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NKE

Nike, Inc.Close $44.19EOD only

Max Pain

$44.00

Next expiry May 22, 2026

Expected Move

±$1.28

2.9% from close

Price Gap

-0.19

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.70

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects NKE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

NKE Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 massive net premium outflow; +1 GEX/flow regime alignment; +0.5 spot at max pain; -1 P/C ratio neutral

Watch next session: $57.50 PUT OI (26K) for hedging pressure; Any call flow above $60 to challenge bearish thesis; Spot vs. $52.50 level

Flow Summary

Net premium: -$164.7M bearish

P/C volume ratio: 1.00 — perfectly balanced volume

P/C OI ratio: 0.81 — moderate put lean in positioning

Massive net premium outflow to puts, particularly at the $60-$70 strikes, indicates significant institutional hedging or downside bets. While volume is balanced, the premium magnitude and GEX regime point to a pro-cyclical, trending bearish bias.

Notable Prints

NKE 4/2 $45 Call

Vol: 8,873

OI: 201

Vol/OI: 44.1x

IV: 39.6%

Notional: ~$400K

Intent: Deep ITM call purchase (likely part of a spread or synthetic long)

Dual read: Bullish directional bet or a leg of a collar/hedge (e.g., selling a higher call).

Read-through: Given the massive bearish premium flow, this is more likely a hedge leg or a cheap delta play, not a standalone bullish bet.

NKE 5/15 $50 Call

Vol: 9,756

OI: 386

Vol/OI: 25.3x

IV: 36.9%

Notional: ~$488K

Intent: Near-ATM call purchase for May expiration.

Dual read: Directional bullish bet or a roll from a shorter-dated call.

Read-through: Sizeable but isolated against the overwhelming put premium. Could represent a longer-term bullish view amidst near-term hedging.

NKE 4/2 $48 Call

Vol: 6,196

OI: 133

Vol/OI: 46.6x

IV: 55.5%

Notional: ~$297K

Intent: ITM call purchase, similar to the $45C.

Dual read: Spread leg or delta hedge.

Read-through: Consolidates the view that short-dated, ITM call flow is likely structural (hedging/spreads), not directional.

NKE 4/10 $44 Put

Vol: 4,232

OI: 133

Vol/OI: 31.8x

IV: 38.2%

Notional: ~$186K

Intent: Fresh OTM put purchase for downside protection.

Dual read: Direct bearish bet or protective put for a long stock position.

Read-through: Adds to the bearish flow narrative, targeting a move below $44 (~16% down) in the next 10 days.

NKE 6/18 $45 Call

Vol: 1,873

OI: 150

Vol/OI: 12.5x

IV: 37.1%

Notional: ~$84K

Intent: Long-dated, deep ITM call purchase.

Dual read: Leap call for long-term delta or part of a complex strategy.

Read-through: Further evidence of longer-dated, cheap delta accumulation, possibly as a hedge against short-term puts.

Institutional Positioning

Call additions: ITM calls ($45-$50) in Apr-Jun, likely for delta/hedging.

Put additions: Massive premium in OTM puts ($57.50-$70), indicating large-scale hedging or bearish speculation.

GEX/DEX consistency: Yes — Negative GEX (-$7.3M) aligns with pro-cyclical, trending bearish flow regime.

OI clusters: Major OI: $75C (30K), $55P (27K), $57.50P (26K), $77.50C (25K). Creates a put wall at $55-$57.50 and call ceilings at $75-$77.50.

Hedging evidence: Strong evidence: Massive OTM put premium flow, combined with ITM call buying (potential collars/hedges).

Max pain context: Spot ($52.82) pinned at near-term max pain ($53). Rising max pain trend ($53 to $60+) suggests longer-term OI is bullish, creating tension with near-term bearish flow.

Signal vs Noise

~High-volume, deep ITM calls (e.g., $45C, $48C) are likely spread legs or hedging components, not pure directional bullish bets.

~The perfectly balanced P/C volume ratio (1.00) is noise masking the extreme bearish premium skew.

~Some of the OTM put flow at strikes like $62.50 could be part of larger, structured positions (e.g., put spreads) rather than outright bearish bets.

Key Conclusions

⚠️Massive $-164.7M net premium to puts signals heavy institutional hedging/speculation on downside.

📉Negative GEX (-$7.3M) in a trending regime supports the bearish flow, suggesting vulnerability to momentum moves.

🎯Spot pinned at max pain ($53) with a major put wall at $55-$57.50; break below $52.82 could accelerate move lower.

🔄Long-dated max pain rises to $60+, indicating longer-term bullish positioning conflicting with near-term bearish flow.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.