25 contracts (2,500 sh) | BE SS: $563.00 | CC-SS: $353.84 (banked floor $344.62) | IV: HIGH | Accounts: Main:1299
| Max Loss | $232,500 | (ND $63.00 + SW $30) x 2500 |
| Normal income ref | $46,500/mo | 95% ann ROI on ML |
| Hedge (static, never rolled) | $0/mo | HP expiry = SP LEAPS; decay ≈ $0/mo (info only, already in marks) |
| Unrealized P&L | $-184,000 | 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 🏆 | 11 Sep 2026 · 8d | 19 × $195 | 76% | $23,869 | $5,594 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | FIGHT edge | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ▸ | 🛡 safe yield | 25 × $210 | 11 Sep | 8d | 14.7% | 92%hist 96% | 17%hist 13% | +12pp | $2,650 | $9,938 | -$13,931 | $356,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $210 14.7% OTM over spot $183.03 11 Sep 2026 (8d, $1.14 mid) = $2,650 credit for the 8d cycle → $9,938/mo projected Survival (stays ≤ $210) 92% Breach risk 8% POP (stays ≤ $211.14) 92% EV / mo +$5,855 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +12pp 21% whole by 9mo vs 9% doing nothing FIRE DRILLS ~1.3/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $7,314/mo median; plan ~$4,973/mo after 68% keep · $60,805 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~6.2 mo [4.7-7.4], measured ONLY among the 21% 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) 9% Flat exit net (mid-life) -$16,116 Free roll-up +$7/wk Safest escape (by 25 Sep 2026) $227 @ 77% POP 71% 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: $10.61/sh now → $7.51 mid-life (likely $5.65–$10.47) → ≈ $0 at expiry | you banked $1.06/sh, so a flat mid-life exit nets -$6.45/sh | roll rows are incremental, the banked premium stays yours 📊 Across 282 simulated challenges: the $210 strike is typically first touched on day 6 of 8, at $214 (overshoots $4.04). 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 +0.5 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 ⚠ $210 is $144 below CC-SS $353.84: 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 < $0.27/sh (~25% of the $1.06 collected) or spot ≥ $211.14 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $210)); NOT the premium you collected. Momentum override: two daily closes above $201.54 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.29 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $353.84, where you are whole again, by expiry) Starting unrealized P&L: $-184,000 + Fortress recovery (un-capped): +$125,548 − CC assignment net of premium (25 × $210): -$356,957 Total Position P&L @ SS: $-415,410 ($-231,410 vs today) Do-nothing baseline at SS: $-58,427 (this trade vs do-nothing: $-356,982, the opportunity cost of earning $9,938/mo FIGHT income now) BB-reversion stress (→ $207.68 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$0, position total $-165,882 (+$18,118 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 18 × $200 | 11 Sep | 8d | 9.3% | 83%hist 86% | 35%hist 31% | +14pp | $4,302 | $16,132 | -$7,736 | $272,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 18 × $200 9.3% OTM over spot $183.03 11 Sep 2026 (8d, $2.46 mid) = $4,302 credit for the 8d cycle → $16,132/mo projected Survival (stays ≤ $200) 83% Breach risk 17% POP (stays ≤ $202.46) 86% EV / mo +$8,024 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +14pp 24% whole by 9mo vs 10% doing nothing FIRE DRILLS ~2.9/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $9,189/mo median; plan ~$6,248/mo after 68% keep · $76,975 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~6.1 mo [4.8-7.4], measured ONLY among the 24% 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) 24% Flat exit net (mid-life) -$8,069 Free roll-up +$7/wk Safest escape (by 25 Sep 2026) $222 @ 81% POP 77% survival Roll menuyour doors if the call gets challenged; each row = buy back the 18 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: $9.72/sh now → $6.87 mid-life (likely $6.77–$10.68) → ≈ $0 at expiry | you banked $2.39/sh, so a flat mid-life exit nets -$4.48/sh | roll rows are incremental, the banked premium stays yours 📊 Across 714 simulated challenges: the $200 strike is typically first touched on day 5 of 8, at $204 (overshoots $3.82). 