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)

$104,840/yr

ANNUAL SAVINGS

$4,660/yr

ROLL CREDITS

-$3,600

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	$15.72	10	18	10	0	$17.13	$19.87	8	2.28x	36.4%	SAFE	50	$31,250	$78,610	ROLL NOW (38d)
INTC → +85C −100P +35P	$107.27	85	100	35	0	$114.00	$117.18	65	3.24x	67.4%	SAFE	5	$14,500	$53,635	ROLL NOW (38d)
IREN (Neville) → +45C −65P +21P −50C	$39.19	45	65	21	50	$56.50	$58.09	44	15.67x	46.4%	SAFE	20	$6,000	$78,370	ROLL NOW (38d)
IREN (Joint) → +25C −47P +35P −50C	$39.19	25	47	35	50	$44.00	$48.16	12	1.75x	10.7%	SAFE	20	$32,000	$78,370	REPAIR PLAN (94d)
IREN (Main) → +25C −47P +35P −50C	$39.19	25	47	35	50	$44.00	$48.16	12	1.75x	10.7%	SAFE	20	$32,000	$78,370	REPAIR PLAN (94d)
GOOG (Joint) +310C −370C	$350.69	310	0	0	370	$392.50	$339.56	0	1.00x	0.0%	N/A	5	$41,250	$175,348	LEAPS-ONLY
GOOG (Main) +310C −370C	$350.69	310	0	0	370	$392.50	$339.56	0	1.00x	0.0%	N/A	10	$82,500	$350,695	LEAPS-ONLY
IGV +70C −100C	$92.10	70	0	0	100	$96.50	$87.89	0	1.00x	0.0%	N/A	12	$31,800	$110,520	LEAPS-ONLY
SPY +640C −760C	$751.08	640	0	0	760	$764.00	$693.58	0	1.00x	0.0%	N/A	12	$148,800	$901,291	LEAPS-ONLY
AMZN +215C −260P +230P −258C	$246.17	215	260	230	258	$256.25	$239.39	30	1.80x	6.6%	OK	10	$37,500	$246,170	OK
APP +460C −540P +185P	$450.53	460	540	185	0	$588.00	$607.77	355	3.77x	58.9%	SAFE	1	$12,800	$45,053	OK
CLSK +17C −17P +10P	$13.56	17	17	10	0	$20.74	$16.72	7	2.87x	26.3%	SAFE	25	$9,350	$33,900	OK
COIN (Main) +165C −240P +85P	$158.65	165	240	85	0	$210.90	$216.09	155	10.23x	46.4%	SAFE	8	$13,440	$126,920	OK
COIN (RetireInc) +145C −200P +75P	$158.65	145	200	75	0	$182.40	$186.08	125	7.31x	52.7%	SAFE	3	$5,940	$47,595	OK
COPX +65C −90P +68P −82C	$78.74	65	90	68	82	$93.40	$94.54	22	1.77x	13.6%	SAFE	20	$56,800	$157,480	OK
CRWV +105C −120P +40P	$85.07	105	120	40	0	$125.45	$128.39	80	4.91x	53.0%	SAFE	5	$10,225	$42,535	OK
DELL +340C −390P +150P −480C	$448.81	340	390	150	480	$398.00	$409.49	240	5.14x	66.6%	SAFE	3	$17,400	$134,643	OK
ENPH +45C −60P +20P	$44.76	45	60	20	0	$56.15	$59.48	40	6.48x	55.3%	SAFE	10	$7,300	$44,760	OK
ETHA +13C −16P +10P	$14.16	13	16	10	0	$17.33	$18.00	6	2.39x	29.4%	SAFE	50	$21,650	$70,825	OK
GLD +320C −450P +330P −379C	$374.79	320	450	330	379	$456.00	$471.83	120	1.88x	11.9%	SAFE	10	$136,000	$374,785	OK
