Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$109,500/yr

TOTAL HEDGE (REPAIRED)

$102,511/yr

ANNUAL SAVINGS

$6,989/yr

ROLL CREDITS

$400

ADDITIONAL MAX LOSS

$4,000

PORTFOLIO ACTION SUMMARY · 41 positions

3 · ROLL NOW2 · REPAIR PLAN4 · LEAPS-ONLY32 · 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	$14.45	10	18	10	0	$17.13	$19.73	8	2.28x	30.8%	SAFE	50	$31,250	$72,250	ROLL NOW (38d)
INTC → +85C −100P +35P	$102.31	85	100	35	0	$114.00	$117.12	65	3.24x	65.8%	SAFE	5	$14,500	$51,155	ROLL NOW (38d)
IREN (Neville) → +45C −65P +21P −50C	$38.75	45	65	21	50	$56.50	$58.82	44	15.67x	45.8%	SAFE	20	$6,000	$77,505	ROLL NOW (38d)
IREN (Joint) → +25C −47P +35P −50C	$38.75	25	47	35	50	$44.00	$48.64	12	1.75x	9.7%	OK	20	$32,000	$77,505	REPAIR PLAN (94d)
IREN (Main) → +25C −47P +35P −50C	$38.75	25	47	35	50	$44.00	$48.64	12	1.75x	9.7%	OK	20	$32,000	$77,505	REPAIR PLAN (94d)
GOOG (Joint) +310C −370C	$350.62	310	0	0	370	$392.50	$337.69	0	1.00x	0.0%	N/A	5	$41,250	$175,310	LEAPS-ONLY
GOOG (Main) +310C −370C	$350.62	310	0	0	370	$392.50	$337.69	0	1.00x	0.0%	N/A	10	$82,500	$350,620	LEAPS-ONLY
IGV +70C −100C	$92.07	70	0	0	100	$96.50	$85.42	0	1.00x	0.0%	N/A	12	$31,800	$110,484	LEAPS-ONLY
SPY +640C −760C	$748.46	640	0	0	760	$764.00	$693.28	0	1.00x	0.0%	N/A	12	$148,800	$898,146	LEAPS-ONLY
AMZN +215C −260P +230P −258C	$247.51	215	260	230	258	$256.25	$238.52	30	1.80x	7.1%	OK	10	$37,500	$247,510	OK
APP +460C −540P +185P	$434.72	460	540	185	0	$588.00	$603.24	355	3.77x	57.4%	SAFE	1	$12,800	$43,472	OK
CLSK +17C −17P +10P	$12.21	17	17	10	0	$20.74	$17.36	7	2.87x	18.1%	SAFE	25	$9,350	$30,538	OK
COIN (Main) +165C −240P +85P	$156.00	165	240	85	0	$210.90	$216.22	155	10.23x	45.5%	SAFE	8	$13,440	$124,796	OK
COIN (RetireInc) +145C −200P +75P	$156.00	145	200	75	0	$182.40	$187.45	125	7.31x	51.9%	SAFE	3	$5,940	$46,798	OK
COPX +65C −90P +68P −82C	$74.27	65	90	68	82	$93.40	$95.06	22	1.77x	8.4%	OK	20	$56,800	$148,540	OK
CRWV +105C −120P +40P	$83.22	105	120	40	0	$125.45	$128.70	80	4.91x	51.9%	SAFE	5	$10,225	$41,610	OK
DELL +340C −390P +150P −480C	$423.76	340	390	150	480	$398.00	$410.47	240	5.14x	64.6%	SAFE	3	$17,400	$127,128	OK
ENPH +45C −60P +20P	$42.72	45	60	20	0	$56.15	$58.54	40	6.48x	53.2%	SAFE	10	$7,300	$42,720	OK
ETHA +13C −16P +10P	$13.34	13	16	10	0	$17.33	$17.78	6	2.39x	25.0%	SAFE	50	$21,650	$66,700	OK
