FORTRESS FIGHT: SPY @ $739.58

BE SS: $764.00 | CC-SS: $695.58 | 12 contracts (1,200 sh) | ⌂ PORTFOLIO

SPY @ $739.58 UNDERWATER $24.42 (3.2% below BE SS)

12 contracts (1,200 sh) | BE SS: $764.00 | CC-SS: $695.58 (banked floor $694.08) | IV: LOW | Accounts: Neville:0865

LC: $640 exp 2028-01-21 (entry $124.004/sh)

Economics

Max Loss	$148,800	(ND $124.00 + SW $0) x 1200
Normal income ref	$24,789/mo	45% ann ROI on ML
Hedge (static, never rolled)	$0/mo	HP expiry = SP LEAPS; decay ≈ $0/mo (info only, already in marks)
Unrealized P&L	$41,892	fortress legs from IBKR

INCOME GOALPOSTS & VELOCITY

50% INCOME FLOOR
$12,394/mo

HEDGE COVER
$0/mo (static)

NORMAL INCOME
$24,789/mo (ATM CC, chain)

IC VELOCITY
6.0 mo to earn back $148,800

ML VELOCITY
6.0 mo to earn back $148,800

NOT a deep drawdown: a CC at CC-SS $695.58 (probe: $725C 14d) still earns $12,111/mo (49% of normal). Sell the normal CC at/above CC-SS; a FIGHT CC below it is not needed here.

🏦 CAMPAIGN LEDGER , realized CC income since 2026-07-07; banked cash shrinks the hole (shown as an info-only banked floor, the recommended CC-SS stays the pure recovery strike; seeded from open positions, reconciled from IBKR executions nightly)

Banked since 2026-07-07

$1,336

Hole (after banked)

Cycles closed

Credit in flight

$1,987

CC-SS · banked floor (info)

$695.58 → $694.08

? 2 leg(s) closed as UNKNOWN (vanished with no fill in window): banked $0, conservative. Fix campaign.json by hand if wrong.

Open leg	Acct	Credit/sh	In flight	Opened
12x $750C 31 Jul 2026	U13190865	$1.66	$1,987	2026-07-27

TECHNICALS (cc_timing weekly gate + daily trigger)

WEEKLYNEUTRAL · %B 64 (live) · RSI 59 · MACD bearish, hist falling

DAILYFALLING (provisional) · RSI 44 · %B 21 · hist rising (nightly)

LEVELSUpper BB (CC ceiling) $792.03 (+7%) · daily UBB $756.86 · 1-wk expected move ±$15 (chain IV)

SETUPNo tilt: engine default. (advisory; floors and picks are chain-only)

NOT a deep drawdown. A CC at/above CC-SS $695.58 keeps this fortress whole if assigned, so there is no need to FIGHT below it. Three income options to consider, richer → safer, all at/above CC-SS. Click a card for its if-challenged roll menu.

💰 Richer · sell 12 × $747 4 Aug 2026 (6d) · more income, lower survivalroll menu if challenged ▾

Survival (stays ≤ $747)

70%

Touch odds

60%

Per cycle

$3,624

Income / mo

$18,120

Roll menuyour doors if the call gets challenged; each row = buy back the 12 calls + sell the new ones, one order. Prices assume the central case (day 3 of 6); earlier = worse credits, later = better, through the strike = add intrinsic

Buyback gross: $6.87/sh now → $4.86 mid-life (likely $5.76–$8.77) → ≈ $0 at expiry | you banked $3.02/sh, so a flat mid-life exit nets -$1.84/sh | roll rows are incremental, the banked premium stays yours

📊 Across 1,511 simulated challenges: the $747 strike is typically first touched on day 3 of 6, at $751 (overshoots $3.78). 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.

