IONQ wheel: cash-secured put & covered-call yields
IonQ, Inc. · Technology · $44.58 close on Sep 28, 2026
What the Sep 28, 2026 close says about IONQ
At 72.6% implied volatility, the options market is pricing a one-standard-deviation move of about $9.58 (21.5%) in IONQ by Oct 30, 2026, 32 days out.
Selling the $41 put (−0.29Δ) for $1.80 means assignment would leave a cost basis of $39.20, 12.1% below the $44.58 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.056 vs $0.045).
At 0.30Δ on the Oct 30 expiry the put yields 4.39% on its strike and the call 3.79% on spot: puts pay 1.2× what calls do on IONQ this session.
Moving down to the $39 put (−0.21Δ) buys 4.5% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 49,871 contracts; the largest single line is the $30 put expiring Dec 18 with 8,942 (17.9% of the window).
By options volume IONQ ranks #92 of 441 names in our universe.
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 | $41 | −0.29 | $1.80 Sep 28 | $180.00 | $4,100 | 4.39% | 50.1% | $39.20 | 33 | 19 |
| 0.20Δ | $39 | −0.21 | $1.15 Sep 28 | $115.00 | $3,900 | 2.95% | 33.6% | $37.85 | 57 | 26 |
Snapshot #152 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.31 | $3.65 Sep 28 | $365.00 | $4,000 | 9.13% | 41.1% | $36.35 | 4,735 | 57 |
| 0.20Δ | $35 | −0.19 | $1.77 Sep 28 | $177.00 | $3,500 | 5.06% | 22.8% | $33.23 | 6,267 | 160 |
Snapshot #152 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on IONQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $53 | 0.26 | $1.69 Sep 28 | $169.00 | 3.79% | 43.2% | 22.68% | 258.7% | 145 | 14 |
| 0.20Δ | $55 | 0.21 | $1.09 Sep 28 | $109.00 | 2.45% | 27.9% | 25.82% | 294.5% | 457 | 216 |
Snapshot #152 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.28 | $2.44 Sep 28 | $244.00 | 5.47% | 24.7% | 40.06% | 180.5% | 1,740 | 347 |
| 0.20Δ | $65 | 0.22 | $1.83 Sep 28 | $183.00 | 4.10% | 18.5% | 49.91% | 224.9% | 1,105 | 64 |
Snapshot #152 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
IONQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 72.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 49,871 contractssession 2026-09-28
- Largest open-interest line
- $30 put · Dec 18 · 8,942
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #92 of 441 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.
- We are building our own daily implied-volatility history (1 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.