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NOK

Nokia Corporation SponsoredClose $14.18EOD only
Max Pain
$13.00
Next expiry May 22, 2026
Expected Move
±$0.48
3.4% from close
Price Gap
-1.18
Distance to max pain
IV Rank
48
Middle-high premium
P/C OI
0.23
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: May 21, 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
May 21, 2026 close
NOK Earnings Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

NOK earnings setup 62 days out. Bullish call flow but spot at $15.50 is above pin levels ($13-$14). Historical beat rate 60% but no clear edge. High IV and put hedging suggest caution.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 19.0% from MP; +1 VIX 17
Most important: Unusual put volume at $15 and $15.5 for May/Jun suggests hedging ahead of earnings; call OI wall $17-$21 caps upside. Gamma pin levels below spot indicate potential downside risk if catalysts miss.
⚠️High put volume near $15 level suggests hedging ahead of earnings, may cap upside near-term.
📈Call OI wall $17-$21 indicates strong bullish conviction further out.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above

Earnings Overview

Next earnings: 2026-07-23 (62 days)explicit

Expected moves:

  • 2026-05-29 (7d): ±$1.30 (8.4%)
  • 2026-06-05 (14d): ±$1.83 (11.8%)
  • 2026-06-12 (21d): ±$2.24 (14.5%)

IV Setup

Term structure: Contango, with far-dated options pricing in earnings uncertainty; front-month elevated due to high vol regime.

Crush estimate: Moderate crush post-event, estimated 10-15% IV decline, but far-dated tenors less affected.

Skew: Put skew elevated at near-term strikes, reflecting hedging demand; call skew flattish.

Historical Context

Beat rate: 60% (3/5 quarters)

Directional bias: 60% beat rate, but no clear directional edge; recent moves mixed.

Key Levels

1EM guardrails: 1w $14.17/$16.77
2Max pain pins: $13 (2026-05-22); $14 (2026-05-29); $12 (2026-06-05)

Flow Highlights

Unusual put volume: $14.5 Put 6/5 vol/OI 77x, $15 Put 5/29 vol/OI 40x, $15.5 Put 5/22 vol/OI 49x.

Hedging or bearish positioning ahead of earnings, but may also be delta-hedge unwinds.

Large call OI accumulation at $17-$21 strikes, with $22 Call 8/21 vol/OI 7x.

Long-term bullish bets on NOK, possibly institutional.

Strategies

Range-Bound Iron Condor
Sell 2026-07-17 $14.00/$13.00 put wing and $16.00/$17.00 call wing
Credit: $0.61-$0.74
Max loss: $0.26
Max gain: $0.74
BE: 13.26 / 16.74
Trigger: Close if spot breaches short strikes; adjust wings if IV expands.
No clear earnings edge; high IV premium with defined risk.
Outperforms: Sells OTM put and call spreads to profit from low realized volatility.
Underperforms: Move outside short strikes invalidates range thesis.
High-IV Short Strangle
Sell 2026-07-17 $14.00 put + sell $16.00 call
Credit: $2.19-$2.67
Max loss: Unlimited
Max gain: $2.67
BE: 11.33 / 18.67
Trigger: Monitor spot; roll if tested; consider hedging tail risk.
Captures elevated premium but carries undefined risk.
Outperforms: Sells OTM put and call to collect premium, betting on low volatility.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Earnings still 62 days away; volatility crush from front-month to event could be gradual.
!Spot at $15.50 near call resistance $16, implying limited upside without catalyst.
!High put volume may signal hedging, but could also pin stock lower.

What to Watch

?Spot behavior around $16 resistance and $13.64 support.
?Max pain pins: $13 (0dte), $14 (5/29), $12 (6/5).
?Unusual put OI accumulation for May/Jun expirations.
How to Use These Reports
This earnings reflects the market close on May 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.