Move	New strike ≈	New expiry	Tenor	Est net	Total (12 ct)	POP / surv of new CC
Roll out (same strike, buy time)	~$747	5 Aug 2026	4d left	+$0.51/sh	+$613 cycle +$4,237 [+$270…+$595] · 98% credit	67% surv 50%
Reliable up-and-out (highest cap still free ≥60%)	~$755	21 Aug 2026	20d left	+$2.00/sh	+$2,395 cycle +$6,019 [+$573…+$2,172] · 87% credit	74% surv 64%
Up-and-out for even (raise the cap, free)	~$747	5 Aug 2026	4d left	+$0.26/sh	+$317 cycle +$3,941 [-$124…+$241] · 57% credit	67% surv 52%
Max even-money escape in the band	~$759	21 Aug 2026	20d left	+$0.16/sh	+$187 cycle +$3,811 [-$2,087…-$254] · 21% credit	78% surv 71%
SS $764 not reachable for even money within 45d; this is the ceiling of the free ladder
Safety roll (pay small debit, max POP)	~$769	21 Aug 2026	20d left	-$3.01/sh	-$3,612 cycle +$12 [-$6,982…-$4,424]	88% surv 86%
budget: banked $3,624 debit $3,612 (100% used ≈ 0.9 wk of income) → whole cycle still +$12 cash · rolled 12 ct earn ≈ $3,327/mo while parked; 0 ct free to re-sell · clears SS ✓

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 -0.4 vol pt per +1% move (equity skew: vol eases as spot rises; buyback shift floored at 0). Estimates, not quotes; the live roll table owns the real decision when a CC is actually threatened.

🎯 Recommended · sell 12 × $749 31 Jul 2026 (2d) · richest strike still ≥80% survivalroll menu if challenged ▾

Survival (stays ≤ $749)

81%

Touch odds

37%

Per cycle

$1,680

Income / mo

$25,200

Roll menuyour doors if the call gets challenged; each row = buy back the 12 calls + sell the new ones, one order. Prices assume the central case (day 1 of 2); earlier = worse credits, later = better, through the strike = add intrinsic

Buyback gross: $5.78/sh now → $4.08 mid-life (likely $4.61–$9.60) → ≈ $0 at expiry | you banked $1.40/sh, so a flat mid-life exit nets -$2.68/sh | roll rows are incremental, the banked premium stays yours

📊 Across 411 simulated challenges: the $749 strike is typically first touched on day 2 of 2, at $753 (overshoots $3.52). 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.

Move	New strike ≈	New expiry	Tenor	Est net	Total (12 ct)	POP / surv of new CC
Reliable up-and-out (highest cap still free ≥60%)	~$751	7 Aug 2026	8d left	+$2.29/sh	+$2,748 cycle +$4,428 [-$1,089…+$2,461] · 67% credit	70% surv 56%
Roll out (same strike, buy time)	~$749	3 Aug 2026	4d left	+$1.47/sh	+$1,762 cycle +$3,442 [-$1,708…+$1,451] · 57% credit	67% surv 50%
Max even-money escape in the band	~$764	21 Aug 2026	22d left	+$0.11/sh	+$137 cycle +$1,817 [-$4,835…-$263] · 20% credit	80% surv 75%
reaches SS ✓
Up-and-out for even (raise the cap, free)	~$751	3 Aug 2026	4d left	+$0.13/sh	+$156 cycle +$1,836 [-$3,776…-$222] · 17% credit	70% surv 58%
Safety roll (pay small debit, max POP)	~$767	21 Aug 2026	22d left	-$0.91/sh	-$1,087 cycle +$593 [-$6,353…-$1,533] · 2% credit	83% surv 80%
budget: banked $1,680 debit $1,087 (65% used ≈ 0.2 wk of income) → whole cycle still +$593 cash · rolled 12 ct earn ≈ $5,202/mo while parked; 0 ct free to re-sell · clears SS ✓

🛡 Safer · sell 12 × $754 3 Aug 2026 (5d) · higher survival, lighter premiumroll menu if challenged ▾

Survival (stays ≤ $754)

90%

Touch odds

20%

Per cycle

$804

Income / mo

$4,824

Roll menuyour doors if the call gets challenged; each row = buy back the 12 calls + sell the new ones, one order. Prices assume the central case (day 2 of 5); earlier = worse credits, later = better, through the strike = add intrinsic

Buyback gross: $6.45/sh now → $4.56 mid-life (likely $4.29–$7.68) → ≈ $0 at expiry | you banked $0.67/sh, so a flat mid-life exit nets -$3.89/sh | roll rows are incremental, the banked premium stays yours

📊 Across 676 simulated challenges: the $754 strike is typically first touched on day 3 of 5, at $758 (overshoots $3.76). 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.

