IONQ wheel: cash-secured put & covered-call yields
IonQ, Inc. · Technology · $34.06 close on Nov 11, 2026
What the Nov 11, 2026 close says about IONQ
At 75.7% implied volatility, the options market is pricing a one-standard-deviation move of about $7.39 (21.7%) in IONQ by Dec 11, 2026, 30 days out.
Selling the $31 put (−0.29Δ) for $1.47 means assignment would leave a cost basis of $29.53, 13.3% below the $34.06 close.
The 65-day 0.30Δ put pays 1.4× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.049 vs $0.033).
At 0.30Δ on the Dec 11 expiry the put yields 4.74% on its strike and the call 3.96% on spot: puts pay 1.2× what calls do on IONQ this session.
Moving down to the $29 put (−0.19Δ) buys 5.9% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 64,602 contracts; the largest single line is the $30 put expiring Jan 15 with 17,345 (26.8% of the window).
By options volume IONQ ranks #332 of 679 names in our universe.
Near-the-money options volume (1.2k) is 57% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on IONQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $31 | −0.29 | $1.47 Nov 11 | $147.00 | $3,100 | 4.74% | 57.7% | $29.53 | 50 | 13 |
| 0.20Δ | $29 | −0.19 | $0.89 Nov 11 | $89.00 | $2,900 | 3.07% | 37.3% | $28.11 | 17 | 12 |
Snapshot #9119 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | −0.28 | $2.12 Nov 11 | $212.00 | $3,000 | 7.07% | 39.7% | $27.88 | 17,345 | 204 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9119 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on IONQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $39 | 0.30 | $1.35 Nov 11 | $135.00 | 3.96% | 48.2% | 18.47% | 224.7% | 39 | 11 |
| 0.20Δ | $42 | 0.19 | $0.80 Nov 11 | $80.00 | 2.35% | 28.6% | 25.66% | 312.2% | 110 | 56 |
Snapshot #9119 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $45 | 0.23 | $1.27 Nov 11 | $127.00 | 3.73% | 20.9% | 35.85% | 201.3% | 7,984 | 313 |
Snapshot #9119 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
IONQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 75.7%session 2026-11-11
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 64,602 contractssession 2026-11-11
- Largest open-interest line
- $30 put · Jan 15 · 17,345
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #332 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.