Nokia Oyj’s closing price was $10.82, down 1.10% from the previous close.
Unusual options activity in Nokia Oyj showed a $121,000 put purchase at the December 18, 2026 $9.00 strike. In contrast, the overall Call/Put volume ratio stood at 3.34, reflecting heavy retail or smaller-order call interest. The divergence between elevated call volume and a single bearish block trade underscores positioning risks.
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Options Indicators
Nokia Oyj currently has an implied volatility (IV) of 63.51%, while its IV percentile stands at 58.17%, which places current volatility in a neutral range rather than an extreme. This suggests options are neither especially cheap nor especially expensive on a historical basis, even though the absolute IV level is relatively high. With the IV/HV ratio at 0.94, implied volatility is slightly below historical volatility, indicating options are priced a bit under realized movement rather than carrying a notable premium.
The Call/Put volume ratio is 3.34.
Large Trades
A PUT buy worth $121,000 targeted the December 18, 2026 $9.00 strike, with 2,470 contracts traded. With NOK referenced at $10.695, this put was out of the money at the time of execution, making it a relatively lower-cost bearish position that suggests the buyer was positioning for downside over a longer horizon or seeking protection against a meaningful pullback. The trade’s structure and out-of-the-money strike indicate a cautious but clearly negative view on the stock’s medium- to long-term price path.
Overall, the large-trade flow in NOK leans clearly bearish. The only notable block in the dataset was a put purchase, and its long-dated nature suggests the trader was not simply expressing a short-term tactical view but preparing for sustained downside risk or weakening sentiment over time. With no offsetting bullish large trades appearing in the flow, the bulk-order activity points to a defensive and negative stance on NOK.
Strategy Reference
For low assignment probability, a seller may consider short puts at the $7.50 strike or below; alternatively, a bear put spread using the $10.00/$9.00 strikes can reduce margin compared to a naked put.