FORTRESS FIGHT: MARA-LC20-1299 @ $12.32

BE SS: $22.69  |  CC-SS: $17.85  |  200 contracts (20,000 sh) |  ⌂ PORTFOLIO

GENERATED2026-07-13 13:38

MARA-LC20-1299 @ $12.32   UNDERWATER $10.38 (45.7% below BE SS)

⚠ EARNINGS · SHORT EXPIRY ONLY
MARA reports 2026-07-29 (Wed), in 16 days. The recommended CC (4d) closes BEFORE earnings , that one is safe , but the richer/longer options below expire after it and would sell through the gap. Keep the tenor inside 2026-07-29.

200 contracts (20,000 sh)  |  BE SS: $22.69  |  CC-SS: $17.85  |  IV: HIGH  |  Accounts: Main:1299

LC: $20 exp 2028-01-21 (entry $3.516/sh)
SP: $25 exp 2028-01-21 (entry $14.836/sh)
HP: $15 exp 2028-01-21 (entry $6.947/sh)

Economics

Max Loss$207,600(ND $0.38 + SW $10) x 20000
Normal income ref$46,909/mo95% ann ROI on ML
Hedge (static, never rolled)$0/moHP expiry = SP LEAPS; decay ≈ $7,460/mo (info only, already in marks)
Unrealized P&L$-87,000fortress legs from IBKR
INCOME GOALPOSTS & VELOCITY
50% INCOME FLOOR
$23,455/mo
HEDGE COVER
$0/mo (static)
NORMAL INCOME
$46,909/mo (ATM CC, chain)
IC VELOCITY
0.2 mo to earn back $7,600
ML VELOCITY
4.4 mo to earn back $207,600
Deep drawdown confirmed: a CC at CC-SS $17.85 (probe: $18C 11d) brings only $2,182/mo (<20% of normal), so FIGHT below it is warranted.
🏦 Campaign ledger: seeded, nothing tracked yet. Open short calls and banked credits appear here from the next cycle on; CC-SS ratchets down as premium accrues.
TECHNICALS (cc_timing weekly gate + daily trigger)
WEEKLYNEUTRAL · %B 59 (live) · RSI 52 · MACD bullish, hist falling
DAILYFALLING (provisional) · RSI 44 · %B 14 · hist rising (nightly)
LEVELSUpper BB (CC ceiling) $15.92 (+29%) · daily UBB $15.41 · 1-wk expected move ±$1 (chain IV)
SETUPNo tilt: engine default. (advisory; floors and picks are chain-only)
⚠ Next earnings 2026-07-29: candidates whose expiry crosses it are flagged in the spectrum; EV is unreliable across earnings.
INTERPRETATION
Primary: 131 contracts at $13.50 / 4d. This is the safest strike (survival 87%, breach 13%) that still earns 50% of normal income ($23,455/mo); it brings $23,580/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 161 × $13/4d for $47,092/mo, but breach risk rises to 25% (+12pp vs the primary). The lower strike is hit by a smaller bounce.
More safety, less income: for just the hedge you can sit at 148 × $14/4d (94% survival, $15,540/mo).
Downside anchor: the primary mortgages $53,882 (709% of IC) ONLY on a full V-bounce all the way to SS $23, recoverable in 1.1 months of normal income. That is the rare tail; the frequent case is the strike holding. Surgical close on the 131 contracts realizes $-57,116 and cuts bleed by $0/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 200 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: THIS FRIDAY · 17 Jul 2026 (4d) · sell 131 × $13.50, 87% survival, $23,580/mo (E[net] $12,662/mo).
The two weekly tracks below are ranked by E[net]/mo = income − P(touch) × escape cost. Each has its own full ladder.
TrackExpirySellSurvivalIncome/moE[net]/mo
THIS FRIDAY 🏆17 Jul 2026 · 4d131 × $13.5087%$23,580$12,662
NEXT FRIDAY24 Jul 2026 · 11d183 × $13.5076%$23,457$7,283

