Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)

TOTAL HEDGE (CURRENT)

$54,663/yr

TOTAL HEDGE (REPAIRED)

$40,101/yr

ANNUAL SAVINGS

$14,562/yr

ROLL CREDITS

-$4,495

ADDITIONAL MAX LOSS

$18,500

PORTFOLIO ACTION SUMMARY · 43 positions

17 · ROLL NOW3 · REPAIR PLAN7 · LEAPS-ONLY16 · OK

Click any ticker row below to jump to its analysis section.

What do these actions mean? (legend)

NO HEDGE — No HP leg at all — naked synthetic long, no catastrophic protection.

ROLL IMMEDIATELY — Healthy fortress, HP expires ≤14d — roll the hedge out NOW (theta cliff).

REPAIR NOW — Structurally bad (HP ITM/tight or costly) AND ≤14d — roll HP DOWN today.

REPAIR SOON — Structurally bad AND ≤35d — roll HP DOWN this week.

ROLL NOW — Healthy fortress, HP ≤45d — roll the hedge OUT (maintain/raise strike).

REPAIR PLAN — Structurally bad but >35d runway — plan the roll-down, no rush.

LEAPS-ONLY — CSV-declared SP=0/HP=0 — intentional LC-only structure, no hedge to roll.

OK — Healthy structure with ample HP runway — no action.

REPAIR = roll HP down to a cheaper OTM strike (structure is hurting). ROLL = roll HP out/up to a later expiry (structure is healthy, hedge just expiring).

Fortress Position Overview

FORTRESS	STOCK	LC	SP	HP	SC	BE‑SS	CC‑SS	GAP	RM	HP OTM%	STATUS	CTRS	IC	NOTIONAL	URGENCY
COIN (Main) → +165C −240P +85P −220C	$184.90	165	240	85	220	$210.90	$216.02	155	10.23x	54.0%	SAFE	8	$13,440	$147,920	ROLL NOW (42d)
CRWV → +105C −120P +40P −93C	$88.73	105	120	40	93	$125.45	$128.65	80	4.91x	54.9%	SAFE	5	$10,225	$44,365	ROLL NOW (42d)
DELL → +340C −390P +150P −550C	$518.40	340	390	150	550	$398.00	$407.02	240	5.14x	71.1%	SAFE	3	$17,400	$155,520	ROLL NOW (42d)
ENPH → +45C −60P +20P	$36.12	45	60	20	0	$56.15	$58.70	40	6.48x	44.6%	SAFE	10	$7,300	$36,120	ROLL NOW (42d)
ETHA → +13C −16P +10P	$18.53	13	16	10	0	$17.33	$17.94	6	2.39x	46.0%	SAFE	50	$21,650	$92,650	ROLL NOW (42d)
GLD → +320C −450P +330P −470C	$406.36	320	450	330	470	$456.00	$470.49	120	1.88x	18.8%	SAFE	10	$136,000	$406,360	ROLL NOW (42d)
INTC → +85C −100P +35P −103C	$94.55	85	100	35	103	$114.00	$116.41	65	3.24x	63.0%	SAFE	5	$14,500	$47,275	ROLL NOW (42d)
IREN (Neville) → +45C −65P +21P −48C	$43.83	45	65	21	48	$56.50	$58.24	44	15.67x	52.1%	SAFE	20	$6,000	$87,660	ROLL NOW (42d)
IREN (RetireInc) → +50C −70P +23P −48C	$43.83	50	70	23	48	$63.43	$66.88	47	7.86x	47.5%	SAFE	20	$13,700	$87,660	ROLL NOW (42d)
META → +480C −650P +330P −665C	$616.43	480	650	330	665	$601.50	$606.88	320	5.38x	46.5%	SAFE	3	$21,900	$184,929	ROLL NOW (42d)
MSTR (RetireInc) → +125C −185P +55P −170C	$143.76	125	185	55	170	$161.00	$165.98	130	11.83x	61.7%	SAFE	4	$4,800	$57,504	ROLL NOW (42d)
MU (Main) → +880C −1010P +320P −1120C	$1001.50	880	1010	320	1120	$1028.60	$1050.55	690	5.64x	68.0%	SAFE	5	$74,300	$500,750	ROLL NOW (42d)
MU (Neville) → +970C −1110P +370P −1120C	$1001.50	970	1110	370	1120	$1220.00	$1239.28	740	3.96x	63.1%	SAFE	2	$50,000	$200,300	ROLL NOW (42d)
NEM → +88C −105P +75P −125C	$128.04	88	105	75	125	$114.54	$117.60	30	2.11x	41.4%	SAFE	5	$13,520	$64,020	ROLL NOW (42d)
NOW → +80C −110P +90P −140C	$141.95	80	110	90	140	$108.93	$115.10	20	1.72x	36.6%	SAFE	10	$27,850	$141,950	ROLL NOW (42d)
QCOM → +190C −210P +90P −180C	$167.51	190	210	90	180	$224.00	$227.60	120	4.53x	46.3%	SAFE	5	$17,000	$83,755	ROLL NOW (42d)
RKLB → +115C −135P +45P −69C	$64.03	115	135	45	69	$141.55	$148.06	90	4.39x	29.7%	SAFE	6	$15,930	$38,418	ROLL NOW (42d)
AMZN → +200C −250P +215P −268C	$258.13	200	250	215	268	$267.92	$271.29	35	1.52x	16.7%	SAFE	5	$33,960	$129,065	REPAIR PLAN (77d)
IREN (Joint) → +25C −47P +35P −48C	$43.83	25	47	35	48	$44.00	$50.88	12	1.75x	20.1%	SAFE	20	$32,000	$87,660	REPAIR PLAN (42d)
IREN (Main) → +25C −47P +35P −48C	$43.83	25	47	35	48	$44.00	$50.88	12	1.75x	20.1%	SAFE	20	$32,000	$87,660	REPAIR PLAN (42d)
GOOG (Joint) +310C −365C	$336.00	310	0	0	365	$392.50	$348.08	0	1.00x	0.0%	N/A	5	$41,250	$168,000	LEAPS-ONLY
IBIT +75C	$45.18	75	0	0	0	$70.58	$48.86	0	1.00x	0.0%	N/A	50	$22,328	$225,900	LEAPS-ONLY
IGV +70C −125C	$104.64	70	0	0	125	$96.50	$87.89	0	1.00x	0.0%	N/A	12	$31,800	$125,568	LEAPS-ONLY
MARA (Main) +13C	$11.36	13	0	0	0	$16.75	$10.92	0	1.00x	0.0%	N/A	400	$150,000	$454,400	LEAPS-ONLY
MARA (RetireInc) +40C	$11.36	40	0	0	0	$41.04	$10.86	0	1.00x	0.0%	N/A	500	$52,000	$568,000	LEAPS-ONLY
MSTR (Joint) +180C −170C	$143.76	180	0	0	170	$233.00	$161.82	0	1.00x	0.0%	N/A	10	$53,000	$143,760	LEAPS-ONLY
SPY +640C	$769.64	640	0	0	0	$764.00	$705.40	0	1.00x	0.0%	N/A	12	$148,800	$923,568	LEAPS-ONLY
AMD +420C −490P +350P −510C	$471.58	420	490	350	510	$489.91	$501.28	140	3.01x	25.8%	SAFE	2	$13,964	$94,316	OK
APP +460C −540P +185P −332C	$319.99	460	540	185	332	$588.00	$612.16	355	3.77x	42.2%	SAFE	1	$12,800	$31,999	OK
BMNR (Joint) +23C −18P +25P	$24.85	23	18	25	0	$36.42	$23.10	0	1.00x	-0.6%	ITM	150	$201,300	$372,750	OK
BMNR (Main) +25C −18P +45P	$24.85	25	18	45	0	$65.83	$57.70	0	1.00x	-81.1%	ITM	50	$204,150	$124,250	OK
BMNR (Main) +23C −18P +25P	$24.85	23	18	25	0	$53.26	$45.83	0	1.00x	-0.6%	ITM	75	$226,950	$186,375	OK
CLSK +17C −17P +10P	$12.59	17	17	10	0	$20.74	$18.29	7	2.87x	20.5%	SAFE	25	$9,350	$31,463	OK
COIN (Main) +500C −330P +300P −220C	$184.90	500	330	300	220	$563.00	$354.84	30	1.48x	-62.2%	ITM	25	$157,500	$462,250	OK
COPX +65C −90P +68P −100C	$90.40	65	90	68	100	$93.40	$95.28	22	1.77x	24.8%	SAFE	20	$56,800	$180,800	OK
GLXY +38C −38P +18P −30C	$26.24	38	38	18	30	$39.71	$35.05	20	10.05x	33.3%	SAFE	125	$27,625	$328,000	OK
GOOG (Neville) +300C −345P +310P −350C	$336.00	300	345	310	350	$373.00	$346.07	35	1.48x	7.7%	OK	15	$109,500	$504,000	OK
GOOG (Neville) +340C −405P +360P −350C	$336.00	340	405	360	350	$398.00	$384.80	45	1.88x	-7.1%	ITM	5	$25,500	$168,000	OK
HIMS +10C −20P +5P −36C	$27.58	10	20	5	36	$17.47	$18.48	15	4.04x	81.9%	SAFE	15	$7,395	$41,370	OK
MU (Joint) +670C −800P +420P −1050C	$1001.50	670	800	420	1050	$792.36	$812.19	380	4.31x	58.1%	SAFE	1	$11,472	$100,150	OK
NVDA +215C −225P +200P −240C	$230.12	215	225	200	240	$264.80	$228.44	25	1.50x	13.1%	SAFE	10	$49,800	$230,120	OK
SNDK +1200C −1380P +810P −1800C	$1710.00	1200	1380	810	1800	$1620.00	$1640.82	570	2.36x	52.6%	SAFE	1	$42,000	$171,000	OK
SPCX +150C −195P +135P −160C	$148.93	150	195	135	160	$186.00	$189.20	60	3.22x	9.4%	OK	5	$13,500	$74,465	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 42d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 2.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $43.83 HP: 20.1% OTM Current hedge: $23,812/yr Roll-fwd baseline: $27,114/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $70,371/yr IV: HIGH OTM floor: 8% Stress: 24% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	31	Dec 18	105d	29.3%	$2.48	$-1.18	$-2,360	$17,242	$39,629	$6,570	16	$8,000	15mo	1mo	2.00x	PASS
2	32	Dec 18	105d	27.0%	$2.82	$-1.52	$-3,040	$19,606	$43,105	$4,206	15	$6,000	17mo	1mo	1.94x	PASS
3	33	Dec 18	105d	24.7%	$3.15	$-1.85	$-3,700	$21,900	$49,570	$1,912	14	$4,000	25mo	1mo	1.88x	FAIL
4	34	Dec 18	105d	22.4%	$3.50	$-2.20	$-4,400	$24,333	$46,790	$-521	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $2.05	$42,171/yr	$17,242/yr	SELF-FUNDING
CC at MID $51 0.6σ, B $2.05	$42,171/yr	$17,242/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $43.83 → $33.23, hedge $39,629/yr)
CC at SS income stress-adjusted	$9,463/yr	$39,629/yr	DEFICIT $2,514/mo
CC at MID income stress-adjusted	$9,463/yr	$39,629/yr	DEFICIT $2,514/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($51, bid $2.05) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$2,514/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 42d

