Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$111,087/yr

TOTAL HEDGE (REPAIRED)

$105,533/yr

ANNUAL SAVINGS

$5,554/yr

ROLL CREDITS

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	$15.90	10	18	10	0	$17.13	$19.45	8	2.28x	37.1%	SAFE	50	$31,250	$79,500	ROLL NOW (36d)
INTC → +85C −100P +35P −121C	$102.93	85	100	35	121	$114.00	$117.92	65	3.24x	66.0%	SAFE	5	$14,500	$51,465	ROLL NOW (36d)
IREN (Neville) → +45C −65P +21P −43C	$38.66	45	65	21	43	$56.50	$58.47	44	15.67x	45.7%	SAFE	20	$6,000	$77,320	ROLL NOW (36d)
IREN (Joint) → +25C −47P +35P −48C	$38.66	25	47	35	48	$44.00	$48.49	12	1.75x	9.5%	OK	20	$32,000	$77,320	REPAIR PLAN (92d)
IREN (Main) → +25C −47P +35P −48C	$38.66	25	47	35	48	$44.00	$48.49	12	1.75x	9.5%	OK	20	$32,000	$77,320	REPAIR PLAN (92d)
GOOG (Joint) +310C −370C	$369.70	310	0	0	370	$392.50	$340.23	0	1.00x	0.0%	N/A	5	$41,250	$184,850	LEAPS-ONLY
GOOG (Main) +310C −360C	$369.70	310	0	0	360	$392.50	$340.23	0	1.00x	0.0%	N/A	10	$82,500	$369,700	LEAPS-ONLY
IGV +70C −100C	$94.12	70	0	0	100	$96.50	$86.37	0	1.00x	0.0%	N/A	12	$31,800	$112,944	LEAPS-ONLY
SPY +640C −764C	$754.05	640	0	0	764	$764.00	$693.87	0	1.00x	0.0%	N/A	12	$148,800	$904,866	LEAPS-ONLY
AMZN +215C −260P +230P −280C	$254.06	215	260	230	280	$256.25	$239.54	30	1.80x	9.5%	OK	10	$37,500	$254,065	OK
APP +460C −540P +185P −490C	$455.59	460	540	185	490	$588.00	$609.59	355	3.77x	59.4%	SAFE	1	$12,800	$45,559	OK
CLSK +17C −17P +10P	$14.12	17	17	10	0	$20.74	$17.23	7	2.87x	29.2%	SAFE	25	$9,350	$35,312	OK
COIN (Main) +165C −240P +85P −175C	$167.46	165	240	85	175	$210.90	$219.14	155	10.23x	49.2%	SAFE	8	$13,440	$133,968	OK
COIN (RetireInc) +145C −200P +75P −190C	$167.46	145	200	75	190	$182.40	$189.41	125	7.31x	55.2%	SAFE	3	$5,940	$50,238	OK
COPX +65C −90P +68P −82C	$77.38	65	90	68	82	$93.40	$94.90	22	1.77x	12.1%	SAFE	20	$56,800	$154,750	OK
CRWV +105C −120P +40P	$77.34	105	120	40	0	$125.45	$129.00	80	4.91x	48.3%	SAFE	5	$10,225	$38,672	OK
DELL +340C −390P +150P −425C	$412.79	340	390	150	425	$398.00	$410.67	240	5.14x	63.7%	SAFE	3	$17,400	$123,837	OK
ENPH +45C −60P +20P	$44.00	45	60	20	0	$56.15	$58.87	40	6.48x	54.5%	SAFE	10	$7,300	$44,000	OK
ETHA +13C −16P +10P	$14.53	13	16	10	0	$17.33	$17.94	6	2.39x	31.2%	SAFE	50	$21,650	$72,625	OK
GLD +320C −450P +330P −379C	$371.69	320	450	330	379	$456.00	$472.67	120	1.88x	11.2%	SAFE	10	$136,000	$371,695	OK