📅 THIS FRIDAY · 17 Jul 2026 · 4d · E[net] $12,662/mo 🏆 GRAND PICK

🎯 Engine pick: sell 131 × $13.50 (primary), 87% survival, breach 13%, $23,580/mo.
The pick is already past the ~80% (≈1σ) comfort line, so take the income. Stepping out to the $14 rung (🛡 safe yield) lifts survival to 94% (breach 13% → 6%) for $2,580/mo less (11% income) buys safety you do not really need here.
MARA  spot $12.32 · click a rung to expand its decision panel
RungSellExpiryDTEOTMSurvivalTouch oddsPer cycleIncome/moΔ vs pickCap give-up
33% normal148 × $1417 Jul4d13.7%94%13%$2,072$15,540-$8,040$54,954
Sell 148 × $14 13.7% OTM over spot $12.32 17 Jul 2026 (4d, $0.15 mid)
= $2,072 credit for the 4d cycle → $15,540/mo projected
Survival (stays ≤ $14)
94%
Breach risk
6%
POP (stays ≤ $14.15)
95%
EV / mo
+$13,706
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 2.0 mo [1.2-3.6] median, 0.2 mo faster than no FIGHT (2.2 mo)  ·  56% of paths whole by 9 mo (vs 50% without)  ·  ~3.4 challenges expected  ·  median CC cash $30,584
🛡 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)
7%
Flat exit net (mid-life)
-$7,904
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$16 @ 84% POP
80% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 148 calls + sell the new ones, one order. Prices assume the central case (day 2 of 4); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $0.95/sh now → $0.67 mid-life (likely $0.54–$1.05)≈ $0 at expiry  |  you banked $0.14/sh, so a flat mid-life exit nets -$0.53/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 219 simulated challenges: the $14 strike is typically first touched on day 3 of 4, at $14 (overshoots $0.30). 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 (148 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$1424 Jul 20269d left+$0.28/sh+$4,173
cycle +$6,245
[+$2,427…+$5,990] · 92% credit
70%
surv 53%
-$50,373 NOT
cap gain +$36,627
Max even-money escape in the band~$1531 Jul 202616d left+$0.16/sh+$2,373
cycle +$4,445
[-$193…+$4,213] · 74% credit
78%
surv 70%
-$30,843 NOT
cap gain +$56,157
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$1524 Jul 20269d left+$0.06/sh+$915
cycle +$2,987
[-$1,282…+$2,520] · 60% credit
77%
surv 66%
-$41,301 NOT
cap gain +$45,699
Safety roll (pay small debit, max POP)~$1631 Jul 202616d left-$0.08/sh-$1,197
cycle +$875
[-$4,233…+$543] · 33% credit
84%
surv 80%
-$16,413 NOT
cap gain +$70,587
budget: banked $2,072 debit $1,197 (58% used ≈ 0.3 wk of income) → whole cycle still +$875 cash · rolled 148 ct earn ≈ $16,459/mo while parked; 52 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$15,540/mo
vs 50% target ($23,455/mo)-34%
vs normal income ($46,909/mo)33% covered
Net income (after hedge)$15,682/mo
Downside budget
⚠ $14 is $4 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$54,954
… as % of IC ($7,600)723.1%
… as % of ML ($207,600)26.5%
Recovery months (at normal income)1.2 mo
Surgical close (148 ct)$-64,528
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.04/sh (~25% of the $0.14 collected) or spot ≥ $14.15 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $13.86Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$14-14.15
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
≥ $14.15
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$14.00 (1.5σ)$2,072$-54,546+$32,454+$1,924
+2.5%$14.35 (1.9σ)$-3,108$-53,426+$33,574-$3,256
+5%$14.70 (2.2σ)$-8,288$-52,306+$34,694-$8,436
SS (= V-bounce)$22.69 (9.5σ)$-126,540$-26,738+$60,262-$126,688
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (148 × $14): -$54,954
+ Conservative CC premium (52 × $23): +$52
Total Position P&L @ SS: $-42,216 (+$44,784 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-55,102, the opportunity cost of earning $15,540/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$26,344, position total $-48,402 (+$38,598 vs today)
🛡 safe yield200 × $1417 Jul4d13.7%94%13%$2,800$21,000-$2,580$74,262
Sell 200 × $14 13.7% OTM over spot $12.32 17 Jul 2026 (4d, $0.15 mid)
= $2,800 credit for the 4d cycle → $21,000/mo projected
Survival (stays ≤ $14)
94%
Breach risk
6%
POP (stays ≤ $14.15)
95%
EV / mo
+$18,522
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 1.9 mo [0.9-4.1] median, 0.1 mo SLOWER than no FIGHT (1.8 mo): roll costs eat the credits at this rung  ·  60% of paths whole by 9 mo (vs 50% without)  ·  ~3.4 challenges expected  ·  median CC cash $38,796
🛡 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)
8%
Flat exit net (mid-life)
-$10,680
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$16 @ 84% POP
80% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 200 calls + sell the new ones, one order. Prices assume the central case (day 2 of 4); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $0.95/sh now → $0.67 mid-life (likely $0.57–$1.09)≈ $0 at expiry  |  you banked $0.14/sh, so a flat mid-life exit nets -$0.53/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 240 simulated challenges: the $14 strike is typically first touched on day 3 of 4, at $14 (overshoots $0.32). 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 (200 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$1424 Jul 20269d left+$0.28/sh+$5,639
cycle +$8,439
[+$3,158…+$8,058] · 90% credit
70%
surv 53%
-$48,231 NOT
cap gain +$38,769
Max even-money escape in the band~$1531 Jul 202616d left+$0.16/sh+$3,207
cycle +$6,007
[-$278…+$5,535] · 72% credit
78%
surv 70%
-$29,333 NOT
cap gain +$57,667
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$1524 Jul 20269d left+$0.06/sh+$1,236
cycle +$4,036
[-$1,811…+$3,275] · 60% credit
77%
surv 66%
-$40,304 NOT
cap gain +$46,696
Safety roll (pay small debit, max POP)~$1631 Jul 202616d left-$0.08/sh-$1,618
cycle +$1,182
[-$6,065…+$553] · 31% credit
84%
surv 80%
-$16,158 NOT
cap gain +$70,842
budget: banked $2,800 debit $1,618 (58% used ≈ 0.3 wk of income) → whole cycle still +$1,182 cash · rolled 200 ct earn ≈ $22,242/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$21,000/mo
vs 50% target ($23,455/mo)-10%
vs normal income ($46,909/mo)45% covered
Net income (after hedge)$21,000/mo
Downside budget
⚠ $14 is $4 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$74,262
… as % of IC ($7,600)977.1%
… as % of ML ($207,600)35.8%
Recovery months (at normal income)1.6 mo
Surgical close (200 ct)$-87,200
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.04/sh (~25% of the $0.14 collected) or spot ≥ $14.15 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $13.86Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$14-14.15
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
≥ $14.15
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$14.00 (1.5σ)$2,800$-53,870+$33,130+$2,600
+2.5%$14.35 (1.9σ)$-4,200$-54,570+$32,430-$4,400
+5%$14.70 (2.2σ)$-11,200$-55,270+$31,730-$11,400
SS (= V-bounce)$22.69 (9.5σ)$-171,000$-71,250+$15,750-$171,200
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (200 × $14): -$74,262
Total Position P&L @ SS: $-61,576 (+$25,424 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-74,462, the opportunity cost of earning $21,000/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$35,600, position total $-57,710 (+$29,290 vs today)
🎯 50% normal131 × $13.5017 Jul4d9.6%87%18%$3,144$23,580$53,882
Sell 131 × $13.50 9.6% OTM over spot $12.32 17 Jul 2026 (4d, $0.25 mid)
= $3,144 credit for the 4d cycle → $23,580/mo projected
Survival (stays ≤ $13.50)
87%
Breach risk
13%
POP (stays ≤ $13.75)
91%
EV / mo
+$18,982
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 2.1 mo [1.0-4.3] median, 0.1 mo SLOWER than no FIGHT (2.0 mo): roll costs eat the credits at this rung  ·  63% of paths whole by 9 mo (vs 48% without)  ·  ~7.0 challenges expected  ·  median CC cash $47,236
🛡 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)
-$5,174
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$16 @ 88% POP
85% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 131 calls + sell the new ones, one order. Prices assume the central case (day 2 of 4); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $0.90/sh now → $0.63 mid-life (likely $0.58–$1.04)≈ $0 at expiry  |  you banked $0.24/sh, so a flat mid-life exit nets -$0.39/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 525 simulated challenges: the $14 strike is typically first touched on day 3 of 4, at $14 (overshoots $0.30). 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 (131 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$1424 Jul 20269d left+$0.27/sh+$3,489
cycle +$6,633
[+$1,564…+$4,704] · 88% credit
70%
surv 53%
-$58,968 NOT
cap gain +$28,032
Max even-money escape in the band~$1531 Jul 202616d left+$0.13/sh+$1,638
cycle +$4,782
[-$968…+$2,760] · 61% credit
79%
surv 70%
-$39,489 NOT
cap gain +$47,511
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$1424 Jul 20269d left+$0.04/sh+$518
cycle +$3,662
[-$1,742…+$1,449] · 44% credit
77%
surv 66%
-$49,609 NOT
cap gain +$37,391
Safety roll (pay small debit, max POP)~$1631 Jul 202616d left-$0.22/sh-$2,933
cycle +$211
[-$6,412…-$2,115] · 2% credit
88%
surv 85%
-$17,060 NOT
cap gain +$69,940
budget: banked $3,144 debit $2,933 (93% used ≈ 0.5 wk of income) → whole cycle still +$211 cash · rolled 131 ct earn ≈ $10,098/mo while parked; 69 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$23,580/mo
vs 50% target ($23,455/mo)+1%
vs normal income ($46,909/mo)50% covered
Net income (after hedge)$23,768/mo
Downside budget
⚠ $13.50 is $4 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$53,882
… as % of IC ($7,600)709.0%
… as % of ML ($207,600)26.0%
