
$26.50Aug 21$0.110.372.8%0.43%3.26%5815
$29.00Jul 31$0.080.0512.5%0.31%12.84%86135

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 57,409
Total Puts 64,382
Put/Call Ratio 1.12
Net Difference -6,973

Prior's Put/Call Breakdown

Total Calls 25,279
Total Puts 76,409
Put/Call Ratio 3.02
Net Difference -51,130

Prior 7-Day Put/Call Summary

Total Calls 385,736
Total Puts 663,405
Average Put/Call Ratio 1.77
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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