IONQ Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $46.61.

Put/Call (OI)

0.93

355k P / 380k C

Put/Call (Volume)

0.56

15k P / 28k C today

30d ATM IV

81%

annualized implied move

Call wall

$50

47k contracts

Put wall

$40

52k contracts

Tail hedging

1.3×

deep-OTM puts vs calls

What the positioning says

●Call wall at $50 (47k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (52k contracts), 14% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 81% — the market prices very large moves; option premium is expensive.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	97k	95k	0.98	21k
2026-08-28	13k	10k	0.76	5k
2026-09-04	6k	4k	0.55	2k
2026-09-11	5k	4k	0.87	1k
2026-09-18	56k	50k	0.89	5k
2026-09-25	1k	698	0.48	406
2026-10-02	348	38	0.11	167
2026-10-16	25k	37k	1.50	2k
2026-11-20	30k	12k	0.41	1k
2026-12-18	30k	29k	0.97	3k
2027-01-15	66k	84k	1.26	801
2027-03-19	9k	5k	0.55	290
2027-06-17	7k	12k	1.68	391
2028-01-21	34k	13k	0.39	877

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.