4 contracts (400 sh) | BE SS: $161.00 | CC-SS: $166.67 | IV: HIGH | Accounts: RetireInc:7291
| Max Loss | $56,800 | (ND $12.00 + SW $130) x 400 |
| Normal income ref | $7,091/mo | 95% ann ROI on ML |
| Hedge rolling cost | $346/mo | |
| Unrealized P&L | $-32,584 | fortress legs from IBKR |
Each Friday gets its own recommended pick and full income ladder (safest strike per income rung, sized across your 4 contracts). The master ranks the two by E[net]/mo to pick one grand pick; both are shown here so you can choose the tenor that fits your roll cadence.
| Track | Expiry | Sell | Survival | Income/mo | E[net]/mo |
|---|---|---|---|---|---|
| THIS FRIDAY 🏆 | 17 Jul 2026 · 4d | 4 × $103 | 90% | $3,960 | $2,159 |
| NEXT FRIDAY | 24 Jul 2026 · 11d | 4 × $100 | 73% | $3,927 | $1,014 |
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▸ | cover hedge | 4 × $120 | 17 Jul | 4d | 29.2% | 99+% | 1% | $60 | $450 | -$3,510 | $18,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $120 29.2% OTM over spot $92.88 17 Jul 2026 (4d, $0.15 mid) = $60 credit for the 4d cycle → $450/mo projected Survival (stays ≤ $120) 99+% Breach risk 0% POP (stays ≤ $120.16) 99+% EV / mo +$444 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 3.8 mo [2.6-5.7] median · 32% of paths whole by 9 mo (vs 32% without) · ~0.2 challenges expected · median CC cash $-2,532 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 0% Flat exit net (mid-life) -$2,216 Free roll-up +$7/wk Safest escape (by 31 Jul 2026) $137 @ 84% POP 78% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $8.05/sh now → $5.69 mid-life → ≈ $0 at expiry | you banked $0.15/sh, so a flat mid-life exit nets -$5.54/sh | roll rows are incremental, the banked premium stays yours
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $120 is $47 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.04/sh (~25% of the $0.15 collected) or spot ≥ $120.16 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $120)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $120): -$18,610 Total Position P&L @ SS: $-18,547 (+$14,037 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-15,960, the opportunity cost of earning $450/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal | 4 × $106 | 17 Jul | 4d | 14.1% | 95% | 11% | $348 | $2,610 | -$1,350 | $23,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $106 14.1% OTM over spot $92.88 17 Jul 2026 (4d, $0.90 mid) = $348 credit for the 4d cycle → $2,610/mo projected Survival (stays ≤ $106) 95% Breach risk 5% POP (stays ≤ $106.90) 96% EV / mo +$2,337 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.6 mo [3.0-6.5] median · 28% of paths whole by 9 mo (vs 22% without) · ~4.1 challenges expected · median CC cash $4,678 🛡 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) 6% Flat exit net (mid-life) -$1,500 Free roll-up +$6/wk Safest escape (by 31 Jul 2026) $123 @ 86% POP 82% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $6.53/sh now → $4.62 mid-life (likely $4.03–$7.27) → ≈ $0 at expiry | you banked $0.87/sh, so a flat mid-life exit nets -$3.75/sh | roll rows are incremental, the banked premium stays yours 📊 Across 179 simulated challenges: the $106 strike is typically first touched on day 3 of 4, at $108 (overshoots $2.41). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $106 is $61 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.22/sh (~25% of the $0.87 collected) or spot ≥ $106.90 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $106)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $106): -$23,922 Total Position P&L @ SS: $-23,859 (+$8,725 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-21,272, the opportunity cost of earning $2,610/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 4 × $103 | 17 Jul | 4d | 10.9% | 90% | 14% | $528 | $3,960 | — | $24,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $103 10.9% OTM over spot $92.88 17 Jul 2026 (4d, $1.38 mid) = $528 credit for the 4d cycle → $3,960/mo projected Survival (stays ≤ $103) 90% Breach risk 10% POP (stays ≤ $104.38) 93% EV / mo +$3,303 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.9 mo [3.1-6.9] median, 0.5 mo SLOWER than no FIGHT (4.4 mo): roll costs eat the credits at this rung · 36% of paths whole by 9 mo (vs 21% without) · ~7.8 challenges expected · median CC cash $10,090 🛡 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) 14% Flat exit net (mid-life) -$1,233 Free roll-up +$6/wk Safest escape (by 31 Jul 2026) $120 @ 87% POP 83% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $6.23/sh now → $4.40 mid-life (likely $3.91–$7.13) → ≈ $0 at expiry | you banked $1.32/sh, so a flat mid-life exit nets -$3.08/sh | roll rows are incremental, the banked premium stays yours 📊 Across 409 simulated challenges: the $103 strike is typically first touched on day 3 of 4, at $105 (overshoots $2.31). 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.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $103 is $64 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.33/sh (~25% of the $1.32 collected) or spot ≥ $104.38 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $103)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $103): -$24,942 Total Position P&L @ SS: $-24,879 (+$7,705 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-22,292, the opportunity cost of earning $3,960/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 4 × $98.50 | 17 Jul | 4d | 6.1% | 78% | 46% | $992 | $7,440 | +$3,480 | $26,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $98.50 6.1% OTM over spot $92.88 17 Jul 2026 (4d, $2.62 mid) = $992 credit for the 4d cycle → $7,440/mo projected Survival (stays ≤ $98.50) 78% Breach risk 22% POP (stays ≤ $101.12) 86% EV / mo +$5,213 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.2 mo [2.7-6.0] median, 0.9 mo SLOWER than no FIGHT (3.3 mo): roll costs eat the credits at this rung · 51% of paths whole by 9 mo (vs 25% without) · ~17.1 challenges expected · median CC cash $18,625 🛡 IF CHALLENGED (spot reaches the strike) · challenge = the strike is touched at any point, so it runs ~2x the breach risk (finishing through it) Challenge odds (touch by expiry) 31% Flat exit net (mid-life) -$644 Free roll-up +$5/wk Safest escape (by 31 Jul 2026) $122 @ 90% POP 89% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $5.78/sh now → $4.09 mid-life (likely $4.39–$7.28) → ≈ $0 at expiry | you banked $2.48/sh, so a flat mid-life exit nets -$1.61/sh | roll rows are incremental, the banked premium stays yours 📊 Across 943 simulated challenges: the $98 strike is typically first touched on day 2 of 4, at $101 (overshoots $2.19). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $98.50 is $68 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.62/sh (~25% of the $2.48 collected) or spot ≥ $101.12 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $98)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $98.50): -$26,278 Total Position P&L @ SS: $-26,215 (+$6,369 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-23,628, the opportunity cost of earning $7,440/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rung | Sell | Expiry | DTE | OTM | Survival | Touch odds | Per cycle | Income/mo | Δ vs pick | Cap give-up | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▸ | cover hedge | 4 × $124 | 24 Jul | 11d | 33.5% | 98% | 5% | $148 | $404 | -$3,524 | $16,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $124 33.5% OTM over spot $92.88 24 Jul 2026 (11d, $0.45 mid) = $148 credit for the 11d cycle → $404/mo projected Survival (stays ≤ $124) 98% Breach risk 2% POP (stays ≤ $124.44) 98% EV / mo +$345 