FORTRESS FIGHT: IREN-LC50 @ $41.74

BE SS: $63.43  |  CC-SS: $66.80  |  20 contracts (2,000 sh) |  ⌂ PORTFOLIO

GENERATED2026-09-04 21:36

IREN-LC50 @ $41.74   UNDERWATER $21.69 (34.2% below BE SS)

20 contracts (2,000 sh)  |  BE SS: $63.43  |  CC-SS: $66.80 (banked floor $65.38)  |  IV: HIGH  |  Accounts: RetireInc:7291

LC: $50 exp 2028-01-21 (entry $38.797/sh)
SP: $70 exp 2028-01-21 (entry $32.718/sh)
HP: $23 exp 2026-10-16 (entry $1.351/sh)

Economics

Max Loss$107,700(ND $6.85 + SW $47) x 2000
Normal income ref$10,286/mo95% ann ROI on ML
Hedge rolling cost$271/mo
Unrealized P&L$-55,460fortress legs from IBKR
INCOME GOALPOSTS & VELOCITY
50% INCOME FLOOR
$5,143/mo
HEDGE COVER
$271/mo
NORMAL INCOME
$10,286/mo (ATM CC, chain)
IC VELOCITY
1.3 mo to earn back $13,700
ML VELOCITY
10.5 mo to earn back $107,700
Deep drawdown confirmed: a CC at CC-SS $66.80 (probe: $65C 14d) brings only $86/mo (<20% of normal), so FIGHT below it is warranted.
🏦 CAMPAIGN LEDGER , realized CC income since 2026-07-02; banked cash shrinks the hole (shown as an info-only banked floor, the recommended CC-SS stays the pure recovery strike; seeded from open positions, reconciled from IBKR executions nightly)
Banked since 2026-07-02
$3,124
Hole (after banked)
$52,336
was $55,460 · 6% earned back
Cycles closed
18
Credit in flight
$486
CC-SS · banked floor (info)
$66.80 → $65.38
? 4 leg(s) closed as UNKNOWN (vanished with no fill in window): banked $0, conservative. Fix campaign.json by hand if wrong.
Open legAcctCredit/shIn flightOpened
20x $40C 4 Sep 2026U18827291$0.24$4862026-09-01
TECHNICALS (cc_timing weekly gate + daily trigger)
WEEKLYNEUTRAL · %B 35 (live) · RSI 48 · MACD bearish, hist rising
DAILYRISING (provisional) · RSI 53 · %B 56 · hist rising (nightly)
LEVELSUpper BB (CC ceiling) $65.74 (+57%) · daily UBB $46.17 · 1-wk expected move ±$4 (chain IV)
SETUPNo tilt: engine default. (advisory; floors and picks are chain-only)
⚠ Next earnings 2026-11-05: candidates whose expiry crosses it are flagged in the spectrum; EV is unreliable across earnings.
INTERPRETATION
Primary: 15 contracts at $44 / 7d. This is the safest strike (survival 72%, breach 28%) that still earns 50% of normal income ($5,143/mo); it brings $5,464/mo. The engine maximizes the odds the pullback never reaches your strike, rather than chasing the fattest near-ATM premium.
More income, less safety: the ladder tops out at 15 × $42/7d for $10,286/mo, but breach risk rises to 46% (+17pp vs the primary). The lower strike is hit by a smaller bounce.
More safety, less income: for just the hedge you can sit at 20 × $65/14d (99+% survival, $86/mo).
Downside anchor: the primary mortgages $32,920 (240% of IC) ONLY on a full V-bounce all the way to SS $63, recoverable in 3.2 months of normal income. That is the rare tail; the frequent case is the strike holding. Surgical close on the 15 contracts realizes $-41,655 and cuts bleed by $204/mo.

📅 Two weekly tracks, this Friday & next Friday

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.

🏆 Grand pick: NEXT FRIDAY · 11 Sep 2026 (7d) · sell 15 × $44, 72% survival, $5,464/mo (E[net] $1,983/mo).
This week's Friday is inside the pin/gamma window, so only the next weekly is shown.
TrackExpirySellSurvivalIncome/moE[net]/mo
NEXT FRIDAY 🏆11 Sep 2026 · 7d15 × $4472%$5,464$1,983
E[net] arithmetic on the grand pick: keep $1,275 with probability 55%; on the 45% touch you roll, paying $2,066 to close and taking $1,524 back from the best priced door (net cash $542) and parking about one cycle of income. Charging the FULL buyback with no door credit (the pre-2026-07-25 model) contradicted the campaign simulation, which prices the same event as a cash-neutral even roll.

