10 contracts (1,000 sh) | BE SS: $256.25 | CC-SS: $235.11 | IV: MEDIUM | Accounts: Joint:1782
| Max Loss | $67,500 | (ND $37.50 + SW $30) x 1000 |
| Normal income ref | $13,183/mo | 75% ann ROI on ML |
| Hedge (static, never rolled) | $0/mo | HP expiry = SP LEAPS; decay ≈ $2,059/mo (info only, already in marks) |
| Unrealized P&L | $7,490 | fortress legs from IBKR |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 10 contracts). The master ranks the two by E[net]/mo to pick one grand pick; both are shown here so you can choose the tenor that fits your roll cadence.
| Track | Expiry | Sell | Survival | Income/mo | E[net]/mo |
|---|---|---|---|---|---|
| NEXT FRIDAY 🏆 | 17 Jul 2026 · 6d | 9 × $257.50 | 87% | $7,054 | $4,546 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ▸ | 🛡 safe yield | 10 × $262.50 | 17 Jul | 6d | 6.8% | 94% | 12% | $836 | $4,180 | -$2,874 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 10 × $262.50 6.8% OTM over spot $245.70 17 Jul 2026 (6d, $0.88 mid) = $836 credit for the 6d cycle → $4,180/mo projected Survival (stays ≤ $262.50) 94% Breach risk 6% POP (stays ≤ $263.38) 95% EV / mo +$3,520 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 6% Flat exit net (mid-life) -$2,479 Free roll-up +$4/wk Safest escape (by 31 Jul 2026) $282 @ 83% POP 80% survival Roll menuyour doors if the call gets challenged; each row = buy back the 10 calls + sell the new ones, one order. Prices assume the central case (day 3 of 6); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.69/sh now → $3.32 mid-life (likely $2.79–$4.70) → ≈ $0 at expiry | you banked $0.84/sh, so a flat mid-life exit nets -$2.48/sh | roll rows are incremental, the banked premium stays yours 📊 Across 188 simulated challenges: the $262 strike is typically first touched on day 5 of 6, at $265 (overshoots $2.24). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ✓ $262.50 is at/above CC-SS $235.11: assignment is break-even or better.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.21/sh (~25% of the $0.84 collected) or spot ≥ $263.38 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $262)); NOT the premium you collected. Momentum override: two daily closes above $251.61 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $235.11, where you are whole again, by expiry) Starting unrealized P&L: $7,490 + Fortress recovery (un-capped): +$0 − CC assignment net of premium (10 × $262.50): -$0 Total Position P&L @ SS: $7,490 (+$0 vs today) Do-nothing baseline at SS: $8,750 (this trade vs do-nothing: $-1,260, the opportunity cost of earning $4,180/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal | 6 × $257.50 | 17 Jul | 6d | 4.8% | 87% | 25% | $940 | $4,702 | -$2,351 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 6 × $257.50 4.8% OTM over spot $245.70 17 Jul 2026 (6d, $1.65 mid) = $940 credit for the 6d cycle → $4,702/mo projected Survival (stays ≤ $257.50) 87% Breach risk 13% POP (stays ≤ $259.15) 90% EV / mo +$3,547 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 18% Flat exit net (mid-life) -$1,011 Free roll-up +$4/wk Safest escape (by 31 Jul 2026) $282 @ 86% POP 84% survival Roll menuyour doors if the call gets challenged; each row = buy back the 6 calls + sell the new ones, one order. Prices assume the central case (day 3 of 6); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.60/sh now → $3.25 mid-life (likely $3.01–$5.18) → ≈ $0 at expiry | you banked $1.57/sh, so a flat mid-life exit nets -$1.68/sh | roll rows are incremental, the banked premium stays yours 📊 Across 541 simulated challenges: the $258 strike is typically first touched on day 4 of 6, at $260 (overshoots $2.47). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ✓ $257.50 is at/above CC-SS $235.11: assignment is break-even or better.