25 contracts (2,500 sh) | BE SS: $20.74 | CC-SS: $17.56 | IV: HIGH | Accounts: RetireInc:7291
| Max Loss | $26,850 | (ND $3.74 + SW $7) x 2500 |
| Normal income ref | $4,025/mo | 95% ann ROI on ML |
| Hedge rolling cost | $481/mo | |
| Unrealized P&L | $-10,725 | fortress legs from IBKR |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 25 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 · 8d | 20 × $13.50 | 78% | $2,025 | $433 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▸ | cover hedge | 19 × $15 | 17 Jul | 8d | 22.6% | 93% | 15% | $133 | $499 | -$1,526 | $4,739 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $15 22.6% OTM over spot $12.23 17 Jul 2026 (8d, $0.09 mid) = $133 credit for the 8d cycle → $499/mo projected Survival (stays ≤ $15) 93% Breach risk 7% POP (stays ≤ $15.09) 93% EV / mo +$243 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.2 mo [1.2-4.2] median · 52% of paths whole by 9 mo (vs 50% without) · ~2.0 challenges expected · median CC cash $-762 🛡 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) 9% Flat exit net (mid-life) -$1,268 Free roll-up +$1/wk Safest escape (by 24 Jul 2026) $16 @ 74% POP 64% survival Roll menuyour doors if the call gets challenged; each row = buy back the 19 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: $1.04/sh now → $0.74 mid-life (likely $0.59–$1.00) → ≈ $0 at expiry | you banked $0.07/sh, so a flat mid-life exit nets -$0.67/sh | roll rows are incremental, the banked premium stays yours 📊 Across 275 simulated challenges: the $15 strike is typically first touched on day 6 of 8, at $15 (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.
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 +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). 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 is $3 below CC-SS $17.56: 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 $0.07 collected) or spot ≥ $15.09 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $15)); NOT the premium you collected. Momentum override: two daily closes above $18.93 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.81 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $17.56, where you are whole again, by expiry) Starting unrealized P&L: $-10,725 + Fortress recovery (un-capped): +$10,725 − CC assignment net of premium (19 × $15): -$4,739 − Conservative CC assignment net of premium (6 × $17): -$327 Total Position P&L @ SS: $-5,065 (+$5,660 vs today) Do-nothing baseline at SS: $-1,360 (this trade vs do-nothing: $-3,705, the opportunity cost of earning $499/mo FIGHT income now) BB-reversion stress (→ $18.74 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$6,973, position total $-5,639 (+$5,086 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🛡 safe yield | 25 × $15 | 17 Jul | 8d | 22.6% | 93% | 15% | $175 | $656 | -$1,369 | $6,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $15 22.6% OTM over spot $12.23 17 Jul 2026 (8d, $0.09 mid) = $175 credit for the 8d cycle → $656/mo projected Survival (stays ≤ $15) 93% Breach risk 7% POP (stays ≤ $15.09) 93% EV / mo +$319 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.3 mo [1.2-4.1] median, 0.2 mo faster than no FIGHT (2.5 mo) · 48% of paths whole by 9 mo (vs 46% without) · ~1.9 challenges expected · median CC cash $-167 🛡 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) 9% Flat exit net (mid-life) -$1,669 Free roll-up +$1/wk Safest escape (by 24 Jul 2026) $16 @ 74% POP 64% survival Roll menuyour doors if the call gets challenged; each row = buy back the 25 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: $1.04/sh now → $0.74 mid-life (likely $0.58–$0.98) → ≈ $0 at expiry | you banked $0.07/sh, so a flat mid-life exit nets -$0.67/sh | roll rows are incremental, the banked premium stays yours 📊 Across 265 simulated challenges: the $15 strike is typically first touched on day 6 of 8, at $15 (overshoots $0.43). 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.