📅 NEXT FRIDAY · 11 Sep 2026 · 7d · E[net] $1,983/mo 🏆 GRAND PICK

🎯 Engine pick: sell 15 × $44 (50% normal), 72% survival, breach 28%, $5,464/mo.
⚖️ Worth a safer step: the $46 rung (33% normal) lifts survival to 84% (breach 28% → 16%) for $2,044/mo less (37% income), and it still covers your hedge. The pick sits below the ~80% (≈1σ) comfort line; on a drawdown you are nursing back, dodging the frequent breach usually beats the extra premium. Lean: the safer $46 rung, unless you need the income to cover the hedge bleed, or you expect IREN to stay flat-to-down near term.
IREN  spot $41.74 · click a rung to expand its decision panel
RungSellExpiryDTEOTMSurvivalTouch oddsFIGHT edgePer cycleIncome/moΔ vs pickCap give-up
cover hedge10 × $5211 Sep7d24.6%97%hist 96%6%hist 2%+1pp$70$300-$5,164$14,726
Sell 10 × $52 24.6% OTM over spot $41.74 11 Sep 2026 (7d, $0.08 mid)
= $70 credit for the 7d cycle → $300/mo projected
Survival (stays ≤ $52)
97%
Breach risk
3%
POP (stays ≤ $52.08)
97%
EV / mo
+$194
📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion)
FIGHT'S EDGE
+1pp
42% whole by 9mo vs 42% doing nothing
FIRE DRILLS
~0.4/quarter
challenges to roll; realized tends lower (calibration)
BANKED RATE WHILE FIGHTING
$10/mo
median; plan ~$7/mo after 68% keep · $45 banked by campaign end (selling stops once whole)
green: with FIGHT · grey: without
if it recovers, the typical trip is ~2.4 mo [1.4-4.5], measured ONLY among the 42% 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)
1%
Flat exit net (mid-life)
-$1,766
Free roll-up
+$3/wk
Safest escape (by 2 Oct 2026)
$60 @ 82% POP
78% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 10 calls + sell the new ones, one order. Prices assume the central case (day 3 of 7); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $2.60/sh now → $1.84 mid-life → ≈ $0 at expiry  |  you banked $0.07/sh, so a flat mid-life exit nets -$1.77/sh  |  roll rows are incremental, the banked premium stays yours
MoveNew strike ≈New expiryTenorEst netTotal (10 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$5218 Sep 202610d left+$1.34/sh+$1,339
cycle +$1,409
69%
surv 53%
-$30,823 NOT
cap gain +$24,637
Up-and-out for even (raise the cap, free)~$5518 Sep 202610d left+$0.02/sh+$23
cycle +$93
76%
surv 69%
-$24,764 NOT
cap gain +$30,696
Max even-money escape in the band~$602 Oct 202624d left+$0.09/sh+$91
cycle +$161
82%
surv 78%
-$13,386 NOT
cap gain +$42,074
SS $63 not reachable for even money within 45d; this is the ceiling of the free ladder
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 stress
Income coverage
Gross FIGHT income$300/mo
vs 50% target ($5,143/mo)-94%
vs normal income ($10,286/mo)3% covered
Net income (after hedge)$71/mo
Downside budget
⚠ $52 is $15 below CC-SS $66.80: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$14,726
… as % of IC ($13,700)107.5%
… as % of ML ($107,700)13.7%
Recovery months (at normal income)1.4 mo
Surgical close (10 ct)$-27,740
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.02/sh (~25% of the $0.07 collected) or spot ≥ $52.08 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $52)); NOT the premium you collected. Momentum override: two daily closes above $46.17 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $51.48Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$51-52.08
Hold, alert at breakeven. Rolling into a spike pays top dollar; let theta bleed the buyback first.★ Roll on strength NOW: cheap buyback, fat credits.Close or roll same day; pin risk at the strike.
Through breakeven
≥ $52.08
Act now: intrinsic compounds daily. Up-and-out or safety roll.Roll or close immediately; time value is gone.Close today, or be assigned.
