This is the best missile in the game, as it has a turret on it and it's explosion radius can reach most ship cores. However, the p cost essentially limits the player to 1 per ship, unless modded.
It pretty much 1-hit kills almost anything.
There really isn't that much to say in terms of strategy other than to make sure you also bring some Gauss Beams or an Obliterator (the Obliterator in perticular complements nicely with Nuclear Option) as shields are the only thing that can protect ships and stations from nukes, in particular the Farmers stations can be difficult to take down with only nukes since the shields are very strong and can hold up against the wrath of this deadly weapons. In a nutshell if you see something right click and watch it explode but if you see a strong shield (like the Tinkerells or the aforementioned Farmers) shoot at it with all of your weapons or if you have armor spikes on your ship ram into it but make sure you don't get reckless as it can be easy swarmed with fighters and gunfire while ramming into a station.