Recovery months (at normal income)1.1 mo
Surgical close (131 ct)$-57,116
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.06/sh (~25% of the $0.24 collected) or spot ≥ $13.75 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $13.37Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$13-13.75
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
≥ $13.75
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$13.50 (1.1σ)$3,144$-62,457+$24,543+$3,013
+2.5%$13.84 (1.4σ)$-1,277$-60,803+$26,197-$1,408
+5%$14.18 (1.7σ)$-5,699$-59,150+$27,850-$5,830
SS (= V-bounce)$22.69 (9.5σ)$-117,245$-17,426+$69,574-$117,376
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (131 × $13.50): -$53,882
+ Conservative CC premium (69 × $23): +$69
Total Position P&L @ SS: $-41,127 (+$45,873 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-54,013, the opportunity cost of earning $23,580/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$28,558, position total $-50,599 (+$36,401 vs today)
100% normal161 × $1317 Jul4d5.6%75%51%$6,279$47,092+$23,513$71,856
Sell 161 × $13 5.6% OTM over spot $12.32 17 Jul 2026 (4d, $0.40 mid)
= $6,279 credit for the 4d cycle → $47,092/mo projected
Survival (stays ≤ $13)
75%
Breach risk
25%
POP (stays ≤ $13.40)
85%
EV / mo
+$32,491
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 2.0 mo [1.1-3.8] median, 0.2 mo faster than no FIGHT (2.2 mo)  ·  76% of paths whole by 9 mo (vs 48% without)  ·  ~12.4 challenges expected  ·  median CC cash $67,809
🛡 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)
36%
Flat exit net (mid-life)
-$3,334
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$16 @ 91% POP
89% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 161 calls + sell the new ones, one order. Prices assume the central case (day 2 of 4); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $0.84/sh now → $0.60 mid-life (likely $0.66–$1.08)≈ $0 at expiry  |  you banked $0.39/sh, so a flat mid-life exit nets -$0.21/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 1,067 simulated challenges: the $13 strike is typically first touched on day 2 of 4, at $13 (overshoots $0.31). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
MoveNew strike ≈New expiryTenorEst netTotal (161 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$1324 Jul 20269d left+$0.25/sh+$4,045
cycle +$10,324
[+$970…+$3,972] · 84% credit
70%
surv 53%
-$64,307 NOT
cap gain +$22,693
Reliable up-and-out (highest cap still free ≥60%)~$1431 Jul 202616d left+$0.28/sh+$4,564
cycle +$10,843
[+$943…+$4,425] · 83% credit
76%
surv 64%
-$51,458 NOT
cap gain +$35,542
Max even-money escape in the band~$1431 Jul 202616d left+$0.09/sh+$1,472
cycle +$7,751
[-$2,663…+$1,209] · 37% credit
79%
surv 71%
-$45,550 NOT
cap gain +$41,450
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Up-and-out for even (raise the cap, free)~$1424 Jul 20269d left+$0.02/sh+$295
cycle +$6,574
[-$3,256…+$53] · 25% credit
78%
surv 67%
-$55,727 NOT
cap gain +$31,273
Safety roll (pay small debit, max POP)~$1631 Jul 202616d left-$0.35/sh-$5,652
cycle +$627
[-$11,590…-$6,337]
91%
surv 89%
-$16,674 NOT
cap gain +$70,326
budget: banked $6,279 debit $5,652 (90% used ≈ 0.5 wk of income) → whole cycle still +$627 cash · rolled 161 ct earn ≈ $7,427/mo while parked; 39 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$47,092/mo
vs 50% target ($23,455/mo)+101%
vs normal income ($46,909/mo)100% covered
Net income (after hedge)$47,199/mo
Downside budget
⚠ $13 is $5 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$71,856
… as % of IC ($7,600)945.5%
… as % of ML ($207,600)34.6%
Recovery months (at normal income)1.5 mo
Surgical close (161 ct)$-70,196
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 $0.39 collected) or spot ≥ $13.40 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $13)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 4d left3d left≤ 2d (expiry)
Below $12.87Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$13-13.40
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
≥ $13.40
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$13.00 (≤1σ, normal week)$6,279$-68,352+$18,648+$6,118
+2.5%$13.32 (≤1σ, normal week)$1,047$-67,735+$19,265+$886
+5%$13.65 (1.2σ)$-4,186$-67,117+$19,883-$4,347
SS (= V-bounce)$22.69 (9.5σ)$-149,730$-49,941+$37,059-$149,891
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (161 × $13): -$71,856
+ Conservative CC premium (39 × $23): +$39
Total Position P&L @ SS: $-59,131 (+$27,869 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-72,017, the opportunity cost of earning $47,092/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$40,733, position total $-62,804 (+$24,196 vs today)
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 MARA are the tiebreakers.