GLXY +38C −38P +18P −30C	$23.74	38	38	18	30	$39.71	$32.82	20	10.05x	26.3%	SAFE	125	$27,625	$296,750	OK
GOOG (Neville) +300C −345P +310P −370C	$350.69	300	345	310	370	$373.00	$336.86	35	1.48x	11.6%	SAFE	15	$109,500	$526,042	OK
GOOG (Neville) +340C −405P +360P −370C	$350.69	340	405	360	370	$398.00	$374.88	45	1.88x	-2.7%	ITM	5	$25,500	$175,348	OK
HIMS +10C −20P +5P −48C	$34.59	10	20	5	48	$17.47	$19.82	15	4.04x	85.5%	SAFE	15	$7,395	$51,892	OK
IREN (RetireInc) +50C −70P +23P −50C	$39.19	50	70	23	50	$63.43	$67.54	47	7.86x	41.3%	SAFE	20	$13,700	$78,370	OK
MARA (Joint) +20C −17P +10P −14C	$12.17	20	17	10	14	$24.33	$18.82	7	2.62x	17.8%	SAFE	50	$21,650	$60,826	OK
MARA (Main) +20C −25P +15P −14C	$12.17	20	25	15	14	$22.69	$18.49	10	27.32x	-23.3%	ITM	200	$7,600	$243,302	OK
MARA (Neville) +25C −15P +13P −14C	$12.17	25	15	13	14	$26.40	$14.50	2	2.43x	-6.9%	ITM	250	$35,000	$304,128	OK
MDB +270C −340P +150P −410C	$332.23	270	340	150	410	$362.90	$381.93	190	3.05x	54.9%	SAFE	1	$9,290	$33,223	OK
META +480C −650P +330P −630C	$659.42	480	650	330	630	$601.50	$607.29	320	5.38x	50.0%	SAFE	3	$21,900	$197,826	OK
MSTR +125C −185P +55P	$95.04	125	185	55	0	$161.00	$169.22	130	11.83x	42.1%	SAFE	4	$4,800	$38,016	OK
MU (Main) +880C −1010P +320P	$971.63	880	1010	320	0	$1028.60	$1053.56	690	5.64x	67.1%	SAFE	5	$74,300	$485,818	OK
MU (Neville) +970C −1110P +370P	$971.63	970	1110	370	0	$1220.00	$1244.27	740	3.96x	61.9%	SAFE	2	$50,000	$194,327	OK
NEM +88C −105P +75P −100C	$97.62	88	105	75	100	$114.54	$118.41	30	2.11x	23.2%	SAFE	5	$13,520	$48,810	OK
NOW +80C −110P +90P −123C	$103.28	80	110	90	123	$108.93	$113.68	20	1.72x	12.9%	SAFE	10	$27,850	$103,280	OK
NVDA +140C −175P +70P −225C	$204.27	140	175	70	225	$199.60	$202.10	105	2.76x	65.7%	SAFE	5	$29,800	$102,135	OK
QCOM +190C −210P +90P	$185.46	190	210	90	0	$224.00	$227.18	120	4.53x	51.5%	SAFE	5	$17,000	$92,730	OK
RIOT +17C −40P +17P	$20.55	17	40	17	0	$23.65	$30.90	23	7.48x	17.3%	SAFE	50	$17,750	$102,750	OK
RKLB +115C −135P +45P	$81.45	115	135	45	0	$141.55	$149.43	90	4.39x	44.8%	SAFE	6	$15,930	$48,870	OK
SOFI +10C −13P +5P −23C	$18.52	10	13	5	23	$15.75	$16.32	8	2.39x	73.0%	SAFE	35	$20,125	$64,822	OK
SPCX +150C −195P +135P	$142.80	150	195	135	0	$186.00	$183.79	60	3.22x	5.5%	OK	5	$13,500	$71,400	OK

