WBD (WBD) options memo

The Read

WBD is up 0.70% today at $25.97.

Options traders lean neutral into 2026-08-07, and neutral further out.

A move through $26.99 would change how dealers hedge this stock.

Key numbers

• Spot: $25.97
• Lean: neutral
• Nearest expiry: Fri 8/7
• Implied move: 1.1%
• ATM implied volatility: 20.4%
• Max pain: $26.00
• Pin strike: $26.00
• Gamma flip: $26.99
• Dealer positioning: SHORT GAMMA
• Call wall: $26.50
• Put wall: $26.00
• Put/call open interest: 1.050