Move	New strike ≈	New expiry	Tenor	Est net	Total (12 ct)	POP / surv of new CC
Roll out (same strike, buy time)	~$754	4 Aug 2026	4d left	+$0.49/sh	+$589 cycle +$1,393 [+$361…+$738] · 100% credit	66% surv 50%
Up-and-out for even (raise the cap, free)	~$754	4 Aug 2026	4d left	+$0.25/sh	+$296 cycle +$1,100 [-$32…+$418] · 71% credit	66% surv 52%
Reliable up-and-out (highest cap still free ≥60%)	~$759	11 Aug 2026	10d left	+$0.57/sh	+$681 cycle +$1,485 [-$464…+$1,337] · 61% credit	73% surv 63%
Max even-money escape in the band	~$766	21 Aug 2026	20d left	+$0.38/sh	+$461 cycle +$1,265 [-$1,256…+$1,090] · 47% credit	78% surv 71%
reaches SS ✓
Safety roll (pay small debit, max POP)	~$768	21 Aug 2026	20d left	-$0.42/sh	-$500 cycle +$304 [-$2,411…+$5] · 25% credit	80% surv 75%
budget: banked $804 debit $500 (62% used ≈ 0.5 wk of income) → whole cycle still +$304 cash · rolled 12 ct earn ≈ $7,455/mo while parked; 0 ct free to re-sell · clears SS ✓

⚔ FIGHT CC options · full candidate scan (217 clear the floor), click to expand

Every eligible strike x expiry in the 2-45 DTE band (11 expiries scanned, 217 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: 0.804 (IBKR) | Recovery@SS: +$0 (un-capped fortress gain if stock rallies to SS) | Do-nothing @ SS: $43,152

Strike	DTE	Expiry	Bid	Sell	Income/mo	Net/mo	Survival	POP (mid)	EV/mo	Cap Give-up @ CC-SS	%IC	Total P&L @ SS
$752	2d	31 Jul 2026	$0.70	12/12	$12,600	$12,600	90%	91%	+$7,886	-$0	0.0%	$42,732 (vs do-nothing $-420)
$751	2d	31 Jul 2026	$0.90	10/12	$13,500	$13,894	87%	89%	+$7,909	-$0	0.0%	$43,002 (vs do-nothing $-150)
$750	2d	31 Jul 2026	$1.13	8/12	$13,560	$14,348	84%	87%	+$7,390	-$0	0.0%	$43,216 (vs do-nothing +$64)
$749	2d	31 Jul 2026	$1.40	6/12	$12,600	$13,781	81%	85%	+$6,390	-$0	0.0%	$43,362 (vs do-nothing +$210)
$748	2d	31 Jul 2026	$1.71	5/12	$12,825	$14,203	78%	83%	+$6,061	-$0	0.0%	$43,482 (vs do-nothing +$330)
$749	5d	3 Aug 2026	$1.91	11/12	$12,606	$12,803	78%	82%	+$5,221	-$0	0.0%	$44,098 (vs do-nothing +$946)
$749	6d	4 Aug 2026	$2.27	11/12	$12,485	$12,682	76%	80%	+$4,789	-$0	0.0%	$44,494 (vs do-nothing +$1,342)
$747	2d	31 Jul 2026	$2.05	5/12	$15,375	$16,753	75%	81%	+$6,735	-$0	0.0%	$43,652 (vs do-nothing +$500)
$748	5d	3 Aug 2026	$2.25	10/12	$13,500	$13,894	75%	80%	+$5,070	-$0	0.0%	$44,352 (vs do-nothing +$1,200)
$749	7d	5 Aug 2026	$2.61	12/12	$13,423	$13,423	74%	79%	+$4,853	-$0	0.0%	$45,024 (vs do-nothing +$1,872)
$750	9d	7 Aug 2026	$3.18	12/12	$12,720	$12,720	73%	79%	+$4,810	-$0	0.0%	$45,708 (vs do-nothing +$2,556)
$748	6d	4 Aug 2026	$2.63	10/12	$13,150	$13,544	73%	79%	+$4,711	-$0	0.0%	$44,732 (vs do-nothing +$1,580)
$749	8d	6 Aug 2026	$3.03	11/12	$12,499	$12,696	73%	79%	+$4,512	-$0	0.0%	$45,330 (vs do-nothing +$2,178)

Show 204 more candidates (lower strikes: more income, lower survival)

Showing the 60 next-safest rows of 204.

