D-Wave options flow shows 3.16:1 call-to-put ratio ahead of CHIPS Act catalyst

Investing.com — Options activity is flashing a nearly unanimous bullish stance on D-Wave Quantum (QBTS). The ratio stands at 3.16 calls for every put across 80,944 contracts, and the pattern points to traders aggressively positioning ahead of a CHIPS Act catalyst. Yet there is a notable twist: the highest-volume strike prices are set to expire in just three trading days.

The trading crowd is heavily tilted toward calls

As of 2:20 PM EDT, the call-to-put division was pronounced:

A 3.16:1 call-to-put ratio, accompanying a +6.15% advance (with the stock at $17.60 as of 2:46 PM EDT), is far from routine hedging. This looks like straightforward directional wagers, with market participants piling in after the gap higher and anticipating another leg up.

The three-day gamma backdrop

The most telling element is that three of the top five most active strikes expire September 11, 2026 — that is, this Friday.

Trading volume far exceeds open interest at every one of those strike prices, indicating that these are newly minted positions opened today rather than pre-existing ones.

The $20 call, which sits 13.6% above the current price and expires in three trading days, is the most heavily traded contract of the session. Such options function almost like lottery tickets: they carry cheap premium, enormous leverage, and very little time value. Either QBTS pushes higher, or they end up worthless when the closing bell rings on Friday.

Volatility sends a double signal

Three-month implied volatility stands at 79.34%, up 1.56 percentage points on the day — a sign the market anticipates continued turbulence. Elevated IV makes options sellers demand richer premiums, yet buyers continue to charge in regardless.

The 90/110 skew, at -1.25 percentage points (up 0.18 ppt on the day), reflects a negative value. On a relative basis, that means upside calls carry higher implied volatility than downside puts. This setup is a call skew, showing the options market assigns a higher probability to further upside than to downside — a reversal of the typical put-skew pattern, which usually signals fear of a drop.

The bearish case hidden in the flow

The September 11 $17 put stands out, with 2,685 contracts traded against open interest of 1,085. It is $0.60 in the money based on the underlying's last quoted price of $17.65. This could be a sign of traders buying downside protection ahead of Thursday, especially those who are long the stock but want a hedge. It might also reflect profit-taking by investors locking in gains. Either way, sentiment is not universally bullish.

What the options flow actually suggests

Short-term (into Friday): The outsized September 11 call open interest creates a gamma magnet in the $18 to $18.50 area. As the price moves toward those strikes, market makers who are hedging their positions may be forced to buy shares, fueling a self-reinforcing rally — unless the momentum fades.

Longer-dated perspective: The October 16 $21 call, with 2,601 contracts and existing open interest of 2,358, indicates some participants are positioning for a sustained advance well beyond this week's noise.

The $100 million CHIPS Act catalyst is both real and substantial — regardless of the government's equity stake, it validates D-Wave's technology roadmap toward a 100,000-qubit annealing system. Options flow suggests the market views this as a stock re-rating event rather than a temporary spike.

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