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.3 mo [2.5-6.3] median, 0.2 mo SLOWER than no FIGHT (4.2 mo): roll costs eat the credits at this rung · 33% of paths whole by 9 mo (vs 30% without) · ~0.6 challenges expected · median CC cash $-439 🛡 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) 2% Flat exit net (mid-life) -$3,177 Free roll-up +$5/wk Safest escape (by 31 Jul 2026) $131 @ 76% POP 65% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $11.75/sh now → $8.31 mid-life (likely $4.91–$9.01) → ≈ $0 at expiry | you banked $0.37/sh, so a flat mid-life exit nets -$7.94/sh | roll rows are incremental, the banked premium stays yours 📊 Across 60 simulated challenges: the $124 strike is typically first touched on day 9 of 11, at $127 (overshoots $2.78). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $124 is $43 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.09/sh (~25% of the $0.37 collected) or spot ≥ $124.44 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $124)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $124): -$16,922 Total Position P&L @ SS: $-16,859 (+$15,725 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-14,272, the opportunity cost of earning $404/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🛡 safe yield | 4 × $110 | 24 Jul | 11d | 18.4% | 90% | 21% | $548 | $1,495 | -$2,433 | $22,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $110 18.4% OTM over spot $92.88 24 Jul 2026 (11d, $1.47 mid) = $548 credit for the 11d cycle → $1,495/mo projected Survival (stays ≤ $110) 90% Breach risk 10% POP (stays ≤ $111.47) 92% EV / mo +$1,047 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 3.9 mo [2.5-6.1] median, 0.3 mo faster than no FIGHT (4.2 mo) · 33% of paths whole by 9 mo (vs 28% without) · ~3.3 challenges expected · median CC cash $4,380 🛡 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) 16% Flat exit net (mid-life) -$2,172 Free roll-up +$5/wk Safest escape (by 31 Jul 2026) $118 @ 78% POP 69% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $9.61/sh now → $6.80 mid-life (likely $5.64–$9.46) → ≈ $0 at expiry | you banked $1.37/sh, so a flat mid-life exit nets -$5.43/sh | roll rows are incremental, the banked premium stays yours 📊 Across 467 simulated challenges: the $110 strike is typically first touched on day 7 of 11, at $113 (overshoots $2.70). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $110 is $57 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.34/sh (~25% of the $1.37 collected) or spot ≥ $111.47 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $110)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $110): -$22,122 Total Position P&L @ SS: $-22,059 (+$10,525 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-19,472, the opportunity cost of earning $1,495/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 33% normal ← lean | 4 × $105 | 24 Jul | 11d | 13.0% | 83% | 35% | $904 | $2,465 | -$1,462 | $23,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $105 13.0% OTM over spot $92.88 24 Jul 2026 (11d, $2.36 mid) = $904 credit for the 11d cycle → $2,465/mo projected Survival (stays ≤ $105) 83% Breach risk 17% POP (stays ≤ $107.36) 87% EV / mo +$1,516 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.5 mo [2.7-6.2] median, 0.1 mo faster than no FIGHT (4.6 mo) · 29% of paths whole by 9 mo (vs 21% without) · ~6.1 challenges expected · median CC cash $7,218 🛡 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) 27% Flat exit net (mid-life) -$1,614 Free roll-up +$5/wk Safest escape (by 31 Jul 2026) $116 @ 83% POP 77% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $8.90/sh now → $6.30 mid-life (likely $6.09–$9.46) → ≈ $0 at expiry | you banked $2.26/sh, so a flat mid-life exit nets -$4.04/sh | roll rows are incremental, the banked premium stays yours 📊 Across 822 simulated challenges: the $105 strike is typically first touched on day 6 of 11, at $108 (overshoots $2.58). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $105 is $62 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.56/sh (~25% of the $2.26 collected) or spot ≥ $107.36 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $105)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $105): -$23,766 Total Position P&L @ SS: $-23,703 (+$8,881 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-21,116, the opportunity cost of earning $2,465/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 🎯 50% normal | 4 × $100 | 24 Jul | 11d | 7.7% | 73% | 46% | $1,440 | $3,927 | — | $25,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $100 7.7% OTM over spot $92.88 24 Jul 2026 (11d, $3.80 mid) = $1,440 credit for the 11d cycle → $3,927/mo projected Survival (stays ≤ $100) 73% Breach risk 27% POP (stays ≤ $103.80) 81% EV / mo +$1,984 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.3 mo [3.0-6.5] median, 0.3 mo SLOWER than no FIGHT (4.0 mo): roll costs eat the credits at this rung · 31% of paths whole by 9 mo (vs 20% without) · ~10.7 challenges expected · median CC cash $9,888 🛡 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) 46% Flat exit net (mid-life) -$884 Free roll-up +$4/wk Safest escape (by 31 Jul 2026) $116 @ 89% POP 86% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $8.21/sh now → $5.81 mid-life (likely $6.50–$9.39) → ≈ $0 at expiry | you banked $3.60/sh, so a flat mid-life exit nets -$2.21/sh | roll rows are incremental, the banked premium stays yours 📊 Across 1,379 simulated challenges: the $100 strike is typically first touched on day 5 of 11, at $102 (overshoots $2.39). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $100 is $67 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $0.90/sh (~25% of the $3.60 collected) or spot ≥ $103.80 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $100)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $100): -$25,230 Total Position P&L @ SS: $-25,167 (+$7,417 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-22,580, the opportunity cost of earning $3,927/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ▸ | 100% normal | 4 × $93 | 24 Jul | 11d | 0.1% | 53% | 99% | $2,600 | $7,091 | +$3,164 | $26,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sell 4 × $93 0.1% OTM over spot $92.88 24 Jul 2026 (11d, $6.85 mid) = $2,600 credit for the 11d cycle → $7,091/mo projected Survival (stays ≤ $93) 53% Breach risk 47% POP (stays ≤ $99.85) 72% EV / mo +$2,384 📈 CAMPAIGN OUTLOOK (400 paths, sell-roll-repeat this rung for 9 mo) whole in 4.2 mo [2.9-5.9] median, 0.2 mo SLOWER than no FIGHT (4.0 mo): roll costs eat the credits at this rung · 36% of paths whole by 9 mo (vs 23% without) · ~35.5 challenges expected · median CC cash $11,480 🛡 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) 81% Flat exit net (mid-life) +$536 Free roll-up +$3/wk Safest escape (by 31 Jul 2026) $109 @ 90% POP 88% survival Roll menuyour doors if the call gets challenged; each row = buy back the 4 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: $7.30/sh now → $5.16 mid-life (likely $7.36–$10.38) → ≈ $0 at expiry | you banked $6.50/sh, so a flat mid-life exit nets +$1.34/sh | roll rows are incremental, the banked premium stays yours 📊 Across 2,428 simulated challenges: the $93 strike is typically first touched on day 2 of 11, at $96 (overshoots $2.88). The [P25–P75] under each Total is that door's credit across those paths; % credit is the share of those challenges where the roll is a net credit.
