50 contracts (5,000 sh) | BE SS: $17.13 | CC-SS: $19.60 | IV: HIGH | Accounts: RetireInc:7291
| Max Loss | $71,250 | (ND $6.25 + SW $8) x 5000 |
| Normal income ref | $10,385/mo | 95% ann ROI on ML |
| Hedge rolling cost | $585/mo | |
| Unrealized P&L | $-26,025 | fortress legs from IBKR |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 50 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 | 36 × $16 | 76% | $5,220 | $1,832 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ▸ | cover hedge | 40 × $19 | 17 Jul | 6d | 26.8% | 97% | 5% | $120 | $600 | -$4,620 | $2,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 40 × $19 26.8% OTM over spot $14.98 17 Jul 2026 (6d, $0.04 mid) = $120 credit for the 6d cycle → $600/mo projected Survival (stays ≤ $19) 97% Breach risk 3% POP (stays ≤ $19.04) 98% EV / mo +$431 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.5 mo [0.6-3.1] median · 62% of paths whole by 9 mo (vs 70% without) · ~0.9 challenges expected · median CC cash $2,217 🛡 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) 1% Flat exit net (mid-life) -$2,323 Free roll-up +$1/wk Safest escape (by 31 Jul 2026) $21 @ 78% POP 72% survival Roll menuyour doors if the call gets challenged; each row = buy back the 40 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: $0.86/sh now → $0.61 mid-life → ≈ $0 at expiry | you banked $0.03/sh, so a flat mid-life exit nets -$0.58/sh | roll rows are incremental, the banked premium stays yours
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 ⚠ $19 is $1 below CC-SS $19.60: 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 < $0.01/sh (~25% of the $0.03 collected) or spot ≥ $19.04 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $19)); NOT the premium you collected. Momentum override: two daily closes above $17.00 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.12 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $19.60, where you are whole again, by expiry) Starting unrealized P&L: $-26,025 + Fortress recovery (un-capped): +$25,961 − CC assignment net of premium (40 × $19): -$2,261 − Conservative CC assignment net of premium (10 × $17): -$2,295 Total Position P&L @ SS: $-4,620 (+$21,405 vs today) Do-nothing baseline at SS: $-11,540 (this trade vs do-nothing: +$6,920, the opportunity cost of earning $600/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🛡 safe yield | 50 × $17.50 | 17 Jul | 6d | 16.8% | 93% | 15% | $450 | $2,250 | -$2,970 | $10,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 50 × $17.50 16.8% OTM over spot $14.98 17 Jul 2026 (6d, $0.10 mid) = $450 credit for the 6d cycle → $2,250/mo projected Survival (stays ≤ $17.50) 93% Breach risk 7% POP (stays ≤ $17.59) 93% EV / mo +$1,433 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.4 mo [0.8-3.1] median, 0.1 mo faster than no FIGHT (1.5 mo) · 58% of paths whole by 9 mo (vs 68% without) · ~2.5 challenges expected · median CC cash $3,636 🛡 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) 7% Flat exit net (mid-life) -$2,362 Free roll-up +$1/wk Safest escape (by 31 Jul 2026) $19 @ 79% POP 73% survival Roll menuyour doors if the call gets challenged; each row = buy back the 50 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: $0.80/sh now → $0.56 mid-life (likely $0.47–$0.85) → ≈ $0 at expiry | you banked $0.09/sh, so a flat mid-life exit nets -$0.47/sh | roll rows are incremental, the banked premium stays yours 📊 Across 218 simulated challenges: the $18 strike is typically first touched on day 5 of 6, at $18 (overshoots $0.42). 