If held to expiryexact, settlement = intrinsic  ·  fortress delta 1.13 (IBKR)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$52.00 (2.3σ)$70$-32,162+$23,298+$50
+2.5%$53.30 (2.6σ)$-1,230$-30,521+$24,939-$1,250
+5%$54.60 (2.9σ)$-2,530$-28,881+$26,579-$2,550
SS (= V-bounce)$63.43 (4.9σ)$-11,360$-17,737+$37,723-$11,380
V-BOUNCE STRESS (stock → CC-SS $66.80, where you are whole again, by expiry)
Starting unrealized P&L: $-55,460
+ Fortress recovery (un-capped): +$56,678
− CC assignment net of premium (10 × $52): -$14,726
− Conservative CC assignment net of premium (10 × $65): -$1,776
Total Position P&L @ SS: $-15,285 (+$40,175 vs today)
Do-nothing baseline at SS: $-2,335 (this trade vs do-nothing: $-12,950, the opportunity cost of earning $300/mo FIGHT income now)
🛡 safe yield20 × $4811 Sep7d15.0%91%hist 96%18%hist 13%+6pp$420$1,800-$3,664$37,173
Sell 20 × $48 15.0% OTM over spot $41.74 11 Sep 2026 (7d, $0.24 mid)
= $420 credit for the 7d cycle → $1,800/mo projected
Survival (stays ≤ $48)
91%
Breach risk
9%
POP (stays ≤ $48.24)
92%
EV / mo
+$829
📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion)
FIGHT'S EDGE
+6pp
44% whole by 9mo vs 38% doing nothing
FIRE DRILLS
~1.2/quarter
challenges to roll; realized tends lower (calibration)
BANKED RATE WHILE FIGHTING
$930/mo
median; plan ~$632/mo after 68% keep · $6,297 banked by campaign end (selling stops once whole)
green: with FIGHT · grey: without
if it recovers, the typical trip is ~3.5 mo [2.1-5.8], measured ONLY among the 44% 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)
10%
Flat exit net (mid-life)
-$2,777
Free roll-up
+$3/wk
Safest escape (by 2 Oct 2026)
$56 @ 83% POP
80% 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 3 of 7); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $2.26/sh now → $1.60 mid-life (likely $1.37–$2.31)≈ $0 at expiry  |  you banked $0.21/sh, so a flat mid-life exit nets -$1.39/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 308 simulated challenges: the $48 strike is typically first touched on day 5 of 7, at $49 (overshoots $1.17). 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.
MoveNew strike ≈New expiryTenorEst netTotal (20 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$4818 Sep 202610d left+$1.17/sh+$2,344
cycle +$2,764
[+$2,362…+$3,038] · 100% credit
68%
surv 53%
-$38,536 NOT
cap gain +$16,924
Max even-money escape in the band~$542 Oct 202624d left+$0.11/sh+$212
cycle +$632
[-$345…+$744] · 62% credit
80%
surv 75%
-$26,508 NOT
cap gain +$28,952
SS $63 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$5118 Sep 202610d left+$0.06/sh+$129
cycle +$549
[-$289…+$485] · 59% credit
76%
surv 68%
-$34,508 NOT
cap gain +$20,952
Safety roll (pay small debit, max POP)~$562 Oct 202624d left-$0.14/sh-$288
cycle +$132
[-$930…+$230] · 35% credit
83%
surv 80%
-$22,483 NOT
cap gain +$32,977
budget: banked $420 debit $288 (68% used ≈ 0.7 wk of income) → whole cycle still +$132 cash · rolled 20 ct earn ≈ $3,637/mo while parked; 0 ct free to re-sell
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 stress
Income coverage
Gross FIGHT income$1,800/mo
vs 50% target ($5,143/mo)-65%
vs normal income ($10,286/mo)18% covered
Net income (after hedge)$1,529/mo
Downside budget
⚠ $48 is $19 below CC-SS $66.80: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$37,173
… as % of IC ($13,700)271.3%
… as % of ML ($107,700)34.5%
Recovery months (at normal income)3.6 mo
Surgical close (20 ct)$-55,520
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 $0.21 collected) or spot ≥ $48.24 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $48)); NOT the premium you collected. Momentum override: two daily closes above $46.17 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $47.52Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$48-48.24
