NKE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $39.26.

Put/Call (OI)

0.86

958k P / 1.1M C

Put/Call (Volume)

0.54

94k P / 175k C today

30d ATM IV

33%

annualized implied move

Call wall

$45

160k contracts

Put wall

$35

72k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Call wall at $45 (160k contracts), 15% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $35 (72k contracts), 11% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 6.4× deep-OTM put OI — speculative upside positioning dominates the tails.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	122k	84k	0.69	87k
2026-08-28	14k	22k	1.61	36k
2026-09-04	5k	7k	1.55	9k
2026-09-11	5k	4k	0.83	8k
2026-09-18	244k	220k	0.90	35k
2026-09-25	2k	5k	3.01	3k
2026-10-02	228	2k	8.54	4k
2026-10-16	70k	57k	0.81	17k
2026-11-20	24k	31k	1.28	10k
2026-12-18	128k	80k	0.63	10k
2027-01-15	228k	165k	0.72	23k
2027-03-19	59k	39k	0.67	4k
2027-06-17	54k	64k	1.18	9k
2027-12-17	46k	50k	1.07	3k
2028-01-21	106k	95k	0.90	5k
2028-06-16	10k	27k	2.59	2k
2028-12-15	3k	5k	1.81	4k

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.