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NOK

Nokia Corporation SponsoredClose $13.85EOD only

Max Pain

$15.00

Next expiry Jun 12, 2026

Expected Move

±$1.02

7.4% from close

Price Gap

+1.15

Distance to max pain

IV Rank

High premium

P/C OI

0.32

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 9, 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 9, 2026 close

NOK Directional Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias supported by strong dealer gamma ($142M positive) and bullish flow, but high vol and spot below $15 max pain suggest pin action or mean reversion. QQQ weakness is a headwind. Trend is neutral, but gamma support likely limits downside in short term.

Confidence:

7.5 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; -1 spot 7.7% from MP; +0.5 VIX 20; overall 7.5.

Supports: Positive dealer gamma ($142M), bullish flow, VIX under 20.
Conflicts: Spot below max pain ($15), high vol regime, QQQ down 1.15%.

📈Bullish flow and $142M GEX suggest dealers pinning near $15.

⚠️Spot 7.7% below MP; high vol may amplify moves.

Regime Classification

Vol Regime

High

High vol: IV elevated vs normal range, consistent with recent macro drag and elevated VIX (19.87).

Gamma Regime

Pinning

Pinning: $142M positive GEX, no flip risk, dealers likely hedge upward moves.

Flow Regime

Bullish

Bullish: Net premium positive, call buying dominates; supports positive bias.

Spot vs Max Pain

Below

Below: Spot trades below $15 max pain for 6/12 expiry; potential upward drift toward pin.

Thesis duration: Multi-week — Multiple expiries (6/12, 6/18, 6/26) with structural gamma and flow; not a single event.

Price Range Forecast

Next 2 days

$12.83$14.87

Gamma pinning toward $14-$15; support at $12.83.

Next 1 week

$12.39$15.32

Drift toward $15 resistance; $12.39 support.

Next 2 weeks

$11.92$15.78

Range-bound until $15 break or $11.92 breakdown.

Key Levels

Max pain pins: $15 (2026-06-12); $14 (2026-06-18); $15 (2026-06-26)

EM guardrails: 2d $12.83/$14.87; 1w $12.39/$15.32

Support: $11.92

Resistance: $14.00 · $15.00 · $15.78

Structural: Support: $11.92 (2w low); Resistance: $14.0, $15.0 (max pain), $15.78 (2w high). EM guardrails: 2d $12.83/$14.87, 1w $12.39/$15.32.

Dealer Positioning (GEX/DEX)

GEX: $+142.0M

DEX: +136.2M shares

Gamma flip: N/A

NTM gamma: $142M positive GEX; dealers long gamma, bullish hedging pressure. No flip risk. DEX +136.2M shares (short).

IV Analysis

IV vs VIX: IV is rich vs VIX (19.87), but justified by high vol regime. Elevated vol supports premium selling but risks sharp moves.

Term structure: Term structure is contango with kinks at weekly expiries (6/12, 6/18). Front-end IV higher near events.

Skew: Skew is steep; put premium elevated. Opportunity: sell put spreads below $12 or call spreads above $16.

Flow Analysis

Net premium: Net premium $29.8M with PCR 0.28, call-heavy flow suggests bullish sentiment.

Directional prints: 87.1 call 14 OTM 2026-06-12 — Volume 6844 vs OI 2247 (3.0x), high IV, likely bought OTM calls for bullish bet. 88.3 call 14.5 OTM 2026-06-12 — Volume 8884 vs OI 3566 (2.5x), high IV, likely bought OTM calls.

Unusual: 185.2 put 10.5 OTM 2026-06-12 — Extreme IV 185%, vol/OI 3.3x, likely sold or hedge. 80.5 put 9 OTM 2026-08-21 — Vol 2026 vs OI 474 (4.3x), deep OTM put, likely sold for premium. 77.2 put 12.5 OTM 2026-07-02 — Vol 1584 vs OI 366 (4.3x), OTM put, possibly bearish hedge.

Risks & Catalysts

!Spot fails to reclaim $15, triggering gamma unwind.

!Break below $12.83 (2d low) opens path to $12.39.

!QQQ continued weakness drags tech/telecom names.

!High vol persists, eroding premium-selling strategies.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $14.00/$17.00 call spread Why now: Strong dealer gamma and bullish flow support upside; defined risk spread captures move.	Spot fails to reclaim $15; high IV decay.
Put credit spread	Moderate	Sell 2026-07-17 $12.00/$10.00 put spread Why now: Bullish flow and gamma support limit downside; credit spread harvests time decay.	Sharp breakdown below $12.83 support.

Top Plays

Bull Call Spread

Buy 2026-07-17 $14.00/$17.00 call spread

Buy $14/$17 call spread to capture upside.

Why this play: Strong bullish bias, positive gamma, and defined risk.

Debit: $0.76-$0.92

Max loss: $0.92

BE: $14.92

Mgmt: Target profit near $17; adjust if spot breaks $12.83.

Traders expecting a bullish move.

Put Credit Spread

Sell 2026-07-17 $12.00/$10.00 put spread

Sell $12/$10 put spread to profit from support.

Why this play: Bullish flow and gamma support limit downside; harvests premium.

Credit: $0.37-$0.46

Max loss: $1.54

BE: $11.54

Mgmt: Exit early if spot approaches $12; monitor gamma unwind.

Traders expecting limited downside or sideways.

Watchlist Triggers

Entry Triggers

IFNOK spot closes above $14.00 with volume → Enter bull call spread: buy 2026-07-17 $14/$17 call spread near $0.84

IFNOK spot holds above $12.00 for two days → Enter put credit spread: sell 2026-07-17 $12/$10 put spread near $0.42

Exit Triggers

EXITNOK spot breaks below $11.92 → Close both strategies: exit bull call spread and put credit spread

Tactical Summary

Bullish bias with $142M positive dealer gamma. Key support $11.92, resistance $14 (reclaim needed), $15 max pain. Use bull call spread on $14 break or put credit spread on $12 hold. Invalidation below $11.92.

How to Use These Reports

This directional reflects the market close on June 9, 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.