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NOK

Nokia Corporation SponsoredClose $13.81EOD only
Max Pain
$14.00
Next expiry Jun 26, 2026
Expected Move
±$0.82
6.0% from close
Price Gap
+0.19
Distance to max pain
IV Rank
57
Middle-high premium
P/C OI
0.32
Slightly call-heavy
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 24, 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 24, 2026 close
NOK Directional Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

NOK exhibits strong bullish bias driven by positive dealer gamma ($125.5M GEX) and bullish flow, with spot at max pain ($14) suggesting pinning into expiry. High vol (VIX ~19) warrants caution but supports directional thesis. Near-term range-bound $13.44-$14.52 with upside to $15 if $14 breaks.

Confidence:
9 / 10
Base 5; GEX/flow aligned +2; GEX positive (pinning) +1; spot at MP +1; VIX 19 +0.5
Supports: Strong dealer gamma support at $12, bullish flow, spot at max pain $14
Conflicts: High vol regime, resistance at $15, gamma flip below $12
📌Spot at $14 max pain — immediate pin target
🛡️GEX +$125.5M — major support cluster
⚠️Vol regime High — hedge costs elevated
📊Resistance $15 — key breakout level

Regime Classification

Vol Regime
High
IV elevated vs recent range; VIX 18.9 contributes to high vol regime.
Gamma Regime
Pinning
Positive GEX $125.5M; gamma flip ~$12 from put OI; strong pinning at $14 max pain.
Flow Regime
Bullish
Bullish net premium flow; put/call ratio favors calls.
Spot vs Max Pain
At
Spot at $14.00 exactly at max pain; within 2d EM range $13.44-$14.52.
Thesis duration: Event-specific — Spot pinned at max pain $14 for weekly expiry; next OPEX 2 days away; short-term event focus.

Price Range Forecast

Next 2 days
$13.44$14.52
Pinning at $14 max pain; range $13.44-$14.52
Next 1 week
$12.76$15.19
Expands to $12.76-$15.19; breakout if $14 holds
Next 2 weeks
$12.26$15.70
Wider range $12.26-$15.70; support $12.26 resistance $15.70

Key Levels

Max pain pins: $14 (2026-06-26); $14 (2026-07-02); $14 (2026-07-10)
EM guardrails: 2d $13.44/$14.52; 1w $12.76/$15.19
Support: $12.26
Resistance: $14.00 · $15.00 · $15.70
Gamma flip: ~$12.00 — Approx — based on put OI concentration of 49,962 (14.2% below spot)
Structural: Support $12.26 (2w low) and $12.00 (gamma flip). Resistance $14 (max pain), $15 (psychological), $15.70 (2w high). EM guardrails: 2d $13.44/$14.52, 1w $12.76/$15.19, 2w $12.26/$15.70.

Dealer Positioning (GEX/DEX)

GEX: $+125.5M

DEX: +123.2M shares

Gamma flip: ~$12 (Approx — based on put OI concentration of 49,962 (14.2% below spot))

NTM gamma: Dealers long gamma ($125.5M GEX) with net long delta (+123.2M shares). Gamma flip ~$12 from put OI. Positive gamma confers stability and pinning near $14.

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX (18.9), implying vol premium. Rich IV may compress if pinning holds, but event risk justifies it.

Term structure: Front-end elevated due to weekly expiry; likely downward sloping post-expiry. Focus on short-dated options.

Skew: Skew favors puts (gamma flip risk). Opportunity: sell downside puts below $12 or buy calls on breakout above $14.

Flow Analysis

Net premium: Strong net call premium ($9.2M) with put/call volume ratio 0.38, indicating bullish flow.

Directional prints: 73.8 call 14 OTM 2026-07-02 — Vol/OI 3.8; heavy call buying relative to OI; likely bought for upside. 71.5 call 12.5 ITM 2026-07-02 — Vol/OI 3.4; aggressive call accumulation; bullish sentiment.

Unusual: 94.3 call 20 OTM 2026-07-31 — Vol/OI 3.1; high IV; speculative far-OTM call buying. 179.7 put 17 ITM 2026-06-26 — Extreme IV 179.7%; vol/OI 1.6; potential forced buying or hedging. 171.9 put 17.5 ITM 2026-06-26 — High IV 171.9%; vol/OI 1.5; similar to $17 put unusual activity.

Risks & Catalysts

!Failure to hold $14 support
!Gamma flip if spot drops to $12
!High vol regime may amplify moves
!Resistance at $15 caps upside

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-07-02 $14.00/$15.00 call spread
Why now: Positive flow and dealer gamma support upside; spread limits vega/theta.
Failure to break $14 may limit gains; theta decay if flat. Substitutions: long_call: resolved contract 2025-06-20 $14.00 missing; used 2026-07-02 $14.00.; short_call: resolved contract 2025-06-20 $15.00 missing; used 2026-07-02 $15.00.
Bullish risk reversalModerate
Buy 2026-07-02 $15.00 call / sell 2026-07-02 $13.00 put
Why now: High IV boosts call premium; put sale funds upside call; limited downside risk if supported.
If spot drops below put strike, assignment risk; gamma risk near expiration. Substitutions: long_call: resolved contract 2025-06-20 $15.00 missing; used 2026-07-02 $15.00.; short_put: resolved contract 2025-06-20 $13.00 missing; used 2026-07-02 $13.00.

Top Plays

#1
Bull Call Spread $14/$15
Buy 2026-07-02 $14.00/$15.00 call spread
Buy $14 call, sell $15 call, capture upside up to $15.
Why this play: Defined risk, limited vega/theta, aligns with bullish flow and max pain pinning.
Debit: $0.32-$0.39
Max loss: $0.39
BE: $14.39
Mgmt: Exit below $13.50; take profit at $0.60.
Moderate risk traders.
#2
Bullish Risk Reversal
Buy 2026-07-02 $15.00 call / sell 2026-07-02 $13.00 put
Buy $15 call, sell $13 put for near-zero cost.
Why this play: Uses high IV to offset call premium; unlimited upside potential.
Debit: $0.01-$0.02
Max loss: $13.00
BE: $13.00
Mgmt: Roll put if stock nears $13; close call at 50% gain.
Aggressive traders comfortable with put assignment.

Watchlist Triggers

Entry Triggers
IFNOK spot holds above $13.50 and closes > $13.75 with bullish flow → Enter Bull Call Spread $14/$15 for $0.32-$0.39
IFNOK spot stays above $13.00 and momentum bullish with IV < 40% → Enter Bullish Risk Reversal: buy $15 call / sell $13 put near zero credit
Exit Triggers
EXITNOK spot breaks below $13.50 or drops to $13.00 → Close Bull Call Spread; if in Risk Reversal, close put side

Tactical Summary

Bullish bias from dealer gamma and max pain at $14. Key resistance $14, $15. Support $12.26. Prefer bull call spread for defined risk. Risk reversal for aggressive. Exit if spot loses $13.50.
How to Use These Reports
This directional reflects the market close on June 25, 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.