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NOK

Nokia Corporation SponsoredClose $13.70EOD only

Max Pain

$14.00

Next expiry Jun 26, 2026

Expected Move

±$0.93

6.8% from close

Price Gap

+0.30

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.32

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

NOK Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias from bullish flow and positive dealer gamma, with spot below max pain $14. Event-driven pinning likely into weekly expiry.

Confidence:

9 / 10

Base 5; strong GEX/flow alignment (+2), positive gamma pinning (+1), spot near MP (+0.5), VIX 19 supportive (+0.5). Total 9.

Supports: Bullish flow, positive GEX, spot below max pain, VIX 19.
Conflicts: High vol regime may imply large moves either way; resistance at $14 cap.

📈Bullish flow with $+116M GEX supports upward drift to $14 max pain.

⚠️Gamma flip at $12 is key downside risk if spot breaks support.

Regime Classification

Vol Regime

High

High vol regime: IV elevated vs typical range, likely due to upcoming weekly expiration and event risk.

Gamma Regime

Pinning

Pinning regime: dealers net long gamma ($+116M) with strong put OI concentration near $12, attracting spot toward $14 max pain.

Flow Regime

Bullish

Bullish flow: net premium positive, call volume dominates, indicating upward bias.

Spot vs Max Pain

Below

Spot below max pain $14 by ~1.4%, creating pull toward $14 as pinning target.

Thesis duration: Event-specific — Weekly expiration in 2 days with max pain $14; high vol and bullish flow suggest event-driven pinning into expiry.

Price Range Forecast

Next 2 days

$12.99$14.64

Max pain pin at $14; bullish flow supports ascent but resistance at $14.

Next 1 week

$12.46$15.16

Post-expiry drift may extend to $15 resistance if catalyst positive.

Next 2 weeks

$11.94$15.68

Wider range $11.94-$15.68; $15.68 key resistance, $12 support with gamma flip.

Key Levels

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

EM guardrails: 2d $12.99/$14.64; 1w $12.46/$15.16

Support: $11.94

Resistance: $14.00 · $15.00 · $15.68

Gamma flip: ~$12.00 — Approx — based on put OI concentration of 49,389 (13.1% below spot)

Structural: Support: $11.94 (gamma flip, put OI concentration). Resistance: $14 (max pain), $15, $15.68. 2d guardrails $12.99/$14.64; 1w $12.46/$15.16.

Dealer Positioning (GEX/DEX)

GEX: $+116.3M

DEX: +122.9M shares

Gamma flip: ~$12 (Approx — based on put OI concentration of 49,389 (13.1% below spot))

NTM gamma: Dealers long gamma ($+116.3M), net long delta (+122.9M shares). Gamma flip near $12 (13.1% below spot).

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX 19, reflecting event premium in weekly options.

Term structure: Likely backwardated near 2-day expiry, with higher IV in front week vs back weeks.

Skew: Put skew elevated; consider call verticals or calendar spreads to capitalize on IV crush post-expiry.

Flow Analysis

Net premium: Net premium $8.27M bullish, put/call volume ratio 0.39 indicates call dominance.

Directional prints: 77.3 call 14.5 OTM 2026-07-02 — Vol 5393 vs OI 3308 (1.6x), elevated new positions; likely bought, bullish bet.

Unusual: 76.5 put 17 ITM 2026-12-18 — Vol 1427 vs OI 741 (1.9x), deep ITM put; may be bought as bearish or part of spread. 82.6 put 10 OTM 2026-08-21 — Vol 1238 vs OI 777 (1.6x), ITM put; could be hedging or bearish.

Risks & Catalysts

!Gamma flip at $12 if spot drops 13%

!Earnings miss or negative catalyst could break $12 support

!IV crush post-expiry reduces long option value

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-24 $14.50/$17.50 call spread Why now: OTM call buying signals upside conviction; defined risk suits event-driven move into earnings.	Spot may pin below long strike if vol contracts; gamma flip at $12 remains tail risk. Liquidity constraints: short_call: Wide spread (97%).
Put credit spread	Moderate	Sell 2026-07-24 $11.00/$9.00 put spread Why now: High put OI at $12 provides resistance; defined risk aligns with event-driven pinning.	Sharp drop below $12 breaks support; earnings miss could trigger gap down. Liquidity constraints: short_put: Wide spread (67%).; long_put: Volume below 5.
Bullish risk reversal	Moderate	Buy 2026-08-21 $15.00 call / sell 2026-08-21 $11.00 put Why now: Net premium bullish flow; risk reversal captures upside with limited downside risk.	Unlimited downside if spot collapses; short put uncovered in a gap down.
Cash-secured put	Moderate	Sell 2026-07-24 $11.50 cash-secured put Why now: Cash-secured put allows entry at strike with premium; suited for bullish underlying.	Opportunity cost if spot rallies strongly; stock ties up cash if put assigned.

Top Plays

Bull Call Spread

Buy 2026-07-24 $14.50/$17.50 call spread

Buy $14.50/$17.50 call spread expiring 2026-07-24 to capture upside with capped risk.

Why this play: Directly follows OTM call buying flow; defined risk for earnings event.

Debit: $0.63-$0.76

Max loss: $0.76

BE: $15.26

Mgmt: Monitor before earnings; exit if spot drops below $12 invalidation. Liquidity warning: Liquidity constraints: short_call: Wide spread (97%).

Traders seeking defined-risk upside exposure into earnings.

Bullish Risk Reversal

Buy 2026-08-21 $15.00 call / sell 2026-08-21 $11.00 put

Buy 2026-08-21 $15 call, sell $11 put to gain upside with premium credit.

Why this play: Mirrors net bullish flow with limited downside; liquidity pass ensures execution.

Debit: $0.76-$0.93

Max loss: $11.00

BE: $11.00

Mgmt: Close if stock breaks below $12; adjust if momentum shifts.

Traders wanting longer-dated bullish exposure and willing to take assignment risk.

Cash-Secured Put

Sell 2026-07-24 $11.50 cash-secured put

Sell $11.50 put expiring 2026-07-24 to earn premium and potentially buy stock lower.

Why this play: Collects premium for bullish view with a safety net; liquid option.

Credit: $0.39-$0.47

Max loss: $11.03

BE: $11.03

Mgmt: Roll if stock nears strike; accept assignment if needed.

Income-focused traders confident in support above $11.50.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $11.94 support and approaches $14 resistance → THEN enter bull call spread: buy 2026-07-24 $14.50/$17.50 call spread

IFIF spot breaks and sustains above $14 → THEN initiate bullish risk reversal: buy 2026-08-21 $15 call, sell 2026-08-21 $11 put

IFIF spot declines to $11.50 area near put support → THEN sell 2026-07-24 $11.50 cash-secured put for premium

Exit Triggers

EXITIF spot closes below $11.94 invalidation level → THEN exit all bullish positions immediately

Tactical Summary

Bullish into earnings (7/23); pinning near $14 max pain. Key support $11.94; resistance $14, $15. Top play: bull call spread. Manage risk: exit below $11.94. Risk reversal on breakout; cash-secured put on dip.

How to Use These Reports

This directional reflects the market close on June 24, 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.