Communication Services

Warner Bros. Discovery Inc (WBD) options and signal

Figures as of 28 Sep 2026

WBD is Warner Bros. Discovery Inc, a Communication Services name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	0 of 100	28 Sep
At the money IV	12.1%	28 Sep
Priced move to 30 Oct	3.4% down, 3.6% up	28 Sep
Call wall and put wall	31 and 25	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	30.90	28 Sep
Next report	5 Nov 2026	28 Sep

Options Snapshot

WBD's IV rank is 0 of 100 on 28 Sep 2026.

Figure	Value
IV rank	0 of 100
At the money IV	12.1%, near month, 32 days
Put/call ratio, open interest	2.02
Call open interest, strikes captured near the price	585,000 contracts
Put open interest, strikes captured near the price	1.18 million contracts
Cost to trade at the money	Wide, 47.6% of the option's mid price

IV rank is where the at the money IV sits among WBD's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, WBD options priced a move of 3.4 percent down and 3.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	2.0%	1.2%	30.28 to 31.27
9 Oct 2026	11	4.3%	1.9%	29.56 to 31.49
23 Oct 2026	25	0.5%	0.5%	30.73 to 31.07
30 Oct 2026	32	3.4%	3.6%	29.86 to 32.00
18 Dec 2026	81	26.2%	26.2%	22.79 to 39.01
15 Jan 2027	109	30.4%	30.4%	21.52 to 40.28
19 Mar 2027	172	18.9%	18.9%	25.06 to 36.74

The range is one standard deviation either side of the close of 30.90, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, WBD's call wall is the 31 strike and its put wall is the 25 strike.

Figure	Value
Call wall, most open call gamma	31
Put wall, most open put gamma	25
Net dollar gamma, calls minus puts	$150.26 million
Total dollar gamma, both sides	$221.24 million
Close	30.90

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, WBD's at the money IV is 12.1 percent against 20 day realized volatility of 38.1 percent.

Figure	Value
At the money IV	12.1%
Realized volatility, 20 trading days	38.1%
Realized volatility, 60 trading days	27.3%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	292, from 8 Jan 2010
Weeks the price moved more than the one week priced move	25.2% of 222 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, WBD's at the money IV runs from 11.3 percent at 4 days to 27.5 percent at 172 days.

Days to expiry	At the money IV
4	11.3%
11	11.0%
18	10.8%
25	2.1%
53	17.3%
81	55.7%
109	55.5%
172	27.5%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, WBD's IV ten percent below the price sits 98.3 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	110.4%	+98.3 points
At the money	12.1%	0.0 points
10% above the price	90.3%	+78.2 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, WBD's surface spans 10 expiries out to 172 days, with IV from 2.0 to 110.4 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	57
Lowest IV among them	2.0%
Highest IV among them	110.4%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, WBD has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	11.3%	51,872	23,035
9 Oct 2026	11	11.0%	4,554	1,070
16 Oct 2026	18	10.8%	257,956	459,377
23 Oct 2026	25	2.1%	1,950	508
30 Oct 2026	32	12.1%	1,102	110
20 Nov 2026	53	17.3%	132,756	66,080
18 Dec 2026	81	55.7%	26,727	282,875
15 Jan 2027	109	55.5%	82,203	202,524
19 Feb 2027	144	6.5%	816	15,901
19 Mar 2027	172	27.5%	25,159	132,070

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, WBD's largest open interest sits at the 25 strike, with 411,374 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
25	28,216	383,158	411,374
20	12,171	250,600	262,771
27	20,642	175,668	196,310
28	109,097	71,688	180,785
29	155,867	21,799	177,666
30	117,456	20,610	138,066

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, WBD's at the money IV moved from 12.3 percent to 12.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	12.3%	12.1%	-0.3 points
Open interest, strikes captured near the price	1.45 million	1.77 million	+321,727
Put/call ratio, open interest	1.49	2.02	+0.54

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 65,566 WBD option contracts traded, 0.3 times its own recent average.

Figure	Value
Calls traded	17,216
Puts traded	48,350
Against its recent average	0.3 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	2.68 million contracts
Volume to open interest	0.02
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 30 put expiring 16 Oct, 7,096 traded against 1,270 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of WBD's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	27.07	$27.59 million	28	25
21 Sep 2026	30.80	$71.29 million	31	25
28 Sep 2026	30.90	$150.26 million	31	25

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of WBD was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	30.92, the swing high of 21 Sep 2026
Level below the close	28.60, the swing low of 11 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull call spread (buy a call spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 WBD sat at the 79th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	90 of 100	Bullish
20 trading days	40 of 100	Neutral
45 trading days	79 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 1 of 3 timeframes put WBD on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 WBD had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	79 of 100
24 Sep 2026	None	63 of 100
23 Sep 2026	None	81 of 100
22 Sep 2026	None	83 of 100
21 Sep 2026	None	18 of 100
18 Sep 2026	None	5 of 100
17 Sep 2026	None	15 of 100
16 Sep 2026	None	55 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 10 of 37 Communication Services names were bullish and 12 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Communication Services	37	10	12	15

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

WBD closed at 30.90 on 28 Sep 2026.

Figure	Value
Last close	30.90
Change over 5 trading days	+0.3%
Change over 21 trading days	+7.0%
Change over 63 trading days	+13.9%
Change over 252 trading days	+56.2%
52 week high	30.92
52 week low	17.08
20 day moving average	28.97
50 day moving average	27.82
200 day moving average	27.65
RSI, 14 days	76

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

WBD reports next on 5 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	5 Nov 2026, before the open
Date	Worked out from past quarters
Move after the report of 6 Aug 2026	+1.7%
Move after the report of 30 Apr 2026	-0.3%
Move after the report of 28 Jan 2026	-1.4%
Move after the report of 8 May 2025	+5.3%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Public Filings

1 of the 10 fund managers the desk tracks list WBD among the top holdings of their latest quarterly report.

Fund manager
Third Point

Every filing is reproduced as filed, and each one reaches the public days or weeks after the trade.

Filings as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 8.2 percent of WBD's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	8.2%
Five day average	15.3%
52 week median	31.0%
Short interest, share of shares outstanding	2.4% at the 15 Sep 2026 settlement
Days to cover	3.8

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 21 Septembers on record, WBD's average change was plus 2.4 percent, and it rose in 47.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+2.4%	-1.4%	47.6%	21
October	+0.5%	-1.2%	42.9%	21
November	+4.8%	+3.4%	61.9%	21

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 6 headlines naming WBD in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	6
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

Open Headlines in RingMaster The Headlines guide

Questions

What is WBD's IV rank?: WBD's IV rank is 0 of 100 on 28 Sep 2026.
What move are WBD options pricing?: On 28 Sep 2026, WBD options priced a move of 3.4 percent down and 3.6 percent up by 30 Oct 2026.
Where are WBD's call wall and put wall?: On 28 Sep 2026, WBD's call wall is the 31 strike and its put wall is the 25 strike.
What was the desk's latest view of WBD on the Free plan?: On 25 Sep 2026 the desk's view of WBD was bullish, paper trading.
When does WBD report earnings next?: WBD reports next on 5 Nov 2026, a date worked out from past quarters.

More Communication Services names

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