For this week’s intriguing options block trade, we’re looking at a massive trade put on in Warner Brothers Discovery (WBD). The trader or fund manager appears to have sold a huge call position that is potentially being used to finance (part of) an even bigger put position. This type of strategy is called a collar, and it could be used to hedge downside risk without paying the full amount for the put protection.
— Jay Soloff
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Source: Investors Alley