Wheel strategy · $NVDA
Wheeling $NVDA covered calls & cash-secured puts
NVIDIA Corporation last traded at $162.85 (Nov 13, 2026). The featured monthly expiry is Dec 18, 2026, 34 days out.
Price
$162.85
52-week $148.80 – $243.37
Volatility
58%
Implied, at the money
Expected move
±$28.98
±17.8% to Dec 18, 2026
Dividend yield
0.32%
Trailing 12 months
Next earnings
Nov 17, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 58% implies a one-standard-deviation move of about ±$28.98 (17.8%) by Dec 18, 2026 — a range of roughly $133.87 to $191.83.
3-month historical volatility: 43%.
Dividends
$NVDA paid $0.52 per share over the last 12 months (4 payments), a trailing yield of 0.32%.
Next ex-dividend (estimated from its payment history): Dec 10, 2026
The ex-dividend date falls before the Dec 18, 2026 expiry: an in-the-money covered call can be assigned early the day before, when the call owner wants the dividend.
Earnings
Next report: Nov 17, 2026 · after the close
Earnings land before the Dec 18, 2026 expiry. A short put or call held through the report carries gap risk: the stock can jump past your strike overnight. Many wheel sellers pick an expiry before the report or size down.
02
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
- $150.00
- Delta (this strike)
- 0.29
- Premium
- $5.93
- Cash secured
- $15,000.00
- Credit collected
- $593.00
- Return on capital
- 3.95% · 42.4% annualised
- Breakeven
- $144.07
- Cushion to breakeven
- 11.5%
- Chance of assignment
- 36%
Premium = last trade on Nov 13, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $180.00
- Delta (this strike)
- 0.32
- Premium
- $5.25
- Share cost
- $16,285.00
- Credit collected
- $525.00
- Return on capital
- 3.22% · 34.6% annualised
- If called away (this cycle)
- 13.75%
- Breakeven
- $157.60
- Chance of being called
- 25%
Assumes 100 shares bought at today’s price. Premium = last trade on Nov 13, 2026 (delayed; the live bid/ask can differ).
Open in the calculator03
How the wheel works on $NVDA
Sell a cash-secured put. At a $150.00 strike you would collect about $5.93 per share and need $15,000.00 set aside. If $NVDA stays above $150.00 until Dec 18, 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 — $144.07 in the example above — not the strike itself.
Sell covered calls above your cost. A $180.00 call would pay about $5.25 per share; if $NVDA finishes above $180.00, the shares are called away and the cycle starts again.
$NVDA sits in the middle of the volatility range: premiums are meaningful and moves can be sharp. Position size matters more than strike selection here.
04
Common questions
What the numbers mean — and what they leave out.
- What strike should I use to wheel $NVDA?
- Many wheel sellers start near 30 delta, about 30 days out. With $NVDA at $162.85, that was roughly a $150.00 put and a $180.00 covered call for the Dec 18, 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 $NVDA?
- One cash-secured put reserves 100 × the strike: about $15,000.00 at a $150.00 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $NVDA report earnings before the next monthly expiry?
- Yes — the next report (Nov 17, 2026) lands before the Dec 18, 2026 expiry, so a ~30-day trade would be open through it.
- Does $NVDA pay a dividend, and why does it matter for the wheel?
- Yes: $0.52 per share over the last 12 months (a 0.32% trailing yield). While you hold the shares between puts and calls you collect it, but an in-the-money covered call can be assigned early just before the ex-dividend date.
- Is wheeling $NVDA 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 $NVDA.
05
Keep exploring
Track this wheel free
Log the put, the assignment and the calls in one place: YieldCove tracks premium, cost basis and annualised return across the whole cycle — free.
Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Nov 13, 2026.
Educational content only — not financial advice or a recommendation to buy or sell $NVDA 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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