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

Stock: $39.19 HP: 10.7% OTM Current hedge: $54,750/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $104,800/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 13 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	13.2%	$6.75	$-0.90	$-1,800	$52,420	$54,245	$2,330	13	$2,000	10mo	0mo	1.81x	PASS
2	33	Oct 16	94d	15.8%	$5.95	$-0.10	$-200	$46,207	$56,963	$8,543	14	$4,000	6mo	0mo	1.88x	PASS
3	33	Sep 18	66d	15.8%	$4.90	$0.95	$1,900	$54,197	$81,130	$553	14	$4,000	87mo	0mo	1.88x	PASS
4	32	Oct 16	94d	18.3%	$5.65	$0.20	$400	$43,878	$59,681	$10,872	15	$6,000	7mo	1mo	1.94x	PASS
5	32	Sep 18	66d	18.3%	$4.45	$1.40	$2,800	$49,220	$85,001	$5,530	15	$6,000	13mo	1mo	1.94x	PASS
6	31	Oct 16	94d	20.9%	$5.20	$0.65	$1,300	$40,383	$61,739	$14,367	16	$8,000	7mo	1mo	2.00x	PASS
7	31	Sep 18	66d	20.9%	$4.10	$1.75	$3,500	$45,348	$87,932	$9,402	16	$8,000	10mo	1mo	2.00x	PASS
8	30	Oct 16	94d	23.4%	$4.60	$1.25	$2,500	$35,723	$53,197	$19,027	17	$10,000	6mo	1mo	2.06x	PASS
9	30	Sep 18	66d	23.4%	$3.65	$2.20	$4,400	$40,371	$75,765	$14,379	17	$10,000	8mo	1mo	2.06x	PASS
10	29	Oct 16	94d	26.0%	$4.25	$1.60	$3,200	$33,005	$49,314	$21,745	18	$12,000	7mo	1mo	2.12x	PASS
11	29	Sep 18	66d	26.0%	$3.40	$2.45	$4,900	$37,606	$70,235	$17,144	18	$12,000	8mo	1mo	2.12x	PASS
12	28	Sep 18	66d	28.5%	$3.00	$2.85	$5,700	$33,182	$63,598	$21,568	19	$14,000	8mo	1mo	2.19x	PASS
13	28	Oct 16	94d	28.5%	$4.45	$1.40	$2,800	$34,559	$44,654	$20,191	19	$14,000	8mo	1mo	2.19x	PASS
14	34	Sep 18	66d	13.2%	$5.35	$0.50	$1,000	$59,174	$77,258	$-4,424	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 $1.98	$45,987/yr	$52,420/yr	DEFICIT $536/mo
CC at MID $48 0.7σ, B $1.80	$41,806/yr	$52,420/yr	DEFICIT $884/mo
AT 20% DRAWDOWN (stock $39.19 → $31.35, hedge $54,245/yr)
CC at SS vs stressed	$45,987/yr	$54,245/yr	DEFICIT $688/mo
CC at MID vs stressed	$41,806/yr	$54,245/yr	DEFICIT $1,037/mo

NOT SELF-FUNDING Requires ongoing capital even at MID

CC WRITING STRATEGY

NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.

