Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

Generated: 2026-07-07 21:43:28
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)

TOTAL HEDGE (CURRENT)

$96,851/yr

TOTAL HEDGE (REPAIRED)

$90,347/yr

ANNUAL SAVINGS

$6,505/yr

ROLL CREDITS

-$1,400

ADDITIONAL MAX LOSS

$4,000

PORTFOLIO ACTION SUMMARY · 37 positions

4 · ROLL NOW2 · REPAIR PLAN4 · LEAPS-ONLY27 · 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
BMNR → +10C −18P +10P	$15.49	10	18	10	0	$17.13	$19.36	8	2.28x	35.5%	SAFE	50	$31,250	$77,475	ROLL NOW (45d)
INTC → +85C −100P +35P −140C	$113.54	85	100	35	140	$114.00	$117.41	65	3.24x	69.2%	SAFE	5	$14,500	$56,770	ROLL NOW (45d)
IREN (Neville) → +45C −65P +21P −60C	$42.38	45	65	21	60	$56.50	$59.61	44	15.67x	50.4%	SAFE	20	$6,000	$84,760	ROLL NOW (45d)
META → +480C −650P +320P −600C	$612.35	480	650	320	600	$601.50	$604.76	330	5.52x	47.7%	SAFE	3	$21,900	$183,705	ROLL NOW (45d)
IREN (Joint) → +25C −47P +35P −60C	$42.38	25	47	35	60	$44.00	$48.69	12	1.75x	17.4%	SAFE	20	$32,000	$84,760	REPAIR PLAN (101d)
IREN (Main) → +25C −47P +35P −60C	$42.38	25	47	35	60	$44.00	$48.69	12	1.75x	17.4%	SAFE	20	$32,000	$84,760	REPAIR PLAN (101d)
GOOG (Joint) +310C −380C	$367.71	310	0	0	380	$392.50	$337.53	0	1.00x	0.0%	N/A	5	$41,250	$183,855	LEAPS-ONLY
GOOG (Main) +310C −380C	$367.71	310	0	0	380	$392.50	$337.53	0	1.00x	0.0%	N/A	10	$82,500	$367,710	LEAPS-ONLY
IGV +70C	$95.51	70	0	0	0	$96.50	$85.75	0	1.00x	0.0%	N/A	12	$31,800	$114,612	LEAPS-ONLY
SPY +640C −765C	$749.82	640	0	0	765	$764.00	$693.52	0	1.00x	0.0%	N/A	12	$148,800	$899,784	LEAPS-ONLY
AMZN +215C −260P +230P	$245.43	215	260	230	0	$256.25	$239.14	30	1.80x	6.3%	OK	10	$37,500	$245,425	OK
APP +460C −540P +185P −600C	$535.00	460	540	185	600	$588.00	$601.01	355	3.77x	65.4%	SAFE	1	$12,800	$53,500	OK
CLSK +17C −17P +10P	$13.15	17	17	10	0	$20.74	$17.31	7	2.87x	24.0%	SAFE	25	$9,350	$32,875	OK
COIN (Main) +165C −240P +85P −215C	$167.10	165	240	85	215	$210.90	$216.32	155	10.23x	49.1%	SAFE	8	$13,440	$133,677	OK
COIN (RetireInc) +145C −200P +75P −185C	$167.10	145	200	75	185	$182.40	$186.56	125	7.31x	55.1%	SAFE	3	$5,940	$50,129	OK
COPX +65C −90P +68P	$76.30	65	90	68	0	$93.40	$94.27	22	1.77x	10.9%	SAFE	20	$56,800	$152,600	OK
