Warby Parker Inc (WRBY) recorded a heavy tilt toward bullish option positioning on September 4, 2026, according to trade data through the midmorning. The shares were trading at $24.14, up 3.65%, as of 10:37 AM EDT, while options activity that day showed a dominant presence of calls relative to puts.
The raw option tallies were notable: 18,480 calls traded versus 171 puts, an approximate ratio of 108 calls for every put. That imbalance indicates a pronounced preference for upside exposure among market participants, but volume alone does not reveal the direction of each trade - whether options were bought to open, sold to open, closed out, or rolled from earlier positions.
Primary positioning: the December $25/$30 call spread
The single most prominent structure was a December 18, 2026 $25/$30 call spread accounting for 12,000 contracts. If executed as a purchase of the $25 calls paired with sales of the $30 calls, that spread conveys several specific characteristics:
- It creates bullish exposure once the stock clears $25.
- Potential profits are concentrated and effectively capped near $30.
- The net premium outlay is lower than buying the $25 call outright.
- It signals a preference for a meaningful rally rather than an unlimited upside bet.
With the underlying at $24.14 at 10:37 AM EDT, the $25 strike sits immediately above the market and the $30 strike represents roughly a 24% premium to that price. Taken together, the spread points the practical upside target closer to $30 than to any higher strikes showing activity.
Speculative interest in the $45 calls
Alongside the concentrated spread flow, traders also pushed volume into December $45 calls, where 6,011 contracts traded. That figure should be seen against 15,884 contracts of open interest in the same strike recorded as of September 3, 2026. The $45 strike sits about 86% above the September 4 stock price and therefore represents a tail outcome rather than the central market expectation.
The interpretation of the $45 activity is ambiguous without trade-side details. If those contracts were bought to open, participants would be positioning for a sharp, outsized rally. If sold to open, market participants could be harvesting premium from expensive calls. If they were part of adjustments - closures or rolls - the volume conveys little about new directional intent.
Volatility readings and skew
Implied volatility metrics added nuance to the picture. Three-month volatility moved lower by 2.49 percentage points to 68.23%, indicating a reduction in broad implied turbulence. At the same time, the 90/110 skew rose by 2.55 points to 4.10%, which suggests a relatively greater demand or premium for upside calls versus downside protection.
That combination - a decline in overall implied volatility alongside a rising upside skew - is a constructive signal. It implies participants are relatively less fearful of general volatility while still seeking either participation in or protection for upside moves.
Conclusion
The clearest message from the outsize August-September options flow is a bullish lean with a practical pathway between $25 and $30 by December. The December $25/$30 call spread provides the strongest evidence supporting that view. The activity in $45 calls shows speculative appetite for a long-shot rally but, without information on whether those trades were buys, sells, or adjustments, they cannot be read as a firm directional forecast.
Countervailing possibilities remain visible in the tape. Some of the call volume could represent selling of calls, closing of prior longs, or complex spread activity executed for reasons other than outright bullish conviction. Open interest and traded volume alone do not disclose who is long or short, and therefore do not prove intent.
In short: the dominant interpretation of the flow is positioning for a rally into the high $20s or toward $30, while leaving room for a lottery-ticket exposure to a larger move reflected in the $45 strike activity.