10 contracts (1,000 sh) | SS: $108.93 | IV: HIGH
| Max Loss | $32,850 | (ND $27.85 + SW $5) x 1000 |
| Normal income ref | $2,601/mo | 95% ann ROI on ML |
| Hedge rolling cost | $2,728/mo | |
| Unrealized P&L | $-14,691 | fortress legs from IBKR |
Every strike × expiry in the 5-14 DTE band (2 expiry / expiries in 5-14 DTE band). ★ = recommended pick. Contracts-to-match recomputed per row.
Fortress delta: 0.427 (IBKR) | Recovery@SS: +$8,890 (un-capped fortress gain if stock rallies to SS)
| Strike | DTE | Expiry | Bid | Sell | Net Inc/mo | EV /mo | Survival | CC Assignment Cost @ SS | Do Nothing @ SS | Total Position P&L @ SS |
|---|---|---|---|---|---|---|---|---|---|---|
| $93 | 6d | 1 May 2026 | $1.05 | 10/10 | $2,522 | +$1,854 | 76% | -$14,880 | $-5,601 | $-20,681 ($-5,990 vs today) (vs do-nothing $-15,080) |
| $93 | 13d | 8 May 2026 | $2.25 | 10/10 | $2,464 | +$1,584 | 69% | -$13,680 | $-5,601 | $-19,481 ($-4,790 vs today) (vs do-nothing $-13,880) |
| $91 | 6d | 1 May 2026 | $1.60 | 7/10 | $3,011 | +$1,507 | 67% | -$11,431 | $-5,601 | $-17,172 ($-2,481 vs today) (vs do-nothing $-11,571) |
| $91 | 13d | 8 May 2026 | $2.90 | 8/10 | $2,718 | +$1,322 | 61% | -$12,024 | $-5,601 | $-17,785 ($-3,094 vs today) (vs do-nothing $-12,184) |
| $90 | 6d | 1 May 2026 | $2.00 | 6/10 | $3,457 | +$1,503 | 61% | -$10,158 | $-5,601 | $-15,879 ($-1,188 vs today) (vs do-nothing $-10,278) |
| $90 | 13d | 8 May 2026 | $3.30 | 7/10 | $2,741 | +$1,202 | 58% | -$10,941 | $-5,601 | $-16,682 ($-1,991 vs today) (vs do-nothing $-11,081) |
| ★ $89 | 6d | 1 May 2026 | $2.40 | 5/10 | $3,503 | +$1,270 | 55% | -$8,765 | $-5,601 | $-14,466 (+$225 vs today) (vs do-nothing $-8,865) |
| $89 | 13d | 8 May 2026 | $3.70 | 7/10 | $3,388 | +$1,175 | 54% | -$11,361 | $-5,601 | $-17,102 ($-2,411 vs today) (vs do-nothing $-11,501) |
* = target unreachable with 10 contracts. Rows sorted by survival (desc). Net Inc/mo = deterministic best case (assumes 100% survival). EV /mo = probability-weighted monthly edge: premium − E[buyback] scaled monthly. Uses realized vol = IV × 85% (variance risk premium = 15%). Do-nothing EV/mo on FIGHT leg is $0 by definition — positive here means this trade beats passive over many cycles. CC Assignment Cost @ SS = damage on short calls at SS. Do Nothing @ SS = absolute P&L if you keep all 10 at conservative CC, no FIGHT. Total Position P&L @ SS = absolute P&L of this trade at SS. "vs do-nothing" = opportunity cost on a V-bounce.
| Max Loss (ML) | Worst-case loss: (Net Debit + Spread Width) x shares. ND = LC entry - SP entry + HP entry. SW = SP strike - HP strike. |
| Normal income ref | Target monthly income: IV-based annual ROI on ML / 12 (LOW 45%, MED 75%, HIGH 95%) |
| Hedge rolling cost | Monthly cost to maintain the HP (protective put): (30 / HP_DTE) x HP_ask x shares |
| FIGHT CC | Short-dated, near-ATM covered call for income recovery |
| Conservative CC | Standard CC at safe strike (far OTM when underwater) |
| Cover hedge | Min FIGHT contracts to pay for the hedge rolling cost |
| Match normal | FIGHT contracts needed to reach normal income target |
| Gap/ct | Net gap risk per contract: (SS - strike - bid) x 100. Max loss if stock rallies to SS, net of premium received. |
| Gap@Hedge | Total gap risk at cover-hedge contract count |
| Gap@Match | Total gap risk at match-normal contract count |
| Net@Match | Monthly income after hedge cost at match-normal level |