25 of 125 contracts (2,500 sh uncapped) | BE SS: $39.71 | CC-SS: $34.70 (banked floor $32.51) | IV: HIGH | Accounts: Main:1299
| Max Loss | $55,525 | (ND $2.21 + SW $20) x 2500 |
| Normal income ref | $7,950/mo | 95% ann ROI on ML |
| Hedge (static, never rolled) | $0/mo | HP expiry = SP LEAPS; decay ≈ $730/mo (info only, already in marks) |
| Unrealized P&L | $-22,462 | fortress legs from IBKR |
| Open leg | Acct | Credit/sh | In flight | Opened |
|---|---|---|---|---|
| 100x $30C 11 Sep 2026 | U10001299 | $0.13 | $1,258 | 2026-09-08 |
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 🏆 | 18 Sep 2026 · 8d | 25 × $26.50 | 78% | $4,031 | $832 |
| 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 × $28.50 | 18 Sep | 8d | 18.2% | 92%hist 96% | 16%hist 13% | +7pp | $500 | $1,875 | -$2,156 | $14,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $28.50 18.2% OTM over spot $24.12 18 Sep 2026 (8d, $0.30 mid) = $500 credit for the 8d cycle → $1,875/mo projected Survival (stays ≤ $28.50) 92% Breach risk 8% POP (stays ≤ $28.80) 93% EV / mo +$1,252 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +7pp 60% whole by 9mo vs 53% doing nothing FIRE DRILLS ~0.7/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,225/mo median; plan ~$833/mo after 68% keep · $5,976 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.7 mo [0.8-3.6], measured ONLY among the 60% 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) 11% Flat exit net (mid-life) -$2,857 Free roll-up +$1/wk Safest escape (by 2 Oct 2026) $31 @ 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: $1.90/sh now → $1.34 mid-life (likely $1.12–$1.83) → ≈ $0 at expiry | you banked $0.20/sh, so a flat mid-life exit nets -$1.14/sh | roll rows are incremental, the banked premium stays yours 📊 Across 329 simulated challenges: the $28 strike is typically first touched on day 6 of 8, at $29 (overshoots $0.72). 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 ⚠ $28.50 is $6 below CC-SS $34.70: 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 $0.20 collected) or spot ≥ $28.80 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $28)); NOT the premium you collected. Momentum override: two daily closes above $27.28 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.84 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $34.70, where you are whole again, by expiry) Starting unrealized P&L: $-22,462 + Fortress recovery (un-capped): +$22,103 − CC assignment net of premium (25 × $28.50): -$14,989 Total Position P&L @ SS: $-15,349 (+$7,114 vs today) Do-nothing baseline at SS: $-3,324 (this trade vs do-nothing: $-12,025, the opportunity cost of earning $1,875/mo FIGHT income now) BB-reversion stress (→ $34.05 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$13,375, position total $-15,084 (+$7,379 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal | 25 × $27.50 | 18 Sep | 8d | 14.0% | 83%hist 86% | 36%hist 31% | +5pp | $700 | $2,625 | -$1,406 | $17,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $27.50 14.0% OTM over spot $24.12 18 Sep 2026 (8d, $0.47 mid) = $700 credit for the 8d cycle → $2,625/mo projected Survival (stays ≤ $27.50) 83% Breach risk 17% POP (stays ≤ $27.96) 85% EV / mo +$98 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +5pp 62% whole by 9mo vs 57% doing nothing FIRE DRILLS ~1.7/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,392/mo median; plan ~$947/mo after 68% keep · $5,459 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.4 mo [0.7-3.1], measured ONLY among the 62% 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) 21% Flat exit net (mid-life) -$2,467 Free roll-up +$1/wk Safest escape (by 2 Oct 2026) $30 @ 78% POP 72% 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: $1.79/sh now → $1.27 mid-life (likely $1.12–$1.84) → ≈ $0 at expiry | you banked $0.28/sh, so a flat mid-life exit nets -$0.99/sh | roll rows are incremental, the banked premium stays yours 📊 Across 619 simulated challenges: the $28 strike is typically first touched on day 5 of 8, at $28 (overshoots $0.68). 