Nokia Oyj closed at USD 10.62, down 1.30%.

Large options trades in NOK showed a mix of long-dated upside call buying and an out-of-the-money put sale. A same-direction long call combination with a net debit of $140,700.00 targeted $11.00 strikes across 2026 maturities, while a $10.00 put sale expiring 2026-11-20 collected $104,700.00. Despite these constructive individual positions, broader bulk-order flow leaned bearish.

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Options Indicators

NOK’s implied volatility stands at 60.94%, and with an IV percentile of 54.98%, current volatility conditions sit in a neutral range rather than at an extreme. At the same time, the IV/HV ratio of 1.55 shows implied volatility is running notably above historical volatility, indicating the options market is embedding a meaningful premium versus realized movement. Overall, NOK options appear fairly to slightly richly priced, but not at the kind of elevated level typically associated with outright expensive volatility.

The Call/Put volume ratio is 4.38.

Large Trades

A call spread initiated for a net debit of $140,700.00 stood out among the displayed large trades, built by buying 1,656 NOK $11.00 calls expiring on 2026-10-16 and simultaneously buying 1,656 NOK $11.00 calls expiring on 2026-09-18. Because both legs are call purchases, this is best viewed as a same-direction long call combination rather than a synthetic structure, and its size should be judged by the stated net debit of $140,700.00. With both strikes above the $10.655 reference share price, the calls were out of the money, showing a directional wager that NOK can push above $11.00 over the coming year, while also expressing a preference for upside volatility through two maturities.

A put sale worth $104,700.00 was the other displayed large trade, with 1,360 NOK $10.00 puts sold against the 2026-11-20 expiration. The strike sat below the $10.655 reference stock price, so the position was out of the money at execution, making it a moderately bullish income-style trade that benefits if shares stay above $10.00 or at least do not decline materially. Strategically, selling this put suggests willingness to collect premium while taking on downside assignment risk at a level below the current stock price. Overall, the bulk-order flow leans bearish on balance: although the displayed trades show some constructive positioning through upside call buying and out-of-the-money put selling, the broader large-trade picture is dominated by heavier bearish premium flow, implying the market’s bigger-money participants remain cautious to negative on NOK’s near-to-medium-term direction.

Strategy Reference

For a lower-assignment-probability short premium trade, a seller could consider the 2026-11-20 $9.00 put, which sits further below the $10.62 close; alternatively, a long $10.00/$11.00 call spread expiring 2026-10-16 may define risk while still positioning for a move above $11.00.