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NOK

Nokia Corporation SponsoredClose $14.80EOD only
Max Pain
$13.50
Next expiry Jun 18, 2026
Expected Move
±$1.21
8.2% from close
Price Gap
-1.30
Distance to max pain
IV Rank
95
High premium
P/C OI
0.32
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 12, 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 12, 2026 close
NOK Directional Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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Outlook

Bullish bias near-term supported by strong dealer gamma and bullish flow, with spot below max pain at $15, expecting upward drift toward resistance. High vol and pinning dynamics favor upside in 2d-1w horizon.

Confidence:
7.5 / 10
GEX/flow strongly aligned (+2), GEX positive pinning (+1), VIX 19 supports (+0.5), offset by spot 6.1% below MP (-1).
Supports: Dealer long gamma $151.7M, bullish flow, pinning at $15, positive SPY/QQQ momentum.
Conflicts: Spot 6.1% below MP, high vol, resistance at $15 (max pain).
🔒Dealer Gamma: +$151.7M net long gamma, strong pinning support at $14 and $15.
📈Flow: Bullish net premium, aligning with dealer positions.
🎯Max Pain: $15 for Jun 12 expiry, likely target if spot rallies.
⚠️VIX: 19.44 elevated, but supportive of vol premium.

Regime Classification

Vol Regime
High
IV elevated relative to typical levels due to near-term events; VIX at 19.44 supports high vol environment.
Gamma Regime
Pinning
GEX +$151.7M, strong positive gamma with flip at $14. Pinning effect supports mean-reversion toward $14-$15.
Flow Regime
Bullish
Net bullish premium flow, consistent with dealer positioning and gamma expectations.
Spot vs Max Pain
Below
Spot currently below mp at $15 (Jun 12) and $14 (Jun 18), providing upward bias to reach max pain.
Thesis duration: Event-specific — Proximity to multiple max pain expiries and high gamma concentration make near-term moves more predictable; price ranges defined by dealer guardrails.

Price Range Forecast

Next 2 days
$13.50$14.68
Expect drift toward $15 resistance, supported by gamma pinning and bullish flow.
Next 1 week
$12.85$15.33
Multi-day upswing targeting $14-$15, with support at $14.
Next 2 weeks
$12.37$15.82
Broader range with upside potential, but resistance at $15.82.

Key Levels

Max pain pins: $15 (2026-06-12); $14 (2026-06-18); $14 (2026-06-26)
EM guardrails: 2d $13.50/$14.68; 1w $12.85/$15.33
Support: $14.00 · $12.37
Resistance: $15.00 · $15.82
Gamma flip: ~$14.00 — Approx — based on put OI concentration of 55,562 (0.6% below spot)
Structural: Support: $14 (gamma flip) and $12.37 (2w low); Resistance: $15 (max pain Jun 12) and $15.82 (2w high).

Dealer Positioning (GEX/DEX)

GEX: $+151.7M

DEX: +137.4M shares

Gamma flip: ~$14 (Approx — based on put OI concentration of 55,562 (0.6% below spot))

NTM gamma: Dealers net long gamma $151.7M, delta positive 137.4M shares; gamma flip near $14.

IV Analysis

IV vs VIX: Ticker IV elevated relative to VIX given high vol regime and event risk; premium expensive for near-term options.

Term structure: Likely backwardation due to near-term events (Jun 12, 18, 26), with vol higher for front month.

Skew: Put skew elevated due to downside protection demand; selling puts near $14 support may be favorable.

Flow Analysis

Net premium: Net call premium $12.7M, P/C volume ratio 0.26, strongly bullish.

Directional prints: 73 call 14 ITM 2026-06-12 — Volume 47787 vs OI 7456 (ratio 6.4). Aggressive new call buying, bullish bet on near-term upside. 72.7 call 14.5 OTM 2026-06-12 — Volume 25747 vs OI 5465 (ratio 4.7). Continued call accumulation, OTM strike. 98.8 call 34 OTM 2026-10-16 — Volume 2018 vs OI 152 (ratio 13.3). Speculative deep OTM call buying, long-dated lottery.