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.39/sh (~25% of the $1.57 collected) or spot ≥ $259.15 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $258)); NOT the premium you collected. Momentum override: two daily closes above $251.61 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $235.11, where you are whole again, by expiry) Starting unrealized P&L: $7,490 + Fortress recovery (un-capped): +$0 − CC assignment net of premium (6 × $257.50): -$0 + Conservative CC premium (4 × $257.50): +$504 Total Position P&L @ SS: $7,994 (+$504 vs today) Do-nothing baseline at SS: $8,750 (this trade vs do-nothing: $-756, the opportunity cost of earning $4,702/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 9 × $257.50 | 17 Jul | 6d | 4.8% | 87% | 17% | $1,411 | $7,054 | — | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 9 × $257.50 4.8% OTM over spot $245.70 17 Jul 2026 (6d, $1.65 mid) = $1,411 credit for the 6d cycle → $7,054/mo projected Survival (stays ≤ $257.50) 87% Breach risk 13% POP (stays ≤ $259.15) 90% EV / mo +$5,320 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 17% Flat exit net (mid-life) -$1,516 Free roll-up +$4/wk Safest escape (by 31 Jul 2026) $282 @ 86% POP 84% survival Roll menuyour doors if the call gets challenged; each row = buy back the 9 calls + sell the new ones, one order. Prices assume the central case (day 3 of 6); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.60/sh now → $3.25 mid-life (likely $2.95–$4.96) → ≈ $0 at expiry | you banked $1.57/sh, so a flat mid-life exit nets -$1.68/sh | roll rows are incremental, the banked premium stays yours 📊 Across 514 simulated challenges: the $258 strike is typically first touched on day 4 of 6, at $260 (overshoots $2.43). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ✓ $257.50 is at/above CC-SS $235.11: assignment is break-even or better.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.39/sh (~25% of the $1.57 collected) or spot ≥ $259.15 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $258)); NOT the premium you collected. Momentum override: two daily closes above $251.61 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $235.11, where you are whole again, by expiry) Starting unrealized P&L: $7,490 + Fortress recovery (un-capped): +$0 − CC assignment net of premium (9 × $257.50): -$0 + Conservative CC premium (1 × $257.50): +$126 Total Position P&L @ SS: $7,616 (+$126 vs today) Do-nothing baseline at SS: $8,750 (this trade vs do-nothing: $-1,134, the opportunity cost of earning $7,054/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 10 × $252.50 | 17 Jul | 6d | 2.8% | 75% | 50% | $2,812 | $14,060 | +$7,006 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 10 × $252.50 2.8% OTM over spot $245.70 17 Jul 2026 (6d, $2.96 mid) = $2,812 credit for the 6d cycle → $14,060/mo projected Survival (stays ≤ $252.50) 75% Breach risk 25% POP (stays ≤ $255.46) 84% EV / mo +$8,748 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 37% Flat exit net (mid-life) -$377 Free roll-up +$4/wk Safest escape (by 31 Jul 2026) $287 @ 92% POP 91% survival Roll menuyour doors if the call gets challenged; each row = buy back the 10 calls + sell the new ones, one order. Prices assume the central case (day 3 of 6); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.51/sh now → $3.19 mid-life (likely $3.49–$5.57) → ≈ $0 at expiry | you banked $2.81/sh, so a flat mid-life exit nets -$0.38/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,106 simulated challenges: the $252 strike is typically first touched on day 3 of 6, at $255 (overshoots $2.41). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ✓ $252.50 is at/above CC-SS $235.11: assignment is break-even or better.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.70/sh (~25% of the $2.81 collected) or spot ≥ $255.46 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $252)); NOT the premium you collected. Momentum override: two daily closes above $251.61 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $235.11, where you are whole again, by expiry) Starting unrealized P&L: $7,490 + Fortress recovery (un-capped): +$0 − CC assignment net of premium (10 × $252.50): -$0 Total Position P&L @ SS: $7,490 (+$0 vs today) Do-nothing baseline at SS: $8,750 (this trade vs do-nothing: $-1,260, the opportunity cost of earning $14,060/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (6 expiries scanned, 31 clear the income floor), each sized to the minimum contracts that clear it. Sorted by survival (safest first): the primary 🎯 is the safest; rows below trade safety for income.
