IONQ Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for IONQ. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.