Information Technology

D-Wave Quantum Inc. (QBTS) options and signal

Figures as of 28 Sep 2026

QBTS is D-Wave Quantum Inc., an Information Technology name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Bull call spread, 15 Jan	25 Sep
IV rank	3 of 100	28 Sep
At the money IV	69.6%	28 Sep
Priced move to 30 Oct	20.0% down, 21.5% up	28 Sep
Call wall and put wall	20 and 17	28 Sep
Signal and the desk's view	Bullish signal, view bullish	25 Sep
Last close	16.78	28 Sep
Next report	5 Nov 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for QBTS was a bull call spread expiring 15 Jan 2027, paper trading.

Figure	Value
Signal	Bullish, over 45 trading days
Strategy	Bull call spread, debit
Legs	Buy the 18 call, Sell the 24 call
Expiry	15 Jan 2027, 112 days to expiry
Limit	A debit of at most $1.57
Probability of profit	43%, the option market's odds at expiry, from delta
Max loss	$157 per contract
Max profit	$443 per contract
Breakeven	19.57
IV rank at that expiry	5 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

QBTS's IV rank is 3 of 100 on 28 Sep 2026.

Figure	Value
IV rank	3 of 100
At the money IV	69.6%, near month, 32 days
Put/call ratio, open interest	0.88
Call open interest, strikes captured near the price	176,000 contracts
Put open interest, strikes captured near the price	154,000 contracts
Cost to trade at the money	Fair, 38.6% of the option's mid price

IV rank is where the at the money IV sits among QBTS's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, QBTS options priced a move of 20.0 percent down and 21.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	6.9%	7.5%	15.63 to 18.04
9 Oct 2026	11	11.6%	12.1%	14.84 to 18.81
23 Oct 2026	25	17.5%	18.7%	13.85 to 19.92
30 Oct 2026	32	20.0%	21.5%	13.43 to 20.38
20 Nov 2026	53	27.6%	30.3%	12.15 to 21.87
15 Jan 2027	109	38.6%	43.9%	10.30 to 24.14
16 Apr 2027	200	51.5%	59.6%	8.13 to 26.78

The range is one standard deviation either side of the close of 16.78, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, QBTS's call wall is the 20 strike and its put wall is the 17 strike.

Figure	Value
Call wall, most open call gamma	20
Put wall, most open put gamma	17
Net dollar gamma, calls minus puts	minus $405,989
Total dollar gamma, both sides	$6.95 million
Close	16.78

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 4 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, QBTS's at the money IV is 69.6 percent against 20 day realized volatility of 55.2 percent.

Figure	Value
At the money IV	69.6%
Realized volatility, 20 trading days	55.2%
Realized volatility, 60 trading days	88.1%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	184, from 23 Sep 2022
Weeks the price moved more than the one week priced move	17.5% of 183 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, QBTS's at the money IV runs from 68.6 percent at 4 days to 71.5 percent at 200 days.

Days to expiry	At the money IV
4	68.6%
11	68.0%
18	67.2%
25	69.2%
39	77.6%
53	75.9%
109	75.3%
200	71.5%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, QBTS's IV ten percent below the price sits 2.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	71.7%	+2.1 points
At the money	69.6%	0.0 points
10% above the price	66.9%	-2.8 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, QBTS's surface spans 10 expiries out to 200 days, with IV from 61.3 to 82.4 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	40
Lowest IV among them	61.3%
Highest IV among them	82.4%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, QBTS has 10 captured expiries, from 2 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	68.6%	15,006	5,948
9 Oct 2026	11	68.0%	9,031	2,081
16 Oct 2026	18	67.2%	41,384	56,057
23 Oct 2026	25	69.2%	6,819	1,905
30 Oct 2026	32	69.6%	1,934	1,266
6 Nov 2026	39	77.6%	210	212
20 Nov 2026	53	75.9%	24,290	23,857
15 Jan 2027	109	75.3%	67,308	56,496
19 Mar 2027	172	77.3%	6,907	4,463
16 Apr 2027	200	71.5%	3,372	2,100

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, QBTS's largest open interest sits at the 20 strike, with 62,581 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
20	36,388	26,193	62,581
15	8,422	16,876	25,298
17	7,704	16,954	24,658
22	17,046	5,731	22,777
18	10,799	11,589	22,388
10	3,849	15,400	19,249

