NKE wheel: cash-secured put & covered-call yields
Nike, Inc. · Materials · $36.39 close on Sep 28, 2026
What the Sep 28, 2026 close says about NKE
At 44.2% implied volatility, the options market is pricing a one-standard-deviation move of about $4.77 (13.1%) in NKE by Oct 30, 2026, 32 days out.
Selling the $34 put (−0.29Δ) for $0.90 means assignment would leave a cost basis of $33.10, 9.0% below the $36.39 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.028 vs $0.016).
At 0.30Δ on the Oct 30 expiry the put yields 2.65% on its strike and the call 2.45% on spot: puts and calls pay within 10% of each other on NKE this session.
Moving down to the $33 put (−0.22Δ) buys 2.7% more room below spot and keeps 74% of the 0.30Δ premium.
Open interest in the stored window totals 79,933 contracts; the largest single line is the $35 put expiring Dec 18 with 21,416 (26.8% of the window).
By options volume NKE ranks #66 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on NKE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $34 | −0.29 | $0.90 Sep 28 | $90.00 | $3,400 | 2.65% | 30.2% | $33.10 | 240 | 19 |
| 0.20Δ | $33 | −0.22 | $0.67 Sep 28 | $67.00 | $3,300 | 2.03% | 23.2% | $32.33 | 280 | 36 |
Snapshot #193 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $32.50 | −0.26 | $1.30 Sep 28 | $130.00 | $3,250 | 4.00% | 18.0% | $31.20 | 7,361 | 141 |
| 0.20Δ | $30 | −0.15 | $0.66 Sep 28 | $66.00 | $3,000 | 2.20% | 9.9% | $29.34 | 7,497 | 2,072 |
Snapshot #193 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NKE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | 0.28 | $0.89 Sep 28 | $89.00 | 2.45% | 27.9% | 12.37% | 141.1% | 1,151 | 495 |
| 0.20Δ | $42 | 0.18 | $0.51 Sep 28 | $51.00 | 1.40% | 16.0% | 16.82% | 191.8% | 271 | 332 |
Snapshot #193 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $42.50 | 0.26 | $1.17 Sep 28 | $117.00 | 3.22% | 14.5% | 20.01% | 90.1% | 5,651 | 240 |
| 0.20Δ | $45 | 0.19 | $0.77 Sep 28 | $77.00 | 2.12% | 9.5% | 25.78% | 116.2% | 7,519 | 314 |
Snapshot #193 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NKE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 44.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 79,933 contractssession 2026-09-28
- Largest open-interest line
- $35 put · Dec 18 · 21,416
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #66 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.