NVO wheel: cash-secured put & covered-call yields
Novo-Nordisk A/S · $41.09 close on Nov 11, 2026
What the Nov 11, 2026 close says about NVO
At 30.2% implied volatility, the options market is pricing a one-standard-deviation move of about $3.55 (8.6%) in NVO by Dec 11, 2026, 30 days out.
Selling the $39 put (−0.26Δ) for $0.84 means assignment would leave a cost basis of $38.16, 7.1% below the $41.09 close.
At 0.30Δ on the Dec 11 expiry the put yields 2.15% on its strike and the call 1.90% on spot: puts pay 1.1× what calls do on NVO this session.
Moving down to the $38 put (−0.18Δ) buys 2.4% more room below spot and keeps 44% of the 0.30Δ premium.
Open interest in the stored window totals 85,577 contracts; the largest single line is the $40 put expiring Jan 15 with 28,682 (33.5% of the window).
By options volume NVO ranks #97 of 679 names in our universe.
Near-the-money options volume (2.2k) is 437% above its 5-session average.
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 | $39 | −0.26 | $0.84 Nov 11 | $84.00 | $3,900 | 2.15% | 26.2% | $38.16 | 212 | 1 |
| 0.20Δ | $38 | −0.18 | $0.37 Nov 11 | $37.00 | $3,800 | 0.97% | 11.8% | $37.63 | 90 | 17 |
Snapshot #9179 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $37.50 | −0.22 | $0.69 Nov 11 | $69.00 | $3,750 | 1.84% | 10.3% | $36.81 | 7,064 | 41 |
Snapshot #9179 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on NVO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $43 | 0.32 | $0.78 Nov 11 | $78.00 | 1.90% | 23.1% | 6.55% | 79.7% | 100 | 32 |
| 0.20Δ | $45 | 0.17 | $0.28 Nov 11 | $28.00 | 0.68% | 8.3% | 10.20% | 124.1% | 225 | 21 |
Snapshot #9179 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | 0.28 | $0.91 Nov 11 | $91.00 | 2.21% | 12.4% | 11.73% | 65.9% | 16,480 | 287 |
| 0.20Δ | $47.50 | 0.16 | $0.46 Nov 11 | $46.00 | 1.12% | 6.3% | 16.72% | 93.9% | 2,611 | 28 |
Snapshot #9179 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
NVO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.2%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 85,577 contractssession 2026-11-11
- Largest open-interest line
- $40 put · Jan 15 · 28,682
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #97 of 679 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 (34 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.