20 contracts (2,000 sh) | BE SS: $93.40 | CC-SS: $95.93 (banked floor $94.70) | IV: HIGH | Accounts: Joint:1782
| Max Loss | $100,800 | (ND $28.40 + SW $22) x 2000 |
| Normal income ref | $11,000/mo | 95% ann ROI on ML |
| Hedge (static, never rolled) | $0/mo | HP expiry = SP LEAPS; decay ≈ $1,149/mo (info only, already in marks) |
| Unrealized P&L | $-19,100 | fortress legs from IBKR |
| Open leg | Acct | Credit/sh | In flight | Opened |
|---|---|---|---|---|
| 20x $100C 18 Sep 2026 | U6241782 | $1.31 | $2,611 | 2026-08-05 |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 20 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 | 18 × $90 | 75% | $5,738 | $-457 |
| 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 | 20 × $94 | 25 Sep | 8d | 8.9% | 90%hist 96% | 20%hist 26% | -3pp | $500 | $1,875 | -$3,862 | $3,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 20 × $94 8.9% OTM over spot $86.31 25 Sep 2026 (8d, $0.38 mid) = $500 credit for the 8d cycle → $1,875/mo projected Survival (stays ≤ $94) 90% Breach risk 10% POP (stays ≤ $94.38) 91% EV / mo +$640 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE -3pp 80% whole by 9mo vs 83% doing nothing · roll costs eat the credits at this rung FIRE DRILLS ~0.5/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,517/mo median; plan ~$1,031/mo after 68% keep · $2,021 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.9 mo [0.5-2.0], 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) 13% Flat exit net (mid-life) -$4,533 Free roll-up +$1/wk Safest escape (by 9 Oct 2026) $97 @ 71% POP 62% 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: $3.56/sh now → $2.52 mid-life (likely $2.01–$3.66) → ≈ $0 at expiry | you banked $0.25/sh, so a flat mid-life exit nets -$2.27/sh | roll rows are incremental, the banked premium stays yours 📊 Across 403 simulated challenges: the $94 strike is typically first touched on day 6 of 8, at $95 (overshoots $1.31). 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 ⚠ $94 is $2 below CC-SS $95.93: 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 < $0.06/sh (~25% of the $0.25 collected) or spot ≥ $94.38 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $94)); NOT the premium you collected. Momentum override: two daily closes above $99.05 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.00 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $95.93, where you are whole again, by expiry) Starting unrealized P&L: $-19,100 + Fortress recovery (un-capped): +$19,286 − CC assignment net of premium (20 × $94): -$3,368 Total Position P&L @ SS: $-3,182 (+$15,918 vs today) Do-nothing baseline at SS: $-3,382 (this trade vs do-nothing: +$200, the opportunity cost of earning $1,875/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 20 × $92 | 25 Sep | 8d | 6.6% | 84%hist 86% | 33%hist 30% | -0pp | $1,000 | $3,750 | -$1,988 | $6,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 20 × $92 6.6% OTM over spot $86.31 25 Sep 2026 (8d, $0.68 mid) = $1,000 credit for the 8d cycle → $3,750/mo projected Survival (stays ≤ $92) 84% Breach risk 16% POP (stays ≤ $92.67) 86% EV / mo +$1,192 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE -0pp 81% whole by 9mo vs 82% doing nothing FIRE DRILLS ~0.9/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $2,727/mo median; plan ~$1,855/mo after 68% keep · $3,869 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.9 mo [0.4-2.1], measured ONLY among the 81% 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) -$3,809 Free roll-up +$1/wk Safest escape (by 9 Oct 2026) $96 @ 73% POP 66% 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: $3.40/sh now → $2.40 mid-life (likely $2.18–$3.62) → ≈ $0 at expiry | you banked $0.50/sh, so a flat mid-life exit nets -$1.90/sh | roll rows are incremental, the banked premium stays yours 📊 Across 728 simulated challenges: the $92 strike is typically first touched on day 5 of 8, at $93 (overshoots $1.25). 