GLD +320C −450P +330P −379C	$366.70	320	450	330	379	$456.00	$472.67	120	1.88x	10.0%	SAFE	10	$136,000	$366,700	OK
GLXY +38C −38P +18P −30C	$23.35	38	38	18	30	$39.71	$33.22	20	10.05x	25.1%	SAFE	125	$27,625	$291,875	OK
GOOG (Neville) +300C −345P +310P −370C	$350.62	300	345	310	370	$373.00	$337.21	35	1.48x	11.6%	SAFE	15	$109,500	$525,930	OK
GOOG (Neville) +340C −405P +360P −370C	$350.62	340	405	360	370	$398.00	$374.61	45	1.88x	-2.7%	ITM	5	$25,500	$175,310	OK
HIMS +10C −20P +5P −48C	$33.70	10	20	5	48	$17.47	$18.78	15	4.04x	85.2%	SAFE	15	$7,395	$50,550	OK
IREN (RetireInc) +50C −70P +23P −50C	$38.75	50	70	23	50	$63.43	$67.52	47	7.86x	40.6%	SAFE	20	$13,700	$77,505	OK
MARA (Joint) +20C −17P +10P −14C	$12.11	20	17	10	14	$24.33	$19.55	7	2.62x	17.4%	SAFE	50	$21,650	$60,525	OK
MARA (Main) +20C −25P +15P −14C	$12.11	20	25	15	14	$22.69	$17.97	10	27.32x	-23.9%	ITM	200	$7,600	$242,100	OK
MARA (Neville) +25C −15P +13P −14C	$12.11	25	15	13	14	$26.40	$13.84	2	2.43x	-7.4%	ITM	250	$35,000	$302,625	OK
MDB +270C −340P +150P −410C	$337.30	270	340	150	410	$362.90	$376.48	190	3.05x	55.5%	SAFE	1	$9,290	$33,730	OK
META +480C −650P +330P −630C	$657.42	480	650	330	630	$601.50	$604.30	320	5.38x	49.8%	SAFE	3	$21,900	$197,226	OK
MSTR +125C −185P +55P	$92.12	125	185	55	0	$161.00	$167.83	130	11.83x	40.3%	SAFE	4	$4,800	$36,848	OK
MU (Main) +880C −1010P +320P	$930.88	880	1010	320	0	$1028.60	$1055.06	690	5.64x	65.6%	SAFE	5	$74,300	$465,442	OK
MU (Neville) +970C −1110P +370P	$930.88	970	1110	370	0	$1220.00	$1245.35	740	3.96x	60.3%	SAFE	2	$50,000	$186,177	OK
NEM +88C −105P +75P −100C	$93.02	88	105	75	100	$114.54	$117.72	30	2.11x	19.4%	SAFE	5	$13,520	$46,510	OK
NOW +80C −110P +90P −123C	$110.29	80	110	90	123	$108.93	$112.45	20	1.72x	18.4%	SAFE	10	$27,850	$110,290	OK
NVDA +140C −175P +70P −225C	$203.68	140	175	70	225	$199.60	$202.77	105	2.76x	65.6%	SAFE	5	$29,800	$101,838	OK
QCOM +190C −210P +90P	$181.90	190	210	90	0	$224.00	$227.00	120	4.53x	50.5%	SAFE	5	$17,000	$90,948	OK
RIOT +17C −40P +17P	$19.95	17	40	17	0	$23.65	$30.86	23	8.80x	14.8%	SAFE	50	$14,750	$99,750	OK
RKLB +115C −135P +45P	$76.22	115	135	45	0	$141.55	$147.79	90	4.39x	41.0%	SAFE	6	$15,930	$45,735	OK
SOFI +10C −13P +5P −23C	$18.05	10	13	5	23	$15.75	$15.92	8	2.39x	72.3%	SAFE	35	$20,125	$63,175	OK
SPCX +150C −195P +135P	$138.21	150	195	135	0	$186.00	$183.51	60	3.22x	2.3%	TIGHT	5	$13,500	$69,105	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 94d