Stock: $43.83 HP: 20.1% OTM Current hedge: $23,812/yr Roll-fwd baseline: $27,114/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $70,371/yr IV: HIGH OTM floor: 8% Stress: 24% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	31	Dec 18	105d	29.3%	$2.48	$-1.18	$-2,360	$17,242	$39,629	$6,570	16	$8,000	15mo	1mo	2.00x	PASS
2	32	Dec 18	105d	27.0%	$2.82	$-1.52	$-3,040	$19,606	$43,105	$4,206	15	$6,000	17mo	1mo	1.94x	PASS
3	33	Dec 18	105d	24.7%	$3.15	$-1.85	$-3,700	$21,900	$49,570	$1,912	14	$4,000	25mo	1mo	1.88x	FAIL
4	34	Dec 18	105d	22.4%	$3.50	$-2.20	$-4,400	$24,333	$46,790	$-521	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $2.05	$42,171/yr	$17,242/yr	SELF-FUNDING
CC at MID $51 0.6σ, B $2.05	$42,171/yr	$17,242/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $43.83 → $33.23, hedge $39,629/yr)
CC at SS income stress-adjusted	$9,463/yr	$39,629/yr	DEFICIT $2,514/mo
CC at MID income stress-adjusted	$9,463/yr	$39,629/yr	DEFICIT $2,514/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($51, bid $2.05) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$2,514/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 77d

Stock: $258.13 HP: 16.7% OTM Current hedge: $7,039/yr Roll-fwd baseline: $6,865/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $14,770/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	210	Nov 20	77d	18.6%	$2.37	$0.45	$225	$5,617	$16,472	$1,422	40	$2,500	21mo	2mo	1.59x	PASS
2	210	Dec 18	105d	18.6%	$3.25	$-0.43	$-215	$5,649	$12,080	$1,390	40	$2,500	22mo	2mo	1.59x	PASS
3	205	Nov 20	77d	20.6%	$1.86	$0.96	$480	$4,408	$13,391	$2,631	45	$5,000	23mo	3mo	1.66x	PASS
4	205	Dec 18	105d	20.6%	$2.58	$0.24	$120	$4,484	$9,820	$2,555	45	$5,000	23mo	3mo	1.66x	PASS
5	185	Nov 20	77d	28.3%	$0.80	$2.02	$1,010	$1,896	$5,617	$5,143	65	$15,000	35mo	9mo	1.96x	FAIL
6	185	Dec 18	105d	28.3%	$1.15	$1.67	$835	$1,999	$4,119	$5,040	65	$15,000	36mo	9mo	1.96x	FAIL
7	190	Nov 20	77d	26.4%	$0.93	$1.89	$945	$2,204	$7,039	$4,835	60	$12,500	31mo	8mo	1.88x	FAIL
8	190	Dec 18	105d	26.4%	$1.37	$1.45	$725	$2,381	$5,162	$4,658	60	$12,500	32mo	8mo	1.88x	FAIL
9	195	Nov 20	77d	24.5%	$1.15	$1.67	$835	$2,726	$8,888	$4,314	55	$10,000	28mo	6mo	1.81x	FAIL
10	195	Dec 18	105d	24.5%	$1.69	$1.13	$565	$2,937	$6,518	$4,102	55	$10,000	29mo	6mo	1.81x	FAIL
11	200	Nov 20	77d	22.5%	$1.51	$1.31	$655	$3,579	$10,784	$3,460	50	$7,500	26mo	5mo	1.74x	FAIL
12	200	Dec 18	105d	22.5%	$2.09	$0.73	$365	$3,633	$7,908	$3,407	50	$7,500	26mo	5mo	1.74x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.70	$19,029/yr	$5,617/yr	SELF-FUNDING
CC at MID $275 0.7σ, B $3.70	$19,029/yr	$5,617/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $258.13 → $229.71, hedge $16,472/yr)
CC at SS income stress-adjusted	$1,337/yr	$16,472/yr	DEFICIT $1,261/mo
CC at MID income stress-adjusted	$1,337/yr	$16,472/yr	DEFICIT $1,261/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $3.70) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,261/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