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 ⚠ $27.50 is $7 below CC-SS $34.70: 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 $0.28 collected) or spot ≥ $27.96 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $28)); NOT the premium you collected. Momentum override: two daily closes above $27.28 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.84 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $34.70, where you are whole again, by expiry) Starting unrealized P&L: $-22,462 + Fortress recovery (un-capped): +$22,103 − CC assignment net of premium (25 × $27.50): -$17,289 Total Position P&L @ SS: $-17,649 (+$4,814 vs today) Do-nothing baseline at SS: $-3,324 (this trade vs do-nothing: $-14,325, the opportunity cost of earning $2,625/mo FIGHT income now) BB-reversion stress (→ $34.05 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$15,675, position total $-17,384 (+$5,079 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 25 × $26.50 | 18 Sep | 8d | 9.9% | 78%hist 83% | 47%hist 39% | +9pp | $1,075 | $4,031 | — | $19,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $26.50 9.9% OTM over spot $24.12 18 Sep 2026 (8d, $0.54 mid) = $1,075 credit for the 8d cycle → $4,031/mo projected Survival (stays ≤ $26.50) 78% Breach risk 22% POP (stays ≤ $27.04) 82% EV / mo +$824 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +9pp 67% whole by 9mo vs 58% doing nothing FIRE DRILLS ~2.1/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,911/mo median; plan ~$1,299/mo after 68% keep · $6,386 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.4 mo [0.7-2.7], measured ONLY among the 67% 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) 31% Flat exit net (mid-life) -$1,907 Free roll-up +$1/wk Safest escape (by 2 Oct 2026) $30 @ 81% POP 78% 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: $1.69/sh now → $1.19 mid-life (likely $1.23–$1.88) → ≈ $0 at expiry | you banked $0.43/sh, so a flat mid-life exit nets -$0.76/sh | roll rows are incremental, the banked premium stays yours 📊 Across 935 simulated challenges: the $26 strike is typically first touched on day 4 of 8, at $27 (overshoots $0.66). 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 ⚠ $26.50 is $8 below CC-SS $34.70: 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 ≥ $27.04 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $26)); NOT the premium you collected. Momentum override: two daily closes above $27.28 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.84 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $34.70, where you are whole again, by expiry) Starting unrealized P&L: $-22,462 + Fortress recovery (un-capped): +$22,103 − CC assignment net of premium (25 × $26.50): -$19,414 Total Position P&L @ SS: $-19,774 (+$2,689 vs today) Do-nothing baseline at SS: $-3,324 (this trade vs do-nothing: $-16,450, the opportunity cost of earning $4,031/mo FIGHT income now) BB-reversion stress (→ $34.05 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$17,800, position total $-19,509 (+$2,954 vs today) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 25 × $25 | 18 Sep | 8d | 3.6% | 63%hist 65% | 77%hist 64% | +18pp | $2,125 | $7,969 | +$3,938 | $22,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 25 × $25 3.6% OTM over spot $24.12 18 Sep 2026 (8d, $0.96 mid) = $2,125 credit for the 8d cycle → $7,969/mo projected Survival (stays ≤ $25) 63% Breach risk 37% POP (stays ≤ $25.95) 73% EV / mo +$1,186 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +18pp 69% whole by 9mo vs 51% doing nothing FIRE DRILLS ~4.8/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $2,715/mo median; plan ~$1,846/mo after 68% keep · $10,568 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~1.7 mo [0.8-4.0], measured ONLY among the 69% 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) 59% Flat exit net (mid-life) -$589 Free roll-up +$1/wk Safest escape (by 2 Oct 2026) $32 @ 91% POP 90% 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: $1.54/sh now → $1.09 mid-life (likely $1.40–$1.98) → ≈ $0 at expiry | you banked $0.85/sh, so a flat mid-life exit nets -$0.24/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,773 simulated challenges: the $25 strike is typically first touched on day 3 of 8, at $26 (overshoots $0.67). 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 ⚠ $25 is $10 below CC-SS $34.70: 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 ≥ $25.95 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $25)); NOT the premium you collected. Momentum override: two daily closes above $27.28 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.84 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $34.70, where you are whole again, by expiry) Starting unrealized P&L: $-22,462 + Fortress recovery (un-capped): +$22,103 − CC assignment net of premium (25 × $25): -$22,114 Total Position P&L @ SS: $-22,474 ($-11 vs today) Do-nothing baseline at SS: $-3,324 (this trade vs do-nothing: $-19,150, the opportunity cost of earning $7,969/mo FIGHT income now) BB-reversion stress (→ $34.05 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$20,500, position total $-22,209 (+$254 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: 0.836 (IBKR) | Recovery@SS: +$22,103 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-3,324
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $26.50 | 8d | 18 Sep 2026 | $0.43 | 25/25 | $4,031 | $4,031 | 78% | 82% | +$824 | -$19,414 | 351.4% | $-19,774 (vs do-nothing $-16,450) |
| $26 | 8d | 18 Sep 2026 | $0.56 | 19/25 | $3,990 | $4,002 | 75% | 81% | +$1,365 | -$15,458 | 279.8% | $-16,529 (vs do-nothing $-13,205) |
| $26 | 15d | 25 Sep 2026 | $0.93 | 22/25 | $4,092 | $4,098 | 70% | 77% | +$997 | -$17,085 | 309.2% | $-17,800 (vs do-nothing $-14,476) |
| $25.50 | 8d | 18 Sep 2026 | $0.67 | 16/25 | $4,020 | $4,038 | 69% | 76% | +$603 | -$13,641 | 246.9% | $-15,068 (vs do-nothing $-11,744) |
| $26 | 22d | 2 Oct 2026 | $1.26 | 24/25 | $4,124 | $4,126 | 68% | 76% | +$879 | -$17,846 | 323.0% | $-18,324 (vs do-nothing $-15,000) |
| $25.50 | 15d | 25 Sep 2026 | $1.08 | 19/25 | $4,104 | $4,116 | 66% | 75% | +$894 | -$15,420 | 279.1% | $-16,491 (vs do-nothing $-13,167) |
| $25 | 8d | 18 Sep 2026 | $0.85 | 13/25 | $4,144 | $4,168 | 63% | 73% | +$617 | -$11,499 | 208.1% | $-13,282 (vs do-nothing $-9,958) |
| $25 | 15d | 25 Sep 2026 | $1.27 | 16/25 | $4,064 | $4,082 | 62% | 73% | +$830 | -$13,481 | 244.0% | $-14,908 (vs do-nothing $-11,584) |
| $25 | 22d | 2 Oct 2026 | $1.62 | 18/25 | $3,976 | $3,990 | 61% | 73% | +$737 | -$14,536 | 263.1% | $-15,726 (vs do-nothing $-12,402) |
| $24.50 | 8d | 18 Sep 2026 | $1.05 | 11/25 | $4,331 | $4,359 | 57% | 71% | +$858 | -$10,060 | 182.1% | $-12,080 (vs do-nothing $-8,756) |
| $24.50 | 15d | 25 Sep 2026 | $1.48 | 14/25 | $4,144 | $4,166 | 57% | 71% | +$774 | -$12,202 | 220.9% | $-13,866 (vs do-nothing $-10,542) |
| $24 | 22d | 2 Oct 2026 | $2.07 | 15/25 | $4,234 | $4,254 | 53% | 69% | +$675 | -$12,939 | 234.2% | $-14,484 (vs do-nothing $-11,160) |
| $24 | 15d | 25 Sep 2026 | $1.71 | 12/25 | $4,104 | $4,130 | 52% | 69% | +$682 | -$10,783 | 195.2% | $-12,684 (vs do-nothing $-9,360) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $24 | 8d | 18 Sep 2026 | $1.29 | 9/25 | $4,354 | $4,386 | 51% | 68% | +$738 | -$8,465 | 153.2% | $-10,722 (vs do-nothing $-7,398) |
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.