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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

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 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias near-term as spot at $15.37 sits 9.8% above max pain ($14), inviting reversion. Dealer gamma and bullish flow provide support at $14, but high vol and distant spot suggest downside risk. Confidence moderate.

Confidence:

8 / 10

Base 6, -1 spot far from MP, -1 vol high, +1 gamma support, +1 flow bullish, -1 conflicting market cues.

Supports: Dealer gamma (+$185M), max pain pinning, bullish flow.
Conflicts: Spot far above MP, high vol, potential for market reversal.

📌Max pain $14 (6/18,6/26,7/2) exerts strong pull; spot 9.8% above.

🟢Bullish flow & +$185M GEX suggest support at $14, but not upside.

⚠️High vol regime + distant spot = elevated risk of reversion.

Regime Classification

Vol Regime

High

High vol regime; IV elevated but VIX at 16.2 suggests moderate premium.

Gamma Regime

Pinning

Pinning regime; $14 is key gamma flip based on heavy put OI (56k contracts).

Flow Regime

Bullish

Bullish flow; net premium positive, puts concentrated at $14.

Spot vs Max Pain

Above

Spot at $15.37, well above $14 MP; pinning pressure and potential mean reversion.

Thesis duration: Multi-week — Pinning extends through multiple expiries (6/18, 6/26, 7/2) and vol is structural.

Price Range Forecast

Next 2 days

$13.82$15.81

EM guardrails $13.82-$15.81; spot near top, reversion to $14 likely.

Next 2 weeks

$12.77$16.86

Key support $12.77 (lower EM); break below $14 opens $12.77.

Key Levels

Max pain pins: $14 (2026-06-18); $14 (2026-06-26); $15 (2026-07-02)

EM guardrails: 2d $13.82/$15.81

Support: $14.00 · $13.50 · $12.77

Resistance: $15.00 · $16.86

Gamma flip: ~$14.00 — Approx — based on put OI concentration of 56,286 (5.5% below spot)

Structural: Support $14 (gamma flip, max pain), $13.5, $12.77; Resistance $15, $16.86. EM 2d guardrails $13.82-$15.81.

Dealer Positioning (GEX/DEX)

GEX: $+185.2M

DEX: +143.7M shares

Gamma flip: ~$14 (Approx — based on put OI concentration of 56,286 (5.5% below spot))

NTM gamma: GEX +$185.2M bullish; DEX +143.7M shares; gamma flip ~$14 from put OI concentration.

IV Analysis

IV vs VIX: Ticker IV is rich vs VIX 16.2, indicating elevated options premium; but high vol regime justifies some premium.

Term structure: Likely contango; near-term expiries (6/18) have higher IV due to pinning, longer-dated lower.

Skew: Put skew elevated at $14; selling puts at the flip could be high probability.

Flow Analysis

Net premium: Net premium $23.4M bullish, P/C volume ratio 0.24, P/C OI ratio 0.33, indicating strong call activity.

Directional prints: 82.4 call 14.5 ITM 2026-06-18 — Vol 7611 vs OI 4223 (vol/OI 1.8), near-term; likely bought for directional move. Preferred read: bullish.

Unusual: 83 call 14.5 ITM 2026-07-31 — Vol 847 vs OI 144 (vol/OI 5.9), high ratio; likely bought. Preferred read: bullish. 87.7 call 15 OTM 2026-07-31 — Vol 313 vs OI 149 (vol/OI 2.1); likely bought. Preferred read: bullish. 113.1 call 34 OTM 2026-08-21 — Vol 643 vs OI 382 (vol/OI 1.7), very OTM lotto; likely bought. Preferred read: bullish.

Risks & Catalysts

!Bullish flow and dealer gamma may fail if spot breaks below $14.

!High vol regime could expand further on negative news.

!Market rally (SPY +1.76%, QQQ +3.14%) may reverse, dragging NOK.

!Earnings or company-specific catalysts not accounted for.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-24 $14.00/$12.50 put spread Why now: Spot 23% above max pain; bearish flow and dealer gamma at $14 provide target.	If spot rallies past $15, spread loses; earnings risk.
Call credit spread	Moderate-Weak	Sell 2026-07-24 $18.00/$20.50 call spread Why now: High call IV and bullish flow overextended; sell 16/17 call spread for theta decay.	Upside breakout from strong rally could breach short call. Liquidity constraints: short_call: Wide spread (57%).; long_call: Wide spread (168%).

Top Plays

Bear put spread

Buy 2026-07-24 $14.00/$12.50 put spread

Exploits reversion to max pain with put flow and high IV.

Why this play: Aligned with bearish bias; spot 23% above max pain ($14) and dealer gamma supports downside. Superior risk/reward vs call credit spread with liquidity failure.

Debit: $0.50-$0.61

Max loss: $0.61

BE: $13.39

Mgmt: Exit if spot breaks above $15 or near $14 target.

Bearish traders targeting $14 support with defined risk.

Watchlist Triggers

Entry Triggers

IFIF spot closes below $15.00 resistance → THEN buy $14/$12.5 put spread at $0.50-$0.61 debit

Adjustment Triggers

ADJIF spot reaches $14.00 support and holds → THEN take partial profits or reduce position

Exit Triggers

EXITIF spot breaks above $15.00 or closes near $14.00 target → THEN close bear put spread

Tactical Summary

Bearish near-term; spot 23% above max pain ($14) with dealer gamma support. Key support $14, $13.5, $12.77; resistance $15, $16.86. Best play: buy $14/$12.5 put spread. Invalidation above $15.

How to Use These Reports

This directional reflects the market close on June 15, 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.