NVO wheel: cash-secured put & covered-call yields
Novo-Nordisk A/S · $38.71 close on Sep 28, 2026
What the Sep 28, 2026 close says about NVO
At 29.6% implied volatility, the options market is pricing a one-standard-deviation move of about $3.39 (8.8%) in NVO by Oct 30, 2026, 32 days out.
Selling the $37 put (−0.29Δ) for $0.59 means assignment would leave a cost basis of $36.41, 5.9% below the $38.71 close.
At 0.30Δ on the Oct 30 expiry the put yields 1.59% on its strike and the call 1.68% on spot: puts and calls pay within 10% of each other on NVO this session.
Moving down to the $36 put (−0.20Δ) buys 2.6% more room below spot and keeps 69% of the 0.30Δ premium.
Open interest in the stored window totals 73,767 contracts; the largest single line is the $36 put expiring Oct 30 with 21,237 (28.8% of the window).
By options volume NVO ranks #16 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on NVO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $37 | −0.29 | $0.59 Sep 28 | $59.00 | $3,700 | 1.59% | 18.2% | $36.41 | 476 | 7 |
| 0.20Δ | $36 | −0.20 | $0.41 Sep 28 | $41.00 | $3,600 | 1.14% | 13.0% | $35.59 | 21,237 | 1,677 |
Snapshot #201 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $35 | −0.24 | $0.93 Sep 28 | $93.00 | $3,500 | 2.66% | 12.0% | $34.07 | 14,466 | 695 |
Snapshot #201 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NVO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $41 | 0.29 | $0.65 Sep 28 | $65.00 | 1.68% | 19.2% | 7.59% | 86.6% | 411 | 1,085 |
| 0.20Δ | $42 | 0.21 | $0.43 Sep 28 | $43.00 | 1.11% | 12.7% | 9.61% | 109.6% | 713 | 195 |
Snapshot #201 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $42.50 | 0.33 | $1.39 Sep 28 | $139.00 | 3.59% | 16.2% | 13.38% | 60.3% | 1,808 | 230 |
| 0.20Δ | $45 | 0.22 | $0.84 Sep 28 | $84.00 | 2.17% | 9.8% | 18.42% | 83.0% | 6,453 | 182 |
Snapshot #201 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NVO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 73,767 contractssession 2026-09-28
- Largest open-interest line
- $36 put · Oct 30 · 21,237
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #16 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.