5 contracts (500 sh) | BE SS: $267.92 | CC-SS: $270.33 (banked floor $268.55) | IV: MEDIUM | Accounts: Joint:1782
| Max Loss | $51,460 | (ND $67.92 + SW $35) x 500 |
| Normal income ref | $5,262/mo | 75% ann ROI on ML |
| Hedge rolling cost | $809/mo | |
| Unrealized P&L | $-10,173 | fortress legs from IBKR |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 5 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 🏆 | 25 Sep 2026 · 8d | 5 × $257.50 | 74% | $3,169 | $442 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | FIGHT edge | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ▸ | cover hedge | 5 × $265 | 25 Sep | 8d | 5.6% | 90%hist 96% | 20%hist 26% | +2pp | $260 | $975 | -$2,194 | $2,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $265 5.6% OTM over spot $250.84 25 Sep 2026 (8d, $0.54 mid) = $260 credit for the 8d cycle → $975/mo projected Survival (stays ≤ $265) 90% Breach risk 10% POP (stays ≤ $265.55) 91% EV / mo +$436 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +2pp 71% whole by 9mo vs 69% doing nothing FIRE DRILLS ~0.7/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $-63/mo median; plan ~$-43/mo after 68% keep · $-117 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.2 mo [0.5-2.6], measured ONLY among the 71% of futures that got whole 🛡 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) 15% Flat exit net (mid-life) -$1,304 Free roll-up none Safest escape (by 9 Oct 2026) $274 @ 79% POP 73% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 calls + sell the new ones, one order. Prices assume the central case (day 4 of 8); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.42/sh now → $3.13 mid-life (likely $2.72–$4.76) → ≈ $0 at expiry | you banked $0.52/sh, so a flat mid-life exit nets -$2.61/sh | roll rows are incremental, the banked premium stays yours 📊 Across 438 simulated challenges: the $265 strike is typically first touched on day 6 of 8, at $267 (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 ⚠ $265 is $5 below CC-SS $270.33: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.13/sh (~25% of the $0.52 collected) or spot ≥ $265.55 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $265)); NOT the premium you collected. Momentum override: two daily closes above $265.76 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.06 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $270.33, where you are whole again, by expiry) Starting unrealized P&L: $-10,173 + Fortress recovery (un-capped): +$10,342 − CC assignment net of premium (5 × $265): -$2,407 Total Position P&L @ SS: $-2,238 (+$7,935 vs today) Do-nothing baseline at SS: $-1,063 (this trade vs do-nothing: $-1,175, the opportunity cost of earning $975/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 4 × $260 | 25 Sep | 8d | 3.7% | 80%hist 86% | 39%hist 30% | +3pp | $472 | $1,770 | -$1,399 | $3,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $260 3.7% OTM over spot $250.84 25 Sep 2026 (8d, $1.20 mid) = $472 credit for the 8d cycle → $1,770/mo projected Survival (stays ≤ $260) 80% Breach risk 20% POP (stays ≤ $261.20) 83% EV / mo +$577 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +3pp 77% whole by 9mo vs 74% doing nothing FIRE DRILLS ~1.3/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $429/mo median; plan ~$292/mo after 68% keep · $687 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.9 mo [0.4-2.0], measured ONLY among the 77% of futures that got whole 🛡 