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 +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). 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 is $3 below CC-SS $17.56: 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 $0.07 collected) or spot ≥ $15.09 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $15)); NOT the premium you collected. Momentum override: two daily closes above $18.93 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.81 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $17.56, where you are whole again, by expiry) Starting unrealized P&L: $-10,725 + Fortress recovery (un-capped): +$10,725 − CC assignment net of premium (25 × $15): -$6,235 Total Position P&L @ SS: $-6,235 (+$4,490 vs today) Do-nothing baseline at SS: $-1,360 (this trade vs do-nothing: $-4,875, the opportunity cost of earning $656/mo FIGHT income now) BB-reversion stress (→ $18.74 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$9,175, position total $-6,809 (+$3,916 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 21 × $14 | 17 Jul | 8d | 14.4% | 85% | 32% | $357 | $1,339 | -$686 | $7,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 21 × $14 14.4% OTM over spot $12.23 17 Jul 2026 (8d, $0.20 mid) = $357 credit for the 8d cycle → $1,339/mo projected Survival (stays ≤ $14) 85% Breach risk 15% POP (stays ≤ $14.20) 87% EV / mo +$515 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.0 mo [1.0-3.9] median, 0.3 mo faster than no FIGHT (2.3 mo) · 57% of paths whole by 9 mo (vs 50% without) · ~4.9 challenges expected · median CC cash $902 🛡 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) 23% Flat exit net (mid-life) -$1,033 Free roll-up +$0/wk Safest escape (by 24 Jul 2026) $15 @ 78% POP 72% survival Roll menuyour doors if the call gets challenged; each row = buy back the 21 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: $0.94/sh now → $0.66 mid-life (likely $0.65–$1.06) → ≈ $0 at expiry | you banked $0.17/sh, so a flat mid-life exit nets -$0.49/sh | roll rows are incremental, the banked premium stays yours 📊 Across 686 simulated challenges: the $14 strike is typically first touched on day 5 of 8, at $14 (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.
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 +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). 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 ⚠ $14 is $4 below CC-SS $17.56: 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 < $0.04/sh (~25% of the $0.17 collected) or spot ≥ $14.20 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $18.93 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.81 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $17.56, where you are whole again, by expiry) Starting unrealized P&L: $-10,725 + Fortress recovery (un-capped): +$10,725 − CC assignment net of premium (21 × $14): -$7,128 − Conservative CC assignment net of premium (4 × $17): -$218 Total Position P&L @ SS: $-7,345 (+$3,380 vs today) Do-nothing baseline at SS: $-1,360 (this trade vs do-nothing: $-5,985, the opportunity cost of earning $1,339/mo FIGHT income now) BB-reversion stress (→ $18.74 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$9,597, position total $-7,919 (+$2,806 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 20 × $13.50 | 17 Jul | 8d | 10.3% | 78% | 34% | $540 | $2,025 | — | $7,588 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 20 × $13.50 10.3% OTM over spot $12.23 17 Jul 2026 (8d, $0.30 mid) = $540 credit for the 8d cycle → $2,025/mo projected Survival (stays ≤ $13.50) 78% Breach risk 22% POP (stays ≤ $13.79) 82% EV / mo +$696 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.1 mo [1.0-4.1] median, 0.1 mo SLOWER than no FIGHT (2.0 mo): roll costs eat the credits at this rung · 57% of paths whole by 9 mo (vs 50% without) · ~7.8 challenges expected · median CC cash $1,828 🛡 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) 34% Flat exit net (mid-life) -$711 Free roll-up +$0/wk Safest escape (by 24 Jul 2026) $15 @ 79% POP 73% survival Roll menuyour doors if the call gets challenged; each row = buy back the 20 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: $0.88/sh now → $0.63 mid-life (likely $0.68–$1.04) → ≈ $0 at expiry | you banked $0.27/sh, so a flat mid-life exit nets -$0.36/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,018 simulated challenges: the $14 strike is typically first touched on day 4 of 8, at $14 (overshoots $0.41). 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.