📅 NEXT FRIDAY · 24 Jul 2026 · 11d · E[net] $7,283/mo

🎯 Engine pick: sell 183 × $13.50 (primary), 76% survival, breach 24%, $23,457/mo.
⚖️ Worth a safer step: the $14 rung (33% normal) lifts survival to 83% (breach 24% → 17%) for $7,977/mo less (34% 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 $14 rung, unless you need the income to cover the hedge bleed, or you expect MARA to stay flat-to-down near term.
MARA  spot $12.32 · click a rung to expand its decision panel
RungSellExpiryDTEOTMSurvivalTouch oddsPer cycleIncome/moΔ vs pickCap give-up
🛡 safe yield200 × $1524 Jul11d21.8%92%17%$3,400$9,273-$14,185$53,662
Sell 200 × $15 21.8% OTM over spot $12.32 24 Jul 2026 (11d, $0.18 mid)
= $3,400 credit for the 11d cycle → $9,273/mo projected
Survival (stays ≤ $15)
92%
Breach risk
8%
POP (stays ≤ $15.19)
93%
EV / mo
+$6,703
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 1.9 mo [0.9-4.0] median, 0.2 mo SLOWER than no FIGHT (1.7 mo): roll costs eat the credits at this rung  ·  62% of paths whole by 9 mo (vs 52% without)  ·  ~1.9 challenges expected  ·  median CC cash $30,665
🛡 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)
-$15,960
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$16 @ 79% POP
70% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 200 calls + sell the new ones, one order. Prices assume the central case (day 5 of 11); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.37/sh now → $0.97 mid-life (likely $0.77–$1.30)≈ $0 at expiry  |  you banked $0.17/sh, so a flat mid-life exit nets -$0.80/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 343 simulated challenges: the $15 strike is typically first touched on day 8 of 11, at $15 (overshoots $0.38). 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.
MoveNew strike ≈New expiryTenorEst netTotal (200 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Roll out (same strike, buy time)~$1531 Jul 202612d left+$0.32/sh+$6,436
cycle +$9,836
[+$5,713…+$9,935] · 100% credit
71%
surv 54%
-$28,834 NOT
cap gain +$58,166
Up-and-out for even (raise the cap, free)~$1631 Jul 202612d left+$0.05/sh+$908
cycle +$4,308
[-$494…+$3,603] · 64% credit
76%
surv 63%
-$22,032 NOT
cap gain +$64,968
Max even-money escape in the band~$1631 Jul 202612d left+$0.05/sh+$908
cycle +$4,308
[-$494…+$3,603] · 64% credit
76%
surv 63%
-$22,032 NOT
cap gain +$64,968
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Safety roll (pay small debit, max POP)~$1631 Jul 202612d left-$0.15/sh-$3,060
cycle +$340
[-$5,124…-$723] · 20% credit
79%
surv 70%
-$17,000 NOT
cap gain +$70,000
budget: banked $3,400 debit $3,060 (90% used ≈ 1.4 wk of income) → whole cycle still +$340 cash · rolled 200 ct earn ≈ $40,750/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$9,273/mo
vs 50% target ($23,455/mo)-60%
vs normal income ($46,909/mo)20% covered
Net income (after hedge)$9,273/mo
Downside budget
⚠ $15 is $3 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$53,662
… as % of IC ($7,600)706.1%
… as % of ML ($207,600)25.8%
Recovery months (at normal income)1.1 mo
Surgical close (200 ct)$-87,300
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.04/sh (~25% of the $0.17 collected) or spot ≥ $15.19 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $15)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 6d left3-5d left≤ 2d (expiry)
Below $14.85Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$15-15.19
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
≥ $15.19
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$15.00 (1.5σ)$3,400$-35,270+$51,730+$3,200
+2.5%$15.37 (1.7σ)$-4,100$-36,020+$50,980-$4,300
+5%$15.75 (1.9σ)$-11,600$-36,770+$50,230-$11,800
SS (= V-bounce)$22.69 (5.7σ)$-150,400$-50,650+$36,350-$150,600
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (200 × $15): -$53,662
Total Position P&L @ SS: $-40,976 (+$46,024 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-53,862, the opportunity cost of earning $9,273/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$15,000, position total $-37,110 (+$49,890 vs today)
33% normal ← lean172 × $1424 Jul11d13.7%83%36%$5,676$15,480-$7,977$60,597
Sell 172 × $14 13.7% OTM over spot $12.32 24 Jul 2026 (11d, $0.35 mid)
= $5,676 credit for the 11d cycle → $15,480/mo projected
Survival (stays ≤ $14)
83%
Breach risk
17%
POP (stays ≤ $14.35)
87%
EV / mo
+$9,414
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 2.1 mo [1.1-3.7] median  ·  58% of paths whole by 9 mo (vs 50% without)  ·  ~4.1 challenges expected  ·  median CC cash $43,909
🛡 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)
28%
Flat exit net (mid-life)
-$9,203
Free roll-up
+$1/wk
Safest escape (by 31 Jul 2026)
$15 @ 79% POP
71% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 172 calls + sell the new ones, one order. Prices assume the central case (day 5 of 11); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.22/sh now → $0.87 mid-life (likely $0.80–$1.26)≈ $0 at expiry  |  you banked $0.33/sh, so a flat mid-life exit nets -$0.54/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 849 simulated challenges: the $14 strike is typically first touched on day 7 of 11, at $14 (overshoots $0.36). 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 (172 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Reliable up-and-out (highest cap still free ≥60%)~$1431 Jul 202612d left+$0.29/sh+$4,998