COIN (Main): HP 85P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $184.90 Current HP: 85P (42d, 54.0% OTM) Current hedge: $1,043/yr Current ML: $137,440 If HP lapses: ML $205,440 (+$68,000) Account: Main (...1299) Contracts: 8 (800 sh) CC income: $100,577/yr Cost cap: 25% of CC = $25,144/yr IV: HIGH 25 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 85 → 85P (Dec 18 '26, 105d, 54.0% OTM) | Cost: $2,086/yr (2% of CC) | New ML: $137,440 = ML | Roll DEBIT $552 | Margin (TIMS): $5,672

PROTECTIVE PICK (lowest ML within cost cap): HP 85 → 145P (Nov 20 '26, 77d, 21.6% OTM) | Cost: $24,839/yr (25% of CC) | New ML: $89,440 ↓ $48,000 | Roll DEBIT $5,192 | Margin (TIMS): $5,196

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	85 CHEAP	Dec 18	105d	54.0%	$0.49	$0.75	$2,086	2%	$137,440	=	D $552
2	90	Nov 20	77d	51.3%	$0.30	$0.55	$2,086	2%	$133,440	-$4,000	D $392
3	90	Dec 18	105d	51.3%	$0.71	$0.88	$2,447	2%	$133,440	-$4,000	D $656
4	85	Nov 20	77d	54.0%	$0.03	$0.68	$2,579	3%	$137,440	=	D $496
5	95	Nov 20	77d	48.6%	$0.44	$0.77	$2,920	3%	$129,440	-$8,000	D $568
6	95	Dec 18	105d	48.6%	$0.71	$1.13	$3,142	3%	$129,440	-$8,000	D $856
7	100	Nov 20	77d	45.9%	$0.50	$0.87	$3,299	3%	$125,440	-$12,000	D $648
8	105	Nov 20	77d	43.2%	$0.83	$1.09	$4,134	4%	$121,440	-$16,000	D $824
9	100	Dec 18	105d	45.9%	$1.31	$1.49	$4,144	4%	$125,440	-$12,000	D $1,144
10	105	Dec 18	105d	43.2%	$1.38	$1.90	$5,284	5%	$121,440	-$16,000	D $1,472
11	110	Nov 20	77d	40.5%	$1.09	$1.43	$5,423	5%	$117,440	-$20,000	D $1,096
12	110	Dec 18	105d	40.5%	$1.87	$2.20	$6,118	6%	$117,440	-$20,000	D $1,712
▶ 13	145 PROT	Nov 20	77d	21.6%	$6.25	$6.55	$24,839	25%	$89,440	-$48,000	D $5,192

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $220, B $4.15	$34,149/yr	$2,086/yr	SELF-FUNDING
CC at MID $208 0.6σ, B $6.70	$55,131/yr	$2,086/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($220, bid $4.15). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ETHA: HP 10P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $18.53 Current HP: 10P (42d, 46.0% OTM) Current hedge: $1,738/yr Current ML: $51,650 If HP lapses: ML $101,650 (+$50,000) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $114,964/yr Cost cap: 25% of CC = $28,741/yr IV: HIGH 8 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Dec 18 '26, 105d, 46.0% OTM) | Cost: $2,433/yr (2% of CC) | New ML: $51,650 = ML | Roll DEBIT $650 | Margin (TIMS): $537

PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 16P (Dec 18 '26, 105d, 13.7% OTM) | Cost: $16,860/yr (15% of CC) | New ML: $21,650 ↓ $30,000 | Roll DEBIT $4,800 | Margin (TIMS): $297

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	10 CHEAP	Dec 18	105d	46.0%	$0.09	$0.14	$2,433	2%	$51,650	=	D $650
2	11	Dec 18	105d	40.6%	$0.14	$0.18	$3,129	3%	$46,650	-$5,000	D $850
3	12	Dec 18	105d	35.2%	$0.22	$0.24	$4,171	4%	$41,650	-$10,000	D $1,150
4	13	Dec 18	105d	29.8%	$0.33	$0.34	$5,910	5%	$36,650	-$15,000	D $1,650
5	14	Dec 18	105d	24.4%	$0.45	$0.54	$9,386	8%	$31,650	-$20,000	D $2,650
6	15	Dec 18	105d	19.1%	$0.68	$0.71	$12,340	11%	$26,650	-$25,000	D $3,500
▶ 7	16 PROT	Dec 18	105d	13.7%	$0.94	$0.97	$16,860	15%	$21,650	-$30,000	D $4,800
8	17	Dec 18	105d	8.3%	$1.30	$1.32	$22,943	20%	$21,650	-$30,000	D $6,550

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $18, B $1.16	$59,657/yr	$2,433/yr	SELF-FUNDING
CC at MID $20 0.7σ, B $0.50	$25,714/yr	$2,433/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($18, bid $1.16). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

GLD: HP 330P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $406.36 Current HP: 330P (42d, 18.8% OTM) Current hedge: $3,476/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $40,693/yr Cost cap: 25% of CC = $10,173/yr IV: MEDIUM 13 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Nov 20 '26, 77d, 18.8% OTM) | Cost: $4,977/yr (12% of CC) | New ML: $256,000 = ML | Roll DEBIT $690 | Margin (TIMS): $9,970

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 350P (Nov 20 '26, 77d, 13.9% OTM) | Cost: $9,860/yr (24% of CC) | New ML: $236,000 ↓ $20,000 | Roll DEBIT $1,720 | Margin (TIMS): $9,355