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) 29% Flat exit net (mid-life) -$755 Free roll-up none Safest escape (by 9 Oct 2026) $269 @ 78% POP 73% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 calls + sell the new ones, one order. Prices assume the central case (day 4 of 8); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.34/sh now → $3.07 mid-life (likely $3.24–$5.00) → ≈ $0 at expiry | you banked $1.18/sh, so a flat mid-life exit nets -$1.89/sh | roll rows are incremental, the banked premium stays yours 📊 Across 871 simulated challenges: the $260 strike is typically first touched on day 4 of 8, at $262 (overshoots $2.35). 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 ⚠ $260 is $10 below CC-SS $270.33: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.29/sh (~25% of the $1.18 collected) or spot ≥ $261.20 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $260)); NOT the premium you collected. Momentum override: two daily closes above $265.76 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.06 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $270.33, where you are whole again, by expiry) Starting unrealized P&L: $-10,173 + Fortress recovery (un-capped): +$10,342 − CC assignment net of premium (4 × $260): -$3,662 − Conservative CC assignment net of premium (1 × $267.50): -$246 Total Position P&L @ SS: $-3,739 (+$6,434 vs today) Do-nothing baseline at SS: $-1,063 (this trade vs do-nothing: $-2,676, the opportunity cost of earning $1,770/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 5 × $257.50 | 25 Sep | 8d | 2.7% | 74%hist 84% | 53%hist 44% | +6pp | $845 | $3,169 | — | $5,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $257.50 2.7% OTM over spot $250.84 25 Sep 2026 (8d, $1.74 mid) = $845 credit for the 8d cycle → $3,169/mo projected Survival (stays ≤ $257.50) 74% Breach risk 26% POP (stays ≤ $259.24) 79% EV / mo +$787 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +6pp 77% whole by 9mo vs 70% doing nothing FIRE DRILLS ~2.0/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $890/mo median; plan ~$605/mo after 68% keep · $1,567 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.0 mo [0.4-2.5], measured ONLY among the 77% of futures that got whole 🛡 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) 43% Flat exit net (mid-life) -$675 Free roll-up none Safest escape (by 9 Oct 2026) $272 @ 85% POP 82% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 calls + sell the new ones, one order. Prices assume the central case (day 4 of 8); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.30/sh now → $3.04 mid-life (likely $3.34–$5.00) → ≈ $0 at expiry | you banked $1.69/sh, so a flat mid-life exit nets -$1.35/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,303 simulated challenges: the $258 strike is typically first touched on day 4 of 8, at $260 (overshoots $2.21). 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 $13 below CC-SS $270.33: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.42/sh (~25% of the $1.69 collected) or spot ≥ $259.24 (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 $265.76 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.06 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $270.33, where you are whole again, by expiry) Starting unrealized P&L: $-10,173 + Fortress recovery (un-capped): +$10,342 − CC assignment net of premium (5 × $257.50): -$5,572 Total Position P&L @ SS: $-5,403 (+$4,770 vs today) Do-nothing baseline at SS: $-1,063 (this trade vs do-nothing: $-4,340, the opportunity cost of earning $3,169/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 5 × $252.50 | 25 Sep | 8d | 0.7% | 57%hist 70% | 87%hist 79% | +12pp | $1,650 | $6,188 | +$3,019 | $7,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $252.50 0.7% OTM over spot $250.84 25 Sep 2026 (8d, $3.42 mid) = $1,650 credit for the 8d cycle → $6,188/mo projected Survival (stays ≤ $252.50) 57% Breach risk 43% POP (stays ≤ $255.93) 69% EV / mo +$776 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +12pp 80% whole by 9mo vs 68% doing nothing FIRE DRILLS ~4.3/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,500/mo median; plan ~$1,020/mo after 68% keep · $2,006 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.9 mo [0.4-2.4], measured ONLY among the 80% of futures that got whole 🛡 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) 71% Flat exit net (mid-life) +$160 Free roll-up none Safest escape (by 2 Oct 2026) $269 @ 92% POP 91% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 calls + sell the new ones, one order. Prices assume the central case (day 4 of 8); earlier = worse credits, later = better, through the strike = add intrinsic Buyback gross: $4.21/sh now → $2.98 mid-life (likely $4.02–$5.60) → ≈ $0 at expiry | you banked $3.30/sh, so a flat mid-life exit nets +$0.32/sh | roll rows are incremental, the banked premium stays yours 📊 Across 2,117 simulated challenges: the $252 strike is typically first touched on day 2 of 8, at $255 (overshoots $2.42). 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 $18 below CC-SS $270.33: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.82/sh (~25% of the $3.30 collected) or spot ≥ $255.93 (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 $265.76 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.06 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $270.33, where you are whole again, by expiry) Starting unrealized P&L: $-10,173 + Fortress recovery (un-capped): +$10,342 − CC assignment net of premium (5 × $252.50): -$7,267 Total Position P&L @ SS: $-7,098 (+$3,075 vs today) Do-nothing baseline at SS: $-1,063 (this trade vs do-nothing: $-6,035, the opportunity cost of earning $6,188/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (7 expiries scanned, 30 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: 1.061 (IBKR) | Recovery@SS: +$10,342 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-1,063
| 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 | 6d | 23 Sep 2026 | $1.09 | 5/5 | $2,725 | $1,916 | 77% | 81% | +$674 | -$5,872 | 17.3% | $-5,703 (vs do-nothing $-4,640) |
| $255 | 4d | 21 Sep 2026 | $0.92 | 4/5 | $2,760 | $2,052 | 74% | 79% | +$622 | -$5,766 | 17.0% | $-5,843 (vs do-nothing $-4,780) |
| $257.50 | 8d | 25 Sep 2026 | $1.69 | 5/5 | $3,169 | $2,360 | 74% | 79% | +$787 | -$5,572 | 16.4% | $-5,403 (vs do-nothing $-4,340) |
| $257.50 | 13d | 30 Sep 2026 | $2.35 | 5/5 | $2,712 | $1,903 | 70% | 76% | +$377 | -$5,242 | 15.4% | $-5,073 (vs do-nothing $-4,010) |
| $257.50 | 15d | 2 Oct 2026 | $3.00 | 5/5 | $3,000 | $2,191 | 69% | 76% | +$723 | -$4,917 | 14.5% | $-4,748 (vs do-nothing $-3,685) |
| $255 | 6d | 23 Sep 2026 | $1.68 | 4/5 | $3,360 | $2,652 | 69% | 75% | +$569 | -$5,462 | 16.1% | $-5,539 (vs do-nothing $-4,476) |
| $255 | 8d | 25 Sep 2026 | $2.42 | 3/5 | $2,722 | $2,116 | 66% | 74% | +$525 | -$3,874 | 11.4% | $-4,198 (vs do-nothing $-3,135) |
