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NOK

Nokia Corporation SponsoredClose $16.62EOD only

Max Pain

$15.00

Next expiry Jun 5, 2026

Expected Move

±$0.62

3.7% from close

Price Gap

-1.62

Distance to max pain

IV Rank

High premium

P/C OI

0.31

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: Jun 4, 2026 close

End-of-day snapshot

This page reflects NOK options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 4, 2026 close

NOK Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Bullish bias from strong GEX/flow alignment and gamma pinning near $16, but spot 10.8% above max pain adds risk. High vol and event-driven setup favor upside within 2-day range $16-$17.24, caution on longer duration.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot far from MP; +1 VIX 15. Total 8.

Supports: Strong bullish flow, high GEX, gamma pinning, low VIX.
Conflicts: Spot 10.8% above max pain, high vol uncertainty.

📈GEX $+226.9M and bullish flow align

⚠️Spot 10.8% above $15 max pain

📊VIX 15.4 provides vol premium

Regime Classification

Vol Regime

High

IV elevated due to event and bullish flow; VIX 15.4 implies implied vol above realized.

Gamma Regime

Pinning

GEX $+226.9M positive, pinning near $16; no near-term flip risk.

Flow Regime

Bullish

Net bullish premium flow; calls dominate puts.

Spot vs Max Pain

Above

Spot above max pain $15 by 10.8%, gamma support near $16.

Thesis duration: Event-specific — High vol, positive GEX, and flow concentration around weekly expiry indicate event-driven dynamics.

Price Range Forecast

Next 2 days

$16.00$17.24

Gamma pinning near $16; upside bias to $17.24

Next 1 week

$14.95$18.29

Broader range $14.95-$18.29; max pain $16 on 06-12

Next 2 weeks

$14.49$18.76

Wider range; support $14.49, resistance $18.76

Key Levels

Max pain pins: $15 (2026-06-05); $16 (2026-06-12); $14 (2026-06-18)

EM guardrails: 2d $16.00/$17.24; 1w $14.95/$18.29

Support: $15.00 · $14.49

Resistance: $17.00 · $18.76

Structural: Max pain pins: $15 (06-05), $16 (06-12), $14 (06-18). EM guardrails: 2d $16.00/$17.24; 1w $14.95/$18.29. Support $15, $14.49; resistance $17, $18.76.

Dealer Positioning (GEX/DEX)

GEX: $+226.9M

DEX: +177.3M shares

Gamma flip: N/A

NTM gamma: Dealer gamma positive at $+226.9M, delta positive at +177.3M shares; no gamma flip within 30% of spot.

IV Analysis

IV vs VIX: IV elevated vs VIX 15.4, event risk; attractive for premium sellers.

Term structure: Likely inverted short-term due to weekly expiry, normalizing out.

Skew: Call skew elevated; put spreads to collect premium near resistance.

Flow Analysis

Net premium: Net call premium $77.7M; P/C vol ratio 0.24, bullish.

Directional prints: 61.7 call 16.5 ITM 2026-06-05 — Vol/OI 1.9 suggests new bullish buying; bought. 108.2 call 27 OTM 2026-07-17 — Vol/OI 2.4 aggressive call buying; bought. 95.1 call 19.5 OTM 2026-06-18 — Vol/OI 2.8 bullish flow; bought.

Unusual: 110.9 put 11.5 OTM 2026-06-12 — Vol/OI 18.3x large put purchase for protection; bought. 500 call 4 ITM 2026-06-05 — Vol/OI 5.0x; short-dated deep ITM call; likely closing or speculative buy. 84.4 call 18 OTM 2026-07-10 — Vol/OI 3.6x moderate; probable bullish buying.

Risks & Catalysts

!Spot falls below $16 gamma support

!GEX flips if put OI builds

!Earnings or macro event disrupts pinning

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-18 $16.50/$18.50 call spread Why now: Captures upside debit spread with limited cost; high call delta and flow support.	Spot below $16 gamma support or vol crush.
Put credit spread	Moderate-Weak	Sell 2026-06-18 $15.00/$14.50 put spread Why now: High put OI and gamma support; collect premium with low assignment risk.	Spot drops below $15 if support fails. Liquidity constraints: long_put: Wide spread (58%).
Bullish risk reversal	Conditional	Buy 2026-06-18 $17.00 call / sell 2026-06-18 $15.00 put Why now: Long call upside, short put premium offsets cost; suitable for defined-risk bullish view.	Unlimited risk on short put if spot drops sharply.

Top Plays

Bull Call Spread 16.50/18.50

Buy 2026-06-18 $16.50/$18.50 call spread

Buy June 18 $16.50 call, sell $18.50 call debit spread.

Why this play: Defined risk and lower capital, aligns with event-specific bullish bias and call flow.

Debit: $0.54-$0.66

Max loss: $0.66

BE: $17.16

Mgmt: Exit if spot <$16 or near $18.50; manage theta decay.

Traders seeking capped upside with limited risk.

Bullish Risk Reversal 17C/15P

Buy 2026-06-18 $17.00 call / sell 2026-06-18 $15.00 put

Long $17 call, short $15 put for zero-cost upside.

Why this play: Unlimited upside with premium offset, but higher risk.

Debit: $0.52-$0.64

Max loss: $15.00

BE: $15.00

Mgmt: Close if spot nears $15 or call loses momentum.

Aggressive traders accepting pin risk.

Watchlist Triggers

Entry Triggers

IFIf NOK spot holds above $16.00 gamma support → Buy Jun18 $16.50/$18.50 bull call spread debit spread

IFIf NOK spot bounces at $16.00 support → Initiate bullish risk reversal: buy Jun18 $17 call, sell Jun18 $15 put

Adjustment Triggers

ADJIf spot approaches $18.50 resistance or falls below $16.00 → Close bull call spread to lock gains or limit loss

Exit Triggers

EXITIf spot drops below $15.00 invalidation level → Exit bullish risk reversal to avoid pin risk

Tactical Summary

Bullish bias near $16 gamma, support $15-$16, resistance $17-$18.76. Favored: Bull call spread 16.50/18.50 within 2-day range. Alternative: Risk reversal 17C/15P for aggressive. Manage if spot <$15 exit all.

How to Use These Reports

This directional reflects the market close on June 4, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.