Unusual: 500 call 6.5 ITM 2026-06-12 — Volume 420, OI 216. Extreme IV 500% suggests deep ITM or illiquid; likely a corrective trade. 500 call 7 ITM 2026-06-12 — Volume 420, OI 231. Similar extreme IV pattern; possibly paired with $6.5C as spread. 223.4 put 17.5 ITM 2026-06-12 — Volume 811 vs OI 151 (ratio 5.4). Elevated put activity with high IV, could be tail hedge.

Risks & Catalysts

!Failure to hold $14 support leads to sharp decline toward $12.37.
!Flow reversal could negate bullish thesis.
!Elevated IV compresses after events.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-08-21 $15.00/$18.00 call spread
Why now: Buy 15c/sell 18c 71dte captures upside with defined risk, leveraging net call premium.
Upside capped at $18; if stock declines below $15, max loss equals debit paid.
Bullish risk reversalModerate-Strong
Buy 2026-08-21 $15.00 call / sell 2026-08-21 $14.00 put
Why now: Buy 15c, sell 14p 71dte for low/zero cost; bullish flow supports move above $15.
If stock drops below $14, assignment risk; unlimited downside on short put if unhedged.
Cash-secured putModerate
Sell 2026-08-21 $14.00 cash-secured put
Why now: Bullish bias and support at $14; elevated IV boosts premium; target entry before earnings.
If stock falls below $14, obligated to buy at $14; downside exposure to $12.37 support break.

Top Plays

#1
Bull Call Spread
Buy 2026-08-21 $15.00/$18.00 call spread
Captures upside drift toward $18 with defined risk, using 71dte options to reduce time decay effects.
Why this play: Best risk/reward for bullish thesis; defined max loss of $0.83 vs unlimited upside up to $2.17. Leverages net call premium and strong flow.
Debit: $0.68-$0.83
Max loss: $0.83
BE: $15.83
Mgmt: Set stop-loss at $14 invalidation; take profit at $17.50 or at earnings.
Traders wanting a balanced bullish play with capped risk.
#2
Cash-Secured Put
Sell 2026-08-21 $14.00 cash-secured put
Sell put at $14 to collect premium; if assigned, acquire stock at effective cost below support.
Why this play: Generates high premium (up to $2.06) with support at $14; elevated IV and bullish bias favor this income strategy.
Credit: $1.68-$2.06
Max loss: $11.94
BE: $11.94
Mgmt: Buy back if stock drops below $14.50; roll or let expire if above $14.
Income-oriented traders expecting price to hold above $14.
#3
Bullish Risk Reversal
Buy 2026-08-21 $15.00 call / sell 2026-08-21 $14.00 put
Buy call and sell put for near-zero debit; expresses strong bullish conviction with leverage.
Why this play: Offers low/zero cost and unlimited upside potential, but carries significant max loss ($13.83) if support fails.
Credit: $0.14-$0.17
Max loss: $13.83
BE: $13.83
Mgmt: Exit if stock breaks below $14; take partial profits above $18.
Aggressive traders willing to accept high risk for high reward.

Watchlist Triggers

Entry Triggers
IFIF spot holds above $14 support and bullish flow confirmed → THEN sell 2026-08-21 $14 cash-secured put for $1.68-$2.06 credit
IFIF spot breaks above $15 resistance → THEN buy 2026-08-21 $15/$18 call spread for $0.68-$0.83 debit
IFIF spot holds $14 and bullish momentum strengthens → THEN enter 2026-08-21 $15 call/$14 put risk reversal for $0.14-$0.17 debit
Adjustment Triggers
ADJIF spot drops below $14.50 → THEN buy back $14 cash-secured put to close
Exit Triggers
EXITIF spot breaks below $14 invalidation → THEN close all bullish positions: call spread, risk reversal, cash-secured put
EXITIF spot reaches $17.50 → THEN take profit on call spread by selling to close
EXITIF spot exceeds $18 → THEN take partial profits on risk reversal by selling call

Tactical Summary

Bullish bias near-term. Support $14 (gamma flip), resistance $15 (max pain) then $15.82. Favor bull call spread ($15/$18) for defined risk, cash-secured put for income, or risk reversal for leverage. Invalidation below $14. Earnings 2026-07-23 provides catalyst. Monitor for break above $15 to confirm upside momentum.
How to Use These Reports
This directional reflects the market close on June 11, 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.

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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.