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 ⚠ $17.50 is $2 below CC-SS $19.60: 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 < $0.02/sh (~25% of the $0.09 collected) or spot ≥ $17.59 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $18)); NOT the premium you collected. Momentum override: two daily closes above $17.00 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.12 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $19.60, where you are whole again, by expiry) Starting unrealized P&L: $-26,025 + Fortress recovery (un-capped): +$25,961 − CC assignment net of premium (50 × $17.50): -$10,026 Total Position P&L @ SS: $-10,090 (+$15,935 vs today) Do-nothing baseline at SS: $-11,540 (this trade vs do-nothing: +$1,450, the opportunity cost of earning $2,250/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 37 × $16.50 | 17 Jul | 6d | 10.1% | 83% | 34% | $703 | $3,515 | -$1,705 | $10,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 37 × $16.50 10.1% OTM over spot $14.98 17 Jul 2026 (6d, $0.21 mid) = $703 credit for the 6d cycle → $3,515/mo projected Survival (stays ≤ $16.50) 83% Breach risk 17% POP (stays ≤ $16.70) 86% EV / mo +$1,668 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.4 mo [0.8-2.7] median, 0.1 mo faster than no FIGHT (1.5 mo) · 65% of paths whole by 9 mo (vs 68% without) · ~5.8 challenges expected · median CC cash $7,407 🛡 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) 22% Flat exit net (mid-life) -$1,259 Free roll-up +$1/wk Safest escape (by 31 Jul 2026) $19 @ 85% POP 83% survival Roll menuyour doors if the call gets challenged; each row = buy back the 37 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: $0.75/sh now → $0.53 mid-life (likely $0.52–$0.84) → ≈ $0 at expiry | you banked $0.19/sh, so a flat mid-life exit nets -$0.34/sh | roll rows are incremental, the banked premium stays yours 📊 Across 669 simulated challenges: the $16 strike is typically first touched on day 4 of 6, at $17 (overshoots $0.38). 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 ⚠ $16.50 is $3 below CC-SS $19.60: 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 < $0.05/sh (~25% of the $0.19 collected) or spot ≥ $16.70 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $16)); NOT the premium you collected. Momentum override: two daily closes above $17.00 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.12 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $19.60, where you are whole again, by expiry) Starting unrealized P&L: $-26,025 + Fortress recovery (un-capped): +$25,961 − CC assignment net of premium (37 × $16.50): -$10,749 − Conservative CC assignment net of premium (13 × $17): -$2,984 Total Position P&L @ SS: $-13,797 (+$12,228 vs today) Do-nothing baseline at SS: $-11,540 (this trade vs do-nothing: $-2,257, the opportunity cost of earning $3,515/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 36 × $16 | 17 Jul | 6d | 6.8% | 76% | 37% | $1,044 | $5,220 | — | $11,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 36 × $16 6.8% OTM over spot $14.98 17 Jul 2026 (6d, $0.30 mid) = $1,044 credit for the 6d cycle → $5,220/mo projected Survival (stays ≤ $16) 76% Breach risk 24% POP (stays ≤ $16.30) 81% EV / mo +$2,038 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.8 mo [0.8-3.9] median, 0.1 mo faster than no FIGHT (1.9 mo) · 71% of paths whole by 9 mo (vs 70% without) · ~9.1 challenges expected · median CC cash $10,557 🛡 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) -$807 Free roll-up +$1/wk Safest escape (by 31 Jul 2026) $19 @ 88% POP 86% survival Roll menuyour doors if the call gets challenged; each row = buy back the 36 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: $0.73/sh now → $0.51 mid-life (likely $0.58–$0.89) → ≈ $0 at expiry | you banked $0.29/sh, so a flat mid-life exit nets -$0.22/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,098 simulated challenges: the $16 strike is typically first touched on day 3 of 6, at $16 (overshoots $0.39). 