CRWV +105C −120P +40P	$84.14	105	120	40	0	$125.45	$128.67	80	4.91x	52.5%	SAFE	5	$10,225	$42,070	OK
DELL +340C −390P +150P −450C	$409.45	340	390	150	450	$398.00	$408.95	240	5.14x	63.4%	SAFE	3	$17,400	$122,836	OK
ENPH +45C −60P +20P	$44.35	45	60	20	0	$56.15	$59.31	40	6.48x	54.9%	SAFE	10	$7,300	$44,350	OK
ETHA +13C −16P +10P	$13.34	13	16	10	0	$17.33	$17.98	6	2.39x	25.0%	SAFE	50	$21,650	$66,675	OK
GLD +320C −450P +330P −390C	$383.37	320	450	330	390	$456.00	$470.83	120	1.88x	13.9%	SAFE	10	$136,000	$383,365	OK
GLXY +38C −38P +18P	$25.15	38	38	18	0	$39.71	$33.19	20	10.05x	30.4%	SAFE	125	$27,625	$314,375	OK
GOOG (Neville) +300C −345P +310P −375C	$367.71	300	345	310	375	$373.00	$336.29	35	1.48x	15.7%	SAFE	15	$109,500	$551,565	OK
GOOG (Neville) +340C −405P +360P −375C	$367.71	340	405	360	375	$398.00	$373.27	45	1.88x	2.1%	TIGHT	5	$25,500	$183,855	OK
HIMS +10C −20P +5P −38C	$37.64	10	20	5	38	$17.47	$18.93	15	4.04x	86.7%	SAFE	15	$7,395	$56,467	OK
IREN (RetireInc) +50C −70P +23P −60C	$42.38	50	70	23	60	$63.43	$67.08	47	7.86x	45.7%	SAFE	20	$13,700	$84,760	OK
MDB +270C −340P +150P −360C	$366.74	270	340	150	360	$362.90	$379.59	190	3.05x	59.1%	SAFE	1	$9,290	$36,674	OK
MSTR +125C −185P +55P −115C	$100.89	125	185	55	115	$161.00	$166.83	130	11.83x	45.5%	SAFE	4	$4,800	$40,354	OK
MU (Main) +880C −1010P +320P −1150C	$927.22	880	1010	320	1150	$1028.60	$1057.08	690	5.64x	65.5%	SAFE	5	$74,300	$463,608	OK
MU (Neville) +970C −1110P +370P −1180C	$927.22	970	1110	370	1180	$1220.00	$1247.37	740	3.96x	60.1%	SAFE	2	$50,000	$185,443	OK
NEM +88C −105P +75P −98C	$96.84	88	105	75	98	$114.54	$118.12	30	2.11x	22.6%	SAFE	5	$13,520	$48,420	OK
NOW +80C −110P +90P −112C	$110.68	80	110	90	112	$108.93	$111.56	20	1.72x	18.7%	SAFE	10	$27,850	$110,678	OK
QCOM +190C −210P +90P −208C	$184.56	190	210	90	208	$224.00	$229.83	120	4.53x	51.2%	SAFE	5	$17,000	$92,280	OK
RIOT +17C −40P +17P	$22.09	17	40	17	0	$23.65	$32.31	23	5.52x	23.0%	SAFE	50	$25,450	$110,450	OK
RKLB +115C −135P +45P	$88.59	115	135	45	0	$141.55	$147.61	90	4.39x	49.2%	SAFE	6	$15,930	$53,154	OK
SOFI +10C −13P +5P	$18.39	10	13	5	0	$15.75	$16.02	8	2.39x	72.8%	SAFE	35	$20,125	$64,376	OK
SPCX +150C −195P +135P −185C	$155.57	150	195	135	185	$186.00	$181.35	60	3.22x	13.2%	SAFE	5	$13,500	$77,785	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 101d

