Nokia Options Volume Dominated by Large Bull Call Spread Ahead of Expiry

An unusually large options trade on Nokia Oyj (NOKIA) dominated market activity on Thursday, with a single bullish bet accounting for approximately 94% of the day's total volume just one day before its expiration. The positioning points to a significant wager on a sharp, imminent rally in the telecommunications equipment company's shares.

The Anatomy of the Trade

The activity centered on a bull call spread expiring on Friday, September 18, 2026. According to market data, this single structure involved 50,000 contracts out of a total daily volume of 53,425. The trade was structured as:

• Long 25,000 contracts of the EUR10 strike call
• Short 25,000 contracts of the EUR11 strike call

With Nokia's stock last trading at €9.20, both legs of the spread are out-of-the-money. For the position to become profitable, Nokia's shares would need to rally more than 8.7% in a single trading session to surpass the €10 strike price. Notably, the open interest on both strikes was already 25,000 contracts, suggesting this is likely an existing position being managed into expiry rather than a newly initiated trade.

Catalysts Fueling Bullish Sentiment

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The significant options positioning coincides with several positive developments for Nokia. These potential catalysts may be underpinning the trader's confidence in a near-term price surge.

Key recent events include a newly announced collaboration with Microsoft on AI for 5G networks, an upcoming inclusion in the Euro STOXX 50 index on September 21 which will trigger mandatory buying from passive funds, and a recent purchase of 60,000 shares by a board member, signaling insider confidence.

What the Options Market Indicates

Beyond this single trade, broader options data reveals a distinctly bullish tilt. The call-to-put ratio stood at an extremely high 56-to-1, indicating a strong preference for upside bets over downside protection. Furthermore, analysis of volatility metrics shows a negative skew, meaning out-of-the-money calls are priced at a premium to equivalent puts—a sign that the market is pricing in a higher probability of a sharp upward move.

This sentiment is not limited to the short term. Data shows significant open interest of over 63,000 contracts in the EUR10 calls expiring in December 2027, suggesting that some institutional investors are positioned for longer-term appreciation in the stock. For the holder of the expiring spread, however, the focus remains on whether recent momentum can carry the stock past the critical €10 level by Friday's close.