GLXY +38C −38P +18P	$24.77	38	38	18	0	$39.71	$33.52	20	10.05x	29.3%	SAFE	125	$27,625	$309,624	OK
GOOG (Neville) +300C −345P +310P −360C	$369.70	300	345	310	360	$373.00	$338.90	35	1.48x	16.1%	SAFE	15	$109,500	$554,550	OK
GOOG (Neville) +340C −405P +360P −360C	$369.70	340	405	360	360	$398.00	$374.60	45	1.88x	2.6%	TIGHT	5	$25,500	$184,850	OK
HIMS +10C −20P +5P −40C	$37.21	10	20	5	40	$17.47	$19.59	15	4.04x	86.6%	SAFE	15	$7,395	$55,815	OK
IREN (RetireInc) +50C −70P +23P −43C	$38.66	50	70	23	43	$63.43	$68.03	47	7.86x	40.5%	SAFE	20	$13,700	$77,320	OK
MARA (Joint) +20C −17P +10P	$12.29	20	17	10	0	$24.33	$19.33	7	2.62x	18.7%	SAFE	50	$21,650	$61,475	OK
MARA (Main) +20C −25P +15P	$12.29	20	25	15	0	$22.69	$17.86	10	27.32x	-22.0%	ITM	200	$7,600	$245,900	OK
MARA (Neville) +25C −15P +13P	$12.29	25	15	13	0	$26.40	$14.84	2	2.43x	-5.7%	ITM	250	$35,000	$307,375	OK
MDB +270C −340P +150P	$334.86	270	340	150	0	$362.90	$383.98	190	3.05x	55.2%	SAFE	1	$9,290	$33,486	OK
META +480C −650P +330P −630C	$678.77	480	650	330	630	$601.50	$606.03	320	5.38x	51.4%	SAFE	3	$21,900	$203,631	OK
MSTR +125C −185P +55P −122C	$97.47	125	185	55	122	$161.00	$167.26	130	11.83x	43.6%	SAFE	4	$4,800	$38,988	OK
MU (Main) +880C −1010P +320P	$911.01	880	1010	320	0	$1028.60	$1058.02	690	5.64x	64.9%	SAFE	5	$74,300	$455,505	OK
MU (Neville) +970C −1110P +370P	$911.01	970	1110	370	0	$1220.00	$1249.16	740	3.96x	59.4%	SAFE	2	$50,000	$182,202	OK
NEM +88C −105P +75P	$95.57	88	105	75	0	$114.54	$118.63	30	2.11x	21.5%	SAFE	5	$13,520	$47,785	OK
NOW +80C −110P +90P −115C	$105.31	80	110	90	115	$108.93	$113.27	20	1.72x	14.5%	SAFE	10	$27,850	$105,305	OK
NVDA +140C −175P +70P −218C	$211.70	140	175	70	218	$199.60	$203.37	105	2.76x	66.9%	SAFE	5	$29,800	$105,850	OK
QCOM +190C −210P +90P −190C	$178.56	190	210	90	190	$224.00	$228.40	120	4.53x	49.6%	SAFE	5	$17,000	$89,282	OK
RIOT +17C −40P +17P	$20.18	17	40	17	0	$23.65	$31.28	23	8.24x	15.7%	SAFE	50	$15,875	$100,875	OK
RKLB +115C −135P +45P	$76.77	115	135	45	0	$141.55	$148.54	90	4.39x	41.4%	SAFE	6	$15,930	$46,062	OK
SOFI +10C −13P +5P −23C	$17.98	10	13	5	23	$15.75	$16.35	8	2.39x	72.2%	SAFE	35	$20,125	$62,913	OK
SPCX +150C −195P +135P −155C	$135.33	150	195	135	155	$186.00	$183.77	60	3.22x	0.2%	TIGHT	5	$13,500	$67,665	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 92d