Fortress delta: 0.900 (fallback) | Recovery@SS: +$0 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $8,750
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $257.50 | 4d | 15 Jul 2026 | $0.99 | 9/10 | $6,669 | $7,013 | 92% | 94% | +$5,735 | -$0 | 0.0% | $8,505 (vs do-nothing $-245) |
| $255 | 4d | 15 Jul 2026 | $1.38 | 7/10 | $7,232 | $8,263 | 88% | 91% | +$5,769 | -$0 | 0.0% | $8,832 (vs do-nothing +$82) |
| $257.50 | 6d | 17 Jul 2026 | $1.57 | 9/10 | $7,054 | $7,397 | 87% | 90% | +$5,320 | -$0 | 0.0% | $9,027 (vs do-nothing +$277) |
| $252.50 | 4d | 15 Jul 2026 | $2.04 | 5/10 | $7,659 | $9,378 | 81% | 87% | +$5,604 | -$0 | 0.0% | $9,141 (vs do-nothing +$391) |
| $252.50 | 6d | 17 Jul 2026 | $2.81 | 5/10 | $7,030 | $8,748 | 75% | 84% | +$4,374 | -$0 | 0.0% | $9,526 (vs do-nothing +$776) |
| $252.50 | 9d | 20 Jul 2026 | $3.16 | 7/10 | $7,382 | $8,412 | 73% | 82% | +$4,110 | -$0 | 0.0% | $10,082 (vs do-nothing +$1,332) |
| $260 | 20d | 31 Jul 2026 | $5.10 | 9/10 | $6,885 | $7,229 | 72% | 78% | +$2,046 | -$0 | 0.0% | $12,206 (vs do-nothing +$3,456) |
| $250 | 4d | 15 Jul 2026 | $2.93 | 4/10 | $8,778 | $10,840 | 71% | 83% | +$5,691 | -$0 | 0.0% | $9,416 (vs do-nothing +$666) |
| $252.50 | 11d | 22 Jul 2026 | $2.56 | 10/10 | $6,982 | $6,982 | 70% | 77% | +$1,458 | -$0 | 0.0% | $10,050 (vs do-nothing +$1,300) |
| $252.50 | 13d | 24 Jul 2026 | $3.50 | 9/10 | $7,269 | $7,613 | 68% | 76% | +$1,892 | -$0 | 0.0% | $10,766 (vs do-nothing +$2,016) |
| $255 | 20d | 31 Jul 2026 | $6.65 | 7/10 | $6,983 | $8,013 | 66% | 75% | +$1,747 | -$0 | 0.0% | $12,523 (vs do-nothing +$3,773) |
| $250 | 9d | 20 Jul 2026 | $4.16 | 5/10 | $6,935 | $8,653 | 66% | 78% | +$3,430 | -$0 | 0.0% | $10,200 (vs do-nothing +$1,450) |
| $250 | 11d | 22 Jul 2026 | $3.35 | 8/10 | $7,309 | $7,996 | 63% | 73% | +$1,180 | -$0 | 0.0% | $10,422 (vs do-nothing +$1,672) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $250 | 13d | 24 Jul 2026 | $4.23 | 7/10 | $6,829 | $7,860 | 63% | 73% | +$1,697 | -$0 | 0.0% | $10,827 (vs do-nothing +$2,077) |
| $247.50 | 4d | 15 Jul 2026 | $3.92 | 3/10 | $8,828 | $11,233 | 60% | 78% | +$4,745 | -$0 | 0.0% | $9,549 (vs do-nothing +$799) |
| $250 | 20d | 31 Jul 2026 | $8.40 | 6/10 | $7,560 | $8,935 | 59% | 71% | +$1,444 | -$0 | 0.0% | $13,034 (vs do-nothing +$4,284) |
| $247.50 | 6d | 17 Jul 2026 | $4.87 | 3/10 | $7,310 | $9,716 | 58% | 76% | +$3,456 | -$0 | 0.0% | $9,834 (vs do-nothing +$1,084) |
