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NOK

Nokia Corporation SponsoredClose $14.43EOD only

Max Pain

$14.00

Next expiry Jun 26, 2026

Expected Move

±$1.16

8.0% from close

Price Gap

-0.43

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.31

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 22, 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 22, 2026 close

NOK Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias driven by strong dealer gamma pinning at $14 and bullish flow, with spot below max pain. High vol supports a move towards resistance. Key support at $11.9.

Confidence:

8.5 / 10

Base 5; +2 GEX/flow aligned (bullish flow and positive gamma); +1 GEX pinning; +0.5 VIX 19 providing tailwind.

Supports: Dealer gamma at $14, bullish flow, high vol, spot below max pain.
Conflicts: Resistance at $15, gamma flip risk below $12, market selloff (SPY -1.45%, QQQ -3.29%)

📌Max pain $14 pinning through three expiries, dealer gamma $117M

📈Bullish flow with dealer positive gamma, spot below gamma peak

⚡High vol regime and VIX ~19 support significant moves

⚠️Market weakness (QQQ -3.3%) poses conflict to bullish thesis

Regime Classification

Vol Regime

High

IV is High relative to typical, with VIX at 19.5, indicating elevated premium.

Gamma Regime

Pinning

GEX +$117M, strong dealer gamma at $14 pinning price, gamma flip at ~$12 based on put OI.

Flow Regime

Bullish

Net premium context is bullish, call flow dominant.

Spot vs Max Pain

Below

Spot is below max pain at $14, suggesting upward pull towards pin level.

Thesis duration: Event-specific — Three expiries within 2 weeks with consistent pin at $14 and strong dealer gamma, making it event-driven.

Price Range Forecast

Next 2 days

$12.77$14.63

Key resistance $14.63, support $12.77; gamma pin at $14.

Next 1 week

$12.32$15.08

Gamma flip below $12.32, breakout above $15 if momentum.

Next 2 weeks

$11.90$15.49

Support at $11.9, resistance $15.49; extended moves if vol persists.

Key Levels

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

EM guardrails: 2d $12.77/$14.63; 1w $12.32/$15.08

Support: $11.90

Resistance: $14.00 · $15.00 · $15.49

Gamma flip: ~$12.00 — Approx — based on put OI concentration of 48,302 (12.4% below spot)

Structural: Structural support at $11.9 (gamma flip ~$12), resistance at $14 (max pain) and $15 (call resistance), with $15.49 as two-week high.

Dealer Positioning (GEX/DEX)

GEX: $+117.0M

DEX: +121.5M shares

Gamma flip: ~$12 (Approx — based on put OI concentration of 48,302 (12.4% below spot))

NTM gamma: Dealer net gamma +$117M, net delta +121.5M shares, with strong pinning at $14. Gamma flip near $12 based on put OI concentration.

IV Analysis

IV vs VIX: Ticker IV is elevated vs VIX 19.5, indicating rich options premium relative to market vol, typical for high-vol regimes.

Term structure: Term structure not provided, but given multiple expiries, likely contango with kinks near weekly expirations.

Skew: Skew not specified; potential opportunity in selling puts at support ($12) given dealer gamma flip.

Flow Analysis

Net premium: Net call premium of $9.3M, put/call volume ratio 0.29, indicates strong call buying dominance.

Directional prints: 80.8 call 13 ITM 2026-11-20 — Vol/OI 4.4, high IV. Aggressive call buying, bullish bias. 76.6 call 13.5 ITM 2026-07-10 — Vol/OI 2.1, elevated. Call accumulation, likely directed up. 86.1 call 13.5 ITM 2026-07-31 — Vol/OI 2.2, high IV. Additional bullish call positioning.

Unusual: 121.9 put 7 OTM 2026-07-17 — Vol/OI 1.6, massive volume 7051 on deep OTM put. Hedge or bearish bet, but low premium (0.03) suggests hedging. 80.8 call 13 ITM 2026-11-20 — Vol/OI 4.4, unusual spike. Aggressive call buying far out. 76.6 call 13.5 ITM 2026-07-10 — Vol/OI 2.1, high volume relative to OI. Near-term bullish flow.

Risks & Catalysts

!Market selloff drag (QQQ -3.3%)

!Gamma flip below $12 could accelerate losses

!Resistance at $15 and $15.49 may cap upside

!Option decay after expiry events

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-24 $14.50/$16.50 call spread Why now: Strong call flow and dealer gamma pin at $14 support bullish bias; defined risk debit spread captures upside with limited capital.	Upside capped at $15; if stock drops, max loss is debit paid (~$0.40).
Put credit spread	Moderate	Sell 2026-07-24 $12.50/$11.00 put spread Why now: High IV inflates put premiums; strong support at $12 (max pain and dealer gamma) makes downside limited.	If stock breaks below $12, max loss is $1.00 per spread; defined risk. Liquidity constraints: long_put: Volume below 5.
Bullish risk reversal	Moderate	Buy 2026-07-24 $15.00 call / sell 2026-07-24 $11.50 put Why now: Aggressive call buying and high vol favor long call; short put collects premium to offset cost, leveraging bullish bias.	Unlimited downside if stock drops sharply below $12; short put obligation.

Top Plays

Bull Call Spread

Buy 2026-07-24 $14.50/$16.50 call spread

Buy $14.50/$16.50 call spread for earnings upside.

Why this play: Defined risk, high liquidity, aligns with bullish flow and gamma pin.

Debit: $0.53-$0.65

Max loss: $0.65

BE: $15.15

Mgmt: Close at 50% gain or near expiry; stop if below $12.

Traders seeking capped risk with high probability.

Bullish Risk Reversal

Buy 2026-07-24 $15.00 call / sell 2026-07-24 $11.50 put

Buy $15 call, sell $11.50 put for explosive upside.

Why this play: Leverages bullish bias with cost offset from short put.

Debit: $0.48-$0.59

Max loss: $11.50

BE: $11.50

Mgmt: Monitor delta; roll put if support breaks.

High-conviction traders with larger risk appetite.

Put Credit Spread

Sell 2026-07-24 $12.50/$11.00 put spread

Sell $12.50/$11 put spread to collect premium.

Why this play: High IV premium, but liquidity concern reduces appeal.

Credit: $0.33-$0.40

Max loss: $1.10

BE: $12.10

Mgmt: Exit early at 50% profit; adjust if below $12. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Income-focused traders comfortable with illiquidity.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $12 (gamma flip) and call flow persists → THEN buy $14.50/$16.50 call spread

IFIF spot breaks above $14 max pain resistance → THEN buy $15 call / sell $11.50 put

Exit Triggers

EXITIF spot closes below $11.9 support → THEN exit all bullish positions

Tactical Summary

Bullish bias: dealer pin at $14, strong call flow. Support $11.9, gamma flip $12. Prefer liquid plays: bull call spread entry above $12; risk reversal entry on breakout above $14. Exit below $11.9.

How to Use These Reports

This directional reflects the market close on June 23, 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.