Stock: $38.66 HP: 9.5% OTM Current hedge: $55,543/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $121,743/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	92d	12.1%	$6.65	$0.00	$0	$52,766	$52,449	$2,777	13	$2,000	9mo	0mo	1.81x	PASS
2	33	Oct 16	92d	14.6%	$6.00	$0.65	$1,300	$47,609	$54,829	$7,935	14	$4,000	6mo	0mo	1.88x	PASS
3	32	Oct 16	92d	17.2%	$5.70	$0.95	$1,900	$45,228	$57,210	$10,315	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	64d	17.2%	$4.50	$2.15	$4,300	$51,328	$82,239	$4,215	15	$6,000	17mo	1mo	1.94x	PASS
5	31	Oct 16	92d	19.8%	$5.05	$1.60	$3,200	$40,071	$61,177	$15,473	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	64d	19.8%	$4.05	$2.60	$5,200	$46,195	$87,942	$9,348	16	$8,000	10mo	1mo	2.00x	PASS
7	30	Oct 16	92d	22.4%	$4.50	$2.15	$4,300	$35,707	$55,147	$19,837	17	$10,000	6mo	1mo	2.06x	PASS
8	30	Sep 18	64d	22.4%	$3.65	$3.00	$6,000	$41,633	$79,273	$13,911	17	$10,000	9mo	1mo	2.06x	PASS
9	29	Oct 16	92d	25.0%	$4.25	$2.40	$4,800	$33,723	$50,386	$21,821	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	64d	25.0%	$3.30	$3.35	$6,700	$37,641	$72,430	$17,903	18	$12,000	8mo	1mo	2.12x	PASS
11	28	Oct 16	92d	27.6%	$3.75	$2.90	$5,800	$29,755	$46,418	$25,788	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	64d	27.6%	$2.99	$3.66	$7,320	$34,105	$66,727	$21,439	19	$14,000	8mo	1mo	2.19x	PASS
13	33	Sep 18	64d	14.6%	$4.90	$1.75	$3,500	$55,891	$78,817	$-347	14	$4,000	N/A	0mo	1.88x	FAIL
14	34	Sep 18	64d	12.1%	$5.45	$1.20	$2,400	$62,164	$75,395	$-6,621	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 21 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $2.52	$50,400/yr	$52,766/yr	DEFICIT $197/mo
CC at MID $48 0.7σ, B $2.73	$54,600/yr	$52,766/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $38.66 → $30.93, hedge $52,449/yr)
CC at SS vs stressed	$50,400/yr	$52,449/yr	DEFICIT $171/mo
CC at MID vs stressed	$54,600/yr	$52,449/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $2.73). 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, 92d

#	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	92d	12.1%	$6.65	$0.00	$0	$52,766	$52,449	$2,777	13	$2,000	9mo	0mo	1.81x	PASS
2	33	Oct 16	92d	14.6%	$6.00	$0.65	$1,300	$47,609	$54,829	$7,935	14	$4,000	6mo	0mo	1.88x	PASS
3	32	Oct 16	92d	17.2%	$5.70	$0.95	$1,900	$45,228	$57,210	$10,315	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	64d	17.2%	$4.50	$2.15	$4,300	$51,328	$82,239	$4,215	15	$6,000	17mo	1mo	1.94x	PASS
5	31	Oct 16	92d	19.8%	$5.05	$1.60	$3,200	$40,071	$61,177	$15,473	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	64d	19.8%	$4.05	$2.60	$5,200	$46,195	$87,942	$9,348	16	$8,000	10mo	1mo	2.00x	PASS
7	30	Oct 16	92d	22.4%	$4.50	$2.15	$4,300	$35,707	$55,147	$19,837	17	$10,000	6mo	1mo	2.06x	PASS
8	30	Sep 18	64d	22.4%	$3.65	$3.00	$6,000	$41,633	$79,273	$13,911	17	$10,000	9mo	1mo	2.06x	PASS
9	29	Oct 16	92d	25.0%	$4.25	$2.40	$4,800	$33,723	$50,386	$21,821	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	64d	25.0%	$3.30	$3.35	$6,700	$37,641	$72,430	$17,903	18	$12,000	8mo	1mo	2.12x	PASS
11	28	Oct 16	92d	27.6%	$3.75	$2.90	$5,800	$29,755	$46,418	$25,788	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	64d	27.6%	$2.99	$3.66	$7,320	$34,105	$66,727	$21,439	19	$14,000	8mo	1mo	2.19x	PASS
13	33	Sep 18	64d	14.6%	$4.90	$1.75	$3,500	$55,891	$78,817	$-347	14	$4,000	N/A	0mo	1.88x	FAIL
14	34	Sep 18	64d	12.1%	$5.45	$1.20	$2,400	$62,164	$75,395	$-6,621	13	$2,000	N/A	0mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Aug 21 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $2.52	$50,400/yr	$52,766/yr	DEFICIT $197/mo
CC at MID $48 0.7σ, B $2.73	$54,600/yr	$52,766/yr	SELF-FUNDING
AT 20% DRAWDOWN (stock $38.66 → $30.93, hedge $52,449/yr)
CC at SS vs stressed	$50,400/yr	$52,449/yr	DEFICIT $171/mo
CC at MID vs stressed	$54,600/yr	$52,449/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $2.73). 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, 36d