Stock: $42.38 HP: 17.4% OTM Current hedge: $48,426/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $136,153/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 9 PASS

#	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	34	Oct 16	101d	19.8%	$6.25	$-0.35	$-700	$45,173	$64,688	$3,252	13	$2,000	7mo	0mo	1.81x	PASS
2	33	Oct 16	101d	22.1%	$5.75	$0.15	$300	$41,559	$62,881	$6,866	14	$4,000	7mo	0mo	1.88x	PASS
3	33	Sep 18	73d	22.1%	$4.70	$1.20	$2,400	$47,000	$87,000	$1,426	14	$4,000	34mo	0mo	1.88x	PASS
4	32	Oct 16	101d	24.5%	$5.90	$0.00	$0	$42,644	$57,822	$5,782	15	$6,000	12mo	1mo	1.94x	PASS
5	32	Sep 18	73d	24.5%	$4.30	$1.60	$3,200	$43,000	$80,000	$5,426	15	$6,000	13mo	1mo	1.94x	PASS
6	31	Oct 16	101d	26.9%	$4.90	$1.00	$2,000	$35,416	$54,569	$13,010	16	$8,000	7mo	1mo	2.00x	PASS
7	31	Sep 18	73d	26.9%	$3.95	$1.95	$3,900	$39,500	$75,500	$8,926	16	$8,000	11mo	1mo	2.00x	PASS
8	30	Oct 16	101d	29.2%	$4.50	$1.40	$2,800	$32,525	$46,980	$15,901	17	$10,000	8mo	1mo	2.06x	PASS
9	30	Sep 18	73d	29.2%	$3.50	$2.40	$4,800	$35,000	$65,000	$13,426	17	$10,000	9mo	1mo	2.06x	PASS
10	34	Sep 18	73d	19.8%	$5.00	$0.90	$1,800	$50,000	$89,500	$-1,574	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $3.45	$80,129/yr	$45,173/yr	SELF-FUNDING
CC at MID $52 0.7σ, B $2.30	$53,419/yr	$45,173/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $42.38 → $33.90, hedge $64,688/yr)
CC at SS vs stressed	$80,129/yr	$64,688/yr	SELF-FUNDING
CC at MID vs stressed	$53,419/yr	$64,688/yr	DEFICIT $939/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at SS ($49, bid $3.45). Conservative far-OTM strike covers the hedge in BOTH normal and 20% drawdown — minimal assignment risk.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 101d

#	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	34	Oct 16	101d	19.8%	$6.25	$-0.35	$-700	$45,173	$64,688	$3,252	13	$2,000	7mo	0mo	1.81x	PASS
2	33	Oct 16	101d	22.1%	$5.75	$0.15	$300	$41,559	$62,881	$6,866	14	$4,000	7mo	0mo	1.88x	PASS
3	33	Sep 18	73d	22.1%	$4.70	$1.20	$2,400	$47,000	$87,000	$1,426	14	$4,000	34mo	0mo	1.88x	PASS
4	32	Oct 16	101d	24.5%	$5.90	$0.00	$0	$42,644	$57,822	$5,782	15	$6,000	12mo	1mo	1.94x	PASS
5	32	Sep 18	73d	24.5%	$4.30	$1.60	$3,200	$43,000	$80,000	$5,426	15	$6,000	13mo	1mo	1.94x	PASS
6	31	Oct 16	101d	26.9%	$4.90	$1.00	$2,000	$35,416	$54,569	$13,010	16	$8,000	7mo	1mo	2.00x	PASS
7	31	Sep 18	73d	26.9%	$3.95	$1.95	$3,900	$39,500	$75,500	$8,926	16	$8,000	11mo	1mo	2.00x	PASS
8	30	Oct 16	101d	29.2%	$4.50	$1.40	$2,800	$32,525	$46,980	$15,901	17	$10,000	8mo	1mo	2.06x	PASS
9	30	Sep 18	73d	29.2%	$3.50	$2.40	$4,800	$35,000	$65,000	$13,426	17	$10,000	9mo	1mo	2.06x	PASS
10	34	Sep 18	73d	19.8%	$5.00	$0.90	$1,800	$50,000	$89,500	$-1,574	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $3.45	$80,129/yr	$45,173/yr	SELF-FUNDING
CC at MID $52 0.7σ, B $2.30	$53,419/yr	$45,173/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $42.38 → $33.90, hedge $64,688/yr)
CC at SS vs stressed	$80,129/yr	$64,688/yr	SELF-FUNDING
CC at MID vs stressed	$53,419/yr	$64,688/yr	DEFICIT $939/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at SS ($49, bid $3.45). Conservative far-OTM strike covers the hedge in BOTH normal and 20% drawdown — minimal assignment risk.