If rolled & exited = your total from-entry P&L if you roll to that strike and then close the whole fortress with the stock pinned there (all legs repriced; SAFE = P&L ≥ 0). Cap gain is what that roll earns THIS cycle (premium + appreciation from today to the new strike); the total adds your existing MTM on top. Same from-entry basis as this tool's @cap / total-exit numbers, at the rolled strike. POP = P(stays ≤ strike + premium collected, the call is profitable); surv = P(stays ≤ strike, the call expires fully worthless). Survival is the stricter bar (no premium cushion), so it sits below POP. Method: each leg = its live quote (buyback off the ask, sells off the bid) × a Black-Scholes ratio to the challenge, using the leg's own IV shifted +0.5 vol pt per +1% move (spike-vol name: vol expands on a fast move, richer buyback). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened. More detail, income coverage, downside budget, tripwires, held-to-expiry ladder, V-bounce stressIncome coverage
Downside budget ⚠ $93 is $74 below CC-SS $166.67: assignment on a recovery to whole locks the cap give-up below.
Tripwiresprice and time left decide together; the matrix is the playbook The one rule: roll when the short call's remaining TIME VALUE < $1.62/sh (~25% of the $6.50 collected) or spot ≥ $99.85 (breakeven), whichever comes first. Time value = call mark price minus intrinsic (max(0, spot − $93)); NOT the premium you collected.
If held to expiryexact, settlement = intrinsic · fortress delta 1.11 (IBKR)
V-BOUNCE STRESS (stock → CC-SS $166.67, where you are whole again, by expiry) Starting unrealized P&L: $-32,584 + Fortress recovery (un-capped): +$32,647 − CC assignment net of premium (4 × $93): -$26,870 Total Position P&L @ SS: $-26,807 (+$5,777 vs today) Do-nothing baseline at SS: $-2,587 (this trade vs do-nothing: $-24,220, the opportunity cost of earning $7,091/mo FIGHT income now) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Every eligible strike x expiry in the 4-45 DTE band (3 expiries scanned, 39 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: 1.106 (IBKR) | Recovery@SS: +$32,647 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $-2,587
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $103 | 4d | 17 Jul 2026 | $1.32 | 4/4 | $3,960 | $3,614 | 90% | 93% | +$3,303 | -$24,942 | 519.6% | $-24,879 (vs do-nothing $-22,292) |
| $102 | 4d | 17 Jul 2026 | $1.51 | 4/4 | $4,530 | $4,184 | 88% | 91% | +$3,659 | -$25,266 | 526.4% | $-25,203 (vs do-nothing $-22,616) |
| $101 | 4d | 17 Jul 2026 | $1.75 | 3/4 | $3,938 | $3,605 | 85% | 90% | +$3,075 | -$19,177 | 399.5% | $-19,777 (vs do-nothing $-17,190) |
| $100 | 4d | 17 Jul 2026 | $2.01 | 3/4 | $4,522 | $4,190 | 83% | 88% | +$3,392 | -$19,399 | 404.2% | $-19,999 (vs do-nothing $-17,412) |
| $99 | 4d | 17 Jul 2026 | $2.24 | 3/4 | $5,040 | $4,708 | 79% | 87% | +$3,570 | -$19,630 | 409.0% | $-20,230 (vs do-nothing $-17,643) |
| $98.50 | 4d | 17 Jul 2026 | $2.48 | 2/4 | $3,720 | $3,402 | 78% | 86% | +$2,606 | -$13,139 | 273.7% | $-14,401 (vs do-nothing $-11,814) |
| $98 | 4d | 17 Jul 2026 | $2.63 | 2/4 | $3,945 | $3,627 | 76% | 85% | +$2,683 | -$13,209 | 275.2% | $-14,471 (vs do-nothing $-11,884) |
| $97.50 | 4d | 17 Jul 2026 | $2.71 | 2/4 | $4,065 | $3,747 | 74% | 84% | +$2,638 | -$13,293 | 276.9% | $-14,555 (vs do-nothing $-11,968) |
| $100 | 11d | 24 Jul 2026 | $3.60 | 4/4 | $3,927 | $3,582 | 73% | 81% | +$1,984 | -$25,230 | 525.6% | $-25,167 (vs do-nothing $-22,580) |
| $97 | 4d | 17 Jul 2026 | $3.00 | 2/4 | $4,500 | $4,182 | 72% | 83% | +$2,891 | -$13,335 | 277.8% | $-14,597 (vs do-nothing $-12,010) |
| $99 | 11d | 24 Jul 2026 | $3.85 | 4/4 | $4,200 | $3,854 | 70% | 80% | +$1,962 | -$25,530 | 531.9% | $-25,467 (vs do-nothing $-22,880) |
| $96.50 | 4d | 17 Jul 2026 | $3.20 | 2/4 | $4,800 | $4,482 | 69% | 82% | +$2,991 | -$13,395 | 279.1% | $-14,657 (vs do-nothing $-12,070) |
| $98.50 | 11d | 24 Jul 2026 | $4.00 | 4/4 | $4,364 | $4,018 | 69% | 79% | +$1,973 | -$25,670 | 534.8% | $-25,607 (vs do-nothing $-23,020) |
