20 contracts (2,000 sh) | BE SS: $56.50 | CC-SS: $60.60 | IV: HIGH | Accounts: Neville:0865
| Max Loss | $94,000 | (ND $3.00 + SW $44) x 2000 |
| Normal income ref | $16,280/mo | 95% ann ROI on ML |
| Hedge rolling cost | $921/mo | |
| Unrealized P&L | $-28,750 | fortress legs from IBKR |
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 🏆 | 17 Jul 2026 · 8d | 19 × $51 | 92% | $8,479 | $6,186 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ▸ | cover hedge | 19 × $61 | 17 Jul | 8d | 35.0% | 99+% | 0% | $247 | $926 | -$7,552 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $61 35.0% OTM over spot $45.18 17 Jul 2026 (8d, $0.27 mid) = $247 credit for the 8d cycle → $926/mo projected Survival (stays ≤ $61) 99+% Breach risk 0% POP (stays ≤ $61.27) 99+% EV / mo +$926 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.9 mo [1.5-4.7] median, 0.3 mo faster than no FIGHT (3.2 mo) · 41% of paths whole by 9 mo (vs 67% without) · ~0.0 challenges expected · median CC cash $-6,154 🛡 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) 0% Flat exit net (mid-life) -$7,192 Free roll-up +$13/wk Safest escape (by 24 Jul 2026) $74 @ 97% POP 93% 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: $5.54/sh now → $3.92 mid-life → ≈ $0 at expiry | you banked $0.13/sh, so a flat mid-life exit nets -$3.79/sh | roll rows are incremental, the banked premium stays yours
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 ✓ $61 is at/above CC-SS $60.60: assignment is break-even or better.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.03/sh (~25% of the $0.13 collected) or spot ≥ $61.27 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $61)); NOT the premium you collected. Momentum override: two daily closes above $64.49 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $60.60, where you are whole again, by expiry) Starting unrealized P&L: $-28,750 + Fortress recovery (un-capped): +$27,763 − CC assignment net of premium (19 × $61): -$0 − Conservative CC assignment net of premium (1 × $56): -$358 Total Position P&L @ SS: $-1,345 (+$27,405 vs today) Do-nothing baseline at SS: $-8,155 (this trade vs do-nothing: +$6,809, the opportunity cost of earning $926/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal | 18 × $53 | 17 Jul | 8d | 17.3% | 97% | 7% | $1,476 | $5,535 | -$2,944 | $12,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 18 × $53 17.3% OTM over spot $45.18 17 Jul 2026 (8d, $0.87 mid) = $1,476 credit for the 8d cycle → $5,535/mo projected Survival (stays ≤ $53) 97% Breach risk 3% POP (stays ≤ $53.87) 98% EV / mo +$5,380 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.7 mo [1.4-4.7] median · 51% of paths whole by 9 mo (vs 67% without) · ~1.0 challenges expected · median CC cash $2,038 🛡 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) 5% Flat exit net (mid-life) -$3,948 Free roll-up +$6/wk Safest escape (by 24 Jul 2026) $60 @ 93% POP 86% 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: $4.26/sh now → $3.01 mid-life (likely $2.22–$3.91) → ≈ $0 at expiry | you banked $0.82/sh, so a flat mid-life exit nets -$2.19/sh | roll rows are incremental, the banked premium stays yours 📊 Across 140 simulated challenges: the $53 strike is typically first touched on day 6 of 8, at $54 (overshoots $0.99). 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.
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 ⚠ $53 is $8 below CC-SS $60.60: 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 < $0.20/sh (~25% of the $0.82 collected) or spot ≥ $53.87 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $53)); NOT the premium you collected. Momentum override: two daily closes above $64.49 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $60.60, where you are whole again, by expiry) Starting unrealized P&L: $-28,750 + Fortress recovery (un-capped): +$27,763 − CC assignment net of premium (18 × $53): -$12,211 − Conservative CC assignment net of premium (2 × $56): -$717 Total Position P&L @ SS: $-13,915 (+$14,835 vs today) Do-nothing baseline at SS: $-8,155 (this trade vs do-nothing: $-5,760, the opportunity cost of earning $5,535/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 19 × $51 | 17 Jul | 8d | 12.9% | 92% | 11% | $2,261 | $8,479 | — | $15,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $51 12.9% OTM over spot $45.18 17 Jul 2026 (8d, $1.25 mid) = $2,261 credit for the 8d cycle → $8,479/mo projected Survival (stays ≤ $51) 92% Breach risk 8% POP (stays ≤ $52.24) 95% EV / mo +$7,886 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.4 mo [1.4-4.4] median, 0.4 mo faster than no FIGHT (2.8 mo) · 52% of paths whole by 9 mo (vs 66% without) · ~2.6 challenges expected · median CC cash $7,086 🛡 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) -$3,071 Free roll-up +$5/wk Safest escape (by 24 Jul 2026) $57 @ 92% POP 84% 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: $3.97/sh now → $2.81 mid-life (likely $2.22–$3.66) → ≈ $0 at expiry | you banked $1.19/sh, so a flat mid-life exit nets -$1.62/sh | roll rows are incremental, the banked premium stays yours 📊 Across 344 simulated challenges: the $51 strike is typically first touched on day 6 of 8, at $52 (overshoots $0.86). 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.
