WBD’s $47,000 Call Spread Bet Yields 4.9% in Minutes—Is Technical Momentum Supporting Further Gains?
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Major Call Spread Trade Sees 4.9% Gain as Stock Rallies
A large-scale options trade on Warner Bros. Discovery - Series A (WBD) caught attention after the buyer’s position gained 4.9% within an hour, thanks to a quick move up in the stock price. The trader put over $47,000 on the line in a call spread structure targeting WBD above $23 by November 21, 2025. What makes this noteworthy is both the immediate gain—$0.02 per spread as WBD moved from $22.10 to $22.33—and how it may reflect growing optimism around the stock’s near-term prospects.
Trade Breakdown: $47K Risk for $53K Potential Return
| Detail | Value |
|---|---|
| Trade Date & Time | Oct 31, 2025 09:36:58 |
| Option Expiry | 21-Nov-25 |
| Spread Type | 22-23 Call Spread |
| Contracts | 2,004 |
| Days to Expiration | 21 |
| VWAP Trade Price | 0.47 |
| VWAP (as of 10:25) | 0.49 |
| Stock Price at Trade | 22.10 |
| Stock Price at 10:25 | 22.33 |
The buyer invested roughly $47,000 (2,004 contracts x $0.47 x 100 shares per contract) and saw their spread value rise to 0.49, putting them up by 4.9% in less than an hour. If WBD is at or above $23 on November 21, 2025, the payoff could reach about $53,000, not including transaction costs. You can view this trade on the multi-leg trade analyzer for additional details.
Technical Indicators Remain Bullish Amid Dramatic Outperformance
The timing of the call spread trade coincides with WBD’s technicals looking decisively bullish. Not only has the stock climbed 3.3% today—breaking above a key resistance at $22.34—but it also stands far above its major moving averages, and the uptrend is clear:
- Current Price: $22.33 (+3.28% today, +2.4% open jump, +0.9% since open)
- Distance above 20-Day MA: +15.5% ($19.33)
- Above 50-Day MA: +30.1% ($17.17)
- Above 250-Day MA: +90.6% ($11.71)
Comparing WBD’s performance with SPY, WBD is consistently ahead, whether over two weeks (+22.1% vs. +3.4%), three months (+68.4% vs. +8.0%), or the full year (+187.4% vs. +19.1%). This suggests persistent momentum and possibly more optimism among option buyers.
| Duration | WBD Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +3.3% | 21.97 | 22.50 | +0.5% |
| 2 Week | +22.1% | 18.00 | 22.50 | +3.4% |
| 1 Month | +14.3% | 17.08 | 22.50 | +2.6% |
| 3 Month | +68.4% | 10.76 | 22.50 | +8.0% |
| 6 Month | +157.6% | 8.06 | 22.50 | +23.9% |
| 1 Year | +187.4% | 7.52 | 22.50 | +19.1% |
| YTD | +111.3% | 7.52 | 22.50 | +17.5% |
| 3 Year | +72.4% | 6.64 | 22.50 | +81.0% |
| 5 Year | -- | -- | -- | +119.2% |
Option Skew Indicator: Slightly Bullish Sentiment
Options market sentiment on WBD is also tilting bullish. The proprietary 30-day implied volatility skew is in the 70th percentile—a level that indicates the options market is more optimistic than average over the last 52 weeks, but not excessively so. This subtle, but positive, sentiment aligns with the call spread bet, which profits most if WBD rallies further in the next three weeks.
What Should Traders Watch Next?
While this $47K call spread buyer enjoyed a near-instant gain from the day’s upward move, the real test will come at November expiration. WBD needs to clear $23 for maximum reward—a level that seems plausible given recent price momentum, but is by no means guaranteed. Technicals and skew both lean bullish, but sharp rallies can stall. If you’re interested in further unusual call spreads or other option combinations, the multi-leg trade screener is a good place to look up the latest complex trades.
For now, the combination of a quick 4.9% options win and bullish indicators should put WBD firmly on your radar as an interesting short-term story in the options market.
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Disclosure: This article was generated with the assistance of AI