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	13.2%	$6.75	$-0.90	$-1,800	$52,420	$54,245	$2,330	13	$2,000	10mo	0mo	1.81x	PASS
2	33	Oct 16	94d	15.8%	$5.95	$-0.10	$-200	$46,207	$56,963	$8,543	14	$4,000	6mo	0mo	1.88x	PASS
3	33	Sep 18	66d	15.8%	$4.90	$0.95	$1,900	$54,197	$81,130	$553	14	$4,000	87mo	0mo	1.88x	PASS
4	32	Oct 16	94d	18.3%	$5.65	$0.20	$400	$43,878	$59,681	$10,872	15	$6,000	7mo	1mo	1.94x	PASS
5	32	Sep 18	66d	18.3%	$4.45	$1.40	$2,800	$49,220	$85,001	$5,530	15	$6,000	13mo	1mo	1.94x	PASS
6	31	Oct 16	94d	20.9%	$5.20	$0.65	$1,300	$40,383	$61,739	$14,367	16	$8,000	7mo	1mo	2.00x	PASS
7	31	Sep 18	66d	20.9%	$4.10	$1.75	$3,500	$45,348	$87,932	$9,402	16	$8,000	10mo	1mo	2.00x	PASS
8	30	Oct 16	94d	23.4%	$4.60	$1.25	$2,500	$35,723	$53,197	$19,027	17	$10,000	6mo	1mo	2.06x	PASS
9	30	Sep 18	66d	23.4%	$3.65	$2.20	$4,400	$40,371	$75,765	$14,379	17	$10,000	8mo	1mo	2.06x	PASS
10	29	Oct 16	94d	26.0%	$4.25	$1.60	$3,200	$33,005	$49,314	$21,745	18	$12,000	7mo	1mo	2.12x	PASS
11	29	Sep 18	66d	26.0%	$3.40	$2.45	$4,900	$37,606	$70,235	$17,144	18	$12,000	8mo	1mo	2.12x	PASS
12	28	Sep 18	66d	28.5%	$3.00	$2.85	$5,700	$33,182	$63,598	$21,568	19	$14,000	8mo	1mo	2.19x	PASS
13	28	Oct 16	94d	28.5%	$4.45	$1.40	$2,800	$34,559	$44,654	$20,191	19	$14,000	8mo	1mo	2.19x	PASS
14	34	Sep 18	66d	13.2%	$5.35	$0.50	$1,000	$59,174	$77,258	$-4,424	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 $1.98	$45,987/yr	$52,420/yr	DEFICIT $536/mo
CC at MID $48 0.7σ, B $1.80	$41,806/yr	$52,420/yr	DEFICIT $884/mo
AT 20% DRAWDOWN (stock $39.19 → $31.35, hedge $54,245/yr)
CC at SS vs stressed	$45,987/yr	$54,245/yr	DEFICIT $688/mo
CC at MID vs stressed	$41,806/yr	$54,245/yr	DEFICIT $1,037/mo

NOT SELF-FUNDING Requires ongoing capital even at MID

CC WRITING STRATEGY

NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.

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

Stock: $15.72 Current HP: 10P (38d, 36.4% OTM) Current hedge: $7,204/yr Current ML: $71,250 CC income: $52,445/yr Cost cap: 25% of CC = $13,111/yr IV: HIGH 2 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Nov 20 '26, 129d, 36.4% OTM) | Cost: $10,469/yr (20% of CC) | New ML: $71,250 = ML | Roll DEBIT $3,350 | Margin (TIMS): $873

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	129d	36.4%	$0.62	$0.74	$10,469	20%	$71,250	=	D $3,350
2	10	Jan 15	185d	36.4%	$0.80	$1.09	$10,753	21%	$71,250	=	D $5,100

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $20, B $0.23	$13,355/yr	$10,469/yr	SELF-FUNDING
CC at MID $18 0.7σ, B $0.20	$11,613/yr	$10,469/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($20, bid $0.23). 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, 38d

Stock: $39.19 Current HP: 21P (38d, 46.4% OTM) Current hedge: $14,408/yr Current ML: $94,000 CC income: $104,800/yr Cost cap: 25% of CC = $26,200/yr IV: HIGH 12 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Sep 18 '26, 66d, 46.4% OTM) | Cost: $12,720/yr (12% of CC) | New ML: $94,000 = ML | Roll DEBIT $1,620 | Margin (TIMS): $1,791

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 26P (Oct 16 '26, 94d, 33.6% OTM) | Cost: $24,851/yr (24% of CC) | New ML: $84,000 ↓ $10,000 | Roll DEBIT $5,720 | Margin (TIMS): $1,659