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 +0.5 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 ⚠ $200 is $154 below CC-SS $353.84: 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 < $0.60/sh (~25% of the $2.39 collected) or spot ≥ $202.46 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $200)); NOT the premium you collected. Momentum override: two daily closes above $201.54 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.29 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $353.84, where you are whole again, by expiry) Starting unrealized P&L: $-184,000 + Fortress recovery (un-capped): +$125,548 − CC assignment net of premium (18 × $200): -$272,615 + Conservative CC premium (7 × $490): +$7 Total Position P&L @ SS: $-331,061 ($-147,061 vs today) Do-nothing baseline at SS: $-58,427 (this trade vs do-nothing: $-272,633, the opportunity cost of earning $16,132/mo FIGHT income now) BB-reversion stress (→ $207.68 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$9,522, position total $-175,397 (+$8,603 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 19 × $195 | 11 Sep | 8d | 6.5% | 76%hist 84% | 50%hist 38% | +20pp | $6,365 | $23,869 | — | $295,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $195 6.5% OTM over spot $183.03 11 Sep 2026 (8d, $3.53 mid) = $6,365 credit for the 8d cycle → $23,869/mo projected Survival (stays ≤ $195) 76% Breach risk 24% POP (stays ≤ $198.53) 81% EV / mo +$9,787 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +20pp 28% whole by 9mo vs 9% doing nothing FIRE DRILLS ~4.3/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $11,433/mo median; plan ~$7,775/mo after 68% keep · $94,443 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~6.0 mo [4.7-7.3], measured ONLY among the 28% 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) 39% Flat exit net (mid-life) -$6,111 Free roll-up +$7/wk Safest escape (by 25 Sep 2026) $222 @ 84% POP 82% 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: $9.28/sh now → $6.57 mid-life (likely $6.96–$10.64) → ≈ $0 at expiry | you banked $3.35/sh, so a flat mid-life exit nets -$3.22/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,165 simulated challenges: the $195 strike is typically first touched on day 4 of 8, at $199 (overshoots $3.64). 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 +0.5 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 ⚠ $195 is $159 below CC-SS $353.84: 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 < $0.84/sh (~25% of the $3.35 collected) or spot ≥ $198.53 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $195)); NOT the premium you collected. Momentum override: two daily closes above $201.54 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.29 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $353.84, where you are whole again, by expiry) Starting unrealized P&L: $-184,000 + Fortress recovery (un-capped): +$125,548 − CC assignment net of premium (19 × $195): -$295,437 + Conservative CC premium (6 × $490): +$6 Total Position P&L @ SS: $-353,883 ($-169,883 vs today) Do-nothing baseline at SS: $-58,427 (this trade vs do-nothing: $-295,456, the opportunity cost of earning $23,869/mo FIGHT income now) BB-reversion stress (→ $207.68 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$17,727, position total $-183,603 (+$397 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 22 × $187.50 | 11 Sep | 8d | 2.4% | 62%hist 66% | 79%hist 65% | +31pp | $12,540 | $47,025 | +$23,156 | $353,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 22 × $187.50 2.4% OTM over spot $183.03 11 Sep 2026 (8d, $5.97 mid) = $12,540 credit for the 8d cycle → $47,025/mo projected Survival (stays ≤ $187.50) 62% Breach risk 38% POP (stays ≤ $193.47) 74% EV / mo +$14,205 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +31pp 39% whole by 9mo vs 8% doing nothing FIRE DRILLS ~8.4/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $16,142/mo median; plan ~$10,977/mo after 68% keep · $130,445 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~5.8 mo [4.7-7.3], measured ONLY among the 39% 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) 61% Flat exit net (mid-life) -$924 Free roll-up +$7/wk Safest escape (by 25 Sep 2026) $229 @ 92% POP 91% survival Roll menuyour doors if the call gets challenged; each row = buy back the 22 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: $8.65/sh now → $6.12 mid-life (likely $8.05–$11.12) → ≈ $0 at expiry | you banked $5.70/sh, so a flat mid-life exit nets -$0.42/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,824 simulated challenges: the $188 strike is typically first touched on day 3 of 8, at $191 (overshoots $3.72). 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 +0.5 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 ⚠ $187.50 is $166 below CC-SS $353.84: 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 < $1.43/sh (~25% of the $5.70 collected) or spot ≥ $193.47 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $188)); NOT the premium you collected. Momentum override: two daily closes above $201.54 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.29 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $353.84, where you are whole again, by expiry) Starting unrealized P&L: $-184,000 + Fortress recovery (un-capped): +$125,548 − CC assignment net of premium (22 × $187.50): -$353,415 + Conservative CC premium (3 × $490): +$3 Total Position P&L @ SS: $-411,864 ($-227,864 vs today) Do-nothing baseline at SS: $-58,427 (this trade vs do-nothing: $-353,437, the opportunity cost of earning $47,025/mo FIGHT income now) BB-reversion stress (→ $207.68 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$31,856, position total $-197,735 ($-13,735 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 14 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: 0.294 (IBKR) | Recovery@SS: +$125,548 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-58,427
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $195 | 8d | 11 Sep 2026 | $3.35 | 19/25 | $23,869 | $23,881 | 76% | 81% | +$9,787 | -$295,437 | 187.6% | $-353,883 (vs do-nothing $-295,456) |
| $195 | 15d | 18 Sep 2026 | $5.65 | 21/25 | $23,730 | $23,738 | 70% | 78% | +$7,308 | -$321,705 | 204.3% | $-380,154 (vs do-nothing $-321,726) |
| $195 | 22d | 25 Sep 2026 | $7.10 | 25/25 | $24,205 | $24,205 | 68% | 76% | +$5,892 | -$379,357 | 240.9% | $-437,810 (vs do-nothing $-379,382) |
| $190 | 8d | 11 Sep 2026 | $4.90 | 13/25 | $23,888 | $23,912 | 67% | 76% | +$8,413 | -$206,626 | 131.2% | $-265,066 (vs do-nothing $-206,639) |
| $190 | 15d | 18 Sep 2026 | $7.25 | 17/25 | $24,650 | $24,666 | 64% | 74% | +$6,470 | -$266,208 | 169.0% | $-324,653 (vs do-nothing $-266,225) |
| $190 | 22d | 25 Sep 2026 | $8.75 | 20/25 | $23,864 | $23,874 | 62% | 73% | +$4,935 | -$310,186 | 196.9% | $-368,633 (vs do-nothing $-310,206) |
| $187.50 | 8d | 11 Sep 2026 | $5.70 | 11/25 | $23,512 | $23,540 | 62% | 74% | +$7,102 | -$176,707 | 112.2% | $-235,146 (vs do-nothing $-176,718) |
| $185 | 8d | 11 Sep 2026 | $6.65 | 10/25 | $24,938 | $24,968 | 56% | 71% | +$6,406 | -$162,193 | 103.0% | $-220,630 (vs do-nothing $-162,203) |
| $185 | 15d | 18 Sep 2026 | $9.30 | 13/25 | $24,180 | $24,204 | 56% | 70% | +$5,391 | -$207,406 | 131.7% | $-265,846 (vs do-nothing $-207,419) |
| $185 | 22d | 25 Sep 2026 | $11.40 | 15/25 | $23,318 | $23,338 | 56% | 71% | +$5,140 | -$236,164 | 149.9% | $-294,607 (vs do-nothing $-236,179) |
| $182.50 | 8d | 11 Sep 2026 | $7.95 | 8/25 | $23,850 | $23,884 | 51% | 69% | +$5,616 | -$130,714 | 83.0% | $-189,150 (vs do-nothing $-130,722) |
| $180 | 22d | 25 Sep 2026 | $13.25 | 13/25 | $23,489 | $23,513 | 49% | 67% | +$3,547 | -$208,771 | 132.6% | $-267,211 (vs do-nothing $-208,784) |
| $180 | 15d | 18 Sep 2026 | $11.85 | 10/25 | $23,700 | $23,730 | 47% | 67% | +$4,476 | -$161,993 | 102.9% | $-220,430 (vs do-nothing $-162,003) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $180 | 8d | 11 Sep 2026 | $9.40 | 7/25 | $24,675 | $24,711 | 45% | 66% | +$5,264 | -$115,110 | 73.1% | $-173,545 (vs do-nothing $-115,117) |
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 25 contracts at the conservative CC.