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 +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). 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 ⚠ $13.50 is $4 below CC-SS $17.56: 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 $0.27 collected) or spot ≥ $13.79 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $18.93 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.81 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $17.56, where you are whole again, by expiry) Starting unrealized P&L: $-10,725 + Fortress recovery (un-capped): +$10,725 − CC assignment net of premium (20 × $13.50): -$7,588 − Conservative CC assignment net of premium (5 × $17): -$272 Total Position P&L @ SS: $-7,860 (+$2,865 vs today) Do-nothing baseline at SS: $-1,360 (this trade vs do-nothing: $-6,500, the opportunity cost of earning $2,025/mo FIGHT income now) BB-reversion stress (→ $18.74 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$9,940, position total $-8,434 (+$2,291 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 19 × $12.50 | 17 Jul | 8d | 2.2% | 59% | 87% | $1,083 | $4,061 | +$2,036 | $8,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $12.50 2.2% OTM over spot $12.23 17 Jul 2026 (8d, $0.61 mid) = $1,083 credit for the 8d cycle → $4,061/mo projected Survival (stays ≤ $12.50) 59% Breach risk 41% POP (stays ≤ $13.12) 71% EV / mo +$747 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 1.7 mo [0.9-3.6] median, 0.1 mo faster than no FIGHT (1.8 mo) · 66% of paths whole by 9 mo (vs 52% without) · ~19.1 challenges expected · median CC cash $2,425 🛡 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) 69% Flat exit net (mid-life) +$27 Free roll-up +$0/wk Safest escape (by 24 Jul 2026) $15 @ 91% POP 90% survival Roll menuyour doors if the call gets challenged; each row = buy back the 19 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: $0.79/sh now → $0.56 mid-life (likely $0.76–$1.07) → ≈ $0 at expiry | you banked $0.57/sh, so a flat mid-life exit nets +$0.01/sh | roll rows are incremental, the banked premium stays yours 📊 Across 2,080 simulated challenges: the $12 strike is typically first touched on day 2 of 8, at $13 (overshoots $0.40). 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.
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 +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). 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 ⚠ $12.50 is $5 below CC-SS $17.56: 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 < $0.14/sh (~25% of the $0.57 collected) or spot ≥ $13.12 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $12)); NOT the premium you collected. Momentum override: two daily closes above $18.93 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.81 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $17.56, where you are whole again, by expiry) Starting unrealized P&L: $-10,725 + Fortress recovery (un-capped): +$10,725 − CC assignment net of premium (19 × $12.50): -$8,539 − Conservative CC assignment net of premium (6 × $17): -$327 Total Position P&L @ SS: $-8,865 (+$1,860 vs today) Do-nothing baseline at SS: $-1,360 (this trade vs do-nothing: $-7,505, the opportunity cost of earning $4,061/mo FIGHT income now) BB-reversion stress (→ $18.74 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$10,773, position total $-9,439 (+$1,286 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (2 expiries scanned, 8 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: 0.805 (IBKR) | Recovery@SS: +$10,725 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-1,360
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $13.50 | 8d | 17 Jul 2026 | $0.27 | 20/25 | $2,025 | $1,564 | 78% | 82% | +$696 | -$7,588 | 81.2% | $-7,860 (vs do-nothing $-6,500) |
| $13.50 | 15d | 24 Jul 2026 | $0.46 | 22/25 | $2,024 | $1,555 | 73% | 80% | +$605 | -$7,929 | 84.8% | $-8,092 (vs do-nothing $-6,732) |
| $13 | 8d | 17 Jul 2026 | $0.41 | 14/25 | $2,152 | $1,715 | 69% | 77% | +$615 | -$5,816 | 62.2% | $-6,414 (vs do-nothing $-5,054) |
| $13 | 15d | 24 Jul 2026 | $0.60 | 17/25 | $2,040 | $1,591 | 66% | 75% | +$469 | -$6,739 | 72.1% | $-7,174 (vs do-nothing $-5,814) |
| $12.50 | 8d | 17 Jul 2026 | $0.57 | 10/25 | $2,137 | $1,716 | 59% | 71% | +$393 | -$4,494 | 48.1% | $-5,310 (vs do-nothing $-3,950) |
| $12.50 | 15d | 24 Jul 2026 | $0.83 | 13/25 | $2,158 | $1,725 | 58% | 71% | +$470 | -$5,504 | 58.9% | $-6,157 (vs do-nothing $-4,797) |
| $12 | 15d | 24 Jul 2026 | $1.04 | 10/25 | $2,080 | $1,659 | 50% | 68% | +$301 | -$4,524 | 48.4% | $-5,340 (vs do-nothing $-3,980) |
| $12 | 8d | 17 Jul 2026 | $0.81 | 7/25 | $2,126 | $1,717 | 47% | 66% | +$279 | -$3,328 | 35.6% | $-4,307 (vs do-nothing $-2,947) |
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 25 contracts at the conservative CC.