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Nov 20	77d	18.8%	$0.95	$1.05	$4,977	12%	$256,000	=	D $690
2	330	Dec 18	105d	18.8%	$1.46	$1.63	$5,666	14%	$256,000	=	D $1,270
3	330	Dec 31	118d	18.8%	$1.71	$1.88	$5,815	14%	$256,000	=	D $1,520
4	335	Nov 20	77d	17.6%	$1.12	$1.23	$5,831	14%	$251,000	-$5,000	D $870
5	335	Dec 18	105d	17.6%	$1.69	$1.86	$6,466	16%	$251,000	-$5,000	D $1,500
6	335	Dec 31	118d	17.6%	$2.00	$2.15	$6,650	16%	$251,000	-$5,000	D $1,790
7	340	Nov 20	77d	16.3%	$1.33	$1.44	$6,826	17%	$246,000	-$10,000	D $1,080
8	340	Dec 18	105d	16.3%	$2.01	$2.17	$7,543	19%	$246,000	-$10,000	D $1,810
9	340	Dec 31	118d	16.3%	$2.34	$2.49	$7,702	19%	$246,000	-$10,000	D $2,130
10	345	Nov 20	77d	15.1%	$1.59	$1.73	$8,201	20%	$241,000	-$15,000	D $1,370
11	345	Dec 18	105d	15.1%	$2.40	$2.55	$8,864	22%	$241,000	-$15,000	D $2,190
12	345	Dec 31	118d	15.1%	$2.77	$2.98	$9,218	23%	$241,000	-$15,000	D $2,620
▶ 13	350 PROT	Nov 20	77d	13.9%	$1.92	$2.08	$9,860	24%	$236,000	-$20,000	D $1,720

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $418, B $8.00	$82,286/yr	$4,977/yr	SELF-FUNDING
CC at MID $418 0.3σ, B $8.00	$82,286/yr	$4,977/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($418, bid $8.00). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

NOW: HP 90P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $141.95 Current HP: 90P (42d, 36.6% OTM) Current hedge: $1,390/yr Current ML: $47,850 If HP lapses: ML $137,850 (+$90,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $546,911/yr Cost cap: 25% of CC = $136,728/yr IV: HIGH 34 qualifying ⚠ ER 2026-10-28 AMC (54d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Nov 20 '26, 77d, 36.6% OTM) | Cost: $3,792/yr (1% of CC) | New ML: $47,850 = ML | Roll DEBIT $670 | Margin (TIMS): $2,616

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 110P (Dec 18 '26, 105d, 22.5% OTM) | Cost: $14,426/yr (3% of CC) | New ML: $27,850 ↓ $20,000 | Roll DEBIT $4,020 | Margin (TIMS): $2,035

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Nov 20	77d	36.6%	$0.69	$0.80	$3,792	1%	$47,850	=	D $670
2	90	Dec 18	105d	36.6%	$1.14	$1.22	$4,241	1%	$47,850	=	D $1,090
3	95	Nov 20	77d	33.1%	$0.95	$1.10	$5,214	1%	$42,850	-$5,000	D $970
4	92	Dec 18	105d	35.2%	$1.23	$1.51	$5,249	1%	$45,850	-$2,000	D $1,380
5	94	Dec 18	105d	33.8%	$1.45	$1.65	$5,736	1%	$43,850	-$4,000	D $1,520
6	95	Dec 18	105d	33.1%	$1.61	$1.81	$6,292	1%	$42,850	-$5,000	D $1,680
7	96	Dec 18	105d	32.4%	$1.68	$1.92	$6,674	1%	$41,850	-$6,000	D $1,790
8	100	Nov 20	77d	29.6%	$1.45	$1.55	$7,347	1%	$37,850	-$10,000	D $1,420
9	98	Dec 18	105d	31.0%	$1.88	$2.16	$7,509	1%	$39,850	-$8,000	D $2,030
10	100	Dec 18	105d	29.6%	$2.21	$2.36	$8,204	2%	$37,850	-$10,000	D $2,230
11	102	Dec 18	105d	28.1%	$2.50	$2.77	$9,629	2%	$35,850	-$12,000	D $2,640
12	104	Dec 18	105d	26.7%	$2.82	$2.99	$10,394	2%	$33,850	-$14,000	D $2,860
▶ 13	110 PROT	Dec 18	105d	22.5%	$3.95	$4.15	$14,426	3%	$27,850	-$20,000	D $4,020

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $140, B $9.95	$102,343/yr	$3,792/yr	SELF-FUNDING
CC at MID $155 0.6σ, B $4.20	$43,200/yr	$3,792/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($140, bid $9.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

NEM: HP 75P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $128.04 Current HP: 75P (42d, 41.4% OTM) Current hedge: $130/yr Current ML: $28,520 If HP lapses: ML $66,020 (+$37,500) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $103,929/yr Cost cap: 25% of CC = $25,982/yr IV: HIGH 20 qualifying ⚠ ER 2026-10-22 AMC (48d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Dec 18 '26, 105d, 41.4% OTM) | Cost: $504/yr (0% of CC) | New ML: $28,520 = ML | Roll DEBIT $145 | Margin (TIMS): $2,003

PROTECTIVE PICK (lowest ML within cost cap): HP 75 → 105P (Nov 20 '26, 77d, 18.0% OTM) | Cost: $4,906/yr (5% of CC) | New ML: $13,520 ↓ $15,000 | Roll DEBIT $1,035 | Margin (TIMS): $1,366

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP	Dec 18	105d	41.4%	$0.15	$0.29	$504	0%	$28,520	=	D $145
2	78	Dec 18	105d	39.5%	$0.10	$0.35	$608	1%	$27,270	-$1,250	D $175
3	80	Dec 18	105d	37.5%	$0.18	$0.42	$730	1%	$26,020	-$2,500	D $210
4	82	Dec 18	105d	35.6%	$0.23	$0.48	$834	1%	$24,770	-$3,750	D $240
5	90	Nov 20	77d	29.7%	$0.28	$0.58	$1,375	1%	$21,020	-$7,500	D $290
6	90	Dec 18	105d	29.7%	$0.64	$0.93	$1,616	2%	$21,020	-$7,500	D $465
7	85	Dec 18	105d	33.6%	$0.33	$1.00	$1,738	2%	$23,520	-$5,000	D $500
8	92	Dec 18	105d	27.8%	$0.73	$1.20	$2,086	2%	$19,770	-$8,750	D $600
9	95	Nov 20	77d	25.8%	$0.37	$0.92	$2,181	2%	$18,520	-$10,000	D $460
10	95	Dec 18	105d	25.8%	$1.04	$1.35	$2,346	2%	$18,520	-$10,000	D $675
11	88	Dec 18	105d	31.7%	$0.46	$1.64	$2,850	3%	$22,270	-$6,250	D $820
12	98	Dec 18	105d	23.9%	$1.30	$1.87	$3,250	3%	$17,270	-$11,250	D $935
▶ 13	105 PROT	Nov 20	77d	18.0%	$1.62	$2.07	$4,906	5%	$13,520	-$15,000	D $1,035

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $126, B $7.30	$37,543/yr	$504/yr	SELF-FUNDING
CC at MID $139 0.7σ, B $2.62	$13,474/yr	$504/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($126, bid $7.30). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $43.83 Current HP: 21P (42d, 52.1% OTM) Current hedge: $1,912/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $70,371/yr Cost cap: 25% of CC = $17,593/yr IV: HIGH 15 qualifying ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Nov 20 '26, 77d, 52.1% OTM) | Cost: $3,223/yr (5% of CC) | New ML: $94,000 = ML | Roll DEBIT $620 | Margin (TIMS): $2,101