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 ⚠ $92 is $4 below CC-SS $95.93: 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 < $0.12/sh (~25% of the $0.50 collected) or spot ≥ $92.67 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $92)); NOT the premium you collected. Momentum override: two daily closes above $99.05 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.00 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $95.93, where you are whole again, by expiry) Starting unrealized P&L: $-19,100 + Fortress recovery (un-capped): +$19,286 − CC assignment net of premium (20 × $92): -$6,868 Total Position P&L @ SS: $-6,682 (+$12,418 vs today) Do-nothing baseline at SS: $-3,382 (this trade vs do-nothing: $-3,300, the opportunity cost of earning $3,750/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 18 × $90 | 25 Sep | 8d | 4.3% | 75%hist 84% | 52%hist 44% | +2pp | $1,530 | $5,738 | — | $9,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 18 × $90 4.3% OTM over spot $86.31 25 Sep 2026 (8d, $1.07 mid) = $1,530 credit for the 8d cycle → $5,738/mo projected Survival (stays ≤ $90) 75% Breach risk 25% POP (stays ≤ $91.08) 80% EV / mo +$1,213 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +2pp 86% whole by 9mo vs 84% doing nothing FIRE DRILLS ~1.5/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $3,890/mo median; plan ~$2,645/mo after 68% keep · $4,920 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.9 mo [0.4-2.3], measured ONLY among the 86% 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) 40% Flat exit net (mid-life) -$2,602 Free roll-up +$1/wk Safest escape (by 9 Oct 2026) $96 @ 78% POP 74% 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: $3.25/sh now → $2.30 mid-life (likely $2.44–$3.76) → ≈ $0 at expiry | you banked $0.85/sh, so a flat mid-life exit nets -$1.45/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,206 simulated challenges: the $90 strike is typically first touched on day 4 of 8, at $91 (overshoots $1.24). 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 ⚠ $90 is $6 below CC-SS $95.93: 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 < $0.21/sh (~25% of the $0.85 collected) or spot ≥ $91.08 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $90)); NOT the premium you collected. Momentum override: two daily closes above $99.05 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.00 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $95.93, where you are whole again, by expiry) Starting unrealized P&L: $-19,100 + Fortress recovery (un-capped): +$19,286 − CC assignment net of premium (18 × $90): -$9,151 − Conservative CC assignment net of premium (2 × $93.50): -$357 Total Position P&L @ SS: $-9,322 (+$9,778 vs today) Do-nothing baseline at SS: $-3,382 (this trade vs do-nothing: $-5,940, the opportunity cost of earning $5,738/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 20 × $87.50 | 25 Sep | 8d | 1.4% | 59%hist 70% | 83%hist 79% | +5pp | $3,000 | $11,250 | +$5,512 | $13,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 20 × $87.50 1.4% OTM over spot $86.31 25 Sep 2026 (8d, $1.90 mid) = $3,000 credit for the 8d cycle → $11,250/mo projected Survival (stays ≤ $87.50) 59% Breach risk 41% POP (stays ≤ $89.40) 71% EV / mo +$565 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +5pp 86% whole by 9mo vs 82% doing nothing FIRE DRILLS ~3.1/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $6,030/mo median; plan ~$4,100/mo after 68% keep · $5,988 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~0.7 mo [0.3-2.0], measured ONLY among the 86% 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) 65% Flat exit net (mid-life) -$1,324 Free roll-up +$1/wk Safest escape (by 9 Oct 2026) $96 @ 85% POP 84% 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: $3.06/sh now → $2.16 mid-life (likely $2.88–$4.10) → ≈ $0 at expiry | you banked $1.50/sh, so a flat mid-life exit nets -$0.66/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,959 simulated challenges: the $88 strike is typically first touched on day 3 of 8, at $89 (overshoots $1.29). 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 ⚠ $87.50 is $8 below CC-SS $95.93: 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 < $0.38/sh (~25% of the $1.50 collected) or spot ≥ $89.40 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $88)); NOT the premium you collected. Momentum override: two daily closes above $99.05 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 1.00 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $95.93, where you are whole again, by expiry) Starting unrealized P&L: $-19,100 + Fortress recovery (un-capped): +$19,286 − CC assignment net of premium (20 × $87.50): -$13,868 Total Position P&L @ SS: $-13,682 (+$5,418 vs today) Do-nothing baseline at SS: $-3,382 (this trade vs do-nothing: $-10,300, the opportunity cost of earning $11,250/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 28 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: 1.002 (IBKR) | Recovery@SS: +$19,286 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-3,382
