Warner Bros. Discovery, Inc. (WBD) Options Chain

The options chain displays all available contracts with real-time quotes, Greeks, volume, and open interest for each strike and expiration. It is the primary tool for options trade selection.

Warner Bros. Discovery, Inc. (WBD) operates in the Communication Services sector, specifically the Entertainment industry, with a market capitalization near $67.04B, listed on NASDAQ, employing roughly 35,000 people, carrying a beta of 1.55 to the broader market. Warner Bros. Led by David Zaslav, public since 2005-07-08.

Snapshot as of Jun 30, 2026.

Spot Price
$26.59
Total OI
2.3M
Total Volume
22.6K
Front Expiration
31 days
Second Expiration
38 days
ATM IV
56.5%
Avg Bid/Ask Spread
76.93%

As of Jun 30, 2026, Warner Bros. Discovery, Inc. (WBD) has 2.3M open contracts and 22.6K contracts traded. The nearest expiration is 31 days out, followed by 38 days. ATM implied volatility is 56.5%. Average bid/ask spread across the chain is 76.93%: wider spreads, size positions conservatively. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.

How WBD options chain Data Feeds Strategy Selection

Strategy selection on Warner Bros. Discovery, Inc. options does not derive from any single metric in isolation. The options chain view above sits inside a broader read: ATM IV currently sits at 56.5% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the options chain data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.

How to read the WBD chain depth

The listed-expirations table above shows every expiration available for Warner Bros. Discovery, Inc. options with its days-to-expiration count and ATM implied volatility. Front-month expirations carry the most volume, the highest gamma, and the tightest bid-ask spreads; longer-dated tenors carry less liquidity but more vega exposure. WBD front expiration sits at 31 days - the typical hedging horizon for monthly options. The backwardated slope of -0.139 means near-dated IV is pricing acute event risk.

WBD chain mechanics and execution

Options are listed at standardized strike intervals (typically $1 for sub-$25 underlyings, $2.50-$5 for mid-cap, $10-$50 for large-cap), and the deltas of each listed strike are determined by where IV lies relative to the strike's moneyness. Average bid/ask spread on the WBD chain is 76.93% - a measure of liquidity. Tighter spreads on liquid strikes mean lower transaction costs; wider spreads on long-dated or far-OTM strikes mean execution drag can dominate the math. The chain table on the SPA side shows the full per-strike, per-expiration grid; this SSR page summarizes the listed expirations and the front-month context to anchor the structural read.

Using the WBD chain to build structures

Strategy selection starts with the chain: directional theses use single-leg calls or puts, range-bound theses use credit spreads or iron condors, vol theses use straddles or strangles, calendar theses use diagonal spreads. WBD's current 16.20% expected move anchors wing placement - structures with wings at the implied band collect the modal-outcome premium under lognormal assumptions. Cross-reference with the gamma-exposure profile to understand where dealer hedging will reinforce or fight your position, and with the volatility-skew chart to confirm the strikes you're trading sit at the IV levels your strategy assumes.

Learn how the options chain is reported and how to read the data →

WBD listed expirations

Per-expiration ATM implied volatility for WBD options. Each row is one listed expiration with its days-to-expiration count and ATM IV pulled from the same term-structure feed that powers the SPA's expiration filter. Front-month expirations carry the highest gamma, the tightest bid-ask spreads, and the most volume; longer-dated tenors carry less liquidity but more vega.

ExpirationDTEATM IV
Jul 2, 2026239.2%
Jul 10, 20261040.8%
Jul 17, 20261748.5%
Jul 24, 20262441.0%
Jul 31, 20263158.2%
Aug 7, 20263844.3%
Aug 21, 20265243.1%
Sep 18, 20268043.4%
Oct 16, 202610838.4%
Nov 20, 202614339.1%
Dec 18, 202617139.6%
Jan 15, 202719933.5%
Mar 19, 202726229.6%
Jun 17, 202735230.2%
Jul 16, 202738126.6%
Jan 21, 202857024.6%
Jun 16, 202871721.9%
Sep 15, 202880827.3%
Dec 15, 202889926.7%

WBD most-active contracts

TypeStrikeExpirationVolumeOIIVBidAsk
PUT$20.00Oct 16, 2026249225.5K54.1%$0.61$0.65
PUT$21.00Sep 18, 20260199.5K52.8%$0.02$0.52
PUT$25.00Oct 16, 20261130.1K42.2%$1.53$1.80
PUT$27.00Oct 16, 20261.5K127.1K38.4%$2.29$2.45
CALL$29.00Aug 21, 202614881.1K35.9%$0.62$0.70
PUT$20.00Dec 18, 2026167.2K57.8%$0.88$1.20
PUT$25.00Jul 17, 20261.5K65.8K57.7%$0.35$0.40
CALL$28.00Aug 21, 20261.3K56.0K40.3%$0.94$1.25

Top 8 contracts from the institutional-grade nightly options scan; ranked by volume within the broader S&P 500/400/600 + ETF universe.

Frequently asked WBD options chain questions

What does the WBD options chain show right now?
As of Jun 30, 2026, Warner Bros. Discovery, Inc. (WBD) has 2.3M contracts outstanding and 22.6K traded today, with ATM IV of 56.5%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
What expirations are available for WBD options?
The nearest expiration is 31 days out, followed by 38 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
How tight are WBD options bid/ask spreads?
Average bid/ask spread across the chain is 76.93%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.