Stock: $15.90 Current HP: 10P (36d, 37.1% OTM) Current hedge: $5,069/yr Current ML: $71,250 CC income: $68,533/yr Cost cap: 25% of CC = $17,133/yr IV: HIGH 3 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Nov 20 '26, 127d, 37.1% OTM) | Cost: $9,915/yr (14% of CC) | New ML: $71,250 = ML | Roll DEBIT $3,100 | Margin (TIMS): $926

PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 11P (Nov 20 '26, 127d, 30.8% OTM) | Cost: $13,508/yr (20% of CC) | New ML: $66,250 ↓ $5,000 | Roll DEBIT $4,350 | Margin (TIMS): $856

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	10 CHEAP	Nov 20	127d	37.1%	$0.60	$0.69	$9,915	14%	$71,250	=	D $3,100
2	10	Jan 15	183d	37.1%	$0.95	$1.01	$10,072	15%	$71,250	=	D $4,700
▶ 3	11 PROT	Nov 20	127d	30.8%	$0.86	$0.94	$13,508	20%	$66,250	-$5,000	D $4,350

POST-REPAIR SUSTAINABILITY CC chain Aug 21 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $20, B $0.50	$25,000/yr	$9,915/yr	SELF-FUNDING
CC at MID $19 0.7σ, B $0.67	$33,500/yr	$9,915/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($20, bid $0.50). 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, 36d

Stock: $38.66 Current HP: 21P (36d, 45.7% OTM) Current hedge: $14,803/yr Current ML: $94,000 CC income: $121,743/yr Cost cap: 25% of CC = $30,436/yr IV: HIGH 15 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Oct 16 '26, 92d, 45.7% OTM) | Cost: $13,886/yr (11% of CC) | New ML: $94,000 = ML | Roll DEBIT $2,620 | Margin (TIMS): $1,742

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 28P (Oct 16 '26, 92d, 27.6% OTM) | Cost: $29,755/yr (24% of CC) | New ML: $80,000 ↓ $14,000 | Roll DEBIT $6,620 | Margin (TIMS): $1,572

