What strike should I use to wheel $NIO?

Many wheel sellers start near 30 delta, about 30 days out. With $NIO at $3.58, that was roughly a $3.50 put and a $4.00 covered call for the Oct 16, 2026 expiry at the last refresh. Pick a put strike you would genuinely be happy to own the stock at.

How much money do I need to wheel $NIO?

One cash-secured put reserves 100 × the strike: about $350.00 at a $3.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.

Does $NIO report earnings before the next monthly expiry?

No upcoming earnings date is on file for $NIO right now; check the company’s investor-relations page before you trade.

Does $NIO pay a dividend, and why does it matter for the wheel?

It paid no dividend in the last 12 months, so the income comes from option premium alone — and there is no ex-dividend early-assignment risk on covered calls.

Is wheeling $NIO safe?

No options strategy is risk-free. The wheel’s main risk is owning 100 shares after a large drop: premium cushions a fall, it does not prevent one. This page is educational and not a recommendation to trade $NIO.

Wheel strategy · $NIO

Wheeling $NIO covered calls & cash-secured puts

NIO Inc. last traded at $3.58 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.

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Price

$3.58

52-week $3.55 – $8.02

Volatility

47%

Implied, at the money

Expected move

±$0.38

±10.7% to Oct 16, 2026

Dividend yield

None

Trailing 12 months

Next earnings

—

The numbers that matter

What a wheel seller checks before opening a trade.

Volatility & expected move

Implied volatility of 47% implies a one-standard-deviation move of about ±$0.38 (10.7%) by Oct 16, 2026 — a range of roughly $3.20 to $3.96.

3-month historical volatility: 35%.

Dividends

$NIO paid no dividend in the last 12 months.

Earnings

No upcoming earnings date on file.

Sample trades at ~30 days

One contract at the listed strike closest to 30 delta (its actual delta is shown), computed with the YieldCove calculator’s maths.

Cash-secured put

Strike: $3.50
Delta (this strike): 0.39
Premium: $0.11
Cash secured: $350.00
Credit collected: $11.00
Return on capital: 3.14% · 60.4% annualised
Breakeven: $3.39
Cushion to breakeven: 5.3%
Chance of assignment: 44%

Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).

Open in the calculator

Covered call

Strike: $4.00
Delta (this strike): 0.17
Premium: $0.03
Share cost: $358.00
Credit collected: $3.00
Return on capital: 0.84% · 16.1% annualised
If called away (this cycle): 12.57%
Breakeven: $3.55
Chance of being called: 13%

Assumes 100 shares bought at today’s price. Illustrative assumption: no recent trade was found for this strike, so the premium is a Black-Scholes estimate from at-the-money implied volatility.

Open in the calculator

How the wheel works on $NIO

Sell a cash-secured put. At a $3.50 strike you would collect about $0.11 per share and need $350.00 set aside. If $NIO stays above $3.50 until Oct 16, 2026, you keep the premium and can sell another put.

If assigned, you own 100 shares. Your effective cost is the strike minus the premium — $3.39 in the example above — not the strike itself.

Sell covered calls above your cost. A $4.00 call would pay about $0.03 per share; if $NIO finishes above $4.00, the shares are called away and the cycle starts again.

$NIO sits in the middle of the volatility range: premiums are meaningful and moves can be sharp. Position size matters more than strike selection here.

Common questions

What the numbers mean — and what they leave out.

What strike should I use to wheel $NIO?: Many wheel sellers start near 30 delta, about 30 days out. With $NIO at $3.58, that was roughly a $3.50 put and a $4.00 covered call for the Oct 16, 2026 expiry at the last refresh. Pick a put strike you would genuinely be happy to own the stock at.
How much money do I need to wheel $NIO?: One cash-secured put reserves 100 × the strike: about $350.00 at a $3.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.
Does $NIO report earnings before the next monthly expiry?: No upcoming earnings date is on file for $NIO right now; check the company’s investor-relations page before you trade.
Does $NIO pay a dividend, and why does it matter for the wheel?: It paid no dividend in the last 12 months, so the income comes from option premium alone — and there is no ex-dividend early-assignment risk on covered calls.
Is wheeling $NIO safe?: No options strategy is risk-free. The wheel’s main risk is owning 100 shares after a large drop: premium cushions a fall, it does not prevent one. This page is educational and not a recommendation to trade $NIO.

Keep exploring

Related tickers$AAL $CCL

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Track this wheel free

Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Sep 25, 2026.

Educational content only — not financial advice or a recommendation to buy or sell $NIO or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer

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