You can do this using a series of window functions in common table expressions.
T1assigns a line number to each line ( rn)T2finds the first number of the zero line Pricebefore and after the current line ( rnb/ rna)T3calculates adjusted Priceby viewing prices before and after
declare @T table (Items int, Date date, Price float)
insert into @T (Items, Date, Price) values
(1, '2016-01-01', 10), (1, '2016-01-02', 15), (1, '2016-01-03', null), (1, '2016-01-04', null), (1, '2016-01-05', 8), (1, '2016-01-06', null), (1, '2016-01-07', null), (1, '2016-01-08', null), (2, '2016-01-01', 14), (2, '2016-01-02', 7), (2, '2016-01-03', null), (2, '2016-01-04', null), (2, '2016-01-05', 16), (2, '2016-01-06', null), (2, '2016-01-07', null), (2, '2016-01-08', 5)
;with T1 as
(
select *,
row_number() over (order by Items, Date) as rn
from @T
),
T2 as
(
select *,
max(case when price is null then null else rn end) over (partition by Items order by Date) as rnb,
min(case when price is null then null else rn end) over (partition by Items order by Date desc) as rna
from T1
)
select Items, Date,
isnull(price,
lag(Price, rn-rnb, Price) over (order by rn) -
(
lag(Price, rn-rnb, Price) over (order by rn) -
lead(Price, rna-rn, Price) over (order by rn)
) / (rna-rnb) * (rn-rnb)
) as Price
from T2
order by Items, Date