Nokia Oyj closed at USD 10.94, up 2.43 %.

Options activity on NOK featured a standout long-dated put purchase, while the broader large-trade tape maintained a cautiously constructive shape. The most visible order was a $13 thousand out-of-the-money put buy positioned for a deeper decline, yet overall institutional flow showed bullish contracts only narrowly outpacing bearish ones, pointing to a mild upside tilt rather than a decisive directional conviction.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

NOK’s implied volatility is 64.11%, while its IV percentile stands at 60.56%, which places current volatility in a broadly neutral range rather than an extreme high or low. With the IV/HV ratio at 0.95, implied volatility is also sitting slightly below realized volatility, suggesting options are not notably overpriced at the moment and are closer to fair value from a volatility-pricing perspective. The Call/Put volume ratio is 5.48.

Large Trades

A PUT buy worth $13 thousand stood out in the displayed large trades, with 4,444 contracts bought at the $9.00 strike expiring on 2026-10-02 for $13 thousand. With NOK referenced at $10.96, this put was out of the money at execution, making it a relatively low-premium bearish position that profits if the stock declines meaningfully over time. Strategically, this kind of single-leg put purchase points to downside speculation or portfolio protection, though the out-of-the-money strike suggests the buyer was targeting a larger move lower rather than positioning for only a modest pullback.

Overall, the bulk-order flow leans slightly bullish, but only marginally. The largest displayed trade was bearish in isolation, yet the broader large-trade picture shows bullish activity narrowly exceeding bearish activity, indicating that institutional sentiment was not decisively negative and instead tilted to a cautious, weakly constructive stance. In short, the options flow suggests a mildly bullish bias for NOK, while still acknowledging that some participants were actively positioning for downside risk.

Strategy Reference

For traders seeking low assignment probability, selling a put credit spread using the $9.00 strike as the long leg and an even lower strike as the short leg could define risk while capitalizing on NOK’s elevated IV percentile relative to its neutral range.