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 ⚠ $51 is $10 below CC-SS $60.60: 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 < $0.30/sh (~25% of the $1.19 collected) or spot ≥ $52.24 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $51)); NOT the premium you collected. Momentum override: two daily closes above $64.49 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $60.60, where you are whole again, by expiry) Starting unrealized P&L: $-28,750 + Fortress recovery (un-capped): +$27,763 − CC assignment net of premium (19 × $51): -$15,986 − Conservative CC assignment net of premium (1 × $56): -$358 Total Position P&L @ SS: $-17,332 (+$11,418 vs today) Do-nothing baseline at SS: $-8,155 (this trade vs do-nothing: $-9,177, the opportunity cost of earning $8,479/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🛡 safe yield | 20 × $51 | 17 Jul | 8d | 12.9% | 92% | 16% | $2,380 | $8,925 | +$446 | $16,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 20 × $51 12.9% OTM over spot $45.18 17 Jul 2026 (8d, $1.25 mid) = $2,380 credit for the 8d cycle → $8,925/mo projected Survival (stays ≤ $51) 92% Breach risk 8% POP (stays ≤ $52.24) 95% EV / mo +$8,301 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.4 mo [1.4-4.7] median, 0.2 mo faster than no FIGHT (2.6 mo) · 56% of paths whole by 9 mo (vs 64% without) · ~2.5 challenges expected · median CC cash $6,156 🛡 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) -$3,233 Free roll-up +$5/wk Safest escape (by 24 Jul 2026) $57 @ 92% 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: $3.97/sh now → $2.81 mid-life (likely $2.24–$3.77) → ≈ $0 at expiry | you banked $1.19/sh, so a flat mid-life exit nets -$1.62/sh | roll rows are incremental, the banked premium stays yours 📊 Across 324 simulated challenges: the $51 strike is typically first touched on day 6 of 8, at $52 (overshoots $0.87). 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.
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 ⚠ $51 is $10 below CC-SS $60.60: 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 < $0.30/sh (~25% of the $1.19 collected) or spot ≥ $52.24 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $51)); NOT the premium you collected. Momentum override: two daily closes above $64.49 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $60.60, where you are whole again, by expiry) Starting unrealized P&L: $-28,750 + Fortress recovery (un-capped): +$27,763 − CC assignment net of premium (20 × $51): -$16,828 Total Position P&L @ SS: $-17,815 (+$10,935 vs today) Do-nothing baseline at SS: $-8,155 (this trade vs do-nothing: $-9,660, the opportunity cost of earning $8,925/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 19 × $47 | 17 Jul | 8d | 4.0% | 69% | 64% | $4,579 | $17,171 | +$8,693 | $21,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 19 × $47 4.0% OTM over spot $45.18 17 Jul 2026 (8d, $2.46 mid) = $4,579 credit for the 8d cycle → $17,171/mo projected Survival (stays ≤ $47) 69% Breach risk 31% POP (stays ≤ $49.46) 86% EV / mo +$12,444 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 2.3 mo [1.4-4.3] median, 0.5 mo faster than no FIGHT (2.9 mo) · 74% of paths whole by 9 mo (vs 63% without) · ~10.4 challenges expected · median CC cash $18,061 🛡 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) 52% Flat exit net (mid-life) -$8 Free roll-up +$3/wk Safest escape (by 24 Jul 2026) $52 @ 90% POP 83% 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: $3.41/sh now → $2.41 mid-life (likely $2.89–$4.17) → ≈ $0 at expiry | you banked $2.41/sh, so a flat mid-life exit nets -$0.00/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,550 simulated challenges: the $47 strike is typically first touched on day 3 of 8, at $48 (overshoots $0.87). 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.