Stock: $38.75 HP: 9.7% OTM Current hedge: $54,750/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $123,260/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 12 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	94d	12.3%	$6.60	$0.10	$200	$51,255	$52,441	$3,495	13	$2,000	7mo	0mo	1.81x	PASS
2	33	Oct 16	94d	14.8%	$6.10	$0.60	$1,200	$47,372	$55,548	$7,378	14	$4,000	7mo	0mo	1.88x	PASS
3	32	Oct 16	94d	17.4%	$5.70	$1.00	$2,000	$44,266	$57,489	$10,484	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	66d	17.4%	$4.55	$2.15	$4,300	$50,326	$81,878	$4,424	15	$6,000	16mo	1mo	1.94x	PASS
5	31	Oct 16	94d	20.0%	$5.10	$1.60	$3,200	$39,606	$61,760	$15,144	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	66d	20.0%	$4.10	$2.60	$5,200	$45,348	$87,962	$9,402	16	$8,000	10mo	1mo	2.00x	PASS
7	30	Oct 16	94d	22.6%	$4.60	$2.10	$4,200	$35,723	$53,585	$19,027	17	$10,000	6mo	1mo	2.06x	PASS
8	30	Sep 18	66d	22.6%	$3.70	$3.00	$6,000	$40,924	$76,318	$13,826	17	$10,000	9mo	1mo	2.06x	PASS
9	29	Oct 16	94d	25.2%	$4.30	$2.40	$4,800	$33,394	$49,702	$21,356	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	66d	25.2%	$3.35	$3.35	$6,700	$37,053	$70,788	$17,697	18	$12,000	8mo	1mo	2.12x	PASS
11	28	Oct 16	94d	27.7%	$3.95	$2.75	$5,500	$30,676	$45,819	$24,074	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	66d	27.7%	$3.05	$3.65	$7,300	$33,735	$65,258	$21,015	19	$14,000	8mo	1mo	2.19x	PASS
13	33	Sep 18	66d	14.8%	$5.05	$1.65	$3,300	$55,856	$79,113	$-1,106	14	$4,000	N/A	0mo	1.88x	FAIL
14	34	Sep 18	66d	12.3%	$5.40	$1.30	$2,600	$59,727	$74,689	$-4,977	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 14 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $2.13	$49,471/yr	$51,255/yr	DEFICIT $149/mo
CC at MID $47 0.6σ, B $2.76	$64,103/yr	$51,255/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $38.75 → $31.00, hedge $52,441/yr)
CC at SS vs stressed	$49,471/yr	$52,441/yr	DEFICIT $248/mo
CC at MID vs stressed	$64,103/yr	$52,441/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $2.76). Self-funds in BOTH normal and 20% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 94d

