Nokia Oyj closed at USD 9.65, down 13.30%.

Despite the sharp drop, large options trades showed a clear bullish tilt, led by a $248,900 long-dated call purchase and a $22,300 bull call spread. The flow suggests institutions viewed the decline as an opportunity to position for recovery rather than as the start of a deeper breakdown.

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Options Indicators

NOK’s implied volatility stands at 63.54%, and with an IV percentile of 59.36%, current volatility is in a neutral range rather than an extreme. That suggests options are not especially cheap or especially expensive relative to their own recent history, even though the IV/HV ratio of 1.52 shows implied volatility is running meaningfully above realized volatility. In practical terms, the market is embedding a higher forward volatility expectation than what the stock has recently delivered, so option premiums carry a noticeable volatility premium but are still broadly within a normal historical pricing zone.

The Call/Put volume ratio is 3.43.

Large Trades

A call purchase worth $248,900 was the largest highlighted trade, with 12,051 contracts bought at the $12.00 strike expiring on 2026-10-16. With NOK referenced at $9.72, this call was out of the money at execution, making it a clear bullish directional bet that looks for meaningful upside over a longer-dated horizon. The buyer was paying premium for leverage to a continued advance above the strike, suggesting expectations for a sustained rally rather than a near-term defensive hedge.

A bullish call spread with a net debit of $22,300 was also featured, built by buying 1,012 contracts of the $10.00 call and selling 1,012 contracts of the $11.00 call, both expiring on 2026-09-18. Since the structure includes both a buy call and a sell call, it is a bull call spread, entered for a net debit and expressing a moderately bullish view with defined risk and capped upside. With both strikes above the $9.72 reference price, the spread was initiated using out-of-the-money calls, showing a directional bet on upside while keeping premium outlay controlled rather than pursuing unlimited upside exposure.

Overall, the bulk-order flow leans bullish on NOK. The largest displayed trade was an outright long call in a longer-dated expiration, and the second highlighted trade was a debit-funded bull call spread, both pointing to upside expectations. While the broader tape did include some bearish put buying and premium-selling activity, the balance of notable flow favored call-side positioning and constructive upside speculation, indicating that institutional-style traders were generally positioning for further gains rather than preparing for a downside break.

Strategy Reference

For a low-assignment-probability sell, a short put at the $7.00 strike expiring 2026-09-18 would keep the short strike far below the recent $9.65 close while collecting elevated premium from the 63.54% IV; alternatively, a bull put spread such as selling the $8.00 put and buying the $6.00 put reduces margin and caps risk for those who prefer defined-loss positioning.