Hold, alert at breakeven. Rolling into a spike pays top dollar; let theta bleed the buyback first.★ Roll on strength NOW: cheap buyback, fat credits.Close or roll same day; pin risk at the strike.
Through breakeven
≥ $48.24
Act now: intrinsic compounds daily. Up-and-out or safety roll.Roll or close immediately; time value is gone.Close today, or be assigned.
If held to expiryexact, settlement = intrinsic  ·  fortress delta 1.13 (IBKR)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$48.00 (1.4σ)$420$-40,880+$14,580+$380
+2.5%$49.20 (1.7σ)$-1,980$-40,565+$14,895-$2,020
+5%$50.40 (2.0σ)$-4,380$-40,251+$15,209-$4,420
SS (= V-bounce)$63.43 (4.9σ)$-30,440$-36,837+$18,623-$30,480
V-BOUNCE STRESS (stock → CC-SS $66.80, where you are whole again, by expiry)
Starting unrealized P&L: $-55,460
+ Fortress recovery (un-capped): +$56,678
− CC assignment net of premium (20 × $48): -$37,173
Total Position P&L @ SS: $-35,955 (+$19,505 vs today)
Do-nothing baseline at SS: $-2,335 (this trade vs do-nothing: $-33,620, the opportunity cost of earning $1,800/mo FIGHT income now)
33% normal ← lean19 × $4611 Sep7d10.2%84%hist 86%33%hist 31%+6pp$798$3,420-$2,044$38,715
Sell 19 × $46 10.2% OTM over spot $41.74 11 Sep 2026 (7d, $0.45 mid)
= $798 credit for the 7d cycle → $3,420/mo projected
Survival (stays ≤ $46)
84%
Breach risk
16%
POP (stays ≤ $46.45)
86%
EV / mo
+$1,274
📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion)
FIGHT'S EDGE
+6pp
40% whole by 9mo vs 34% doing nothing
FIRE DRILLS
~2.4/quarter
challenges to roll; realized tends lower (calibration)
BANKED RATE WHILE FIGHTING
$1,523/mo
median; plan ~$1,036/mo after 68% keep · $11,116 banked by campaign end (selling stops once whole)
green: with FIGHT · grey: without
if it recovers, the typical trip is ~2.9 mo [1.6-4.9], measured ONLY among the 40% 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)
23%
Flat exit net (mid-life)
-$2,025
Free roll-up
+$2/wk
Safest escape (by 25 Sep 2026)
$53 @ 85% POP
82% 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 3 of 7); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $2.10/sh now → $1.49 mid-life (likely $1.46–$2.32)≈ $0 at expiry  |  you banked $0.42/sh, so a flat mid-life exit nets -$1.07/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 699 simulated challenges: the $46 strike is typically first touched on day 4 of 7, at $47 (overshoots $0.97). 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.
MoveNew strike ≈New expiryTenorEst netTotal (19 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$4618 Sep 202610d left+$1.09/sh+$2,076
cycle +$2,874
[+$1,913…+$2,403] · 100% credit
68%
surv 53%
-$42,948 NOT
cap gain +$12,512
Reliable up-and-out (highest cap still free ≥60%)~$512 Oct 202624d left+$0.57/sh+$1,086
cycle +$1,884
[+$546…+$1,381] · 94% credit
79%
surv 73%
-$32,039 NOT
cap gain +$23,421
Up-and-out for even (raise the cap, free)~$4818 Sep 202610d left+$0.16/sh+$308
cycle +$1,106
[-$145…+$459] · 64% credit
75%
surv 66%
-$39,604 NOT
cap gain +$15,856
Max even-money escape in the band~$522 Oct 202624d left+$0.00/sh+$7
cycle +$805
[-$782…+$196] · 33% credit
80%
surv 76%
-$30,857 NOT
cap gain +$24,603
SS $63 not reachable for even money within 45d; this is the ceiling of the free ladder
Safety roll (pay small debit, max POP)~$5325 Sep 202618d left-$0.39/sh-$744
cycle +$54
[-$1,545…-$643] · 10% credit
85%
surv 82%
-$29,346 NOT
cap gain +$26,114
budget: banked $798 debit $744 (93% used ≈ 0.9 wk of income) → whole cycle still +$54 cash · rolled 19 ct earn ≈ $3,466/mo while parked; 1 ct free to re-sell