BMNR: HP 10P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $15.49 Current HP: 10P (45d, 35.5% OTM) Current hedge: $7,706/yr Current ML: $71,250 CC income: $57,626/yr Cost cap: 25% of CC = $14,406/yr IV: HIGH 2 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Nov 20 '26, 136d, 35.5% OTM) | Cost: $10,735/yr (19% of CC) | New ML: $71,250 = ML | Roll DEBIT $3,150 | Margin (TIMS): $881

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	10 CHEAP PROT	Nov 20	136d	35.5%	$0.71	$0.80	$10,735	19%	$71,250	=	D $3,150
2	10	Jan 15	192d	35.5%	$0.99	$1.17	$11,121	19%	$71,250	=	D $5,000

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $20, B $0.29	$16,839/yr	$10,735/yr	SELF-FUNDING
CC at MID $18 0.7σ, B $0.58	$33,677/yr	$10,735/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($20, bid $0.29). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $42.38 Current HP: 21P (45d, 50.4% OTM) Current hedge: $9,733/yr Current ML: $94,000 CC income: $136,153/yr Cost cap: 25% of CC = $34,038/yr IV: HIGH 19 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Oct 16 '26, 101d, 50.4% OTM) | Cost: $13,227/yr (10% of CC) | New ML: $94,000 = ML | Roll DEBIT $3,040 | Margin (TIMS): $1,839

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 30P (Oct 16 '26, 101d, 29.2% OTM) | Cost: $32,525/yr (24% of CC) | New ML: $76,000 ↓ $18,000 | Roll DEBIT $8,380 | Margin (TIMS): $1,661

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Oct 16	101d	50.4%	$1.11	$1.83	$13,227	10%	$94,000	=	D $3,040
2	21	Sep 18	73d	50.4%	$0.66	$1.36	$13,600	10%	$94,000	=	D $2,100
3	22	Oct 16	101d	48.1%	$1.32	$2.04	$14,745	11%	$92,000	-$2,000	D $3,460
4	22	Sep 18	73d	48.1%	$0.82	$1.53	$15,300	11%	$92,000	-$2,000	D $2,440
5	23	Oct 16	101d	45.7%	$1.62	$2.19	$15,829	12%	$90,000	-$4,000	D $3,760
6	23	Sep 18	73d	45.7%	$1.01	$1.73	$17,300	13%	$90,000	-$4,000	D $2,840
7	24	Oct 16	101d	43.4%	$1.80	$2.66	$19,226	14%	$88,000	-$6,000	D $4,700
8	24	Sep 18	73d	43.4%	$1.21	$1.94	$19,400	14%	$88,000	-$6,000	D $3,260
9	25	Oct 16	101d	41.0%	$2.14	$2.73	$19,732	14%	$86,000	-$8,000	D $4,840
10	25	Sep 18	73d	41.0%	$1.70	$2.14	$21,400	16%	$86,000	-$8,000	D $3,660
11	26	Oct 16	101d	38.7%	$2.42	$3.05	$22,045	16%	$84,000	-$10,000	D $5,480
12	26	Sep 18	73d	38.7%	$1.69	$2.30	$23,000	17%	$84,000	-$10,000	D $3,980
▶ 13	30 PROT	Oct 16	101d	29.2%	$3.80	$4.50	$32,525	24%	$76,000	-$18,000	D $8,380

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $53, B $2.24	$52,026/yr	$13,227/yr	SELF-FUNDING
CC at MID $53 0.6σ, B $2.24	$52,026/yr	$13,227/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($53, bid $2.24). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

INTC: HP 35P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $113.54 Current HP: 35P (45d, 69.2% OTM) Current hedge: $487/yr Current ML: $47,000 CC income: $61,666/yr Cost cap: 25% of CC = $15,417/yr IV: HIGH 58 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 73d, 69.2% OTM) | Cost: $675/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $125 | Margin (TIMS): $3,222

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 88P (Oct 16 '26, 101d, 22.9% OTM) | Cost: $14,726/yr (24% of CC) | New ML: $20,750 ↓ $26,250 | Roll DEBIT $4,065 | Margin (TIMS): $2,649

