COIN @ $202.64 $39.64 above SS (24.3%)
30 contracts (3,000 sh) | SS: $163.00 | IV: HIGH
LC: $110 exp 2028-01-21 (entry $88.214/sh)
SP: $150 exp 2028-01-21 (entry $44.378/sh)
HP: $140 exp 2026-05-15 (entry $5.536/sh)
Economics
| Max Loss | $178,116 | (ND $49.37 + SW $10) x 3000 |
| Normal income ref | $10,390/mo | 70% ann ROI on ML |
| Hedge rolling cost | $6,404/mo | |
| FIGHT CC | $205 call, $8.45 bid | exp 2 Apr 2026 (9d DTE) |
| Conservative CC | $202 call, $14.80 bid | exp 17 Apr 2026 (24d DTE) |
FIGHT Allocation
| Contracts | Income/mo | Net/mo | CC→SS Gap |
|---|
| Cover hedge | 0/30 | $55,500 | $49,096 | $0 |
| Match normal | 0/30 | $55,500 | $49,096 | $0 |
| Full FIGHT | 30/30 | $84,500 | $78,096 | $0 |
FIGHT Options (exp 2 Apr 2026, 9d DTE)
| OTM% | Strike | Bid | $/ct/mo | Hedge Ct | Match Ct | Gap/ct | Gap@Hedge | Gap@Match | Net@Match |
|---|
| 1% | $205 | $8.45 | $2,817 | 0/30 | 0/30 | $0 | $0 | $0 | $49,096 |
| 2% | $208 | $7.35 | $2,450 | 0/30 | 0/30 | $0 | $0 | $0 | $49,096 |
| 3% | $208 | $7.35 | $2,450 | 0/30 | 0/30 | $0 | $0 | $0 | $49,096 |
| 5% | $212 | $5.45 | $1,817 | 30/30 | 30/30 | $0 | $0 | $0 | $48,096 |
* = cannot fully match normal income with 30 contracts
TRADE RECOMMENDATION (match normal income)
No FIGHT CCs available
Legend
| Max Loss (ML) | Worst-case loss: (Net Debit + Spread Width) x shares. ND = LC entry - SP entry + HP entry. SW = SP strike - HP strike. |
| Normal income ref | Target monthly income: 70% annual ROI on ML / 12 |
| Hedge rolling cost | Monthly cost to maintain the HP (protective put): (30 / HP_DTE) x HP_ask x shares |
| FIGHT CC | Short-dated, near-ATM covered call for income recovery |
| Conservative CC | Standard CC at safe strike (far OTM when underwater) |
| Cover hedge | Min FIGHT contracts to pay for the hedge rolling cost |
| Match normal | FIGHT contracts needed to reach normal income target |
| Gap/ct | Net gap risk per contract: (SS - strike - bid) x 100. Max loss if stock rallies to SS, net of premium received. |
| Gap@Hedge | Total gap risk at cover-hedge contract count |
| Gap@Match | Total gap risk at match-normal contract count |
| Net@Match | Monthly income after hedge cost at match-normal level |