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 31P (Dec 18 '26, 105d, 29.3% OTM) | Cost: $17,242/yr (25% of CC) | New ML: $74,000 ↓ $20,000 | Roll DEBIT $4,900 | Margin (TIMS): $1,794

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Nov 20	77d	52.1%	$0.26	$0.34	$3,223	5%	$94,000	=	D $620
2	22	Nov 20	77d	49.8%	$0.32	$0.46	$4,361	6%	$92,000	-$2,000	D $860
3	22	Dec 18	105d	49.8%	$0.58	$0.69	$4,797	7%	$92,000	-$2,000	D $1,320
4	23	Nov 20	77d	47.5%	$0.42	$0.52	$4,930	7%	$90,000	-$4,000	D $980
5	24	Nov 20	77d	45.2%	$0.50	$0.59	$5,594	8%	$88,000	-$6,000	D $1,120
6	25	Nov 20	77d	43.0%	$0.60	$0.73	$6,921	10%	$86,000	-$8,000	D $1,400
7	25	Dec 18	105d	43.0%	$0.97	$1.08	$7,509	11%	$86,000	-$8,000	D $2,100
8	26	Nov 20	77d	40.7%	$0.73	$0.87	$8,248	12%	$84,000	-$10,000	D $1,680
9	27	Nov 20	77d	38.4%	$0.90	$1.01	$9,575	14%	$82,000	-$12,000	D $1,960
10	27	Dec 18	105d	38.4%	$1.33	$1.54	$10,707	15%	$82,000	-$12,000	D $3,020
11	28	Nov 20	77d	36.1%	$1.07	$1.18	$11,187	16%	$80,000	-$14,000	D $2,300
12	29	Nov 20	77d	33.8%	$1.23	$1.39	$13,178	19%	$78,000	-$16,000	D $2,720
▶ 13	31 PROT	Dec 18	105d	29.3%	$2.32	$2.48	$17,242	25%	$74,000	-$20,000	D $4,900

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.82	$16,869/yr	$3,223/yr	SELF-FUNDING
CC at MID $51 0.6σ, B $2.05	$42,171/yr	$3,223/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.82). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

INTC: HP 35P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $94.55 Current HP: 35P (42d, 63.0% OTM) Current hedge: $217/yr Current ML: $47,000 If HP lapses: ML $64,500 (+$17,500) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $26,898/yr Cost cap: 25% of CC = $6,725/yr IV: HIGH 32 qualifying ⚠ ER 2026-10-22 AMC (48d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 105d, 63.0% OTM) | Cost: $191/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $50 | Margin (TIMS): $2,186

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 72P (Dec 18 '26, 105d, 23.3% OTM) | Cost: $5,736/yr (21% of CC) | New ML: $28,250 ↓ $18,750 | Roll DEBIT $1,645 | Margin (TIMS): $2,070

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	105d	63.0%	$0.08	$0.11	$191	1%	$47,000	=	D $50
2	35	Nov 20	77d	63.0%	$0.01	$0.10	$237	1%	$47,000	=	D $45
3	37	Nov 20	77d	60.9%	$0.01	$0.13	$308	1%	$46,000	-$1,000	D $60
4	38	Dec 18	105d	59.8%	$0.09	$0.18	$313	1%	$45,500	-$1,500	D $85
5	40	Dec 18	105d	57.7%	$0.12	$0.18	$313	1%	$44,500	-$2,500	D $85
6	42	Nov 20	77d	55.6%	$0.10	$0.16	$379	1%	$43,500	-$3,500	D $75
7	40	Nov 20	77d	57.7%	$0.01	$0.18	$427	2%	$44,500	-$2,500	D $85
8	45	Nov 20	77d	52.4%	$0.14	$0.18	$427	2%	$42,000	-$5,000	D $85
9	43	Dec 18	105d	54.5%	$0.15	$0.27	$469	2%	$43,000	-$4,000	D $130
10	45	Dec 18	105d	52.4%	$0.21	$0.29	$504	2%	$42,000	-$5,000	D $140
11	47	Nov 20	77d	50.3%	$0.11	$0.25	$593	2%	$41,000	-$6,000	D $120
12	47	Dec 18	105d	50.3%	$0.23	$0.41	$713	3%	$41,000	-$6,000	D $200
▶ 13	72 PROT	Dec 18	105d	23.3%	$3.20	$3.30	$5,736	21%	$28,250	-$18,750	D $1,645

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $1.24	$6,377/yr	$191/yr	SELF-FUNDING
CC at MID $105 0.6σ, B $3.40	$17,486/yr	$191/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $1.24). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MSTR (RetireInc): HP 55P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $143.76 Current HP: 55P (42d, 61.7% OTM) Current hedge: $834/yr Current ML: $56,800 If HP lapses: ML $78,800 (+$22,000) Account: RetireInc (...7291) Contracts: 4 (400 sh) CC income: $41,726/yr Cost cap: 25% of CC = $10,431/yr IV: HIGH 23 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Nov 20 '26, 77d, 61.7% OTM) | Cost: $834/yr (2% of CC) | New ML: $56,800 = ML | Roll DEBIT $136 | Margin (TIMS): $7,667

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 110P (Dec 18 '26, 105d, 23.5% OTM) | Cost: $10,429/yr (25% of CC) | New ML: $34,800 ↓ $22,000 | Roll DEBIT $2,960 | Margin (TIMS): $4,807

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Nov 20	77d	61.7%	$0.36	$0.44	$834	2%	$56,800	=	D $136
2	55	Dec 18	105d	61.7%	$0.43	$0.79	$1,098	3%	$56,800	=	D $276
3	60	Nov 20	77d	58.3%	$0.39	$0.62	$1,176	3%	$54,800	-$2,000	D $208
4	60	Dec 18	105d	58.3%	$0.62	$0.89	$1,238	3%	$54,800	-$2,000	D $316
5	65	Dec 18	105d	54.8%	$0.82	$1.00	$1,390	3%	$52,800	-$4,000	D $360
6	65	Nov 20	77d	54.8%	$0.52	$0.74	$1,403	3%	$52,800	-$4,000	D $256
7	70	Nov 20	77d	51.3%	$0.67	$0.88	$1,669	4%	$50,800	-$6,000	D $312
8	70	Dec 18	105d	51.3%	$1.11	$1.34	$1,863	4%	$50,800	-$6,000	D $496
9	75	Nov 20	77d	47.8%	$0.91	$1.01	$1,915	5%	$48,800	-$8,000	D $364
10	75	Dec 18	105d	47.8%	$1.37	$1.61	$2,239	5%	$48,800	-$8,000	D $604
11	80	Nov 20	77d	44.4%	$1.13	$1.26	$2,389	6%	$46,800	-$10,000	D $464
12	80	Dec 18	105d	44.4%	$1.83	$1.95	$2,711	6%	$46,800	-$10,000	D $740
▶ 13	110 PROT	Dec 18	105d	23.5%	$7.35	$7.50	$10,429	25%	$34,800	-$22,000	D $2,960

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $170, B $5.25	$21,600/yr	$834/yr	SELF-FUNDING
CC at MID $165 0.7σ, B $6.20	$25,509/yr	$834/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($170, bid $5.25). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