#	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	94d	12.3%	$6.60	$0.10	$200	$51,255	$52,441	$3,495	13	$2,000	7mo	0mo	1.81x	PASS
2	33	Oct 16	94d	14.8%	$6.10	$0.60	$1,200	$47,372	$55,548	$7,378	14	$4,000	7mo	0mo	1.88x	PASS
3	32	Oct 16	94d	17.4%	$5.70	$1.00	$2,000	$44,266	$57,489	$10,484	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	66d	17.4%	$4.55	$2.15	$4,300	$50,326	$81,878	$4,424	15	$6,000	16mo	1mo	1.94x	PASS
5	31	Oct 16	94d	20.0%	$5.10	$1.60	$3,200	$39,606	$61,760	$15,144	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	66d	20.0%	$4.10	$2.60	$5,200	$45,348	$87,962	$9,402	16	$8,000	10mo	1mo	2.00x	PASS
7	30	Oct 16	94d	22.6%	$4.60	$2.10	$4,200	$35,723	$53,585	$19,027	17	$10,000	6mo	1mo	2.06x	PASS
8	30	Sep 18	66d	22.6%	$3.70	$3.00	$6,000	$40,924	$76,318	$13,826	17	$10,000	9mo	1mo	2.06x	PASS
9	29	Oct 16	94d	25.2%	$4.30	$2.40	$4,800	$33,394	$49,702	$21,356	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	66d	25.2%	$3.35	$3.35	$6,700	$37,053	$70,788	$17,697	18	$12,000	8mo	1mo	2.12x	PASS
11	28	Oct 16	94d	27.7%	$3.95	$2.75	$5,500	$30,676	$45,819	$24,074	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	66d	27.7%	$3.05	$3.65	$7,300	$33,735	$65,258	$21,015	19	$14,000	8mo	1mo	2.19x	PASS
13	33	Sep 18	66d	14.8%	$5.05	$1.65	$3,300	$55,856	$79,113	$-1,106	14	$4,000	N/A	0mo	1.88x	FAIL
14	34	Sep 18	66d	12.3%	$5.40	$1.30	$2,600	$59,727	$74,689	$-4,977	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 14 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $2.13	$49,471/yr	$51,255/yr	DEFICIT $149/mo
CC at MID $47 0.6σ, B $2.76	$64,103/yr	$51,255/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $38.75 → $31.00, hedge $52,441/yr)
CC at SS vs stressed	$49,471/yr	$52,441/yr	DEFICIT $248/mo
CC at MID vs stressed	$64,103/yr	$52,441/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $2.76). Self-funds in BOTH normal and 20% drawdown. At SS the position bleeds, so don't drift too far OTM.

BMNR: HP 10P Maintenance Roll-Out · exp Aug 21 '26, 38d

Stock: $14.45 Current HP: 10P (38d, 30.8% OTM) Current hedge: $8,164/yr Current ML: $71,250 CC income: $47,948/yr Cost cap: 25% of CC = $11,987/yr IV: HIGH 1 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Jan 15 '27, 185d, 30.8% OTM) | Cost: $11,838/yr (25% of CC) | New ML: $71,250 = ML | Roll DEBIT $5,200 | Margin (TIMS): $793

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	Jan 15	185d	30.8%	$1.13	$1.20	$11,838	25%	$71,250	=	D $5,200

POST-REPAIR SUSTAINABILITY CC chain Aug 14 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $20, B $0.18	$10,452/yr	$11,838/yr	DEFICIT $116/mo
CC at MID $17 0.7σ, B $0.51	$29,613/yr	$11,838/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($17, bid $0.51). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Aug 21 '26, 38d

Stock: $38.75 Current HP: 21P (38d, 45.8% OTM) Current hedge: $12,679/yr Current ML: $94,000 CC income: $123,260/yr Cost cap: 25% of CC = $30,815/yr IV: HIGH 15 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Oct 16 '26, 94d, 45.8% OTM) | Cost: $13,202/yr (11% of CC) | New ML: $94,000 = ML | Roll DEBIT $2,300 | Margin (TIMS): $1,760

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 28P (Oct 16 '26, 94d, 27.7% OTM) | Cost: $30,676/yr (25% of CC) | New ML: $80,000 ↓ $14,000 | Roll DEBIT $6,800 | Margin (TIMS): $1,582

