5 contracts (500 sh) | BE SS: $398.00 | CC-SS: $376.70 (banked floor $369.63) | IV: MEDIUM | Accounts: Neville:0865
| Max Loss | $48,000 | (ND $51.00 + SW $45) x 500 |
| Normal income ref | $9,510/mo | 75% ann ROI on ML |
| Hedge (static, never rolled) | $0/mo | HP expiry = SP LEAPS; decay ≈ $1,199/mo (info only, already in marks) |
| Unrealized P&L | $-21,412 | fortress legs from IBKR |
| Open leg | Acct | Credit/sh | In flight | Opened |
|---|---|---|---|---|
| 15x $370C 31 Jul 2026 | U13190865 | $15.01 | $22,520 | 2026-07-17 |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 5 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 🏆 | 31 Jul 2026 · 8d | 5 × $335 | 81% | $4,875 | $1,270 |
| 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 | 5 × $342.50 | 31 Jul | 8d | 6.9% | 90% | 20% | +12pp | $685 | $2,569 | -$2,306 | $16,417 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $342.50 6.9% OTM over spot $320.29 31 Jul 2026 (8d, $1.51 mid) = $685 credit for the 8d cycle → $2,569/mo projected Survival (stays ≤ $342.50) 90% Breach risk 10% POP (stays ≤ $344.01) 92% EV / mo +$1,760 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +12pp 68% whole by 9mo vs 56% doing nothing FIRE DRILLS ~0.9/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $1,868/mo median; plan ~$1,270/mo after 68% keep · $8,566 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~2.5 mo [1.3-4.4], measured ONLY among the 68% 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) -$2,628 Free roll-up +$2/wk Safest escape (by 14 Aug 2026) $352 @ 75% POP 67% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 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: $9.37/sh now → $6.63 mid-life (likely $6.07–$9.68) → ≈ $0 at expiry | you banked $1.37/sh, so a flat mid-life exit nets -$5.26/sh | roll rows are incremental, the banked premium stays yours 📊 Across 404 simulated challenges: the $342 strike is typically first touched on day 5 of 8, at $346 (overshoots $3.77). 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 -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). 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 ⚠ $342.50 is $34 below CC-SS $376.70: 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 < $0.34/sh (~25% of the $1.37 collected) or spot ≥ $344.01 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $342)); NOT the premium you collected. Momentum override: two daily closes above $375.88 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.70 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $376.70, where you are whole again, by expiry) Starting unrealized P&L: $-21,412 + Fortress recovery (un-capped): +$19,858 − CC assignment net of premium (5 × $342.50): -$16,417 Total Position P&L @ SS: $-17,972 (+$3,441 vs today) Do-nothing baseline at SS: $-1,550 (this trade vs do-nothing: $-16,422, the opportunity cost of earning $2,569/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal | 5 × $340 | 31 Jul | 8d | 6.2% | 88% | 25% | +15pp | $850 | $3,188 | -$1,688 | $17,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $340 6.2% OTM over spot $320.29 31 Jul 2026 (8d, $1.79 mid) = $850 credit for the 8d cycle → $3,188/mo projected Survival (stays ≤ $340) 88% Breach risk 12% POP (stays ≤ $341.80) 90% EV / mo +$2,028 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +15pp 71% whole by 9mo vs 56% doing nothing FIRE DRILLS ~1.1/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $2,221/mo median; plan ~$1,510/mo after 68% keep · $8,776 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~2.2 mo [1.3-4.0], measured ONLY among the 71% 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) 18% Flat exit net (mid-life) -$2,439 Free roll-up +$2/wk Safest escape (by 14 Aug 2026) $350 @ 75% POP 67% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 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: $9.30/sh now → $6.58 mid-life (likely $5.81–$9.58) → ≈ $0 at expiry | you banked $1.70/sh, so a flat mid-life exit nets -$4.88/sh | roll rows are incremental, the banked premium stays yours 📊 Across 548 simulated challenges: the $340 strike is typically first touched on day 5 of 8, at $343 (overshoots $3.38). 