NKE is trading at 78 so we need to add to the trade.
Buy Jan 82.5/77.5/72.5 put butterfly for 1.50 or lower.
The 82.50 put is going to be a tough entry as it is in the money and not very liquid.
For now it’s a sit and wait kind of trade. If we start to lose our theta potential we will adjust the trade– either by adding a third fly or just rolling up the low side of the first fly higher.