NKE (NKE) options memo

The Read

NKE is down 1.75% today at $42.21.

Options traders lean neutral into 2026-07-24, and neutral further out.

A move through the gamma flip level would change how dealers hedge this stock.

Key numbers

• Spot: $42.21
• Lean: neutral
• Nearest expiry: Fri 9/18
• Implied move: 1.9%
• ATM implied volatility: 37.0%
• Max pain: $40.00
• Pin strike: $40.00
• Dealer positioning: LONG GAMMA
• Call wall: $45.00
• Put wall: $40.00
• Put/call open interest: 0.455