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IONQ Covered Call Strategy: Is Now a Good Time to Sell Calls? Moderate · 65/100
IONQ · $28.79 ·
Analysis generated Apr 10, 2026 ·
Data as of market close Apr 10
· Market closed — data may be from last trading day
Quick Take
IONQ is trading at $28.79 with RSI at 40 (neutral territory). Options IV is at 79% — 29% below its 30-day average of 111%. Neither RSI nor IV strongly favor selling calls right now. Consider waiting for better conditions or using a different strategy.
Technical Signals
RSI (14)
40
IV Today
78.9%
IV vs 30d Avg
-29%
MACD
bullish
ADX
24
MFI
56
The Setup
IONQ Covered Call
LONG STOCK
100 shares @ $28.79
SHORT CALL
$31 Jun '26 · $3.48/sh
Net Cost
$2,531
Max Profit
+$569
Break-even
$25.31
Projected P&L at Target
+$569
(22.5%)
P&L at Expiry
P&L Scenarios
What happens at different IONQ prices by expiry:
| IONQ Price | Today | May 5 | May 27 | Jun 19 (exp) |
|---|---|---|---|---|
| $23 (-20%) | -$351 | -$301 | -$252 | -$228 |
| $24 (-15%) | -$251 | -$192 | -$127 | -$84 |
| $26 (-10%) | -$159 | -$92 | -$13 | +$60 |
| $27 (-5%) | -$76 | -$1 | +$91 | +$204 |
| $28 (-2%) | -$30 | +$48 | +$146 | +$290 |
| $29 (0%) ← now | -$0 | +$80 | +$181 | +$348 |
| $29 (+2%) | +$28 | +$110 | +$214 | +$406 |
| $30 (+5%) | +$68 | +$151 | +$259 | +$492 |
| $31 (+8%) ← target | +$101 | +$186 | +$296 | +$569 |
| $32 (+10%) | +$128 | +$214 | +$325 | +$569 |
| $33 (+15%) | +$182 | +$268 | +$379 | +$569 |
| $35 (+20%) | +$229 | +$315 | +$422 | +$569 |
Why This Strategy, Why Now
- RSI at 40
- IV -29% vs avg — premiums below average, less income
- MACD bullish — stock has upward momentum
- ADX at 24 — moderate trend
- No squeeze — no imminent breakout
Key Risks
IONQ has bullish momentum (MACD). If a positive catalyst emerges (earnings beat, product launch), the stock could gap past your strike. Consider rolling the call up if IONQ approaches the strike before expiry.