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 stress
Income coverage
Gross FIGHT income$3,420/mo
vs 50% target ($5,143/mo)-33%
vs normal income ($10,286/mo)33% covered
Net income (after hedge)$3,153/mo
Downside budget
⚠ $46 is $21 below CC-SS $66.80: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$38,715
… as % of IC ($13,700)282.6%
… as % of ML ($107,700)35.9%
Recovery months (at normal income)3.8 mo
Surgical close (19 ct)$-52,744
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.10/sh (~25% of the $0.42 collected) or spot ≥ $46.45 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $46)); NOT the premium you collected. Momentum override: two daily closes above $46.17 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $45.54Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$46-46.45
Hold, alert at breakeven. Rolling into a spike pays top dollar; let theta bleed the buyback first.★ Roll on strength NOW: cheap buyback, fat credits.Close or roll same day; pin risk at the strike.
Through breakeven
≥ $46.45
Act now: intrinsic compounds daily. Up-and-out or safety roll.Roll or close immediately; time value is gone.Close today, or be assigned.
If held to expiryexact, settlement = intrinsic  ·  fortress delta 1.13 (IBKR)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$46.00 (≤1σ, normal week)$798$-45,024+$10,436+$760
+2.5%$47.15 (1.2σ)$-1,387$-44,608+$10,852-$1,425
+5%$48.30 (1.5σ)$-3,572$-44,191+$11,269-$3,610
SS (= V-bounce)$63.43 (4.9σ)$-32,319$-38,714+$16,746-$32,357
V-BOUNCE STRESS (stock → CC-SS $66.80, where you are whole again, by expiry)
Starting unrealized P&L: $-55,460
+ Fortress recovery (un-capped): +$56,678
− CC assignment net of premium (19 × $46): -$38,715
− Conservative CC assignment net of premium (1 × $65): -$178
Total Position P&L @ SS: $-37,675 (+$17,785 vs today)
Do-nothing baseline at SS: $-2,335 (this trade vs do-nothing: $-35,340, the opportunity cost of earning $3,420/mo FIGHT income now)
🎯 50% normal15 × $4411 Sep7d5.4%72%hist 84%59%hist 43%+8pp$1,275$5,464$32,920
Sell 15 × $44 5.4% OTM over spot $41.74 11 Sep 2026 (7d, $0.89 mid)
= $1,275 credit for the 7d cycle → $5,464/mo projected
Survival (stays ≤ $44)
72%
Breach risk
28%
POP (stays ≤ $44.89)
78%
EV / mo
+$1,573
📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion)
FIGHT'S EDGE
+8pp
47% whole by 9mo vs 39% doing nothing
FIRE DRILLS
~5.0/quarter
challenges to roll; realized tends lower (calibration)
BANKED RATE WHILE FIGHTING
$1,919/mo
median; plan ~$1,305/mo after 68% keep · $14,161 banked by campaign end (selling stops once whole)
green: with FIGHT · grey: without
if it recovers, the typical trip is ~3.6 mo [2.1-5.9], measured ONLY among the 47% 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)
45%
Flat exit net (mid-life)
-$791
Free roll-up
+$2/wk
Safest escape (by 2 Oct 2026)
$57 @ 91% POP
90% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 15 calls + sell the new ones, one order. Prices assume the central case (day 3 of 7); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.95/sh now → $1.38 mid-life (likely $1.58–$2.37)≈ $0 at expiry  |  you banked $0.85/sh, so a flat mid-life exit nets -$0.53/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 1,341 simulated challenges: the $44 strike is typically first touched on day 3 of 7, at $45 (overshoots $0.95). 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.
MoveNew strike ≈New expiryTenorEst netTotal (15 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$4418 Sep 202610d left+$1.02/sh+$1,524
cycle +$2,799
[+$1,289…+$1,591] · 100% credit
68%
surv 53%
-$47,539 NOT
cap gain +$7,921
