Ticker Options Intelligence

QBTS options intelligence

D-Wave Quantum Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 39 Market data through 31 Jul 2026 Checked 31 Jul 2026 19:08 · complete available chain

Call-side pressure

Bullish pressure

QBTS currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 13.8%, with volume/open-interest participation at 0.07.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 13.8%

Wider near-term move priced

Activity / OI 0.07

Current volume is quieter versus prior open interest

Put-call 0.39

Call-side skew

Trend fit 3

Options are not fully confirming trend

Weekly backdrop +11.5%

RS -26.9

Expected move 13.8%
Put-call volume 0.39
Volume / OI 0.07
Reference IV 1.63
Max pain 17.50
Underlying 16.21
Nearest expiry 31 Jul 2026
Contracts 794

Research Brief

QBTS has a bullish chain read with 39/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.98–18.44; The largest call open-interest concentration is 20.00; the largest put concentration is 16.00. The most active strike by current volume is 19.00.

Priced range13.98–18.44
Call concentration20.00
Put concentration16.00
Max pain reference17.50
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
What would weaken it
  • Price weakens while call pressure fades or reverses toward puts.
  • Options and the weekly trend are not yet giving the same message.
  • Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 31 Jul

Options imply 13.98 to 18.44. Max pain at 17.50 sits inside that range, 8.0% above spot.

Spot Max pain
13.9816.21 ± 2.2318.44
Confirmation level

A close beyond 18.44 or below 13.98 at the 31 Jul expiry would exceed the move currently priced by this chain.

Important limitation

The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.

Score Construction

Why conviction is 39/100

Evidence alignment, not probability

Pressure is 47/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure47 × 42%
+19.5

How strongly activity leans toward calls or puts.

Participation42 × 22%
+9.1

Volume relative to existing open interest and contract-level activity.

Trend agreement3 × 26%
+0.7

How closely the chain read agrees with the underlying trend backdrop.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score39.0Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 20.00; the largest put concentration is 16.00. The most active strike by current volume is 19.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
2743
16.00-1.3%
245
1371
16.501.8%
509
1485
17.004.9%
1442
444
17.508.0%
1381
1400
18.0011.0%
2836
776
18.5014.1%
1377
302
19.0017.2%
4260
156
19.5020.3%
1211
259
20.0023.4%
6433
74
20.5026.5%
1235
157
21.0029.5%
2510
7
21.5032.6%
2549
92
22.0035.7%
3444
73
22.5038.8%
1606
19
23.0041.9%
2239
8
24.0048.1%
3882
0
25.0054.2%
1802
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.73× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

1.63 31 Jul 0d
1.18 7 Aug 7d
1.04 14 Aug 14d
1.01 21 Aug 21d
0.98 28 Aug 28d
0.97 4 Sep 35d
0.94 18 Sep 49d
0.95 16 Oct 77d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

13
14
14
15
15
16
16
17
17
18
18
19
19
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.

Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
  • Versioned calculationv2 observations only
  • Independent entryone read per market session
  • Point-in-time referencerequired at entry
  • Matched expiry closereported only after maturity

Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.

Evidence Quality

High

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
794 / 794
  • No material coverage gap was detected in the retained chain.

Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.

Options Intent Radar

Earnings/event positioning

90/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Bullish flow confirms price

Options pressure and weekly price action are pointing in the same constructive direction.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $5.8M of estimated gross traded notional, puts · 91+ days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.

Options pressure+47
1W price+11.5%
Call premium52%
Put premium48%
Notional split C 52% / P 48% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.07 Volume divided by open interest across the visible chain.
Trend fit 3/100 Agreement between options pressure and Sharemaestro market context.
Event window 6 Aug Matched earnings event is 4 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Puts · 91+ days · ITM
Puts · 91+ days · ITM puts cluster with 589 contracts traded, $865100 estimated gross traded notional, and 15% of visible notional.
$865100
Puts · 46-90 days · ITM puts cluster with 840 contracts traded, $801436 estimated gross traded notional, and 14% of visible notional.
$801436
Calls · 46-90 days · ITM calls cluster with 1222 contracts traded, $656050 estimated gross traded notional, and 11% of visible notional.
$656050
Calls · 91+ days · ITM calls cluster with 471 contracts traded, $636155 estimated gross traded notional, and 11% of visible notional.
$636155
Calls · 91+ days · OTM calls cluster with 1944 contracts traded, $565366 estimated gross traded notional, and 10% of visible notional.
$565366

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Warning Bullish pressure over fair value

Call pressure is building while the stock sits above Sharemaestro fair value.