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Oct 16	92d	45.7%	$1.38	$1.75	$13,886	11%	$94,000	=	D $2,620
2	21	Sep 18	64d	45.7%	$0.88	$1.25	$14,258	12%	$94,000	=	D $1,620
3	22	Oct 16	92d	43.1%	$1.63	$1.99	$15,790	13%	$92,000	-$2,000	D $3,100
4	22	Sep 18	64d	43.1%	$0.94	$1.42	$16,197	13%	$92,000	-$2,000	D $1,960
5	23	Oct 16	92d	40.5%	$1.89	$2.23	$17,695	15%	$90,000	-$4,000	D $3,580
6	23	Sep 18	64d	40.5%	$1.14	$1.63	$18,592	15%	$90,000	-$4,000	D $2,380
7	24	Oct 16	92d	37.9%	$2.16	$2.45	$19,440	16%	$88,000	-$6,000	D $4,020
8	24	Sep 18	64d	37.9%	$1.44	$1.94	$22,128	18%	$88,000	-$6,000	D $3,000
9	25	Oct 16	92d	35.3%	$2.42	$2.80	$22,217	18%	$86,000	-$8,000	D $4,720
10	25	Sep 18	64d	35.3%	$1.80	$2.09	$23,839	20%	$86,000	-$8,000	D $3,300
11	26	Oct 16	92d	32.7%	$2.80	$3.10	$24,598	20%	$84,000	-$10,000	D $5,320
12	26	Sep 18	64d	32.7%	$1.86	$2.39	$27,261	22%	$84,000	-$10,000	D $3,900
▶ 13	28 PROT	Oct 16	92d	27.6%	$3.35	$3.75	$29,755	24%	$80,000	-$14,000	D $6,620

POST-REPAIR SUSTAINABILITY CC chain Aug 21 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $1.00	$20,000/yr	$13,886/yr	SELF-FUNDING
CC at MID $50 0.6σ, B $2.31	$46,200/yr	$13,886/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $1.00). 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, 36d

Stock: $102.93 Current HP: 35P (36d, 66.0% OTM) Current hedge: $355/yr Current ML: $47,000 CC income: $58,784/yr Cost cap: 25% of CC = $14,696/yr IV: HIGH 53 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 64d, 66.0% OTM) | Cost: $399/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $65 | Margin (TIMS): $2,638

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 80P (Oct 16 '26, 92d, 22.3% OTM) | Cost: $13,588/yr (23% of CC) | New ML: $24,500 ↓ $22,500 | Roll DEBIT $3,420 | Margin (TIMS): $1,900

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Sep 18	64d	66.0%	$0.10	$0.14	$399	1%	$47,000	=	D $65
2	38	Sep 18	64d	63.1%	$0.07	$0.19	$542	1%	$45,500	-$1,500	D $90
3	36	Sep 18	64d	65.0%	$0.04	$0.20	$570	1%	$46,500	-$500	D $95
4	37	Sep 18	64d	64.1%	$0.07	$0.21	$599	1%	$46,000	-$1,000	D $100
5	35	Oct 16	92d	66.0%	$0.11	$0.32	$635	1%	$47,000	=	D $155
6	40	Sep 18	64d	61.1%	$0.16	$0.23	$656	1%	$44,500	-$2,500	D $110
7	39	Sep 18	64d	62.1%	$0.14	$0.26	$741	1%	$45,000	-$2,000	D $125
8	39	Oct 16	92d	62.1%	$0.29	$0.41	$813	1%	$45,000	-$2,000	D $200
9	41	Sep 18	64d	60.2%	$0.18	$0.30	$855	1%	$44,000	-$3,000	D $145
10	40	Oct 16	92d	61.1%	$0.34	$0.46	$912	2%	$44,500	-$2,500	D $225
11	42	Sep 18	64d	59.2%	$0.21	$0.33	$941	2%	$43,500	-$3,500	D $160
12	43	Sep 18	64d	58.2%	$0.24	$0.36	$1,027	2%	$43,000	-$4,000	D $175
▶ 13	80 PROT	Oct 16	92d	22.3%	$6.60	$6.85	$13,588	23%	$24,500	-$22,500	D $3,420

POST-REPAIR SUSTAINABILITY CC chain Aug 21 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $6.70	$33,500/yr	$399/yr	SELF-FUNDING
CC at MID $130 0.7σ, B $4.50	$22,500/yr	$399/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $6.70). 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).