NKE Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for NKE for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.