Correction ...
As Tony the Tiger would say, "that strategy is grrrrreat!"
You hit upon something in your comments ...
I have a special name for my system which you would appreciate and fully understand: I call my system the "Pay Your Own Dividends" stock trading system. Did the light bulb in your head just turn on? Do not favor stocks that pay dividends! They tend to be stodgy stocks and more expensive. Instead, pay your own dividends, and choose your time and amount, and do it every week. Now that's what I call grrrrreat!
Investor's mantra: never buy a stock because it pays dividends. Pay dividends to yourself, and be a pig about it. Works for me!
I only trade stocks that have weekly options, so I can receive those dividends every week. Now that is much better than giving favored treatment to stocks that pay ordinary dividends every three months; or worse, stocks that never pay dividends. You know, like NIO.
In fact, after selling those Calls, I can buy them back (and I often do at lower prices) anytime during the week and either sell Calls again but at a different strike during the same day; or a little later at the same strike after the stock went back up, or went much higher (allowing me to choose a higher strike). I call (pun intended) that "milking the cow". Why not? The teats are there to be milked, so get with it while she's mooooooooin!
Future Long Calls on NIO??? Thinking ... tic, tic, tic, tic,...
I think not at current prices. In the near future I don't know why NIO wouldn't trade as it has in the past, which means it's going lower in a haphazard manner wherein most traders get tricked and drained. If it goes a lot lower than it is now, then I would think more about that.
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