| $255 | 11d | 28 Sep 2026 | $2.75 | 4/5 | $3,000 | $2,292 | 64% | 73% | +$414 | -$5,034 | 14.8% | $-5,111 (vs do-nothing $-4,048) |
| $255 | 13d | 30 Sep 2026 | $3.15 | 4/5 | $2,908 | $2,200 | 63% | 72% | +$321 | -$4,874 | 14.4% | $-4,951 (vs do-nothing $-3,888) |
| $255 | 15d | 2 Oct 2026 | $3.85 | 4/5 | $3,080 | $2,372 | 62% | 72% | +$616 | -$4,594 | 13.5% | $-4,671 (vs do-nothing $-3,608) |
| $255 | 22d | 9 Oct 2026 | $5.15 | 4/5 | $2,809 | $2,101 | 61% | 72% | +$593 | -$4,074 | 12.0% | $-4,151 (vs do-nothing $-3,088) |
| $252.50 | 4d | 21 Sep 2026 | $1.64 | 3/5 | $3,690 | $3,083 | 61% | 70% | +$411 | -$4,858 | 14.3% | $-5,182 (vs do-nothing $-4,119) |
| $252.50 | 6d | 23 Sep 2026 | $2.53 | 3/5 | $3,795 | $3,188 | 58% | 69% | +$406 | -$4,591 | 13.5% | $-4,915 (vs do-nothing $-3,852) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $252.50 | 8d | 25 Sep 2026 | $3.30 | 3/5 | $3,712 | $3,106 | 57% | 69% | +$465 | -$4,360 | 12.8% | $-4,684 (vs do-nothing $-3,621) |
| $252.50 | 11d | 28 Sep 2026 | $3.65 | 3/5 | $2,986 | $2,380 | 56% | 69% | +$257 | -$4,255 | 12.5% | $-4,579 (vs do-nothing $-3,516) |
| $252.50 | 13d | 30 Sep 2026 | $4.10 | 3/5 | $2,838 | $2,232 | 56% | 68% | +$211 | -$4,120 | 12.1% | $-4,444 (vs do-nothing $-3,381) |
| $252.50 | 15d | 2 Oct 2026 | $4.90 | 3/5 | $2,940 | $2,333 | 56% | 69% | +$497 | -$3,880 | 11.4% | $-4,204 (vs do-nothing $-3,141) |
| $250 | 22d | 9 Oct 2026 | $7.40 | 3/5 | $3,027 | $2,420 | 49% | 66% | +$457 | -$3,880 | 11.4% | $-4,204 (vs do-nothing $-3,141) |
| $250 | 15d | 2 Oct 2026 | $6.05 | 3/5 | $3,630 | $3,023 | 49% | 66% | +$471 | -$4,285 | 12.6% | $-4,609 (vs do-nothing $-3,546) |
| $250 | 13d | 30 Sep 2026 | $5.40 | 3/5 | $3,738 | $3,132 | 49% | 65% | +$266 | -$4,480 | 13.2% | $-4,804 (vs do-nothing $-3,741) |
| $250 | 11d | 28 Sep 2026 | $4.65 | 3/5 | $3,805 | $3,198 | 48% | 65% | +$81 | -$4,705 | 13.9% | $-5,029 (vs do-nothing $-3,966) |
| $250 | 8d | 25 Sep 2026 | $4.50 | 2/5 | $3,375 | $2,869 | 48% | 64% | +$303 | -$3,167 | 9.3% | $-3,737 (vs do-nothing $-2,674) |
| $250 | 6d | 23 Sep 2026 | $3.65 | 2/5 | $3,650 | $3,144 | 47% | 64% | +$191 | -$3,337 | 9.8% | $-3,907 (vs do-nothing $-2,844) |
| $250 | 4d | 21 Sep 2026 | $2.72 | 2/5 | $4,080 | $3,574 | 45% | 62% | +$85 | -$3,523 | 10.4% | $-4,093 (vs do-nothing $-3,030) |
| $247.50 | 15d | 2 Oct 2026 | $7.40 | 2/5 | $2,960 | $2,454 | 42% | 63% | +$295 | -$3,087 | 9.1% | $-3,657 (vs do-nothing $-2,594) |
| $247.50 | 13d | 30 Sep 2026 | $6.60 | 2/5 | $3,046 | $2,540 | 41% | 62% | +$63 | -$3,247 | 9.6% | $-3,817 (vs do-nothing $-2,754) |
| $247.50 | 11d | 28 Sep 2026 | $5.95 | 2/5 | $3,245 | $2,740 | 40% | 61% | $-36 | -$3,377 | 9.9% | $-3,947 (vs do-nothing $-2,884) |
| $247.50 | 8d | 25 Sep 2026 | $5.85 | 2/5 | $4,388 | $3,882 | 39% | 60% | +$197 | -$3,397 | 10.0% | $-3,967 (vs do-nothing $-2,904) |
| $247.50 | 6d | 23 Sep 2026 | $5.05 | 2/5 | $5,050 | $4,544 | 36% | 59% | +$49 | -$3,557 | 10.5% | $-4,127 (vs do-nothing $-3,064) |
| $247.50 | 4d | 21 Sep 2026 | $4.15 | 1/5 | $3,113 | $2,708 | 31% | 56% | $-132 | -$1,868 | 5.5% | $-2,685 (vs do-nothing $-1,622) |
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%). Survival, POP and touch use vol x 1.00 (raw implied: the VRP haircut is applied to the premium edge but NOT to risk, because understating the edge costs opportunity while understating breach odds costs capital; the risk-side haircut arms only from the graded ledger). 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 5 contracts at the conservative CC.