QCOM: HP 90P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $167.51 Current HP: 90P (42d, 46.3% OTM) Current hedge: $1,434/yr Current ML: $77,000 If HP lapses: ML $122,000 (+$45,000) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $17,598/yr Cost cap: 25% of CC = $4,400/yr IV: HIGH 16 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 95P (Nov 20 '26, 77d, 43.3% OTM) | Cost: $711/yr (4% of CC) | New ML: $74,500 ↓ $2,500 | Roll DEBIT $150 | Margin (TIMS): $2,940

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 130P (Nov 20 '26, 77d, 22.4% OTM) | Cost: $4,337/yr (25% of CC) | New ML: $57,000 ↓ $20,000 | Roll DEBIT $915 | Margin (TIMS): $2,946

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	95 CHEAP	Nov 20	77d	43.3%	$0.10	$0.30	$711	4%	$74,500	-$2,500	D $150
2	90	Dec 18	105d	46.3%	$0.11	$0.42	$730	4%	$77,000	=	D $210
3	95	Dec 18	105d	43.3%	$0.20	$0.48	$834	5%	$74,500	-$2,500	D $240
4	100	Nov 20	77d	40.3%	$0.04	$0.37	$877	5%	$72,000	-$5,000	D $185
5	100	Dec 18	105d	40.3%	$0.32	$0.51	$886	5%	$72,000	-$5,000	D $255
6	105	Nov 20	77d	37.3%	$0.24	$0.50	$1,185	7%	$69,500	-$7,500	D $250
7	105	Dec 18	105d	37.3%	$0.17	$0.78	$1,356	8%	$69,500	-$7,500	D $390
8	110	Dec 18	105d	34.3%	$0.69	$0.91	$1,582	9%	$67,000	-$10,000	D $455
9	110	Nov 20	77d	34.3%	$0.17	$0.68	$1,612	9%	$67,000	-$10,000	D $340
10	115	Nov 20	77d	31.3%	$0.20	$0.85	$2,015	11%	$64,500	-$12,500	D $425
11	115	Dec 18	105d	31.3%	$0.96	$1.36	$2,364	13%	$64,500	-$12,500	D $680
12	120	Nov 20	77d	28.4%	$0.77	$1.09	$2,583	15%	$62,000	-$15,000	D $545
▶ 13	130 PROT	Nov 20	77d	22.4%	$1.61	$1.83	$4,337	25%	$57,000	-$20,000	D $915

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $230, B $0.07	$360/yr	$711/yr	DEFICIT $29/mo
CC at MID $180 0.6σ, B $4.00	$20,571/yr	$711/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($180, bid $4.00). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

RKLB: HP 45P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $64.03 Current HP: 45P (42d, 29.7% OTM) Current hedge: $2,451/yr Current ML: $69,930 If HP lapses: ML $96,930 (+$27,000) Account: RetireInc (...7291) Contracts: 6 (600 sh) CC income: $21,703/yr Cost cap: 25% of CC = $5,426/yr IV: HIGH 1 qualifying ⚠ ER 2026-11-09 INTRADAY (66d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Dec 18 '26, 105d, 29.7% OTM) | Cost: $4,380/yr (20% of CC) | New ML: $69,930 = ML | Roll DEBIT $1,068 | Margin (TIMS): $2,159

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP PROT	Dec 18	105d	29.7%	$1.96	$2.10	$4,380	20%	$69,930	=	D $1,068

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $148 — assignment locks a loss · $90, B $0.29	$1,790/yr	$4,380/yr	DEFICIT $216/mo
CC at MID $73 0.7σ, B $2.07	$12,775/yr	$4,380/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($73, bid $2.07). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $43.83 Current HP: 23P (42d, 47.5% OTM) Current hedge: $2,260/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $70,371/yr Cost cap: 25% of CC = $17,593/yr IV: HIGH 12 qualifying ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Nov 20 '26, 77d, 47.5% OTM) | Cost: $4,930/yr (7% of CC) | New ML: $107,700 = ML | Roll DEBIT $820 | Margin (TIMS): $2,102

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 31P (Dec 18 '26, 105d, 29.3% OTM) | Cost: $17,242/yr (25% of CC) | New ML: $91,700 ↓ $16,000 | Roll DEBIT $4,740 | Margin (TIMS): $1,819

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Nov 20	77d	47.5%	$0.42	$0.52	$4,930	7%	$107,700	=	D $820
2	24	Nov 20	77d	45.2%	$0.50	$0.59	$5,594	8%	$105,700	-$2,000	D $960
3	25	Nov 20	77d	43.0%	$0.60	$0.73	$6,921	10%	$103,700	-$4,000	D $1,240
4	25	Dec 18	105d	43.0%	$0.97	$1.08	$7,509	11%	$103,700	-$4,000	D $1,940
5	26	Nov 20	77d	40.7%	$0.73	$0.87	$8,248	12%	$101,700	-$6,000	D $1,520
6	27	Nov 20	77d	38.4%	$0.90	$1.01	$9,575	14%	$99,700	-$8,000	D $1,800
7	27	Dec 18	105d	38.4%	$1.33	$1.54	$10,707	15%	$99,700	-$8,000	D $2,860
8	28	Nov 20	77d	36.1%	$1.07	$1.18	$11,187	16%	$97,700	-$10,000	D $2,140
9	29	Nov 20	77d	33.8%	$1.23	$1.39	$13,178	19%	$95,700	-$12,000	D $2,560
10	30	Nov 20	77d	31.6%	$1.44	$1.55	$14,695	21%	$93,700	-$14,000	D $2,880
11	30	Dec 18	105d	31.6%	$2.06	$2.23	$15,504	22%	$93,700	-$14,000	D $4,240
▶ 12	31 PROT	Dec 18	105d	29.3%	$2.32	$2.48	$17,242	25%	$91,700	-$16,000	D $4,740

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $70, B $0.36	$7,406/yr	$4,930/yr	SELF-FUNDING
CC at MID $51 0.6σ, B $2.05	$42,171/yr	$4,930/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($70, bid $0.36). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

CRWV: HP 40P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $88.73 Current HP: 40P (42d, 54.9% OTM) Current hedge: $521/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $33,659/yr Cost cap: 25% of CC = $8,415/yr IV: HIGH 17 qualifying ⚠ ER 2026-11-11 INTRADAY (68d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Nov 20 '26, 77d, 54.9% OTM) | Cost: $782/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $145 | Margin (TIMS): $2,695

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 65P (Dec 18 '26, 105d, 26.7% OTM) | Cost: $7,300/yr (22% of CC) | New ML: $37,725 ↓ $12,500 | Roll DEBIT $2,080 | Margin (TIMS): $2,513