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $90 | 8d | 25 Sep 2026 | $0.85 | 18/20 | $5,738 | $5,998 | 75% | 80% | +$1,213 | -$9,151 | 16.1% | $-9,322 (vs do-nothing $-5,940) |
| $89.50 | 8d | 25 Sep 2026 | $1.00 | 15/20 | $5,625 | $6,275 | 72% | 78% | +$1,205 | -$8,151 | 14.4% | $-8,857 (vs do-nothing $-5,475) |
| $90 | 15d | 2 Oct 2026 | $1.45 | 19/20 | $5,510 | $5,640 | 69% | 77% | +$690 | -$8,520 | 15.0% | $-8,512 (vs do-nothing $-5,130) |
| $89 | 8d | 25 Sep 2026 | $1.05 | 14/20 | $5,512 | $6,292 | 69% | 77% | +$698 | -$8,238 | 14.5% | $-9,122 (vs do-nothing $-5,740) |
| $89.50 | 15d | 2 Oct 2026 | $1.65 | 17/20 | $5,610 | $6,000 | 67% | 75% | +$798 | -$8,133 | 14.3% | $-8,482 (vs do-nothing $-5,100) |
| $88.50 | 8d | 25 Sep 2026 | $1.05 | 14/20 | $5,512 | $6,292 | 66% | 75% | $-100 | -$8,938 | 15.7% | $-9,822 (vs do-nothing $-6,440) |
| $89.50 | 22d | 9 Oct 2026 | $2.20 | 19/20 | $5,700 | $5,830 | 65% | 74% | +$676 | -$8,045 | 14.2% | $-8,037 (vs do-nothing $-4,655) |
| $89 | 15d | 2 Oct 2026 | $1.85 | 15/20 | $5,550 | $6,200 | 65% | 73% | +$585 | -$7,626 | 13.4% | $-8,332 (vs do-nothing $-4,950) |
| $89 | 22d | 9 Oct 2026 | $2.40 | 17/20 | $5,564 | $5,954 | 63% | 73% | +$725 | -$7,708 | 13.6% | $-8,057 (vs do-nothing $-4,675) |
| $88 | 8d | 25 Sep 2026 | $1.40 | 11/20 | $5,775 | $6,945 | 63% | 73% | +$670 | -$7,187 | 12.7% | $-8,607 (vs do-nothing $-5,225) |
| $88.50 | 15d | 2 Oct 2026 | $1.95 | 15/20 | $5,850 | $6,500 | 62% | 72% | +$439 | -$8,226 | 14.5% | $-8,932 (vs do-nothing $-5,550) |
| $88 | 15d | 2 Oct 2026 | $2.15 | 13/20 | $5,590 | $6,500 | 60% | 71% | +$548 | -$7,519 | 13.2% | $-8,582 (vs do-nothing $-5,200) |
| $87.50 | 8d | 25 Sep 2026 | $1.50 | 10/20 | $5,625 | $6,925 | 59% | 71% | +$282 | -$6,934 | 12.2% | $-8,532 (vs do-nothing $-5,150) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $88 | 22d | 9 Oct 2026 | $2.80 | 15/20 | $5,727 | $6,377 | 59% | 72% | +$686 | -$7,701 | 13.6% | $-8,407 (vs do-nothing $-5,025) |
| $87.50 | 15d | 2 Oct 2026 | $2.35 | 12/20 | $5,640 | $6,680 | 58% | 70% | +$86 | -$7,301 | 12.9% | $-8,542 (vs do-nothing $-5,160) |
| $87 | 8d | 25 Sep 2026 | $1.65 | 9/20 | $5,569 | $6,999 | 56% | 70% | +$157 | -$6,556 | 11.5% | $-8,332 (vs do-nothing $-4,950) |
| $87 | 15d | 2 Oct 2026 | $2.55 | 11/20 | $5,610 | $6,780 | 55% | 69% | +$227 | -$7,022 | 12.4% | $-8,442 (vs do-nothing $-5,060) |
| $87 | 22d | 9 Oct 2026 | $3.20 | 13/20 | $5,673 | $6,583 | 55% | 69% | +$512 | -$7,454 | 13.1% | $-8,517 (vs do-nothing $-5,135) |
| $86.50 | 15d | 2 Oct 2026 | $2.75 | 10/20 | $5,500 | $6,800 | 53% | 68% | +$61 | -$6,684 | 11.8% | $-8,282 (vs do-nothing $-4,900) |
| $86.50 | 8d | 25 Sep 2026 | $1.90 | 8/20 | $5,700 | $7,260 | 53% | 68% | +$204 | -$6,027 | 10.6% | $-7,982 (vs do-nothing $-4,600) |
| $86 | 22d | 9 Oct 2026 | $3.60 | 12/20 | $5,891 | $6,931 | 51% | 67% | +$376 | -$7,601 | 13.4% | $-8,842 (vs do-nothing $-5,460) |
| $86 | 15d | 2 Oct 2026 | $3.00 | 10/20 | $6,000 | $7,300 | 50% | 67% | +$159 | -$6,934 | 12.2% | $-8,532 (vs do-nothing $-5,150) |
| $86 | 8d | 25 Sep 2026 | $2.20 | 7/20 | $5,775 | $7,465 | 49% | 68% | +$310 | -$5,414 | 9.5% | $-7,547 (vs do-nothing $-4,165) |
| $85.50 | 15d | 2 Oct 2026 | $3.30 | 9/20 | $5,940 | $7,370 | 48% | 66% | +$88 | -$6,421 | 11.3% | $-8,197 (vs do-nothing $-4,815) |
| $85 | 22d | 9 Oct 2026 | $4.20 | 10/20 | $5,727 | $7,027 | 47% | 66% | +$403 | -$6,734 | 11.9% | $-8,332 (vs do-nothing $-4,950) |
| $85 | 15d | 2 Oct 2026 | $3.60 | 8/20 | $5,760 | $7,320 | 46% | 65% | +$29 | -$5,867 | 10.3% | $-7,822 (vs do-nothing $-4,440) |
| $85.50 | 8d | 25 Sep 2026 | $2.45 | 6/20 | $5,512 | $7,332 | 46% | 66% | +$219 | -$4,790 | 8.4% | $-7,102 (vs do-nothing $-3,720) |
| $85 | 8d | 25 Sep 2026 | $2.75 | 6/20 | $6,188 | $8,008 | 42% | 63% | +$238 | -$4,910 | 8.6% | $-7,222 (vs do-nothing $-3,840) |
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 20 contracts at the conservative CC.