| Strike | DTE | Expiry | Bid | Sell | Income/mo | Net/mo | Survival | POP (mid) | EV/mo | Cap Give-up @ CC-SS | %IC | Total P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $100 | 18d | 31 Jul 2026 | $5.40 | 4/4 | $3,600 | $3,254 | 69% | 78% | +$1,415 | -$24,510 | 510.6% | $-24,447 (vs do-nothing $-21,860) |
| $98 | 11d | 24 Jul 2026 | $4.30 | 4/4 | $4,691 | $4,345 | 68% | 78% | +$2,140 | -$25,750 | 536.5% | $-25,687 (vs do-nothing $-23,100) |
| $96 | 4d | 17 Jul 2026 | $3.35 | 2/4 | $5,025 | $4,707 | 67% | 81% | +$2,997 | -$13,465 | 280.5% | $-14,727 (vs do-nothing $-12,140) |
| $99 | 18d | 31 Jul 2026 | $5.50 | 4/4 | $3,667 | $3,321 | 67% | 77% | +$1,275 | -$24,870 | 518.1% | $-24,807 (vs do-nothing $-22,220) |
| $97.50 | 11d | 24 Jul 2026 | $4.40 | 3/4 | $3,600 | $3,268 | 66% | 78% | +$1,563 | -$19,432 | 404.8% | $-20,032 (vs do-nothing $-17,445) |
| $97 | 11d | 24 Jul 2026 | $4.60 | 3/4 | $3,764 | $3,432 | 65% | 77% | +$1,590 | -$19,522 | 406.7% | $-20,122 (vs do-nothing $-17,535) |
| $98 | 18d | 31 Jul 2026 | $6.20 | 4/4 | $4,133 | $3,788 | 65% | 76% | +$1,518 | -$24,990 | 520.6% | $-24,927 (vs do-nothing $-22,340) |
| $96.50 | 11d | 24 Jul 2026 | $4.85 | 3/4 | $3,968 | $3,636 | 64% | 77% | +$1,652 | -$19,597 | 408.3% | $-20,197 (vs do-nothing $-17,610) |
| $97 | 18d | 31 Jul 2026 | $6.35 | 4/4 | $4,233 | $3,888 | 63% | 75% | +$1,378 | -$25,330 | 527.7% | $-25,267 (vs do-nothing $-22,680) |
| $95 | 4d | 17 Jul 2026 | $3.85 | 2/4 | $5,775 | $5,457 | 62% | 79% | +$3,248 | -$13,565 | 282.6% | $-14,827 (vs do-nothing $-12,240) |
| $96 | 11d | 24 Jul 2026 | $5.05 | 3/4 | $4,132 | $3,800 | 62% | 76% | +$1,665 | -$19,687 | 410.2% | $-20,287 (vs do-nothing $-17,700) |
| $96 | 18d | 31 Jul 2026 | $6.85 | 4/4 | $4,567 | $4,221 | 61% | 74% | +$1,454 | -$25,530 | 531.9% | $-25,467 (vs do-nothing $-22,880) |
| $95 | 11d | 24 Jul 2026 | $5.70 | 3/4 | $4,664 | $4,332 | 59% | 75% | +$1,873 | -$19,792 | 412.3% | $-20,392 (vs do-nothing $-17,805) |
| $95 | 18d | 31 Jul 2026 | $7.55 | 3/4 | $3,775 | $3,443 | 58% | 73% | +$1,235 | -$19,237 | 400.8% | $-19,837 (vs do-nothing $-17,250) |
| $94 | 4d | 17 Jul 2026 | $4.40 | 2/4 | $6,600 | $6,282 | 57% | 77% | +$3,489 | -$13,655 | 284.5% | $-14,917 (vs do-nothing $-12,330) |
| $94 | 18d | 31 Jul 2026 | $7.80 | 3/4 | $3,900 | $3,568 | 56% | 72% | +$1,140 | -$19,462 | 405.5% | $-20,062 (vs do-nothing $-17,475) |
| $94 | 11d | 24 Jul 2026 | $6.05 | 3/4 | $4,950 | $4,618 | 56% | 74% | +$1,806 | -$19,987 | 416.4% | $-20,587 (vs do-nothing $-18,000) |
| $93.50 | 4d | 17 Jul 2026 | $4.50 | 2/4 | $6,750 | $6,432 | 55% | 76% | +$3,313 | -$13,735 | 286.1% | $-14,997 (vs do-nothing $-12,410) |
| $93 | 18d | 31 Jul 2026 | $8.25 | 3/4 | $4,125 | $3,793 | 54% | 71% | +$1,132 | -$19,627 | 408.9% | $-20,227 (vs do-nothing $-17,640) |
| $93 | 11d | 24 Jul 2026 | $6.50 | 2/4 | $3,545 | $3,227 | 53% | 72% | +$1,192 | -$13,435 | 279.9% | $-14,697 (vs do-nothing $-12,110) |
| $93 | 4d | 17 Jul 2026 | $4.85 | 1/4 | $3,638 | $3,333 | 52% | 76% | +$1,745 | -$6,882 | 143.4% | $-8,807 (vs do-nothing $-6,220) |
| $92 | 18d | 31 Jul 2026 | $9.05 | 3/4 | $4,525 | $4,193 | 52% | 71% | +$1,284 | -$19,687 | 410.2% | $-20,287 (vs do-nothing $-17,700) |
| $92 | 11d | 24 Jul 2026 | $7.05 | 2/4 | $3,845 | $3,527 | 50% | 71% | +$1,214 | -$13,525 | 281.8% | $-14,787 (vs do-nothing $-12,200) |
| $92.50 | 4d | 17 Jul 2026 | $5.05 | 1/4 | $3,788 | $3,483 | 50% | 75% | +$1,709 | -$6,912 | 144.0% | $-8,837 (vs do-nothing $-6,250) |
| $92 | 4d | 17 Jul 2026 | $5.35 | 1/4 | $4,012 | $3,708 | 47% | 74% | +$1,736 | -$6,932 | 144.4% | $-8,857 (vs do-nothing $-6,270) |
| $91.50 | 4d | 17 Jul 2026 | $5.60 | 1/4 | $4,200 | $3,895 | 44% | 73% | +$1,713 | -$6,957 | 144.9% | $-8,882 (vs do-nothing $-6,295) |
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 4 contracts at the conservative CC.