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, QBTS's at the money IV moved from 68.2 percent to 69.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	68.2%	69.6%	+1.4 points
Open interest, strikes captured near the price	330,124	330,646	+522
Put/call ratio, open interest	0.86	0.88	+0.01

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 34,410 QBTS option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	19,491
Puts traded	14,919
Against its recent average	0.9 times
Busier than	11 of its last 20 trading days
Open interest, whole chain	490,462 contracts
Volume to open interest	0.07
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 16 put expiring 2 Oct, 2,970 traded against 672 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of QBTS's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	20.23	$713,558	22	20
21 Sep 2026	17.70	minus $359,111	20	17
28 Sep 2026	16.78	minus $405,989	20	17

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of QBTS was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, signal on
Level above the close	18.10, the swing high of 18 Sep 2026
Level below the close	16.47, the swing low of 24 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull call spread (buy a call spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 QBTS sat at the 99th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	97 of 100	Bullish
20 trading days	99 of 100	Bullish
45 trading days	99 of 100	Bullish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 3 of 3 timeframes put QBTS on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 of 2
Long	45 day	Bullish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 QBTS's bullish signal had held 2 trading days in a row, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	Bullish	99 of 100
24 Sep 2026	Bullish	97 of 100
23 Sep 2026	None	55 of 100
22 Sep 2026	None	89 of 100
21 Sep 2026	Bullish	95 of 100
18 Sep 2026	Bullish	98 of 100
17 Sep 2026	None	84 of 100
16 Sep 2026	Bullish	96 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	46

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

QBTS closed at 16.78 on 28 Sep 2026.

Figure	Value
Last close	16.78
Change over 5 trading days	-5.2%
Change over 21 trading days	-6.3%
Change over 63 trading days	-29.6%
Change over 252 trading days	-36.3%
52 week high	46.75
52 week low	12.75
20 day moving average	17.00
50 day moving average	18.21
200 day moving average	21.00
RSI, 14 days	45

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

QBTS reports next on 5 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	5 Nov 2026, before the open
Date	Worked out from past quarters
Move after the report of 6 Aug 2026	-9.3%
Move after the report of 30 Apr 2026	+1.0%
Move after the report of 28 Jan 2026	-7.0%
Move after the report of 8 May 2025	+51.2%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Company Events

QBTS filed 4 current reports in the 14 days to 28 Sep 2026, the latest on 22 Sep 2026.

Filed	Report	What it covers
22 Sep 2026	Current report, amended	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
21 Sep 2026	Current report	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
17 Sep 2026	Current report	Regulation FD Disclosure
15 Sep 2026	Current report	Regulation FD Disclosure

Filings as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 5 Septembers on record, QBTS's average change was plus 11.3 percent, and it rose in 40.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+11.3%	0.0%	40.0%	5
October	-6.0%	+0.5%	60.0%	5
November	+28.1%	+0.6%	60.0%	5

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 2 headlines naming QBTS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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The Desk Analyst

The Free plan shows the first paragraph of The Desk Analyst's column on QBTS for 25 Sep 2026, quoted below.

The close is 17.41.

This is 17.3% below the 200-day simple moving average of 21.06.

Other moving averages are the SMA100 at 20.82, SMA50 at 18.21, SMA20 at 17.01, and SMA5 at 17.39.

Paper trading. Column for 25 Sep 2026, general commentary published the same way to every reader.

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Questions

What is QBTS's IV rank?: QBTS's IV rank is 3 of 100 on 28 Sep 2026.
What move are QBTS options pricing?: On 28 Sep 2026, QBTS options priced a move of 20.0 percent down and 21.5 percent up by 30 Oct 2026.
Where are QBTS's call wall and put wall?: On 28 Sep 2026, QBTS's call wall is the 20 strike and its put wall is the 17 strike.
What was the latest Trade Card for QBTS on the Free plan?: On 25 Sep 2026 the Trade Card for QBTS was a bull call spread expiring 15 Jan 2027, paper trading.
When does QBTS report earnings next?: QBTS reports next on 5 Nov 2026, a date worked out from past quarters.

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