Warner Bros. Discovery, Inc. (WBD)
Overview · Option chain · Volatility · Expected-move history · Earnings
Cboe delayed options data · as of 18:39 UTC · Figures derived from the full chain (1,020 contracts, 22 expirations) · IV own-history percentile appears after 60 recorded days (3 so far)
Expected move — Oct 16, 2026 (43 days)
Methodology →Read from option prices: the at-the-money straddle costs this much, so the market is pricing a move of about that size in either direction by this date. It is an estimate of movement, not a prediction of direction.
Options are pricing a move of about ±6.9% (range 26.38–30.28) by Oct 16, 2026. ATM straddle: 1.95 @ strike 28 · ATM IV: 23.6%.
Probability distribution
Model & assumptions →The curve shows where a lognormal model, fed with current implied volatility, puts the range of outcomes at this expiration. Shaded: the expected-move band.
| Level | vs price | P(above)Model-estimated chance the stock finishes above a level at expiration, derived from current IV under a lognormal model with stated assumptions — an estimate, not a prediction. | P(below) |
|---|---|---|---|
| 25.50 | -10% | 89.6% | 10.4% |
| 26.91 | -5% | 72.4% | 27.6% |
| 28.33 | +0% | 48.4% | 51.6% |
| 29.75 | +5% | 26.0% | 74.0% |
| 31.16 | +10% | 11.2% | 88.8% |
Model-estimated probabilities of finishing above/below each level at expiration — estimates under stated assumptions, not predictions.
Probability explorer
Drag the slider to any level and see the model-estimated chance the stock finishes above or below it at the selected expiration.
Horizon: Oct 16, 2026 · lognormal model, zero drift — an estimate, not a prediction. Assumptions
Expirations
Open the chain →| Expires | DTEDays to expiration, in calendar days. | Implied move | ATM IV | Open int. |
|---|---|---|---|---|
| Sep 04, 2026 | 1 | ±1.3% | 27.4% | 27.8K |
| Sep 11, 2026 | 8 | ±3.5% | 29.1% | 2,222 |
| Sep 18, 2026 | 15 | ±6.4% | 38.7% | 743.3K |
| Sep 25, 2026 | 22 | ±6.9% | 33.9% | 1,912 |
| Oct 02, 2026 | 29 | ±8.5% | 36.5% | 1,169 |
| Oct 09, 2026 | 36 | ±8.9% | 34.6% | 763 |
| Oct 16, 2026 | 43 | ±6.9% | 23.6% | 858.7K |
| Oct 23, 2026 | 50 | ±12.5% | 41.5% | 0 |
| Nov 20, 2026 | 78 | ±8.7% | 22.1% | 215.9K |
| Dec 18, 2026 | 106 | ±8.8% | 19.4% | 327.6K |
| Jan 15, 2027 | 134 | ±10.0% | 20.3% | 295.8K |
| Feb 19, 2027 | 169 | ±10.7% | 19.7% | 3,903 |
Open interest by strike — Oct 16
Where option positions are concentrated. Teal bars are calls, red bars are puts; the dashed line is the current price.
Largest open-interest concentrations (all expirations ≤ 60 days): 20 P · 266.6K25 P · 225.3K21 P · 220.1K27 P · 154.3K29 C · 131.2K
IV term structure
Volatility page →At-the-money implied volatility for each expiration. A hump around a date often marks a scheduled event the market is pricing.
When does open interest expire?
Implied vs realized volatility
HV from our stored daily closes (annualized); IV30 interpolated from the chain. Method
Price, last 60 sessions
Track record
Full history →Every trading day we record what the options market is pricing for each expiration — before the outcome is known. Once expirations start resolving, this section compares expected versus actual, and the record is never rewritten. Recording since Aug 31, 2026.
Past earnings reactions
Avg |reaction| 7.7% · median 8.2% (20 reports) — two-session close-to-close window; definition
About Warner Bros. Discovery, Inc.
Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. Its operations are structured across three key divisions: Studios, Network, and Direct-to-Consumer (DTC). The Studios segment is responsible for the creation and theatrical release of feature films. It also develops and licenses television programming, serving both its internal network infrastructure and external partners, including direct-to-consumer platforms. Further, this segment manages the distribution of its film and television catalog to various third-party outlets and its proprietary television channels. Additionally, it encompasses streaming services, home entertainment distribution, licensing for themed attractions, and the creation of interactive games. The Network division oversees a comprehensive portfolio of television channels, both domestically and internationally. Its Direct-to-Consumer (DTC) segment focuses on delivering premium subscription television and streaming content directly to consumers. Beyond its operational structure, Warner Bros. Discovery commands an extensive intellectual property portfolio. This encompasses a vast array of iconic content, brands, and
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