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NOK

Nokia Corporation SponsoredClose $13.49EOD only

Max Pain

$14.00

Next expiry Jun 26, 2026

Expected Move

±$1.05

7.8% from close

Price Gap

+0.51

Distance to max pain

IV Rank

100

High premium

P/C OI

0.32

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

NOK Directional Report

Analysis based on market close June 22, 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 bullish flow, dealer long gamma/delta, and spot above max pain $14. Pinning near $14 may cause near-term consolidation but directional bias is up.

Confidence:

8.5 / 10

Base 5 +2 GEX/flow aligned +0 GEX pinning (neutral) -0.5 spot 3.1% from MP +1 VIX 17 = 7.5.

Supports: Bullish flow, dealer long gamma/delta, spot above MP, VIX moderate.
Conflicts: Max pain pin at $14, resistance at $15, gamma flip risk at $12.

📌Max pain $14 across three weekly expiries

🟢Dealers long gamma $133.8M supports stability

📈Bullish flow and spot above MP

Regime Classification

Vol Regime

High

IV elevated relative to typical range, consistent with high option activity and VIX above normal for stock.

Gamma Regime

Pinning

Positive GEX with pinning at $14 max pain; gamma flip at ~$12.

Flow Regime

Bullish

Net premium bullish, put/call ratio leans bullish.

Spot vs Max Pain

Above

Spot above $14 max pain by ~3%, bullish positioning.

Thesis duration: Event-specific — Multiple weekly expiries with max pain $14, high GEX, and bullish flow suggest near-term event-driven thesis.

Price Range Forecast

Next 1 week

$12.79$16.08

Range $12.79-$16.08; dealer gamma supports, but pinning may cap initial upward move.

Next 2 weeks

$12.34$16.52

Range $12.34-$16.52; break above $15 could accelerate; gamma flip at $12 offers downside buffer.

Key Levels

Max pain pins: $14 (2026-06-26); $14 (2026-07-02); $14 (2026-07-10)

EM guardrails: 1w $12.79/$16.08

Support: $14.00 · $12.34

Resistance: $15.00 · $16.52

Gamma flip: ~$12.00 — Approx — based on put OI concentration of 46,249 (16.8% below spot)

Structural: Key support $14 (max pain) and $12.34 (2w low); resistance $15 (proximal) and $16.52 (2w high); gamma flip ~$12.

Dealer Positioning (GEX/DEX)

GEX: $+133.8M

DEX: +126.4M shares

Gamma flip: ~$12 (Approx — based on put OI concentration of 46,249 (16.8% below spot))

NTM gamma: Dealers net long gamma $133.8M, long delta 126.4M shares. Gamma flip at ~$12 from put OI concentration.

IV Analysis

IV vs VIX: IV rich relative to VIX (17.28) due to high vol regime, option premiums elevated.

Term structure: Term structure upward sloping with kinks near weekly expirations; near-term vol elevated.

Skew: Put skew elevated from hedging; potential opportunity in selling put spreads at $12 support.

Flow Analysis

Net premium: Net premium $27.2M with P/C volume ratio 0.26, heavily call-biased.

Directional prints: 87.9 call 14.5 OTM 2026-06-26 — Vol 31k vs OI 5.2k (6x); high IV 88%; aggressive call buying, bullish. 91.4 call 15 OTM 2026-07-24 — Vol 23k vs OI 8k (2.9x); OTM call buying, bullish. 92.2 call 13 ITM 2026-06-26 — Vol 4k vs OI 1.6k (2.5x); ITM call buying, bullish.

Unusual: 93.8 put 10.5 OTM 2026-07-10 — Vol 1.7k vs OI 108 (15.7x); deep OTM put buying, bearish hedge or speculation. 117.2 call 26 OTM 2026-07-17 — Vol 1k vs OI 398 (2.6x); deep OTM call buying, lottery-style bullish. 83.8 call 14.5 OTM 2026-07-02 — Vol 6.9k vs OI 2.1k (3.3x); near-term call buying, bullish.

Risks & Catalysts

!Break below $14 max pain could trigger stop-losses and accelerate downside.

!Gamma flip at $12 would turn dealers net short gamma.

!Broader market weakness (SPY/QQQ negative) could weigh on stock.

!VIX spike above 20 could increase option implied vol.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-24 $15.00/$16.50 call spread Why now: Call flow and OI conviction support upside; short IV risk defined.	Max loss if stock below long strike at expiration.
Put credit spread	Moderate	Sell 2026-07-24 $12.50/$11.50 put spread Why now: Dealer gamma long; pinning near $14; defined-risk premium harvest.	Max loss if stock below short strike at expiration.
Bullish risk reversal	Conditional	Buy 2026-07-24 $15.00 call / sell 2026-07-24 $13.00 put Why now: Recent aggressive call buying; skew favors upside; define risk via put.	Short put risk if stock drops; unlimited call upside but needs direction.
Cash-secured put	Moderate	Sell 2026-07-24 $12.50 cash-secured put Why now: Stock above max pain; high IV on puts for premium; defined entry.	Obligation to buy stock if assigned below strike; cash required.

Top Plays

Bull Call Spread

Buy 2026-07-24 $15.00/$16.50 call spread

Buy $15/$16.50 call spread up to $0.58 debit.

Why this play: Directly leverages heavy call flow and bullish bias with defined risk.

Debit: $0.48-$0.58

Max loss: $0.58

BE: $15.58

Mgmt: Exit at 50% of max gain or at expiration if below $15.

Traders seeking upside capture with capped loss.

Bullish Risk Reversal

Buy 2026-07-24 $15.00 call / sell 2026-07-24 $13.00 put

Buy $15 call, sell $13 put for ~$0.49-$0.59 credit.

Why this play: Exploits aggressive call buying and skew; unlimited upside.

Debit: $0.49-$0.59

Max loss: $13.00

BE: $13.00

Mgmt: Roll put up if stock drops near $14; take profit on call if rally.

Aggressive traders willing to take short put risk.

Put Credit Spread

Sell 2026-07-24 $12.50/$11.50 put spread

Sell $12.50/$11.50 put spread for up to $0.26 credit.

Why this play: Harvests premium from elevated put IV with defined risk.

Credit: $0.21-$0.26

Max loss: $0.74

BE: $12.24

Mgmt: Close at 50% profit or if stock breaks $14.

Conservative bulls wanting income with downside buffer.

Watchlist Triggers

Entry Triggers

IFSpot breaks and holds above $15.00 for 1 hour → Buy NOK_1 bull call spread (2026-07-24 $15/$16.50) limit $0.55

IFSpot stays above $14.00 and IV percentile > 30 → Sell NOK_2 put credit spread (2026-07-24 $12.50/$11.50) limit $0.24

Adjustment Triggers

ADJSpot drops to $14.00 → Roll short put of NOK_3 up to $14.00 for a debit, keep long call

Exit Triggers

EXITSpot closes below $13.50 → Close all bullish positions (NOK_1, NOK_2, NOK_3)

Tactical Summary

Bullish bias with defined-risk upside plays. Key support $14 (max pain). Enter on break above $15 or hold above $14. Manage/exit if spot breaks $14. Risk: broad market weakness or gamma flip at $12.

How to Use These Reports

This directional reflects the market close on June 22, 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.