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 ⚠ $47 is $14 below CC-SS $60.60: 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 $2.41 collected) or spot ≥ $49.46 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $47)); NOT the premium you collected. Momentum override: two daily closes above $64.49 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
If held to expiryexact, settlement = intrinsic · fortress delta 0.90 (fallback)
V-BOUNCE STRESS (stock → CC-SS $60.60, where you are whole again, by expiry) Starting unrealized P&L: $-28,750 + Fortress recovery (un-capped): +$27,763 − CC assignment net of premium (19 × $47): -$21,268 − Conservative CC assignment net of premium (1 × $56): -$358 Total Position P&L @ SS: $-22,614 (+$6,136 vs today) Do-nothing baseline at SS: $-8,155 (this trade vs do-nothing: $-14,459, the opportunity cost of earning $17,171/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (2 expiries scanned, 15 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: 0.900 (fallback) | Recovery@SS: +$27,763 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-8,155
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $51 | 8d | 17 Jul 2026 | $1.19 | 19/20 | $8,479 | $7,762 | 92% | 95% | +$7,886 | -$15,986 | 266.4% | $-17,332 (vs do-nothing $-9,177) |
| $50 | 8d | 17 Jul 2026 | $1.43 | 16/20 | $8,580 | $8,475 | 88% | 93% | +$7,686 | -$14,678 | 244.6% | $-17,099 (vs do-nothing $-8,944) |
| $51 | 15d | 24 Jul 2026 | $2.15 | 19/20 | $8,170 | $7,453 | 85% | 92% | +$7,051 | -$14,162 | 236.0% | $-15,508 (vs do-nothing $-7,353) |
| $49 | 8d | 17 Jul 2026 | $1.71 | 13/20 | $8,336 | $8,843 | 83% | 91% | +$7,088 | -$12,862 | 214.4% | $-16,358 (vs do-nothing $-8,203) |
| $50 | 15d | 24 Jul 2026 | $2.42 | 17/20 | $8,228 | $7,919 | 81% | 90% | +$6,785 | -$13,913 | 231.9% | $-15,975 (vs do-nothing $-7,820) |
| $49 | 15d | 24 Jul 2026 | $2.63 | 16/20 | $8,416 | $8,311 | 77% | 88% | +$6,497 | -$14,358 | 239.3% | $-16,779 (vs do-nothing $-8,624) |
| $48 | 8d | 17 Jul 2026 | $2.03 | 11/20 | $8,374 | $9,289 | 77% | 88% | +$6,637 | -$11,631 | 193.9% | $-15,844 (vs do-nothing $-7,689) |
| $48 | 15d | 24 Jul 2026 | $3.00 | 14/20 | $8,400 | $8,703 | 71% | 86% | +$6,074 | -$13,445 | 224.1% | $-16,583 (vs do-nothing $-8,428) |
| $47 | 8d | 17 Jul 2026 | $2.41 | 10/20 | $9,038 | $10,157 | 69% | 86% | +$6,549 | -$11,194 | 186.6% | $-15,765 (vs do-nothing $-7,610) |
| $47 | 15d | 24 Jul 2026 | $3.45 | 12/20 | $8,280 | $8,991 | 65% | 84% | +$5,575 | -$12,185 | 203.1% | $-16,039 (vs do-nothing $-7,884) |
| $46 | 8d | 17 Jul 2026 | $2.82 | 8/20 | $8,460 | $9,987 | 60% | 83% | +$5,455 | -$9,427 | 157.1% | $-14,715 (vs do-nothing $-6,560) |
| $46 | 15d | 24 Jul 2026 | $3.85 | 11/20 | $8,470 | $9,385 | 58% | 82% | +$5,175 | -$11,829 | 197.2% | $-16,042 (vs do-nothing $-7,887) |
| $45 | 15d | 24 Jul 2026 | $4.25 | 10/20 | $8,500 | $9,619 | 51% | 79% | +$4,599 | -$11,354 | 189.2% | $-15,925 (vs do-nothing $-7,770) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $45 | 8d | 17 Jul 2026 | $3.25 | 7/20 | $8,531 | $10,262 | 50% | 79% | +$4,726 | -$8,648 | 144.1% | $-14,294 (vs do-nothing $-6,139) |
| $44.50 | 15d | 24 Jul 2026 | $4.45 | 10/20 | $8,900 | $10,019 | 47% | 78% | +$4,483 | -$11,654 | 194.2% | $-16,225 (vs do-nothing $-8,070) |
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 20 contracts at the conservative CC.