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Sep 18	66d	46.4%	$0.65	$1.15	$12,720	12%	$94,000	=	D $1,620
2	21	Oct 16	94d	46.4%	$0.82	$1.91	$14,833	14%	$94,000	=	D $3,140
3	22	Oct 16	94d	43.9%	$1.27	$1.95	$15,144	14%	$92,000	-$2,000	D $3,220
4	22	Sep 18	66d	43.9%	$0.95	$1.45	$16,038	15%	$92,000	-$2,000	D $2,220
5	23	Sep 18	66d	41.3%	$1.17	$1.64	$18,139	17%	$90,000	-$4,000	D $2,600
6	23	Oct 16	94d	41.3%	$1.25	$2.59	$20,114	19%	$90,000	-$4,000	D $4,500
7	24	Sep 18	66d	38.8%	$0.95	$1.84	$20,352	19%	$88,000	-$6,000	D $3,000
8	24	Oct 16	94d	38.8%	$1.51	$2.86	$22,211	21%	$88,000	-$6,000	D $5,040
9	25	Oct 16	94d	36.2%	$2.26	$2.91	$22,599	22%	$86,000	-$8,000	D $5,140
10	25	Sep 18	66d	36.2%	$1.64	$2.08	$23,006	22%	$86,000	-$8,000	D $3,480
▶ 11	26 PROT	Oct 16	94d	33.6%	$1.95	$3.20	$24,851	24%	$84,000	-$10,000	D $5,720
12	26	Sep 18	66d	33.6%	$1.83	$2.32	$25,661	24%	$84,000	-$10,000	D $3,960

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.55	$12,774/yr	$12,720/yr	SELF-FUNDING
CC at MID $50 0.7σ, B $1.88	$43,665/yr	$12,720/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.55). 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: $107.27 Current HP: 35P (38d, 67.4% OTM) Current hedge: $384/yr Current ML: $47,000 CC income: $31,563/yr Cost cap: 25% of CC = $7,891/yr IV: HIGH 46 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 66d, 67.4% OTM) | Cost: $553/yr (2% of CC) | New ML: $47,000 = ML | Roll DEBIT $95 | Margin (TIMS): $2,866

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 72P (Sep 18 '26, 66d, 32.4% OTM) | Cost: $7,881/yr (25% of CC) | New ML: $28,250 ↓ $18,750 | Roll DEBIT $1,420 | Margin (TIMS): $2,672

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Sep 18	66d	67.4%	$0.10	$0.20	$553	2%	$47,000	=	D $95
2	36	Sep 18	66d	66.4%	$0.03	$0.21	$581	2%	$46,500	-$500	D $100
3	37	Sep 18	66d	65.5%	$0.05	$0.23	$636	2%	$46,000	-$1,000	D $110
4	40	Sep 18	66d	62.7%	$0.15	$0.23	$636	2%	$44,500	-$2,500	D $110
5	35	Oct 16	94d	67.4%	$0.10	$0.33	$641	2%	$47,000	=	D $160
6	38	Sep 18	66d	64.6%	$0.06	$0.25	$691	2%	$45,500	-$1,500	D $120
7	39	Sep 18	66d	63.6%	$0.03	$0.29	$802	3%	$45,000	-$2,000	D $140
8	39	Oct 16	94d	63.6%	$0.19	$0.44	$854	3%	$45,000	-$2,000	D $215
9	41	Sep 18	66d	61.8%	$0.11	$0.31	$857	3%	$44,000	-$3,000	D $150
10	42	Sep 18	66d	60.8%	$0.13	$0.33	$912	3%	$43,500	-$3,500	D $160
11	40	Oct 16	94d	62.7%	$0.22	$0.48	$932	3%	$44,500	-$2,500	D $235
12	43	Sep 18	66d	59.9%	$0.15	$0.36	$995	3%	$43,000	-$4,000	D $175
▶ 13	72 PROT	Sep 18	66d	32.4%	$2.59	$2.85	$7,881	25%	$28,250	-$18,750	D $1,420

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $118, B $7.15	$41,516/yr	$553/yr	SELF-FUNDING
CC at MID $125 0.4σ, B $5.45	$31,645/yr	$553/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($118, bid $7.15). 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).