WBD

Warner Bros. Discovery, Inc. - Series A Common Stock (WBD) reports earnings Thursday . Consensus EPS estimate is $-0.09.

IV Rank is low at 5, suggesting options are relatively cheap heading into earnings. Premium buyers may find value, especially if you expect a move larger than what's implied.

Low IV makes buying premium attractive. A long strangle gives you exposure to a big move in either direction at a reduced cost compared to a straddle.

Enter 2-3 days before earnings to catch the pre-event IV expansion. If buying premium, consider taking profits at the open after earnings if the stock gaps in your favor — theta works against you fast post-event.