cycle +$10,674
[+$3,932…+$6,554] · 100% credit
73%
surv 56%
-$42,638 NOT
cap gain +$44,362
Roll out (same strike, buy time)~$1431 Jul 202612d left+$0.29/sh+$4,976
cycle +$10,652
[+$3,590…+$6,716] · 100% credit
71%
surv 53%
-$45,990 NOT
cap gain +$41,010
Up-and-out for even (raise the cap, free)~$1531 Jul 202612d left+$0.01/sh+$126
cycle +$5,802
[-$1,645…+$1,326] · 40% credit
76%
surv 64%
-$38,510 NOT
cap gain +$48,490
Max even-money escape in the band~$1531 Jul 202612d left+$0.01/sh+$126
cycle +$5,802
[-$1,645…+$1,326] · 40% credit
76%
surv 64%
-$38,510 NOT
cap gain +$48,490
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Safety roll (pay small debit, max POP)~$1531 Jul 202612d left-$0.19/sh-$3,196
cycle +$2,480
[-$5,509…-$2,436] · 10% credit
79%
surv 71%
-$32,832 NOT
cap gain +$54,168
budget: banked $5,676 debit $3,196 (56% used ≈ 0.9 wk of income) → whole cycle still +$2,480 cash · rolled 172 ct earn ≈ $29,207/mo while parked; 28 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$15,480/mo
vs 50% target ($23,455/mo)-34%
vs normal income ($46,909/mo)33% covered
Net income (after hedge)$15,556/mo
Downside budget
⚠ $14 is $4 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$60,597
… as % of IC ($7,600)797.3%
… as % of ML ($207,600)29.2%
Recovery months (at normal income)1.3 mo
Surgical close (172 ct)$-75,164
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.08/sh (~25% of the $0.33 collected) or spot ≥ $14.35 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 6d left3-5d left≤ 2d (expiry)
Below $13.86Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$14-14.35
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
≥ $14.35
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$14.00 (≤1σ, normal week)$5,676$-50,966+$36,034+$5,504
+2.5%$14.35 (1.1σ)$-344$-50,686+$36,314-$516
+5%$14.70 (1.3σ)$-6,364$-50,406+$36,594-$6,536
SS (= V-bounce)$22.69 (5.7σ)$-143,792$-44,014+$42,986-$143,964
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (172 × $14): -$60,597
+ Conservative CC premium (28 × $23): +$28
Total Position P&L @ SS: $-47,884 (+$39,116 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-60,769, the opportunity cost of earning $15,480/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$27,348, position total $-49,430 (+$37,570 vs today)
🎯 50% normal183 × $13.5024 Jul11d9.6%76%40%$8,601$23,457$71,061
Sell 183 × $13.50 9.6% OTM over spot $12.32 24 Jul 2026 (11d, $0.49 mid)
= $8,601 credit for the 11d cycle → $23,457/mo projected
Survival (stays ≤ $13.50)
76%
Breach risk
24%
POP (stays ≤ $13.99)
83%
EV / mo
+$12,698
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 1.8 mo [0.9-3.9] median, 0.1 mo faster than no FIGHT (1.9 mo)  ·  63% of paths whole by 9 mo (vs 49% without)  ·  ~5.9 challenges expected  ·  median CC cash $50,466
🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it)
Challenge odds (touch by expiry)
40%
Flat exit net (mid-life)
-$6,325
Free roll-up
+$0/wk
Safest escape (by 31 Jul 2026)
$16 @ 87% POP
84% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 183 calls + sell the new ones, one order. Prices assume the central case (day 5 of 11); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.15/sh now → $0.82 mid-life (likely $0.88–$1.29)≈ $0 at expiry  |  you banked $0.47/sh, so a flat mid-life exit nets -$0.35/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 1,192 simulated challenges: the $14 strike is typically first touched on day 5 of 11, at $14 (overshoots $0.33). 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 (183 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Up-and-out for even (raise the cap, free)~$1431 Jul 202612d left+$0.27/sh+$4,920
cycle +$13,521
[+$3,440…+$5,473] · 100% credit
73%
surv 57%
-$48,802 NOT
cap gain +$38,198
Max even-money escape in the band~$1431 Jul 202612d left+$0.27/sh+$4,920
cycle +$13,521
[+$3,440…+$5,473] · 100% credit
73%
surv 57%
-$48,802 NOT
cap gain +$38,198
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Roll out (same strike, buy time)~$1431 Jul 202612d left+$0.27/sh+$5,008
cycle +$13,609
[+$3,166…+$5,587] · 100% credit
71%
surv 53%
-$52,044 NOT
cap gain +$34,956
Safety roll (pay small debit, max POP)~$1631 Jul 202612d left-$0.43/sh-$7,883
cycle +$718
[-$11,822…-$8,581]
87%
surv 84%
-$25,605 NOT
cap gain +$61,395
budget: banked $8,601 debit $7,883 (92% used ≈ 1.5 wk of income) → whole cycle still +$718 cash · rolled 183 ct earn ≈ $17,609/mo while parked; 17 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$23,457/mo
vs 50% target ($23,455/mo)+0%
vs normal income ($46,909/mo)50% covered
Net income (after hedge)$23,504/mo
Downside budget
⚠ $13.50 is $4 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$71,061
… as % of IC ($7,600)935.0%
… as % of ML ($207,600)34.2%
Recovery months (at normal income)1.5 mo
Surgical close (183 ct)$-79,971
Tripwiresprice and time left decide together; the matrix is the playbook
The one rule: roll when the short call's remaining TIME VALUE < $0.12/sh (~25% of the $0.47 collected) or spot ≥ $13.99 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $14)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 6d left3-5d left≤ 2d (expiry)