Max even-money escape in the band~$492 Oct 202624d left+$0.42/sh+$636
cycle +$1,911
[+$43…+$576] · 78% credit
80%
surv 75%
-$36,529 NOT
cap gain +$18,931
SS $63 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$4618 Sep 202610d left+$0.10/sh+$145
cycle +$1,420
[-$309…+$72] · 32% credit
75%
surv 67%
-$43,805 NOT
cap gain +$11,655
Safety roll (pay small debit, max POP)~$572 Oct 202624d left-$0.75/sh-$1,131
cycle +$144
[-$2,203…-$1,341]
91%
surv 90%
-$20,200 NOT
cap gain +$35,260
budget: banked $1,275 debit $1,131 (89% used ≈ 0.9 wk of income) → whole cycle still +$144 cash · rolled 15 ct earn ≈ $1,169/mo while parked; 5 ct free to re-sell
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 stress
Income coverage
Gross FIGHT income$5,464/mo
vs 50% target ($5,143/mo)+6%
vs normal income ($10,286/mo)53% covered
Net income (after hedge)$5,214/mo
Downside budget
⚠ $44 is $23 below CC-SS $66.80: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$32,920
… as % of IC ($13,700)240.3%
… as % of ML ($107,700)30.6%
Recovery months (at normal income)3.2 mo
Surgical close (15 ct)$-41,655
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 ≥ $44.89 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $44)); NOT the premium you collected. Momentum override: two daily closes above $46.17 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $43.56Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$44-44.89
Hold, alert at breakeven. Rolling into a spike pays top dollar; let theta bleed the buyback first.★ Roll on strength NOW: cheap buyback, fat credits.Close or roll same day; pin risk at the strike.
Through breakeven
≥ $44.89
Act now: intrinsic compounds daily. Up-and-out or safety roll.Roll or close immediately; time value is gone.Close today, or be assigned.
If held to expiryexact, settlement = intrinsic  ·  fortress delta 1.13 (IBKR)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$44.00 (≤1σ, normal week)$1,275$-49,063+$6,397+$1,245
+2.5%$45.10 (≤1σ, normal week)$-375$-48,225+$7,235-$405
+5%$46.20 (1.0σ)$-2,025$-47,386+$8,074-$2,055
SS (= V-bounce)$63.43 (4.9σ)$-27,870$-34,257+$21,203-$27,900
V-BOUNCE STRESS (stock → CC-SS $66.80, where you are whole again, by expiry)
Starting unrealized P&L: $-55,460
+ Fortress recovery (un-capped): +$56,678
− CC assignment net of premium (15 × $44): -$32,920
− Conservative CC assignment net of premium (5 × $65): -$888
Total Position P&L @ SS: $-32,590 (+$22,870 vs today)
Do-nothing baseline at SS: $-2,335 (this trade vs do-nothing: $-30,255, the opportunity cost of earning $5,464/mo FIGHT income now)
100% normal15 × $4211 Sep7d0.6%54%hist 69%95%hist 89%+7pp$2,400$10,286+$4,821$34,795
Sell 15 × $42 0.6% OTM over spot $41.74 11 Sep 2026 (7d, $1.62 mid)
= $2,400 credit for the 7d cycle → $10,286/mo projected
Survival (stays ≤ $42)
54%
Breach risk
46%
POP (stays ≤ $43.62)
69%
EV / mo
+$1,992
📈 CAMPAIGN OUTLOOK (400 simulated futures, this rung on repeat for 9 months, no directional opinion)
FIGHT'S EDGE
+7pp
39% whole by 9mo vs 32% doing nothing
FIRE DRILLS
~12.1/quarter
challenges to roll; realized tends lower (calibration)
BANKED RATE WHILE FIGHTING
$2,529/mo
median; plan ~$1,720/mo after 68% keep · $18,891 banked by campaign end (selling stops once whole)
green: with FIGHT · grey: without
if it recovers, the typical trip is ~3.1 mo [1.9-5.3], measured ONLY among the 39% 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)
75%
Flat exit net (mid-life)
+$491
Free roll-up
+$2/wk
Safest escape (by 2 Oct 2026)
$55 @ 92% POP
92% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 15 calls + sell the new ones, one order. Prices assume the central case (day 3 of 7); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.80/sh now → $1.27 mid-life (likely $1.78–$2.64)≈ $0 at expiry  |  you banked $1.60/sh, so a flat mid-life exit nets +$0.33/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 2,252 simulated challenges: the $42 strike is typically first touched on day 2 of 7, at $43 (overshoots $1.13). 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.
MoveNew strike ≈New expiryTenorEst netTotal (15 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$4218 Sep 202610d left+$0.94/sh+$1,412
cycle +$3,812
[+$1,147…+$1,267] · 100% credit
68%
surv 52%
-$51,050 NOT
cap gain +$4,410
Reliable up-and-out (highest cap still free ≥60%)~$462 Oct 202624d left+$0.59/sh+$879
cycle +$3,279
[+$142…+$523] · 83% credit
79%
surv 72%
-$41,947 NOT
cap gain +$13,513
Max even-money escape in the band~$472 Oct 202624d left+$0.29/sh+$430
cycle +$2,830
[-$433…+$44] · 31% credit
81%
surv 76%
-$40,134 NOT
cap gain +$15,326
SS $63 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$4418 Sep 202610d left+$0.04/sh+$53
cycle +$2,453
[-$590…-$219] · 7% credit
76%
surv 68%
-$47,297 NOT
cap gain +$8,163
Safety roll (pay small debit, max POP)~$552 Oct 202624d left-$0.78/sh-$1,173
cycle +$1,227
[-$2,690…-$1,749]
92%
surv 92%
-$23,641 NOT
cap gain +$31,819
budget: banked $2,400 debit $1,173 (49% used ≈ 0.5 wk of income) → whole cycle still +$1,227 cash · rolled 15 ct earn ≈ $919/mo while parked; 5 ct free to re-sell
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 stress
Income coverage
Gross FIGHT income$10,286/mo
vs 50% target ($5,143/mo)+100%
vs normal income ($10,286/mo)100% covered
Net income (after hedge)$10,036/mo
Downside budget
⚠ $42 is $25 below CC-SS $66.80: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$34,795
… as % of IC ($13,700)254.0%
… as % of ML ($107,700)32.3%
Recovery months (at normal income)3.4 mo
Surgical close (15 ct)$-41,632
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.40/sh (~25% of the $1.60 collected) or spot ≥ $43.62 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $42)); NOT the premium you collected. Momentum override: two daily closes above $46.17 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $41.58Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$42-43.62
Hold, alert at breakeven. Rolling into a spike pays top dollar; let theta bleed the buyback first.★ Roll on strength NOW: cheap buyback, fat credits.Close or roll same day; pin risk at the strike.
Through breakeven
≥ $43.62
Act now: intrinsic compounds daily. Up-and-out or safety roll.Roll or close immediately; time value is gone.Close today, or be assigned.
If held to expiryexact, settlement = intrinsic  ·  fortress delta 1.13 (IBKR)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$42.00 (≤1σ, normal week)$2,400$-52,462+$2,998+$2,370
+2.5%$43.05 (≤1σ, normal week)$825$-51,662+$3,798+$795
+5%$44.10 (≤1σ, normal week)$-750$-50,862+$4,598-$780
SS (= V-bounce)$63.43 (4.9σ)$-29,745$-36,132+$19,328-$29,775
V-BOUNCE STRESS (stock → CC-SS $66.80, where you are whole again, by expiry)
Starting unrealized P&L: $-55,460
+ Fortress recovery (un-capped): +$56,678
− CC assignment net of premium (15 × $42): -$34,795
− Conservative CC assignment net of premium (5 × $65): -$888
Total Position P&L @ SS: $-34,465 (+$20,995 vs today)
Do-nothing baseline at SS: $-2,335 (this trade vs do-nothing: $-32,130, the opportunity cost of earning $10,286/mo FIGHT income now)
A nudge, not a rule: the engine maximizes income at acceptable safety; this weighs the income you would give up against the breach risk you would shed. Your hedge bleed and your read on IREN are the tiebreakers.
⚔ FIGHT CC options · full candidate scan (22 clear the floor), click to expand

