Options/NKE

NKENike, Inc.

Options Analysis Report•RUBBER & PLASTICS FOOTWEAR

Market Cap $58.7B|NYSE

● 2026-08-28$39.60

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y -48.8%YTD -37.4%7D -2.8%

Options Vol

200,124

30D

Implied Move

±8.8%

IV Rank

18%

NKE Options Overview

unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

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NKE Gamma Walls

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NKE Hedge Radar

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Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where NKE sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.83) — downside puts carry 0.0 IV points more than at-the-money, and near-dated vol is priced 24% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads fragile (6.01): it is trading 4% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.83/ 10cheap

Basis: cross_sectional

Fragility

6.01/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

7.0

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 61.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.07x — IV premium over HV

Sector Relative≤50%

Sector percentile 50% — below sector median

Term Structure

<1.1x

Front/Back 0.76x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 34.7% — normal range

Spread-Adjusted Value

<80%

Effective IV 44.2% (ATM 34.7% + spread 4.8% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 8.15% (spread 4.77% + slippage 3.38%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 9.94 (vega 4.742 / spread 4.77%) — efficient

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +11%, Raw: +10%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +11% (bullish) — Raw: +10%

OI Skew Magnitude

≥15%

|OI skew| 8.9% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +18.5%, OI skew +8.9% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 34%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +21%, ATM: +8%, OTM: +9% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 40% — bullish vs sector

Activity

Unusual activity?

5.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 1.5x avg — elevated

Turnover Rate

≥15%

Vol/OI 8.7% — normal turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +2.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 78% — active vs sector

Trade Quality

≥30%

Large trade volume 35% — institutional presence

Execution Urgency

≥60%

Aggressive execution 58% — patient

Flow Conviction

≥30

Conviction +11 (bullish) — mixed

Liquidity

Can I trade efficiently?

6.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks5/8 checks passed

Tradeable Spread

≤5.0%

Spread 4.8% — acceptable

Adequate OI

≥10,000

OI 2,294,235 — deep

Active Volume

≥500

Volume 200,124/day — active

Reasonable Cost

≤$0.50

$0.24 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 52% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 486.5 contracts (bid:221.6 ask:264.9) — adequate

Execution Quality

<1.0%

Avg slippage 3.38% — poor

Timing

Is now a good time?

7.0

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -23.8% — contango

IV Percentile Clarity

<30 or >70

IV percentile 62% — neutral

Event Detection

≥10pts kink

IV kink -7.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 188.94 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +11% @ 56% consistency — unclear

Smart Money Timing

≥40 composite score

Score 65 (ITM 20% + inst 35%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV cheap, bullish flow

Long Puts5.8

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.5

bullishIV too cheap, bullish flow

Covered Call4.5

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.