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Sep 18	73d	69.2%	$0.11	$0.27	$675	1%	$47,000	=	D $125
2	36	Sep 18	73d	68.3%	$0.13	$0.29	$725	1%	$46,500	-$500	D $135
3	37	Sep 18	73d	67.4%	$0.15	$0.30	$750	1%	$46,000	-$1,000	D $140
4	40	Sep 18	73d	64.8%	$0.25	$0.32	$800	1%	$44,500	-$2,500	D $150
5	35	Oct 16	101d	69.2%	$0.11	$0.46	$831	1%	$47,000	=	D $220
6	38	Sep 18	73d	66.5%	$0.08	$0.35	$875	1%	$45,500	-$1,500	D $165
7	39	Sep 18	73d	65.7%	$0.19	$0.36	$900	1%	$45,000	-$2,000	D $170
8	39	Oct 16	101d	65.7%	$0.35	$0.50	$903	1%	$45,000	-$2,000	D $240
9	40	Oct 16	101d	64.8%	$0.38	$0.55	$994	2%	$44,500	-$2,500	D $265
10	42	Sep 18	73d	63.0%	$0.28	$0.45	$1,125	2%	$43,500	-$3,500	D $215
11	43	Oct 16	101d	62.1%	$0.39	$0.63	$1,138	2%	$43,000	-$4,000	D $305
12	41	Sep 18	73d	63.9%	$0.15	$0.47	$1,175	2%	$44,000	-$3,000	D $225
▶ 13	88 PROT	Oct 16	101d	22.9%	$7.85	$8.15	$14,726	24%	$20,750	-$26,250	D $4,065

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $118, B $9.85	$57,194/yr	$675/yr	SELF-FUNDING
CC at MID $131 0.4σ, B $5.75	$33,387/yr	$675/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($118, bid $9.85). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

META: HP 320P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $612.35 Current HP: 320P (45d, 47.7% OTM) Current hedge: $1,874/yr Current ML: $120,900 CC income: $158,205/yr Cost cap: 25% of CC = $39,551/yr IV: HIGH 69 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 330P (Oct 16 '26, 101d, 46.1% OTM) | Cost: $791/yr (1% of CC) | New ML: $117,900 ↓ $3,000 | Roll DEBIT $216 | Margin (TIMS): $11,559

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 560P (Oct 16 '26, 101d, 8.5% OTM) | Cost: $29,110/yr (18% of CC) | New ML: $48,900 ↓ $72,000 | Roll DEBIT $8,052 | Margin (TIMS): $8,728

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Oct 16	101d	46.1%	$0.47	$0.73	$791	1%	$117,900	-$3,000	D $216
2	320	Sep 18	73d	47.7%	$0.11	$0.55	$825	1%	$120,900	=	D $162
3	340	Sep 18	73d	44.5%	$0.22	$0.71	$1,065	1%	$114,900	-$6,000	D $210
4	340	Oct 16	101d	44.5%	$0.57	$1.01	$1,095	1%	$114,900	-$6,000	D $300
5	350	Sep 18	73d	42.8%	$0.33	$0.76	$1,140	1%	$111,900	-$9,000	D $225
6	320	Oct 16	101d	47.7%	$0.27	$1.07	$1,160	1%	$120,900	=	D $318
7	360	Sep 18	73d	41.2%	$0.58	$0.81	$1,215	1%	$108,900	-$12,000	D $240
8	350	Oct 16	101d	42.8%	$0.74	$1.15	$1,247	1%	$111,900	-$9,000	D $342
9	330	Sep 18	73d	46.1%	$0.11	$0.87	$1,305	1%	$117,900	-$3,000	D $258
10	360	Oct 16	101d	41.2%	$0.94	$1.34	$1,453	1%	$108,900	-$12,000	D $399
11	380	Sep 18	73d	37.9%	$0.80	$0.97	$1,455	1%	$102,900	-$18,000	D $288
12	370	Sep 18	73d	39.6%	$0.62	$0.99	$1,485	1%	$105,900	-$15,000	D $294
▶ 13	560 PROT	Oct 16	101d	8.5%	$25.95	$26.85	$29,110	18%	$48,900	-$72,000	D $8,052

POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $605, B $37.20	$129,600/yr	$791/yr	SELF-FUNDING
CC at MID $650 0.3σ, B $19.50	$67,935/yr	$791/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($605, bid $37.20). 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).