Strike	DTE	Expiry	Bid	Sell	Income/mo	Net/mo	Survival	POP (mid)	EV/mo	Cap Give-up @ CC-SS	%IC	Total P&L @ SS
$746	2d	31 Jul 2026	$2.42	4/12	$14,520	$16,095	72%	79%	+$5,882	-$0	0.0%	$43,700 (vs do-nothing +$548)
$747	5d	3 Aug 2026	$2.62	8/12	$12,576	$13,364	72%	78%	+$4,387	-$0	0.0%	$44,408 (vs do-nothing +$1,256)
$748	7d	5 Aug 2026	$2.99	10/12	$12,814	$13,208	71%	78%	+$4,357	-$0	0.0%	$45,092 (vs do-nothing +$1,940)
$749	9d	7 Aug 2026	$3.57	11/12	$13,090	$13,287	71%	78%	+$4,682	-$0	0.0%	$45,924 (vs do-nothing +$2,772)
$748	8d	6 Aug 2026	$3.43	10/12	$12,862	$13,256	70%	77%	+$4,381	-$0	0.0%	$45,532 (vs do-nothing +$2,380)
$747	6d	4 Aug 2026	$3.02	9/12	$13,590	$14,181	70%	77%	+$4,561	-$0	0.0%	$44,925 (vs do-nothing +$1,773)
$747	7d	5 Aug 2026	$3.39	9/12	$13,076	$13,666	69%	76%	+$4,170	-$0	0.0%	$45,258 (vs do-nothing +$2,106)
$748	9d	7 Aug 2026	$3.98	10/12	$13,267	$13,660	69%	76%	+$4,473	-$0	0.0%	$46,082 (vs do-nothing +$2,930)
$746	5d	3 Aug 2026	$3.03	7/12	$12,726	$13,710	69%	76%	+$4,138	-$0	0.0%	$44,538 (vs do-nothing +$1,386)
$745	2d	31 Jul 2026	$2.83	3/12	$12,735	$14,507	68%	77%	+$4,740	-$0	0.0%	$43,686 (vs do-nothing +$534)
$747	8d	6 Aug 2026	$3.85	9/12	$12,994	$13,584	68%	76%	+$4,159	-$0	0.0%	$45,672 (vs do-nothing +$2,520)
$746	6d	4 Aug 2026	$3.45	8/12	$13,800	$14,588	67%	75%	+$4,348	-$0	0.0%	$45,072 (vs do-nothing +$1,920)
$749	16d	14 Aug 2026	$5.57	12/12	$12,533	$12,533	67%	75%	+$4,153	-$0	0.0%	$48,576 (vs do-nothing +$5,424)
$747	9d	7 Aug 2026	$4.43	9/12	$13,290	$13,881	67%	75%	+$4,260	-$0	0.0%	$46,194 (vs do-nothing +$3,042)
$746	7d	5 Aug 2026	$3.83	8/12	$13,131	$13,919	66%	75%	+$3,955	-$0	0.0%	$45,376 (vs do-nothing +$2,224)
$745	5d	3 Aug 2026	$3.47	6/12	$12,492	$13,673	66%	75%	+$3,888	-$0	0.0%	$44,604 (vs do-nothing +$1,452)
$746	8d	6 Aug 2026	$4.30	8/12	$12,900	$13,688	65%	74%	+$3,900	-$0	0.0%	$45,752 (vs do-nothing +$2,600)
$748	16d	14 Aug 2026	$6.05	11/12	$12,478	$12,675	65%	74%	+$3,980	-$0	0.0%	$48,652 (vs do-nothing +$5,500)
$744	2d	31 Jul 2026	$3.27	3/12	$14,715	$16,487	65%	75%	+$5,080	-$0	0.0%	$43,818 (vs do-nothing +$666)
$745	6d	4 Aug 2026	$3.91	7/12	$13,685	$14,669	65%	74%	+$4,064	-$0	0.0%	$45,154 (vs do-nothing +$2,002)
$746	9d	7 Aug 2026	$4.89	8/12	$13,040	$13,828	64%	74%	+$3,956	-$0	0.0%	$46,224 (vs do-nothing +$3,072)
$745	7d	5 Aug 2026	$4.28	7/12	$12,840	$13,824	64%	73%	+$3,615	-$0	0.0%	$45,413 (vs do-nothing +$2,261)