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Nov 20	77d	54.9%	$0.18	$0.33	$782	2%	$50,225	=	D $145
2	40	Dec 18	105d	54.9%	$0.44	$0.50	$869	3%	$50,225	=	D $230
3	42	Nov 20	77d	52.1%	$0.23	$0.47	$1,114	3%	$48,975	-$1,250	D $215
4	45	Nov 20	77d	49.3%	$0.39	$0.47	$1,114	3%	$47,725	-$2,500	D $215
5	42	Dec 18	105d	52.1%	$0.57	$0.65	$1,130	3%	$48,975	-$1,250	D $305
6	45	Dec 18	105d	49.3%	$0.76	$0.83	$1,443	4%	$47,725	-$2,500	D $395
7	48	Nov 20	77d	46.5%	$0.55	$0.62	$1,469	4%	$46,475	-$3,750	D $290
8	48	Dec 18	105d	46.5%	$0.98	$1.04	$1,808	5%	$46,475	-$3,750	D $500
9	50	Nov 20	77d	43.6%	$0.65	$0.80	$1,896	6%	$45,225	-$5,000	D $380
10	50	Dec 18	105d	43.6%	$1.24	$1.32	$2,294	7%	$45,225	-$5,000	D $640
11	55	Nov 20	77d	38.0%	$1.17	$1.31	$3,105	9%	$42,725	-$7,500	D $635
12	55	Dec 18	105d	38.0%	$1.91	$2.00	$3,476	10%	$42,725	-$7,500	D $980
▶ 13	65 PROT	Dec 18	105d	26.7%	$4.10	$4.20	$7,300	22%	$37,725	-$12,500	D $2,080

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $129 — assignment locks a loss · $125, B $0.97	$4,989/yr	$782/yr	SELF-FUNDING
CC at MID $101 0.6σ, B $3.95	$20,314/yr	$782/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($125, bid $0.97). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

META: HP 330P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $616.43 Current HP: 330P (42d, 46.5% OTM) Current hedge: $261/yr Current ML: $117,900 If HP lapses: ML $216,900 (+$99,000) Account: Main (...1299) Contracts: 3 (300 sh) CC income: $143,470/yr Cost cap: 25% of CC = $35,867/yr IV: HIGH 66 qualifying ⚠ ER 2026-10-28 AMC (54d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 340P (Nov 20 '26, 77d, 44.8% OTM) | Cost: $512/yr (0% of CC) | New ML: $114,900 ↓ $3,000 | Roll DEBIT $108 | Margin (TIMS): $11,030

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 565P (Dec 18 '26, 105d, 8.3% OTM) | Cost: $28,418/yr (20% of CC) | New ML: $47,400 ↓ $70,500 | Roll DEBIT $8,175 | Margin (TIMS): $6,046

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	340 CHEAP	Nov 20	77d	44.8%	$0.27	$0.36	$512	0%	$114,900	-$3,000	D $108
2	350	Nov 20	77d	43.2%	$0.33	$0.40	$569	0%	$111,900	-$6,000	D $120
3	350	Dec 18	105d	43.2%	$0.57	$0.68	$709	0%	$111,900	-$6,000	D $204
4	330	Nov 20	77d	46.5%	$0.04	$0.50	$711	0%	$117,900	=	D $150
5	330	Dec 18	105d	46.5%	$0.15	$0.71	$740	1%	$117,900	=	D $213
6	360	Dec 18	105d	41.6%	$0.68	$0.78	$813	1%	$108,900	-$9,000	D $234
7	340	Dec 18	105d	44.8%	$0.21	$0.81	$845	1%	$114,900	-$3,000	D $243
8	370	Nov 20	77d	40.0%	$0.22	$0.63	$896	1%	$105,900	-$12,000	D $189
9	380	Nov 20	77d	38.4%	$0.58	$0.67	$953	1%	$102,900	-$15,000	D $201
10	370	Dec 18	105d	40.0%	$0.85	$0.94	$980	1%	$105,900	-$12,000	D $282
11	360	Nov 20	77d	41.6%	$0.15	$0.70	$995	1%	$108,900	-$9,000	D $210
12	380	Dec 18	105d	38.4%	$1.03	$1.13	$1,178	1%	$102,900	-$15,000	D $339
▶ 13	565 PROT	Dec 18	105d	8.3%	$26.80	$27.25	$28,418	20%	$47,400	-$70,500	D $8,175

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $610, B $30.45	$93,960/yr	$512/yr	SELF-FUNDING
CC at MID $660 0.7σ, B $10.85	$33,480/yr	$512/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($610, bid $30.45). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ENPH: HP 20P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $36.12 Current HP: 20P (42d, 44.6% OTM) Current hedge: $1,390/yr Current ML: $47,300 If HP lapses: ML $67,300 (+$20,000) Account: RetireInc (...7291) Contracts: 10 (1,000 sh) CC income: $18,236/yr Cost cap: 25% of CC = $4,559/yr IV: HIGH 6 qualifying ⚠ ER 2026-10-27 AMC (53d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Nov 20 '26, 77d, 44.6% OTM) | Cost: $1,185/yr (6% of CC) | New ML: $47,300 = ML | Roll DEBIT $250 | Margin (TIMS): $1,241

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Nov 20 '26, 77d, 30.8% OTM) | Cost: $3,129/yr (17% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $660 | Margin (TIMS): $1,205

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Nov 20	77d	44.6%	$0.15	$0.25	$1,185	6%	$47,300	=	D $250
2	20	Dec 18	105d	44.6%	$0.15	$0.40	$1,390	8%	$47,300	=	D $400
3	22	Nov 20	77d	37.7%	$0.19	$0.46	$2,181	12%	$44,800	-$2,500	D $460
4	22	Dec 18	105d	37.7%	$0.38	$0.64	$2,225	12%	$44,800	-$2,500	D $640
▶ 5	25 PROT	Nov 20	77d	30.8%	$0.57	$0.66	$3,129	17%	$42,300	-$5,000	D $660
6	25	Dec 18	105d	30.8%	$0.84	$0.93	$3,233	18%	$42,300	-$5,000	D $930

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $55, B $0.49	$5,013/yr	$1,185/yr	SELF-FUNDING
CC at MID $40 0.6σ, B $1.30	$13,371/yr	$1,185/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($55, bid $0.49). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Main): HP 320P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $1001.50 Current HP: 320P (42d, 68.0% OTM) Current hedge: $1,347/yr Current ML: $419,300 If HP lapses: ML $579,300 (+$160,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $299,116/yr Cost cap: 25% of CC = $74,779/yr IV: HIGH 95 qualifying ⚠ ER 2026-09-30 AMC (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 320P (Dec 18 '26, 105d, 68.0% OTM) | Cost: $1,651/yr (1% of CC) | New ML: $419,300 = ML | Roll DEBIT $455 | Margin (TIMS): $20,547

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 790P (Nov 20 '26, 77d, 21.1% OTM) | Cost: $70,511/yr (24% of CC) | New ML: $184,300 ↓ $235,000 | Roll DEBIT $14,855 | Margin (TIMS): $12,172