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Oct 16	94d	45.8%	$1.33	$1.70	$13,202	11%	$94,000	=	D $2,300
2	21	Sep 18	66d	45.8%	$1.07	$1.24	$13,715	11%	$94,000	=	D $1,380
3	22	Oct 16	94d	43.2%	$1.52	$1.95	$15,144	12%	$92,000	-$2,000	D $2,800
4	22	Sep 18	66d	43.2%	$1.26	$1.61	$17,808	14%	$92,000	-$2,000	D $2,120
5	23	Sep 18	66d	40.6%	$1.40	$1.62	$17,918	15%	$90,000	-$4,000	D $2,140
6	23	Oct 16	94d	40.6%	$1.88	$2.37	$18,405	15%	$90,000	-$4,000	D $3,640
7	24	Oct 16	94d	38.1%	$1.86	$2.46	$19,104	15%	$88,000	-$6,000	D $3,820
8	24	Sep 18	66d	38.1%	$1.68	$1.83	$20,241	16%	$88,000	-$6,000	D $2,560
9	25	Oct 16	94d	35.5%	$2.35	$2.77	$21,512	17%	$86,000	-$8,000	D $4,440
10	25	Sep 18	66d	35.5%	$2.00	$2.11	$23,338	19%	$86,000	-$8,000	D $3,120
11	26	Oct 16	94d	32.9%	$2.38	$3.15	$24,463	20%	$84,000	-$10,000	D $5,200
12	26	Sep 18	66d	32.9%	$2.27	$2.42	$26,767	22%	$84,000	-$10,000	D $3,740
▶ 13	28 PROT	Oct 16	94d	27.7%	$3.30	$3.95	$30,676	25%	$80,000	-$14,000	D $6,800

POST-REPAIR SUSTAINABILITY CC chain Aug 14 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.68	$15,794/yr	$13,202/yr	SELF-FUNDING
CC at MID $49 0.6σ, B $2.13	$49,471/yr	$13,202/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.68). 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, 38d

Stock: $102.31 Current HP: 35P (38d, 65.8% OTM) Current hedge: $432/yr Current ML: $47,000 CC income: $52,565/yr Cost cap: 25% of CC = $13,141/yr IV: HIGH 51 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 66d, 65.8% OTM) | Cost: $581/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $100 | Margin (TIMS): $2,744

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 78P (Oct 16 '26, 94d, 24.2% OTM) | Cost: $11,649/yr (22% of CC) | New ML: $25,750 ↓ $21,250 | Roll DEBIT $2,995 | Margin (TIMS): $2,379

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Sep 18	66d	65.8%	$0.10	$0.21	$581	1%	$47,000	=	D $100
2	35	Oct 16	94d	65.8%	$0.13	$0.30	$582	1%	$47,000	=	D $145
3	36	Sep 18	66d	64.8%	$0.04	$0.23	$636	1%	$46,500	-$500	D $110
4	37	Sep 18	66d	63.8%	$0.10	$0.23	$636	1%	$46,000	-$1,000	D $110
5	40	Sep 18	66d	60.9%	$0.15	$0.24	$664	1%	$44,500	-$2,500	D $115
6	38	Sep 18	66d	62.9%	$0.07	$0.26	$719	1%	$45,500	-$1,500	D $125
7	39	Oct 16	94d	61.9%	$0.28	$0.38	$738	1%	$45,000	-$2,000	D $185
8	39	Sep 18	66d	61.9%	$0.09	$0.28	$774	1%	$45,000	-$2,000	D $135
9	41	Sep 18	66d	59.9%	$0.13	$0.33	$912	2%	$44,000	-$3,000	D $160
10	42	Sep 18	66d	58.9%	$0.17	$0.33	$912	2%	$43,500	-$3,500	D $160
11	40	Oct 16	94d	60.9%	$0.32	$0.48	$932	2%	$44,500	-$2,500	D $235
12	41	Oct 16	94d	59.9%	$0.34	$0.52	$1,010	2%	$44,000	-$3,000	D $255
▶ 13	78 PROT	Oct 16	94d	24.2%	$5.70	$6.00	$11,649	22%	$25,750	-$21,250	D $2,995

POST-REPAIR SUSTAINABILITY CC chain Aug 14 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $118, B $5.60	$32,516/yr	$581/yr	SELF-FUNDING
CC at MID $120 0.5σ, B $5.20	$30,194/yr	$581/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($118, bid $5.60). 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).