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 -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). 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 ⚠ $340 is $37 below CC-SS $376.70: 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 < $0.42/sh (~25% of the $1.70 collected) or spot ≥ $341.80 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $340)); NOT the premium you collected. Momentum override: two daily closes above $375.88 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.70 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $376.70, where you are whole again, by expiry) Starting unrealized P&L: $-21,412 + Fortress recovery (un-capped): +$19,858 − CC assignment net of premium (5 × $340): -$17,502 Total Position P&L @ SS: $-19,057 (+$2,356 vs today) Do-nothing baseline at SS: $-1,550 (this trade vs do-nothing: $-17,507, the opportunity cost of earning $3,188/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 5 × $335 | 31 Jul | 8d | 4.6% | 81% | 30% | +20pp | $1,300 | $4,875 | — | $19,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $335 4.6% OTM over spot $320.29 31 Jul 2026 (8d, $2.75 mid) = $1,300 credit for the 8d cycle → $4,875/mo projected Survival (stays ≤ $335) 81% Breach risk 19% POP (stays ≤ $337.75) 85% EV / mo +$2,617 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +20pp 75% whole by 9mo vs 55% doing nothing FIRE DRILLS ~1.7/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $2,898/mo median; plan ~$1,971/mo after 68% keep · $11,543 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~2.2 mo [1.4-4.4], measured ONLY among the 75% 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) 30% Flat exit net (mid-life) -$1,941 Free roll-up +$2/wk Safest escape (by 14 Aug 2026) $350 @ 78% POP 73% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 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: $9.17/sh now → $6.48 mid-life (likely $6.53–$10.25) → ≈ $0 at expiry | you banked $2.60/sh, so a flat mid-life exit nets -$3.88/sh | roll rows are incremental, the banked premium stays yours 📊 Across 890 simulated challenges: the $335 strike is typically first touched on day 5 of 8, at $339 (overshoots $3.59). 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 -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). 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 ⚠ $335 is $42 below CC-SS $376.70: 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 < $0.65/sh (~25% of the $2.60 collected) or spot ≥ $337.75 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $335)); NOT the premium you collected. Momentum override: two daily closes above $375.88 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.70 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $376.70, where you are whole again, by expiry) Starting unrealized P&L: $-21,412 + Fortress recovery (un-capped): +$19,858 − CC assignment net of premium (5 × $335): -$19,552 Total Position P&L @ SS: $-21,107 (+$306 vs today) Do-nothing baseline at SS: $-1,550 (this trade vs do-nothing: $-19,557, the opportunity cost of earning $4,875/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 5 × $325 | 31 Jul | 8d | 1.5% | 62% | 78% | +30pp | $2,825 | $10,594 | +$5,719 | $23,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 5 × $325 1.5% OTM over spot $320.29 31 Jul 2026 (8d, $5.95 mid) = $2,825 credit for the 8d cycle → $10,594/mo projected Survival (stays ≤ $325) 62% Breach risk 38% POP (stays ≤ $330.95) 74% EV / mo +$3,666 📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion) FIGHT'S EDGE +30pp 82% whole by 9mo vs 52% doing nothing FIRE DRILLS ~4.1/quarter challenges to roll; realized tends lower (calibration) BANKED RATE WHILE FIGHTING $4,253/mo median; plan ~$2,892/mo after 68% keep · $12,890 banked by campaign end (selling stops once whole) green: with FIGHT · grey: without if it recovers, the typical trip is ~2.2 mo [1.1-3.8], measured ONLY among the 82% 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) 63% Flat exit net (mid-life) -$319 Free roll-up +$2/wk Safest escape (by 14 Aug 2026) $360 @ 92% POP 91% survival Roll menuyour doors if the call gets challenged; each row = buy back the 5 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: $8.89/sh now → $6.29 mid-life (likely $8.09–$11.20) → ≈ $0 at expiry | you banked $5.65/sh, so a flat mid-life exit nets -$0.64/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,882 simulated challenges: the $325 strike is typically first touched on day 3 of 8, at $329 (overshoots $3.51). 