Every eligible strike x expiry in the 4-45 DTE band (4 expiries scanned, 22 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: 1.131 (IBKR)  |  Recovery@SS: +$56,678 (un-capped fortress gain if stock rallies to SS)  |  Do-nothing @ SS: $-2,335

StrikeDTEExpiryBidSellIncome/moNet/moSurvivalPOP (mid)EV/moCap Give-up @ CC-SS%ICTotal P&L @ SS
$4514d18 Sep 2026$1.2919/20$5,252$4,98572%78%+$1,364-$38,962284.4%$-37,922 (vs do-nothing $-35,587)
$447d11 Sep 2026$0.8515/20$5,464$5,21472%78%+$1,573-$32,920240.3%$-32,590 (vs do-nothing $-30,255)
$44.5014d18 Sep 2026$1.4517/20$5,282$5,02469%76%+$1,317-$35,439258.7%$-34,754 (vs do-nothing $-32,419)
$4521d25 Sep 2026$1.8220/20$5,200$4,92969%76%+$1,143-$39,953291.6%$-38,735 (vs do-nothing $-36,400)
$4414d18 Sep 2026$1.6115/20$5,175$4,92566%75%+$1,200-$31,780232.0%$-31,450 (vs do-nothing $-29,115)
$4421d25 Sep 2026$2.1018/20$5,400$5,13765%74%+$1,119-$37,254271.9%$-36,391 (vs do-nothing $-34,056)
$4428d2 Oct 2026$2.5619/20$5,211$4,94464%74%+$1,033-$38,449280.7%$-37,409 (vs do-nothing $-35,074)
$43.5014d18 Sep 2026$1.7714/20$5,310$5,06464%74%+$1,175-$30,137220.0%$-29,985 (vs do-nothing $-27,650)
$437d11 Sep 2026$1.1711/20$5,516$5,28364%73%+$1,295-$24,889181.7%$-25,270 (vs do-nothing $-22,935)
$4314d18 Sep 2026$1.9713/20$5,488$5,24661%72%+$1,136-$28,374207.1%$-28,400 (vs do-nothing $-26,065)
$4321d25 Sep 2026$2.4815/20$5,314$5,06460%71%+$848-$31,975233.4%$-31,645 (vs do-nothing $-29,310)
$4328d2 Oct 2026$2.6818/20$5,169$4,90660%71%+$488-$38,010277.4%$-37,147 (vs do-nothing $-34,812)
$42.5014d18 Sep 2026$2.1812/20$5,606$5,36958%70%+$1,056-$26,540193.7%$-26,743 (vs do-nothing $-24,408)
Show 9 more candidates (lower strikes: more income, lower survival)
StrikeDTEExpiryBidSellIncome/moNet/moSurvivalPOP (mid)EV/moCap Give-up @ CC-SS%ICTotal P&L @ SS
$4228d2 Oct 2026$3.4015/20$5,464$5,21455%70%+$882-$32,095234.3%$-31,765 (vs do-nothing $-29,430)
$4221d25 Sep 2026$2.8613/20$5,311$5,07055%69%+$662-$28,517208.2%$-28,543 (vs do-nothing $-26,208)
$4214d18 Sep 2026$2.4110/20$5,164$4,93655%69%+$881-$22,386163.4%$-22,945 (vs do-nothing $-20,610)
$427d11 Sep 2026$1.608/20$5,486$5,26654%69%+$1,062-$18,557135.5%$-19,471 (vs do-nothing $-17,136)
$41.5014d18 Sep 2026$2.6410/20$5,657$5,42951%68%+$945-$22,656165.4%$-23,215 (vs do-nothing $-20,880)
$4128d2 Oct 2026$3.5514/20$5,325$5,07951%67%+$332-$31,145227.3%$-30,993 (vs do-nothing $-28,658)
$4121d25 Sep 2026$3.3011/20$5,186$4,95350%67%+$570-$24,746180.6%$-25,127 (vs do-nothing $-22,792)
$4114d18 Sep 2026$2.899/20$5,574$5,34948%66%+$801-$20,616150.5%$-21,352 (vs do-nothing $-19,017)
$417d11 Sep 2026$2.116/20$5,426$5,21445%65%+$791-$14,212103.7%$-15,481 (vs do-nothing $-13,146)

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.

fortress_fight.py v6.3  |  2026-09-04 21:36