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	320 CHEAP	Dec 18	105d	68.0%	$0.61	$0.95	$1,651	1%	$419,300	=	D $455
2	330	Dec 18	105d	67.0%	$0.75	$0.95	$1,651	1%	$414,300	-$5,000	D $455
3	340	Nov 20	77d	66.1%	$0.37	$0.70	$1,659	1%	$409,300	-$10,000	D $330
4	320	Nov 20	77d	68.0%	$0.25	$0.73	$1,730	1%	$419,300	=	D $345
5	350	Nov 20	77d	65.1%	$0.53	$0.75	$1,778	1%	$404,300	-$15,000	D $355
6	360	Nov 20	77d	64.1%	$0.51	$0.80	$1,896	1%	$399,300	-$20,000	D $380
7	370	Nov 20	77d	63.1%	$0.59	$0.86	$2,038	1%	$394,300	-$25,000	D $410
8	360	Dec 18	105d	64.1%	$0.90	$1.19	$2,068	1%	$399,300	-$20,000	D $575
9	350	Dec 18	105d	65.1%	$0.88	$1.21	$2,103	1%	$404,300	-$15,000	D $585
10	400	Nov 20	77d	60.1%	$0.68	$0.90	$2,133	1%	$379,300	-$40,000	D $430
11	340	Dec 18	105d	66.1%	$0.65	$1.24	$2,155	1%	$409,300	-$10,000	D $600
12	380	Nov 20	77d	62.1%	$0.62	$0.93	$2,204	1%	$389,300	-$30,000	D $445
▶ 13	790 PROT	Nov 20	77d	21.1%	$28.45	$29.75	$70,511	24%	$184,300	-$235,000	D $14,855

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1055, B $56.65	$291,343/yr	$1,651/yr	SELF-FUNDING
CC at MID $1080 0.4σ, B $48.75	$250,714/yr	$1,651/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1055, bid $56.65). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Neville): HP 370P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $1001.50 Current HP: 370P (42d, 63.1% OTM) Current hedge: $521/yr Current ML: $198,000 If HP lapses: ML $272,000 (+$74,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $124,746/yr Cost cap: 25% of CC = $31,187/yr IV: HIGH 87 qualifying ⚠ ER 2026-09-30 AMC (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 370 → 370P (Nov 20 '26, 77d, 63.1% OTM) | Cost: $815/yr (1% of CC) | New ML: $198,000 = ML | Roll DEBIT $142 | Margin (TIMS): $37,624

PROTECTIVE PICK (lowest ML within cost cap): HP 370 → 800P (Dec 18 '26, 105d, 20.1% OTM) | Cost: $30,243/yr (24% of CC) | New ML: $112,000 ↓ $86,000 | Roll DEBIT $8,670 | Margin (TIMS): $17,350

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	370 CHEAP	Nov 20	77d	63.1%	$0.59	$0.86	$815	1%	$198,000	=	D $142
2	400	Nov 20	77d	60.1%	$0.68	$0.90	$853	1%	$192,000	-$6,000	D $150
3	380	Nov 20	77d	62.1%	$0.62	$0.93	$882	1%	$196,000	-$2,000	D $156
4	370	Dec 18	105d	63.1%	$0.91	$1.28	$890	1%	$198,000	=	D $226
5	380	Dec 18	105d	62.1%	$1.00	$1.35	$939	1%	$196,000	-$2,000	D $240
6	400	Dec 18	105d	60.1%	$1.24	$1.55	$1,078	1%	$192,000	-$6,000	D $280
7	390	Nov 20	77d	61.1%	$0.69	$1.14	$1,081	1%	$194,000	-$4,000	D $198
8	410	Nov 20	77d	59.1%	$0.78	$1.15	$1,090	1%	$190,000	-$8,000	D $200
9	390	Dec 18	105d	61.1%	$1.08	$1.61	$1,119	1%	$194,000	-$4,000	D $292
10	410	Dec 18	105d	59.1%	$1.28	$1.70	$1,182	1%	$190,000	-$8,000	D $310
11	420	Nov 20	77d	58.1%	$0.91	$1.26	$1,195	1%	$188,000	-$10,000	D $222
12	420	Dec 18	105d	58.1%	$1.48	$1.87	$1,300	1%	$188,000	-$10,000	D $344
▶ 13	800 PROT	Dec 18	105d	20.1%	$42.00	$43.50	$30,243	24%	$112,000	-$86,000	D $8,670

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,239 — assignment locks a loss · $1080, B $48.75	$100,286/yr	$815/yr	SELF-FUNDING
CC at MID $1080 0.4σ, B $48.75	$100,286/yr	$815/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1080, bid $48.75). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

DELL: HP 150P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $518.40 Current HP: 150P (42d, 71.1% OTM) Current hedge: $886/yr Current ML: $89,400 If HP lapses: ML $134,400 (+$45,000) Account: RetireInc (...7291) Contracts: 3 (300 sh) CC income: $804,504/yr Cost cap: 25% of CC = $201,126/yr IV: HIGH 64 qualifying ⚠ ER 2026-11-27 INTRADAY (84d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 150P (Dec 18 '26, 105d, 71.1% OTM) | Cost: $229/yr (0% of CC) | New ML: $89,400 = ML | Roll DEBIT $66 | Margin (TIMS): $26,113

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 390P (Nov 20 '26, 77d, 24.8% OTM) | Cost: $17,207/yr (2% of CC) | New ML: $17,400 ↓ $72,000 | Roll DEBIT $3,630 | Margin (TIMS): $9,056

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	150 CHEAP	Dec 18	105d	71.1%	$0.11	$0.22	$229	0%	$89,400	=	D $66
2	150	Nov 20	77d	71.1%	$0.01	$0.20	$284	0%	$89,400	=	D $60
3	195	Nov 20	77d	62.4%	$0.12	$0.20	$284	0%	$75,900	-$13,500	D $60
4	185	Nov 20	77d	64.3%	$0.10	$0.37	$526	0%	$78,900	-$10,500	D $111
5	190	Nov 20	77d	63.3%	$0.12	$0.37	$526	0%	$77,400	-$12,000	D $111
6	200	Nov 20	77d	61.4%	$0.02	$0.39	$555	0%	$74,400	-$15,000	D $117
7	175	Dec 18	105d	66.2%	$0.11	$0.59	$615	0%	$81,900	-$7,500	D $177
8	180	Dec 18	105d	65.3%	$0.13	$0.75	$782	0%	$80,400	-$9,000	D $225
9	190	Dec 18	105d	63.3%	$0.20	$0.79	$824	0%	$77,400	-$12,000	D $237
10	200	Dec 18	105d	61.4%	$0.28	$0.96	$1,001	0%	$74,400	-$15,000	D $288
11	195	Dec 18	105d	62.4%	$0.23	$1.00	$1,043	0%	$75,900	-$13,500	D $300
12	230	Nov 20	77d	55.6%	$0.16	$0.78	$1,109	0%	$65,400	-$24,000	D $234
▶ 13	390 PROT	Nov 20	77d	24.8%	$9.95	$12.10	$17,207	2%	$17,400	-$72,000	D $3,630

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $510, B $42.65	$131,606/yr	$229/yr	SELF-FUNDING
CC at MID $580 0.6σ, B $17.65	$54,463/yr	$229/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($510, bid $42.65). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

HP roll-downs do not change Safe Strike. SS = Max(LC+ND, (LC+SP+ND)/2). HP is not in the formula.

Monthly hedge cost prorated: (30/DTE) × (Ask × Shares). Payback = ML increase / Annual savings.

EST = ask price estimated as mid × 1.10 (10% safety buffer). Verify with live prices before executing.

Always prefer longest viable DTE for repair rolls (fewer rolls/yr = lower annual cost).