Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
NOK options intelligence
Nokia Corp ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
53
Market data through 12 Aug 2026
Checked 12 Aug 2026 21:48 · complete available chain
Volatility expansion watch
Volatility pressure
NOK currently carries volatility options pressure with a 53/100 conviction score. The nearest-chain expected move is 9.3%, with volume/open-interest participation at 0.11.
Expected move
9.3%
Wider near-term move priced
Activity / OI
0.11
Current volume is quieter versus prior open interest
Put-call
0.15
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+2.4%
RS 2.3
Expected move
9.3%
Put-call volume
0.15
Volume / OI
0.11
Reference IV
0.82
Max pain
9.00
Underlying
9.36
Nearest expiry
14 Aug 2026
Contracts
824
Research Brief
NOK has a volatility chain read with 53/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 8.49–10.23; The largest call open-interest concentration is 10.00; the largest put concentration is 8.00. The most active strike by current volume is 10.00.
Priced range8.49–10.23
Call concentration10.00
Put concentration8.00
Max pain reference9.00
- A clear directional pressure reading develops and price begins to agree.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 8.49 to 10.23. Max pain at 9.00 sits inside that range, 3.8% below spot.
Spot
Max pain
8.499.36 ± 0.8710.23
Confirmation level
A close beyond 10.23 or below 8.49 at the 14 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 53/100
Pressure is 81/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure81 × 42%
+34.0
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility93 × 10%
+9.3
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 10.00; the largest put concentration is 8.00. The most active strike by current volume is 10.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
207
6.00-35.9%
13
2926
7.00-25.2%
87
468
7.50-19.9%
25
10875
8.00-14.5%
447
3454
8.50-9.2%
1149
9383
9.00-3.8%
8882
3110
9.501.5%
19916
2194
10.006.8%
22822
366
10.5012.2%
9824
398
11.0017.5%
7925
103
11.5022.9%
530
212
12.0028.2%
8388
21
12.5033.5%
350
197
13.0038.9%
743
7
13.5044.2%
439
70
14.0049.6%
337
15
15.0060.3%
2144
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$5.1MDelta change / 1% move
Positive peak10.00+$2.0M
Negative peak9.00-$1.4M
Nearest balance9.27Interpolated sign change
StrikeNegativePositiveNet / 1% move
4.50-51.9%
-$2,660
5.00-46.6%
+$18,254
5.50-41.2%
+$2,671
6.00-35.9%
-$39,598
6.50-30.6%
-$39
7.00-25.2%
-$316,658
7.50-19.9%
-$5,148
8.00-14.5%
-$1.2M
8.50-9.2%
-$712,079
9.00-3.8%
-$1.4M
9.501.5%
+$1.2M
10.006.8%
+$2.0M
10.5012.2%
+$456,836
11.0017.5%
+$520,473
11.5022.9%
+$30,887
12.0028.2%
+$602,694
12.5033.5%
+$20,896
13.0038.9%
-$108,668
13.5044.2%
+$915
14.0049.6%
+$267,194
14.5054.9%
+$1,499
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.82
14 Aug
2d
0.68
21 Aug
9d
0.64
28 Aug
16d
0.65
4 Sep
23d
0.63
11 Sep
30d
0.64
18 Sep
37d
0.62
25 Sep
44d
0.65
16 Oct
65d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
8
8
9
9
10
10
11
11
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing100%
Average expiry move2.1%
6 Aug
Bullish · 39
2.4% through expiry
5.1% priced · v2.0
5 Aug
Volatility · 48
2.4% through expiry
7.4% priced · v2.0
4 Aug
Volatility · 54
2.4% through expiry
11.7% priced · v2.0
3 Aug
Bullish · 43
2.4% through expiry
7.5% priced · v2.0
31 Jul
Bullish · 44
2.4% through expiry
7.3% priced · v2.0
30 Jul
Bullish · 52
0.4% through expiry
3.9% priced · v2.0
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 824 / 824
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $27.3M of estimated gross traded notional, calls · 91+ days · otm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+81
1W price+2.4%
Call premium74%
Put premium26%
Notional split
C 74% / P 26%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.11
Volume divided by open interest across the visible chain.
Trend fit
0/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 91+ days · OTM
calls cluster with 80303 contracts traded, $9.8M estimated gross traded notional, and 36% of visible notional.
$9.8M
Puts · 91+ days · ITM
puts cluster with 11890 contracts traded, $4.0M estimated gross traded notional, and 15% of visible notional.
$4.0M
Calls · 22-45 days · OTM
calls cluster with 106671 contracts traded, $3.4M estimated gross traded notional, and 13% of visible notional.