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 -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). 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 ⚠ $325 is $52 below CC-SS $376.70: 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 < $1.41/sh (~25% of the $5.65 collected) or spot ≥ $330.95 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $325)); NOT the premium you collected. Momentum override: two daily closes above $375.88 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.70 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $376.70, where you are whole again, by expiry) Starting unrealized P&L: $-21,412 + Fortress recovery (un-capped): +$19,858 − CC assignment net of premium (5 × $325): -$23,027 Total Position P&L @ SS: $-24,582 ($-3,169 vs today) Do-nothing baseline at SS: $-1,550 (this trade vs do-nothing: $-23,032, the opportunity cost of earning $10,594/mo FIGHT income now) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 19 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: 0.704 (IBKR) | Recovery@SS: +$19,858 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-1,550
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $335 | 8d | 31 Jul 2026 | $2.60 | 5/5 | $4,875 | $4,875 | 81% | 85% | +$2,617 | -$19,552 | 76.7% | $-21,107 (vs do-nothing $-19,557) |
| $332.50 | 8d | 31 Jul 2026 | $3.10 | 5/5 | $5,812 | $5,812 | 77% | 82% | +$2,744 | -$20,552 | 80.6% | $-22,107 (vs do-nothing $-20,557) |
| $330 | 8d | 31 Jul 2026 | $3.90 | 4/5 | $5,850 | $5,852 | 72% | 80% | +$2,574 | -$17,122 | 67.1% | $-18,675 (vs do-nothing $-17,126) |
| $332.50 | 15d | 7 Aug 2026 | $4.80 | 5/5 | $4,800 | $4,800 | 71% | 78% | +$1,408 | -$19,702 | 77.3% | $-21,257 (vs do-nothing $-19,707) |
| $327.50 | 8d | 31 Jul 2026 | $4.65 | 3/5 | $5,231 | $5,235 | 67% | 77% | +$2,008 | -$13,366 | 52.4% | $-14,919 (vs do-nothing $-13,369) |
| $330 | 15d | 7 Aug 2026 | $5.55 | 5/5 | $5,550 | $5,550 | 67% | 76% | +$1,478 | -$20,577 | 80.7% | $-22,132 (vs do-nothing $-20,582) |
| $330 | 22d | 14 Aug 2026 | $7.00 | 5/5 | $4,773 | $4,773 | 66% | 75% | +$1,259 | -$19,852 | 77.9% | $-21,407 (vs do-nothing $-19,857) |
| $327.50 | 15d | 7 Aug 2026 | $6.50 | 4/5 | $5,200 | $5,202 | 63% | 74% | +$1,313 | -$17,082 | 67.0% | $-18,635 (vs do-nothing $-17,086) |
| $325 | 8d | 31 Jul 2026 | $5.65 | 3/5 | $6,356 | $6,360 | 62% | 74% | +$2,199 | -$13,816 | 54.2% | $-15,369 (vs do-nothing $-13,819) |
| $325 | 15d | 7 Aug 2026 | $7.60 | 4/5 | $6,080 | $6,082 | 59% | 72% | +$1,471 | -$17,642 | 69.2% | $-19,195 (vs do-nothing $-17,646) |
| $325 | 22d | 14 Aug 2026 | $9.00 | 4/5 | $4,909 | $4,911 | 59% | 71% | +$1,131 | -$17,082 | 67.0% | $-18,635 (vs do-nothing $-17,086) |
| $322.50 | 8d | 31 Jul 2026 | $6.65 | 2/5 | $4,988 | $4,994 | 56% | 72% | +$1,473 | -$9,511 | 37.3% | $-11,063 (vs do-nothing $-9,513) |
| $322.50 | 15d | 7 Aug 2026 | $8.50 | 3/5 | $5,100 | $5,104 | 55% | 70% | +$1,027 | -$13,711 | 53.8% | $-15,264 (vs do-nothing $-13,714) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $320 | 22d | 14 Aug 2026 | $11.35 | 4/5 | $6,191 | $6,193 | 51% | 68% | +$1,211 | -$18,142 | 71.1% | $-19,695 (vs do-nothing $-18,146) |
| $320 | 15d | 7 Aug 2026 | $9.80 | 3/5 | $5,880 | $5,884 | 51% | 68% | +$1,114 | -$14,071 | 55.2% | $-15,624 (vs do-nothing $-14,074) |
| $320 | 8d | 31 Jul 2026 | $8.15 | 2/5 | $6,112 | $6,118 | 50% | 70% | +$1,727 | -$9,711 | 38.1% | $-11,263 (vs do-nothing $-9,713) |
| $315 | 22d | 14 Aug 2026 | $14.20 | 3/5 | $5,809 | $5,813 | 44% | 65% | +$985 | -$14,251 | 55.9% | $-15,804 (vs do-nothing $-14,254) |
| $315 | 15d | 7 Aug 2026 | $12.50 | 2/5 | $5,000 | $5,006 | 42% | 65% | +$737 | -$9,841 | 38.6% | $-11,393 (vs do-nothing $-9,843) |
| $315 | 8d | 31 Jul 2026 | $10.90 | 2/5 | $8,175 | $8,181 | 39% | 65% | +$1,657 | -$10,161 | 39.8% | $-11,713 (vs do-nothing $-10,163) |
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 5 contracts at the conservative CC.