| $247.50 | 9d | 20 Jul 2026 | $5.18 | 4/10 | $6,903 | $8,965 | 57% | 74% | +$2,837 | -$0 | 0.0% | $10,317 (vs do-nothing +$1,567) |
| $247.50 | 11d | 22 Jul 2026 | $4.15 | 6/10 | $6,791 | $8,165 | 56% | 69% | +$572 | -$0 | 0.0% | $10,484 (vs do-nothing +$1,734) |
| $247.50 | 13d | 24 Jul 2026 | $5.40 | 6/10 | $7,477 | $8,851 | 56% | 69% | +$1,372 | -$0 | 0.0% | $11,234 (vs do-nothing +$2,484) |
| $245 | 20d | 31 Jul 2026 | $10.80 | 5/10 | $8,100 | $9,818 | 51% | 67% | +$1,306 | -$0 | 0.0% | $13,520 (vs do-nothing +$4,770) |
| $245 | 13d | 24 Jul 2026 | $6.41 | 5/10 | $7,399 | $9,117 | 49% | 67% | +$1,232 | -$0 | 0.0% | $11,326 (vs do-nothing +$2,576) |
| $245 | 11d | 22 Jul 2026 | $5.75 | 5/10 | $7,841 | $9,559 | 49% | 66% | +$1,008 | -$0 | 0.0% | $10,995 (vs do-nothing +$2,245) |
| $245 | 9d | 20 Jul 2026 | $6.46 | 4/10 | $8,613 | $10,675 | 49% | 71% | +$2,928 | -$0 | 0.0% | $10,830 (vs do-nothing +$2,080) |
| $245 | 6d | 17 Jul 2026 | $4.32 | 4/10 | $8,645 | $10,707 | 48% | 66% | +$1,146 | -$0 | 0.0% | $9,975 (vs do-nothing +$1,225) |
| $245 | 4d | 15 Jul 2026 | $5.23 | 2/10 | $7,852 | $10,601 | 47% | 74% | +$3,388 | -$0 | 0.0% | $9,545 (vs do-nothing +$795) |
| $242.50 | 13d | 24 Jul 2026 | $8.00 | 4/10 | $7,385 | $9,446 | 43% | 64% | +$927 | -$0 | 0.0% | $11,446 (vs do-nothing +$2,696) |
| $242.50 | 11d | 22 Jul 2026 | $6.70 | 4/10 | $7,309 | $9,371 | 42% | 62% | +$280 | -$0 | 0.0% | $10,926 (vs do-nothing +$2,176) |
| $242.50 | 9d | 20 Jul 2026 | $7.98 | 3/10 | $7,980 | $10,385 | 40% | 68% | +$2,235 | -$0 | 0.0% | $10,766 (vs do-nothing +$2,016) |
| $242.50 | 6d | 17 Jul 2026 | $7.58 | 2/10 | $7,581 | $10,330 | 38% | 69% | +$2,350 | -$0 | 0.0% | $10,014 (vs do-nothing +$1,264) |
| $242.50 | 4d | 15 Jul 2026 | $6.56 | 2/10 | $9,847 | $12,596 | 35% | 69% | +$3,055 | -$0 | 0.0% | $9,811 (vs do-nothing +$1,061) |
Income/mo = FIGHT leg gross, DTE-prorated. Net/mo = FIGHT + conservative CC gross minus hedge cost. POP (mid) = probability stock closes at or below (strike + mid premium) at expiry, per-strike chain IV when available. Survival = CC expires fully worthless. EV/mo = premium minus expected buyback, monthly, with realized vol = IV x 85% (variance risk premium 15%). Cap give-up @ SS = recovery mortgaged on a V-bounce to SS, net of premium. Total P&L @ SS = absolute position P&L if the stock closes at SS; "vs do-nothing" = opportunity cost against holding all 10 contracts at the conservative CC.