Today you can create a subVI by selecting a portion of the code and selecting Edit->Create SubVI from the menu bar. I use this a lot. But you need to have something, VI, indicator, control, etc in your selection to create the SubVI. Wouldn't it be nice to just be able to select some wires and do Edit->Create subVI?
The new subVI should get inputs and outputs to match the wires you selected as per the image below.
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