$3.4M
Calls · 8-21 days · OTM
calls cluster with 89422 contracts traded, $2.5M estimated gross traded notional, and 9% of visible notional.
$2.5M
Puts · 46-90 days · ITM
puts cluster with 1321 contracts traded, $1.3M estimated gross traded notional, and 5% of visible notional.
$1.3M
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 11 completed sessions
Volume rank100th
Volume/OI rank100th
IV rank45th
Market Context
Underlying confirmation
Close9.36
1W+2.4%
RS2.3
Fair value+73.1%
Options pressure81
Speculation42
Volatility93
Trend fit0
Today Versus Normal
Stored-options context
30d avg 6.8% · 11 sessions
91th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.82 · 11 sessions
45th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.32 · 11 sessions
9th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.04 · 11 sessions
100th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:03
Volatility
Pressure 67
Move 6.1%
30 Jul 10:02
Volatility
Pressure 73
Move 7.5%
31 Jul 10:01
Bullish
Pressure 74
Move 3.9%
31 Jul 21:07
Bullish
Pressure 59
Move 1.4%
1 Aug 00:29
Bullish
Pressure 63
Move 1.4%
2 Aug 08:09
Bullish
Pressure 58
Move 7.3%
3 Aug 05:32
Bullish
Pressure 63
Move 7.3%
4 Aug 00:20
Bullish
Pressure 48
Move 7.5%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 38 · OI 124
Puts · V 2 · OI 19
Strike2.00
Calls · V 7 · OI 42
Puts · V 4 · OI 25
Strike3.00
Calls · V 12 · OI 16
Puts · V 4 · OI 48
Strike4.00
Calls · V 6 · OI 10
Puts · V 1 · OI 5
Strike5.00
Calls · V 4 · OI 6
Puts · V 2 · OI 45
Strike6.00
Calls · V 19 · OI 13
Puts · V 1 · OI 207
Strike6.50
Calls · V 9 · OI 2
Puts · V 7 · OI 16
Strike7.00
Calls · V 8 · OI 87
Puts · V 1 · OI 2926
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts74
Avg IV0.82
Put-call0.25
Expiry21 Aug 2026
Contracts81
Avg IV0.68
Put-call0.16
Expiry28 Aug 2026
Contracts58
Avg IV0.64
Put-call0.11
Expiry4 Sep 2026
Contracts46
Avg IV0.65
Put-call0.18
Expiry11 Sep 2026
Contracts31
Avg IV0.63
Put-call0.06
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.69
Put IV0.91
Skew0.22
21 Aug 2026Balanced skew
Call IV0.64
Put IV0.63
Skew-0.01
28 Aug 2026Balanced skew
Call IV0.65
Put IV0.63
Skew-0.01
4 Sep 2026Balanced skew
Call IV0.64
Put IV0.62
Skew-0.02
11 Sep 2026Balanced skew
Call IV0.64
Put IV0.59
Skew-0.05
Contract Tape
Most active contracts
ContractNOK261120P00033000
SidePut
Expiry20 Nov 2026
Strike33.00
Volume-
OI65
IV1.73
ContractNOK270319P00002000
SidePut
Expiry19 Mar 2027
Strike2.00
Volume-
OI30
IV1.82
ContractNOK260911C00016000
SideCall
Expiry11 Sep 2026
Strike16.00
Volume-
OI20
IV0.85
ContractNOK260904P00005500
SidePut
Expiry4 Sep 2026
Strike5.50
Volume-
OI11
IV1.67
ContractNOK260814C00025000
SideCall
Expiry14 Aug 2026
Strike25.00
Volume-
OI10
IV3.63
ContractNOK260828C00020000
SideCall
Expiry28 Aug 2026
Strike20.00
Volume-
OI10
IV1.88
ContractNOK260828C00021000
SideCall
Expiry28 Aug 2026
Strike21.00
Volume-
OI5
IV2.91
ContractNOK280616P00002000
SidePut
Expiry16 Jun 2028
Strike2.00
Volume-
OI5
IV0.70
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Nokia Corp ADR (NOK) faces active-screen pressure after 6.0% drop30 Jul 2026 17:44
Nokia Corp ADR (NOK) extends selloff as active screen shows 6.8% slide27 Jul 2026 16:59
Nokia Corp ADR (NOK) hits active-decliner list with 5.4% drop24 Jul 2026 14:44
Nokia Corp ADR (NOK) ends July 17 week with -25.0% four-week loss24 Jul 2026 04:59
Nokia Corp ADR (NOK) draws volume surge as weekly selloff deepens21 Jul 2026 12:29
Nokia Corp ADR (NOK) loses 8.9% as four-week drop reaches 12.8%25 Jun 2026 16:45
Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.