$747	16d	14 Aug 2026	$6.55	11/12	$13,509	$13,706	63%	74%	+$4,147	-$0	0.0%	$49,202 (vs do-nothing +$6,050)
$745	8d	6 Aug 2026	$4.77	7/12	$12,521	$13,506	63%	73%	+$3,574	-$0	0.0%	$45,756 (vs do-nothing +$2,604)
$744	5d	3 Aug 2026	$3.94	6/12	$14,184	$15,365	63%	73%	+$4,193	-$0	0.0%	$44,886 (vs do-nothing +$1,734)
$745	9d	7 Aug 2026	$5.38	7/12	$12,553	$13,538	62%	73%	+$3,619	-$0	0.0%	$46,183 (vs do-nothing +$3,031)
$744	6d	4 Aug 2026	$4.39	6/12	$13,170	$14,351	62%	73%	+$3,686	-$0	0.0%	$45,156 (vs do-nothing +$2,004)
$747	23d	21 Aug 2026	$8.34	12/12	$13,054	$13,054	62%	73%	+$3,957	-$0	0.0%	$51,900 (vs do-nothing +$8,748)
$743	2d	31 Jul 2026	$3.74	3/12	$16,830	$18,602	62%	73%	+$5,363	-$0	0.0%	$43,959 (vs do-nothing +$807)
$746	16d	14 Aug 2026	$7.06	10/12	$13,238	$13,631	62%	73%	+$3,897	-$0	0.0%	$49,162 (vs do-nothing +$6,010)
$745	12d	10 Aug 2026	$5.89	9/12	$13,252	$13,843	62%	72%	+$3,764	-$0	0.0%	$47,508 (vs do-nothing +$4,356)
$744	7d	5 Aug 2026	$4.77	7/12	$14,310	$15,294	61%	72%	+$3,789	-$0	0.0%	$45,756 (vs do-nothing +$2,604)
$745	13d	11 Aug 2026	$6.27	9/12	$13,022	$13,613	61%	72%	+$3,677	-$0	0.0%	$47,850 (vs do-nothing +$4,698)
$744	8d	6 Aug 2026	$5.27	7/12	$13,834	$14,818	61%	72%	+$3,735	-$0	0.0%	$46,106 (vs do-nothing +$2,954)
$745	14d	12 Aug 2026	$6.76	9/12	$13,037	$13,628	61%	72%	+$3,657	-$0	0.0%	$48,291 (vs do-nothing +$5,139)
$746	23d	21 Aug 2026	$8.88	11/12	$12,741	$12,938	60%	72%	+$3,722	-$0	0.0%	$51,765 (vs do-nothing +$8,613)
$743	5d	3 Aug 2026	$4.43	5/12	$13,290	$14,668	60%	72%	+$3,604	-$0	0.0%	$44,842 (vs do-nothing +$1,690)
$744	9d	7 Aug 2026	$5.89	7/12	$13,743	$14,728	60%	72%	+$3,758	-$0	0.0%	$46,540 (vs do-nothing +$3,388)
$745	16d	14 Aug 2026	$7.57	9/12	$12,774	$13,365	60%	72%	+$3,581	-$0	0.0%	$49,020 (vs do-nothing +$5,868)
$743	6d	4 Aug 2026	$4.89	6/12	$14,670	$15,851	59%	71%	+$3,836	-$0	0.0%	$45,456 (vs do-nothing +$2,304)
$743	7d	5 Aug 2026	$5.28	6/12	$13,577	$14,758	59%	71%	+$3,361	-$0	0.0%	$45,690 (vs do-nothing +$2,538)
$745	23d	21 Aug 2026	$9.44	11/12	$13,544	$13,741	59%	71%	+$3,819	-$0	0.0%	$52,381 (vs do-nothing +$9,229)
$743	8d	6 Aug 2026	$5.79	6/12	$13,028	$14,209	58%	71%	+$3,305	-$0	0.0%	$45,996 (vs do-nothing +$2,844)
$742	2d	31 Jul 2026	$4.24	2/12	$12,720	$14,689	58%	71%	+$3,734	-$0	0.0%	$43,790 (vs do-nothing +$638)
$744	16d	14 Aug 2026	$8.14	9/12	$13,736	$14,327	58%	71%	+$3,719	-$0	0.0%	$49,533 (vs do-nothing +$6,381)
$743	9d	7 Aug 2026	$6.44	6/12	$12,880	$14,061	58%	71%	+$3,378	-$0	0.0%	$46,386 (vs do-nothing +$3,234)
