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Nokia Corporation's (ADR) (NOK) weekly 3/6 8-strike call is in focus today
Put players have been active in Nokia Corporation's (ADR) (NYSE:NOK) options pits of late, as evidenced by data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, the stock's 10-day put/call volume ratio of 0.37 across these exchanges rests in the 73rd annual percentile, meaning puts have been bought to open over calls at a quicker-than-usual clip.
Today, however, calls are crossing the tape at six times the average intraday pace. What's more, roughly 12,000 calls have changed hands, compared to just 21 puts. Most active by a mile is NOK's weekly 3/6 8-strike call, where it appears new positions are being purchased. By initiating the long calls, speculators expect NOK to rally north of $8 through next Friday's close, when the weekly series expires. 
Regardless of whether options traders are buying puts or calls, short-term speculators are currently able to place their bets at a relative bargain. In fact, NOK's Schaeffer's Volatility Index (SVI) of 25% ranks lower than 99% of similar readings taken in the past year, meaning premium on the equity's near-term options is pricing in extremely low volatility expectations at the moment.
Technically speaking, Nokia Corporation (NYSE:NOK) has put in a fairly uninspiring performance in recent months, and has spent the past nine months churning in a tight range between $7.50 and $8.50. In today's trading, the stock is struggling for direction along with the broader equities market, but was last seen up 0.4% at $8.04.