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 ⚠ $16 is $4 below CC-SS $19.60: 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 < $0.07/sh (~25% of the $0.29 collected) or spot ≥ $16.30 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $16)); NOT the premium you collected. Momentum override: two daily closes above $17.00 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.12 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $19.60, where you are whole again, by expiry) Starting unrealized P&L: $-26,025 + Fortress recovery (un-capped): +$25,961 − CC assignment net of premium (36 × $16): -$11,899 − Conservative CC assignment net of premium (14 × $17): -$3,213 Total Position P&L @ SS: $-15,176 (+$10,849 vs today) Do-nothing baseline at SS: $-11,540 (this trade vs do-nothing: $-3,636, the opportunity cost of earning $5,220/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 49 × $15.50 | 17 Jul | 6d | 3.5% | 65% | 72% | $2,107 | $10,535 | +$5,315 | $17,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 49 × $15.50 3.5% OTM over spot $14.98 17 Jul 2026 (6d, $0.45 mid) = $2,107 credit for the 6d cycle → $10,535/mo projected Survival (stays ≤ $15.50) 65% Breach risk 35% POP (stays ≤ $15.95) 75% EV / mo +$3,055 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.5 mo [0.8-3.3] median, 0.1 mo faster than no FIGHT (1.6 mo) · 66% of paths whole by 9 mo (vs 64% without) · ~15.5 challenges expected · median CC cash $11,886 🛡 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) 56% Flat exit net (mid-life) -$334 Free roll-up +$1/wk Safest escape (by 31 Jul 2026) $19 @ 90% POP 89% survival Roll menuyour doors if the call gets challenged; each row = buy back the 49 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: $0.70/sh now → $0.50 mid-life (likely $0.63–$0.93) → ≈ $0 at expiry | you banked $0.43/sh, so a flat mid-life exit nets -$0.07/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,673 simulated challenges: the $16 strike is typically first touched on day 2 of 6, at $16 (overshoots $0.38). 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 ⚠ $15.50 is $4 below CC-SS $19.60: 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 < $0.11/sh (~25% of the $0.43 collected) or spot ≥ $15.95 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $16)); NOT the premium you collected. Momentum override: two daily closes above $17.00 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.12 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $19.60, where you are whole again, by expiry) Starting unrealized P&L: $-26,025 + Fortress recovery (un-capped): +$25,961 − CC assignment net of premium (49 × $15.50): -$17,960 − Conservative CC assignment net of premium (1 × $17): -$230 Total Position P&L @ SS: $-18,253 (+$7,772 vs today) Do-nothing baseline at SS: $-11,540 (this trade vs do-nothing: $-6,713, the opportunity cost of earning $10,535/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 9 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: 1.125 (IBKR) | Recovery@SS: +$25,961 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-11,540
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $16 | 6d | 17 Jul 2026 | $0.29 | 36/50 | $5,220 | $5,604 | 76% | 81% | +$2,038 | -$11,899 | 38.1% | $-15,176 (vs do-nothing $-3,636) |
| $16 | 13d | 24 Jul 2026 | $0.53 | 43/50 | $5,259 | $5,158 | 70% | 77% | +$1,424 | -$13,181 | 42.2% | $-14,851 (vs do-nothing $-3,311) |
| $16 | 20d | 31 Jul 2026 | $0.75 | 47/50 | $5,288 | $4,910 | 67% | 76% | +$1,404 | -$13,373 | 42.8% | $-14,125 (vs do-nothing $-2,585) |
| $15.50 | 6d | 17 Jul 2026 | $0.43 | 25/50 | $5,375 | $6,520 | 65% | 75% | +$1,559 | -$9,163 | 29.3% | $-14,965 (vs do-nothing $-3,425) |
| $15.50 | 13d | 24 Jul 2026 | $0.69 | 33/50 | $5,255 | $5,846 | 62% | 73% | +$1,088 | -$11,237 | 36.0% | $-15,203 (vs do-nothing $-3,663) |
| $15.50 | 20d | 31 Jul 2026 | $0.92 | 38/50 | $5,244 | $5,489 | 61% | 73% | +$1,130 | -$12,066 | 38.6% | $-14,884 (vs do-nothing $-3,344) |
| $15 | 20d | 31 Jul 2026 | $1.13 | 31/50 | $5,254 | $5,985 | 54% | 69% | +$912 | -$10,742 | 34.4% | $-15,167 (vs do-nothing $-3,627) |
| $15 | 13d | 24 Jul 2026 | $0.90 | 25/50 | $5,192 | $6,338 | 53% | 69% | +$822 | -$9,238 | 29.6% | $-15,040 (vs do-nothing $-3,500) |
| $15 | 6d | 17 Jul 2026 | $0.63 | 17/50 | $5,355 | $7,054 | 53% | 69% | +$1,076 | -$6,741 | 21.6% | $-14,379 (vs do-nothing $-2,839) |
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 50 contracts at the conservative CC.