$742	5d	3 Aug 2026	$4.96	5/12	$14,880	$16,258	57%	70%	+$3,760	-$0	0.0%	$45,107 (vs do-nothing +$1,955)
$744	23d	21 Aug 2026	$10.02	10/12	$13,070	$13,463	57%	71%	+$3,564	-$0	0.0%	$52,122 (vs do-nothing +$8,970)
$742	6d	4 Aug 2026	$5.42	5/12	$13,550	$14,928	57%	70%	+$3,327	-$0	0.0%	$45,337 (vs do-nothing +$2,185)
$743	16d	14 Aug 2026	$8.70	8/12	$13,050	$13,838	56%	70%	+$3,385	-$0	0.0%	$49,272 (vs do-nothing +$6,120)
$742	7d	5 Aug 2026	$5.81	5/12	$12,450	$13,828	56%	70%	+$2,912	-$0	0.0%	$45,532 (vs do-nothing +$2,380)
$742	8d	6 Aug 2026	$6.34	6/12	$14,265	$15,446	56%	70%	+$3,449	-$0	0.0%	$46,326 (vs do-nothing +$3,174)
$743	23d	21 Aug 2026	$10.61	9/12	$12,455	$13,046	56%	70%	+$3,286	-$0	0.0%	$51,756 (vs do-nothing +$8,604)
$742	9d	7 Aug 2026	$6.99	6/12	$13,980	$15,161	56%	70%	+$3,483	-$0	0.0%	$46,716 (vs do-nothing +$3,564)
$741	2d	31 Jul 2026	$4.78	2/12	$14,340	$16,309	55%	70%	+$3,895	-$0	0.0%	$43,898 (vs do-nothing +$746)
$742	16d	14 Aug 2026	$9.28	8/12	$13,920	$14,707	55%	69%	+$3,465	-$0	0.0%	$49,736 (vs do-nothing +$6,584)
$741	5d	3 Aug 2026	$5.48	4/12	$13,152	$14,727	54%	69%	+$3,048	-$0	0.0%	$44,924 (vs do-nothing +$1,772)
$742	23d	21 Aug 2026	$11.21	9/12	$13,160	$13,750	54%	69%	+$3,357	-$0	0.0%	$52,296 (vs do-nothing +$9,144)
$741	6d	4 Aug 2026	$5.97	5/12	$14,925	$16,303	54%	69%	+$3,411	-$0	0.0%	$45,612 (vs do-nothing +$2,460)
$741	7d	5 Aug 2026	$6.36	5/12	$13,629	$15,007	54%	68%	+$2,963	-$0	0.0%	$45,807 (vs do-nothing +$2,655)

Income/mo = FIGHT leg gross, DTE-prorated. Net/mo = FIGHT + conservative CC gross minus hedge cost. POP (mid) = probability stock closes at or below (strike + mid premium) at expiry, per-strike chain IV when available. Survival = CC expires fully worthless. EV/mo = premium minus expected buyback, monthly, with realized vol = IV x 85% (variance risk premium 15%). Survival, POP and touch use vol x 1.00 (raw implied: the VRP haircut is applied to the premium edge but NOT to risk, because understating the edge costs opportunity while understating breach odds costs capital; the risk-side haircut arms only from the graded ledger). Cap give-up @ SS = recovery mortgaged on a V-bounce to SS, net of premium. Total P&L @ SS = absolute position P&L if the stock closes at SS; "vs do-nothing" = opportunity cost against holding all 12 contracts at the conservative CC.

fortress_fight.py v6.3 | 2026-07-29 21:41