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IONQ

IonQ, Inc.Close $52.47EOD only

Max Pain

$49.00

Next expiry May 22, 2026

Expected Move

±$3.39

6.5% from close

Price Gap

-3.47

Distance to max pain

IV Rank

Low premium

P/C OI

1.09

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects IONQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

IONQ Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

8 / 10

base 5; +2 strong net premium bearish; +1 high P/C volume ratio; +0.5 spot below max pain; -0.5 GEX positive (pinning) vs. bearish flow

Watch next session: $30 Put OI wall (18.5K) for resistance; Flow into $27.50 and $27 Puts for near-term downside target

Flow Summary

Net premium: -$30.2M bearish

P/C volume ratio: 1.74 — strongly put-dominant

P/C OI ratio: 0.92 — near parity with slight put lean

Aggressive, high-premium put buying defines the session, creating a strong bearish flow signal. The volume is skewed toward puts, but open interest is more balanced, suggesting new bearish positioning is being established.

Notable Prints

IONQ 6/18/26 $30 Put

Vol: 37,284

OI: 2,223

Vol/OI: 16.8x

IV: 83.1%

Notional: ~$11.2M (premium est.)

Intent: Fresh directional put buying for mid-term downside protection/bet

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: Massive volume relative to OI indicates new bearish positioning. The $30 strike aligns with the largest OI wall and near-term max pain, targeting a break below that key level.

IONQ 5/15/26 $35 Call

Vol: 10,258

OI: 3,356

Vol/OI: 3.1x

IV: 91.2%

Notional: ~$1.5M (premium est.)

Intent: Call selling (covered or naked) or spread leg

Dual read: Sold to open (neutral/bearish) or bought to close (bullish)

Read-through: High volume in a strike with significant existing OI. Given the overarching bearish flow and high IV, this is more consistent with call writing to collect premium, adding to overhead resistance at $35.

IONQ 4/2/26 $32.50 Call

Vol: 1,174

OI: 204

Vol/OI: 5.8x

IV: 107.8%

Notional: ~$235K (premium est.)

Intent: Lottery ticket directional call buying or spread leg

Dual read: Bought to open (bullish breakout bet) or sold to open (premium sell)

Read-through: Extremely high IV (>107%) for a weekly expiry suggests a low-probability, high-cost bet. In context of bearish flow, this is likely noise or a defined risk spread leg, not a core directional signal.

IONQ 4/2/26 $27.50 Put

Vol: 561

OI: 242

Vol/OI: 2.3x

IV: 59.0%

Notional: ~$28K (premium est.)

Intent: Near-term directional put or hedge

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: Targets a move below $28 by this Friday. Lower IV than term structure suggests these may be bought puts, aligning with the near-term bearish flow targeting the $27-$28 zone.

Institutional Positioning

Call additions: Minimal. Notable volume in $35C 5/15 is likely call writing, not buying.

Put additions: Major addition at $30P 6/18. Smaller flows into $27.50P and $27P for April expiries.

GEX/DEX consistency: No — Conflict. Flow is bearish (net prem -$30M), but GEX is positive (+$2.3M), indicating pinning/mean-reverting forces. This suggests bearish bets are fighting against dealer hedging that may stabilize price.

OI clusters: Major Put Wall: $30 (OI 18.5K). Major Call Walls: $35 (OI 12.6K), $40 (OI 13.0K). Large OI in far OTM puts ($2.50, $12.50, $17.50) is likely legacy or hedging, not directional.

Hedging evidence: The massive $30P 6/18 buy could be institutional downside protection for a long equity position. The high net negative premium supports this as new hedge buying.

Max pain context: Spot ($28.83) is below nearest max pain ($31), creating a gravitational pull upward toward expiry. However, bearish flow is betting against this pin.

Signal vs Noise

~High-volume $32.50C 4/2: Extremely high IV (107.8%) suggests a lottery ticket or spread leg, not a core directional bet. Likely noise.

~Large OI in far OTM puts ($2.50, $12.50): These are likely legacy positions or part of complex financing/hedging structures, not active directional signals.

~Call volume at $35 and $40: Given high IV and bearish net premium, this is more consistent with call writing (selling premium) than bullish positioning.

Key Conclusions

🐻Flow strongly bearish: Net premium -$30.2M, P/C volume 1.74

⚔️Conflict: Bearish flow vs. positive GEX (pinning). Battle between directional bets and dealer hedging.

🧱Key level: $30 Put wall (18.5K OI) is major resistance. Break below targets $27-$28 zone.

🎯Spot below max pain ($31), but bearish flow is betting the pin will break to the downside.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.