tanvi : I don't understand the logic behind why those buyers bought put at $97 and $98 while also paying the premium of 1.57m and 1.29m, respectively. The market was selling at $92.78.
What were they trying to gain from the put option?

Luzi Ann SantosOP tanvi: As the story says, puts can be used as a hedge against a price slump because the holder can sell the shares at that strike price, even if Nike shares are trading below that. But of course, there’s a cost to buy that protection just as you would pay for insurance to help you when things go wrong. That’s what’s called the premium.
Others also use these securities for speculation. It’s hard to know exactly what the motivation in this case is, unless you’re the person behind the trade. But it’s always interesting to know how big players are positioning, regardless whether you want to follow them or make a contrarian move.

meowmeow66 : Hello, you can practice trading with paper money on Moomoo. Every step is real except the money is virtual. Search “paper trading” on Moomoo
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xXSavage_Red_PandaXx : 999999899999999999999999999999998999999999999999999999999899999999999998999999⁹999999999989999999999⁹89999999999999

CᖇYᑌI᙭ : Long-dates . How about the Strike price? Any good tip?

KopikarpOP : for LEAPS they are mostly ITM. because it's paper trading and I don't really need to worry about how much money I have, the exact strikes (how deep) are mostly based on the efficiency of the spreads.