After the release of it might be wise to purchase puts on nke . If I you were holding options right now you might want to get out now. Reason being, the implied is nearly doubled its historical average, which is typical for a company right before . The problem is NKE has different ways to play out that does not give a high degree of certainty to hold options right now. Especially with the IV as high as it is.
ORANGE & GREEN COUNT
Right now NKE is at a point where it can have a positive reaction to its and rise in a ii wave to as high as 100, or even more bullishly in a c wave to 104. The flip side is NKE can plummet due to a possible very 1-2 i-ii set up.
In conclusion, it would be best to wait until after release from NKE to play the downside, especially with options. The risk right now in options is very high due to the possible rise from and fall of IV in which case you can get doubly burned. It would be best to sit and wait until Friday to see how the market will react.