Activity Anomaly

Warming up

-

3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 3 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close18.08
1W+11.5%
RS-26.9
Fair value+73.7%
Options pressure47
Speculation42
Volatility96
Trend fit3

Today Versus Normal

Stored-options context

View history
Expected move 13.8% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 1.63 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.39 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.07 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:26 Bullish
Pressure 49
Move 12.7%
30 Jul 10:22 Bullish
Pressure 39
Move 7.0%
31 Jul 13:17 Bullish
Pressure 40
Move 12.2%
31 Jul 15:26 Bullish
Pressure 37
Move 14.2%
31 Jul 15:45 Bullish
Pressure 37
Move 14.2%
31 Jul 16:37 Bullish
Pressure 42
Move 12.5%
31 Jul 18:08 Bullish
Pressure 47
Move 13.8%

Strike Map

Where activity is clustering

Full strike map
Strike11.50
Calls · V 1 · OI 111
Puts · V 0 · OI 0
Strike12.00
Calls · V 71 · OI 77
Puts · V 7 · OI 47
Strike13.00
Calls · V 5 · OI 30
Puts · V 5 · OI 68
Strike13.50
Calls · V 3 · OI 8
Puts · V 3 · OI 168
Strike14.00
Calls · V 6 · OI 59
Puts · V 1 · OI 265
Strike14.50
Calls · V 7 · OI 9
Puts · V 1 · OI 657
Strike15.00
Calls · V 20 · OI 150
Puts · V 1 · OI 802
Strike15.50
Calls · V 66 · OI 85
Puts · V 5 · OI 703

Term Structure

Expiration activity

Volume and IV
Expiry31 Jul 2026
Contracts91
Avg IV1.63
Put-call0.21
Expiry7 Aug 2026
Contracts69
Avg IV1.18
Put-call0.47
Expiry14 Aug 2026
Contracts66
Avg IV1.04
Put-call0.72
Expiry21 Aug 2026
Contracts67
Avg IV1.01
Put-call1.76
Expiry28 Aug 2026
Contracts57
Avg IV0.98
Put-call0.85

Skew

Call/put IV balance

OTM demand
31 Jul 2026Call IV premium
Call IV1.54
Put IV1.38
Skew-0.16
7 Aug 2026Call IV premium
Call IV1.25
Put IV1.18
Skew-0.07
14 Aug 2026Balanced skew
Call IV1.09
Put IV1.06
Skew-0.04
21 Aug 2026Balanced skew
Call IV1.02
Put IV0.99
Skew-0.02
28 Aug 2026Balanced skew
Call IV1.01
Put IV0.99
Skew-0.02

Contract Tape

Most active contracts

Full contract tape
ContractQBTS260814P00028000
SidePut
Expiry14 Aug 2026
Strike28.00
Volume-
OI65
IV0.97
ContractQBTS260814P00012000
SidePut
Expiry14 Aug 2026
Strike12.00
Volume-
OI51
IV2.64
ContractQBTS270115P00046000
SidePut
Expiry15 Jan 2027
Strike46.00
Volume-
OI35
IV1.22
ContractQBTS260814P00030000
SidePut
Expiry14 Aug 2026
Strike30.00
Volume-
OI3
IV2.59
ContractQBTS260814C00013000
SideCall
Expiry14 Aug 2026
Strike13.00
Volume-
OI3
IV1.38
ContractQBTS260918P00044000
SidePut
Expiry18 Sep 2026
Strike44.00
Volume-
OI2
IV1.58
ContractQBTS260828P00029000
SidePut
Expiry28 Aug 2026
Strike29.00
Volume-
OI2
IV1.11
ContractQBTS260828C00015500
SideCall
Expiry28 Aug 2026
Strike15.50
Volume-
OI2
IV0.90