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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 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

NOK exhibits bullish bias from strong positive gamma and bullish flow, with spot below $15 max pain. High vol and VIX 22 elevate risk but gamma pinning likely pulls price toward $15 by expiry. Confidence base 8/10.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive (pinning); -0.5 spot 4.1% below MP; +0.5 VIX 22 elevated.

Supports: Positive GEX $142M, bullish flow, VIX 22.
Conflicts: SPY/QQQ selloff (risk-off), spot below MP 4.1%.

🟢Bullish flow + Pinning gamma at $15; strong dealer hedging.

⚠️Spot 4.1% below $15 MP; gap to fill, but pinning risk.

📉Broad market down ~3-5% conflicting with bullish thesis.

Regime Classification

Vol Regime

High

High IV relative to VIX 21.5; implied vol elevated due to expiry event and market selloff.

Gamma Regime

Pinning

Positive GEX $142M; gamma flip near $14; put OI concentration acts as support.

Flow Regime

Bullish

Bullish net premium flow; call buying dominates, pushing dealer hedging upward.

Spot vs Max Pain

Below

Spot ~$14.4, 4.1% below $15 max pain; below MP but within pinning range.

Thesis duration: Event-specific — Expiry on 2026-06-05; max pain $15 pinning and gamma dynamics dominate today.

Price Range Forecast

Next 1 week

$12.94$15.82

Gamma pin to $15 max pain; positive GEX supports upward drift.

Next 2 weeks

$12.57$16.20

Range $12.57/$16.2; direction depends on macro and earnings.

Key Levels

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

EM guardrails: 1w $12.94/$15.82

Support: $14.00 · $12.57

Resistance: $15.00 · $16.20

Gamma flip: ~$14.00 — Approx — based on put OI concentration of 53,406 (2.6% below spot)

Structural: Max pain: $15 (Jun5), $16 (Jun12), $14 (Jun18). EM guardrails 1w $12.94/$15.82. Support $14, $12.57. Resistance $15, $16.2. Gamma flip ~$14.

Dealer Positioning (GEX/DEX)

GEX: $+142.1M

DEX: +149.1M shares

Gamma flip: ~$14 (Approx — based on put OI concentration of 53,406 (2.6% below spot))

NTM gamma: GEX +$142.1M, DEX +149.1M shares. Gamma flip ~$14 (put OI 53,406, 2.6% below spot).

IV Analysis

IV vs VIX: Ticker IV rich vs VIX 21.5; reflects event premium and positive gamma cost.

Term structure: Short-dated IV elevated, likely backwardated into expiry; vols decline after event.

Skew: Put skew elevated; consider call spreads to capture pinning upside.

Flow Analysis

Net premium: Call-heavy flow with $40.7M net premium and low P/C ratio 0.35, indicating aggressive bullish positioning.

Directional prints: 71.9 call 15.5 OTM 2026-06-05 — Vol/OI 1.8 indicates new positions; likely bought, bullish bet on upside above $15.5. 76.6 put 15 ITM 2026-06-05 — Vol/OI 3.1, two-sided: either bought as bearish hedge or sold for premium; given net premium, likely sold (bullish).

Unusual: 15.6 call 14.5 OTM 2026-06-05 — Vol/OI 6.1 extremely high; likely bought calls (bullish), positioning for move to $14.50. 86.9 put 16 ITM 2026-06-18 — Vol/OI 5.6 unusual; two-sided: bought puts for downside or sold puts; high IV favors selling; likely sold puts (bullish). 85.9 put 14 OTM 2026-06-12 — Vol/OI 4.9 notable; likely bought puts for downside protection or sold; net bullish flow suggests sold puts.

Risks & Catalysts

!Gap below $14 gamma flip accelerates selloff.

!Broad market risk-off continues (SPY -2.6%, QQQ -4.8%).

!Pin failure: spot fails to reach $15, causing disappointment.

!IV crush post-expiry reduces option value.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-08-21 $16.00/$20.00 call spread Why now: Defined-risk bullish play capturing upside to $16 with high vol. Uses on/after earnings expiration.	Gap below $14; pin failure; broad risk-off.
Bullish risk reversal	Moderate	Buy 2026-08-21 $16.00 call / sell 2026-08-21 $12.00 put Why now: Upside convexity financed by short downside put. Defined risk on downside with high premium.	Downside gap below short put strike; margin expansion on put assignment.
Put credit spread	Moderate	Sell 2026-08-21 $12.00/$11.00 put spread Why now: Collect premium at defined risk below $14. High vol boosts credit. Earnings support bullish stance.	Gap down below $13; pin failure; vol expansion.

Top Plays

Bull Call Spread $16/$20

Buy 2026-08-21 $16.00/$20.00 call spread

Captures upside to $16 with limited loss. Good for directional bet on earnings.

Why this play: Defined risk, aligns with bullish flow and max pain near $15. High vol boosts premium.

Debit: $0.63-$0.77

Max loss: $0.77

BE: $16.77

Mgmt: Exit at $16 target or 21 DTE if below $14. Stop loss at $14 invalidation.

Traders seeking defined-risk bullish exposure with high probability of success.

Put Credit Spread $12/$11

Sell 2026-08-21 $12.00/$11.00 put spread

Profits if stock stays above $12. Neutral-to-bullish, low stress.

Why this play: Collects premium from high vol with defined risk. Supports bullish stance below $14.

Credit: $0.35-$0.43

Max loss: $0.57

BE: $11.57

Mgmt: Hold to expiration or buy back at 50% max gain. Stop loss if stock breaks $14.

Income-focused traders preferring probability over large upside.

Bullish Risk Reversal $16/$12

Buy 2026-08-21 $16.00 call / sell 2026-08-21 $12.00 put

Finances call with short put. High reward but requires strong bullish conviction.

Why this play: Unlimited upside but short put risk; less attractive given market risk-off tone.

Debit: $0.60-$0.74

Max loss: $12.00

BE: $12.00

Mgmt: Monitor closely; roll put if stock approaches $14. Stop loss at $12 short strike.

Aggressive traders comfortable with short put assignment risk.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $14 support with bullish flow → THEN buy 2026-08-21 $16/$20 call spread at $0.63-$0.77

IFIF spot stays above $14 support → THEN sell 2026-08-21 $12/$11 put spread at $0.35-$0.43

Exit Triggers

EXITIF spot breaks below $14 gamma flip level → THEN close all bullish positions including bull call spread and put credit spread

Tactical Summary

Bullish bias with max pain $15 and support $14. Enter bull call spread $16/$20 or put credit spread $12/$11 if spot holds $14. Exit all bullish positions if spot breaks below $14. High vol increases premium but risk-off market requires close monitoring.

How to Use These Reports

This directional reflects the market close on June 5, 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.