Below $13.37Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$13-13.99
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
≥ $13.99
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$13.50 (≤1σ, normal week)$8,601$-57,052+$29,948+$8,418
+2.5%$13.84 (≤1σ, normal week)$2,425$-57,153+$29,847+$2,242
+5%$14.18 (1.0σ)$-3,752$-57,255+$29,745-$3,935
SS (= V-bounce)$22.69 (5.7σ)$-159,576$-59,809+$27,191-$159,759
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (183 × $13.50): -$71,061
+ Conservative CC premium (17 × $23): +$17
Total Position P&L @ SS: $-58,358 (+$28,642 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-71,244, the opportunity cost of earning $23,457/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$35,685, position total $-57,778 (+$29,222 vs today)
100% normal200 × $12.5024 Jul11d1.5%57%91%$17,200$46,909+$23,452$89,862
Sell 200 × $12.50 1.5% OTM over spot $12.32 24 Jul 2026 (11d, $0.87 mid)
= $17,200 credit for the 11d cycle → $46,909/mo projected
Survival (stays ≤ $12.50)
57%
Breach risk
43%
POP (stays ≤ $13.37)
74%
EV / mo
+$18,065
📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo)   whole in 2.0 mo [1.1-3.3] median, 0.2 mo faster than no FIGHT (2.2 mo)  ·  74% of paths whole by 9 mo (vs 54% without)  ·  ~16.1 challenges expected  ·  median CC cash $51,442
🛡 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)
76%
Flat exit net (mid-life)
+$2,781
Free roll-up
+$0/wk
Safest escape (by 31 Jul 2026)
$15 @ 91% POP
90% survival
Roll menuyour doors if the call gets challenged; each row = buy back the 200 calls + sell the new ones, one order. Prices assume the central case (day 5 of 11); earlier = worse credits, later = better, through the strike = add intrinsic
Buyback gross: $1.02/sh now → $0.72 mid-life (likely $0.99–$1.35)≈ $0 at expiry  |  you banked $0.86/sh, so a flat mid-life exit nets +$0.14/sh  |  roll rows are incremental, the banked premium stays yours
📊 Across 2,295 simulated challenges: the $12 strike is typically first touched on day 3 of 11, at $13 (overshoots $0.36). 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 (200 ct)POP / surv
of new CC
If rolled & exited
total P&L · cap gain @ new strike
Up-and-out for even (raise the cap, free)~$1331 Jul 202612d left+$0.23/sh+$4,540
cycle +$21,740
[+$2,375…+$3,265] · 99% credit
73%
surv 57%
-$58,600 NOT
cap gain +$28,400
Max even-money escape in the band~$1331 Jul 202612d left+$0.23/sh+$4,540
cycle +$21,740
[+$2,375…+$3,265] · 99% credit
73%
surv 57%
-$58,600 NOT
cap gain +$28,400
SS $23 not reachable for even money within 45d; this is the ceiling of the free ladder
Roll out (same strike, buy time)~$1231 Jul 202612d left+$0.24/sh+$4,870
cycle +$22,070
[+$2,137…+$3,319] · 97% credit
71%
surv 53%
-$61,600 NOT
cap gain +$25,400
Safety roll (pay small debit, max POP)~$1531 Jul 202612d left-$0.52/sh-$10,432
cycle +$6,768
[-$17,571…-$13,400]
91%
surv 90%
-$28,572 NOT
cap gain +$58,428
budget: banked $17,200 debit $10,432 (61% used ≈ 1.0 wk of income) → whole cycle still +$6,768 cash · rolled 200 ct earn ≈ $9,966/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$46,909/mo
vs 50% target ($23,455/mo)+100%
vs normal income ($46,909/mo)100% covered
Net income (after hedge)$46,909/mo
Downside budget
⚠ $12.50 is $5 below CC-SS $17.85: assignment on a recovery to whole locks the cap give-up below.
Cap give-up @ CC-SS (V-bounce)-$89,862
… as % of IC ($7,600)1182.4%
… as % of ML ($207,600)43.3%
Recovery months (at normal income)1.9 mo
Surgical close (200 ct)$-87,200
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 $0.86 collected) or spot ≥ $13.37 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $12)); NOT the premium you collected. Momentum override: two daily closes above $15.41 (daily upper band) or daily RSI > 70 → treat "pressing" as "through".
Spot \ Time≥ 6d left3-5d left≤ 2d (expiry)
Below $12.38Do nothing. Theta wins.Do nothing.Penny buyback at the close; re-sell next cycle.
Pressing the strike
$12-13.37
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
≥ $13.37
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 0.90 (fallback)
ScenarioSpotCC leg netPosition totalvs todayvs do-nothing
at strike$12.50 (≤1σ, normal week)$17,200$-66,470+$20,530+$17,000
+2.5%$12.81 (≤1σ, normal week)$10,950$-67,095+$19,905+$10,750
+5%$13.12 (≤1σ, normal week)$4,700$-67,720+$19,280+$4,500
SS (= V-bounce)$22.69 (5.7σ)$-186,600$-86,850+$150-$186,800
V-BOUNCE STRESS (stock → CC-SS $17.85, where you are whole again, by expiry)
Starting unrealized P&L: $-87,000
+ Fortress recovery (un-capped): +$99,686
− CC assignment net of premium (200 × $12.50): -$89,862
Total Position P&L @ SS: $-77,176 (+$9,824 vs today)
Do-nothing baseline at SS: $12,886 (this trade vs do-nothing: $-90,062, the opportunity cost of earning $46,909/mo FIGHT income now)
BB-reversion stress (→ $15.92 Upper BB (CC ceiling), the probable scenario per weekly technicals): CC give-up -$51,200, position total $-73,310 (+$13,690 vs today)
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 MARA are the tiebreakers.
⚔ FIGHT CC options · full candidate scan (8 clear the floor), click to expand

Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 8 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: +$99,686 (un-capped fortress gain if stock rallies to SS)  |  Do-nothing @ SS: $12,886

StrikeDTEExpiryBidSellIncome/moNet/moSurvivalPOP (mid)EV/moCap Give-up @ CC-SS%ICTotal P&L @ SS
$13.504d17 Jul 2026$0.24131/200$23,580$23,76887%91%+$18,982-$53,882709.0%$-41,127 (vs do-nothing $-54,013)
$13.5011d24 Jul 2026$0.47183/200$23,457$23,50476%83%+$12,698-$71,061935.0%$-58,358 (vs do-nothing $-71,244)
$134d17 Jul 2026$0.3981/200$23,692$24,01775%85%+$16,346-$36,151475.7%$-23,346 (vs do-nothing $-36,232)
$1311d24 Jul 2026$0.63137/200$23,539$23,71167%78%+$10,644-$57,856761.3%$-45,108 (vs do-nothing $-57,993)
$1318d31 Jul 2026$0.85166/200$23,517$23,60965%77%+$8,823-$66,451874.4%$-53,732 (vs do-nothing $-66,617)
$12.504d17 Jul 2026$0.6152/200$23,790$24,19459%78%+$13,134-$24,664324.5%$-11,830 (vs do-nothing $-24,716)
$12.5011d24 Jul 2026$0.86100/200$23,455$23,72757%74%+$9,032-$44,931591.2%$-32,145 (vs do-nothing $-45,031)
$12.5018d31 Jul 2026$1.13125/200$23,542$23,74657%73%+$8,348-$52,789694.6%$-40,028 (vs do-nothing $-52,914)

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 200 contracts at the conservative CC.

fortress_fight.py v6.1  |  2026-07-13 13:38