Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$117,435/yr

TOTAL HEDGE (REPAIRED)

$112,674/yr

ANNUAL SAVINGS

$4,761/yr

ROLL CREDITS

-$200

ADDITIONAL MAX LOSS

$4,000

PORTFOLIO ACTION SUMMARY · 46 positions

3 · ROLL NOW2 · REPAIR PLAN5 · LEAPS-ONLY36 · 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 (RetireInc) → +10C −18P +10P	$15.34	10	18	10	0	$17.13	$19.28	8	2.28x	34.8%	SAFE	50	$31,250	$76,700	ROLL NOW (36d)
INTC → +85C −100P +35P −121C	$99.65	85	100	35	121	$114.00	$116.26	65	3.24x	64.9%	SAFE	5	$14,500	$49,825	ROLL NOW (36d)
IREN (Neville) → +45C −65P +21P −43C	$36.97	45	65	21	43	$56.50	$59.53	44	15.67x	43.2%	SAFE	20	$6,000	$73,930	ROLL NOW (36d)
IREN (Joint) → +25C −47P +35P −48C	$36.97	25	47	35	48	$44.00	$49.70	12	1.75x	5.3%	OK	20	$32,000	$73,930	REPAIR PLAN (92d)
IREN (Main) → +25C −47P +35P −48C	$36.97	25	47	35	48	$44.00	$49.70	12	1.75x	5.3%	OK	20	$32,000	$73,930	REPAIR PLAN (92d)
GOOG (Joint) +310C −370C	$370.43	310	0	0	370	$392.50	$338.11	0	1.00x	0.0%	N/A	5	$41,250	$185,215	LEAPS-ONLY
GOOG (Main) +310C −360C	$370.43	310	0	0	360	$392.50	$338.11	0	1.00x	0.0%	N/A	10	$82,500	$370,430	LEAPS-ONLY
IGV +70C −100C	$92.62	70	0	0	100	$96.50	$85.75	0	1.00x	0.0%	N/A	12	$31,800	$111,150	LEAPS-ONLY
MARA (Main) +40C	$12.02	40	0	0	0	$40.55	$14.76	0	1.00x	0.0%	N/A	200	$11,000	$240,300	LEAPS-ONLY
SPY +640C −764C	$751.89	640	0	0	764	$764.00	$694.61	0	1.00x	0.0%	N/A	12	$148,800	$902,268	LEAPS-ONLY
AMZN +215C −260P +230P −280C	$253.91	215	260	230	280	$256.25	$239.77	30	1.80x	9.4%	OK	10	$37,500	$253,915	OK
APP +460C −540P +185P −490C	$441.26	460	540	185	490	$588.00	$605.63	355	3.77x	58.1%	SAFE	1	$12,800	$44,126	OK
BMNR (Joint) +23C −65P +25P	$15.34	23	65	25	0	$30.29	$7.67	40	0.00x	-63.0%	ITM	150	$0	$230,100	OK
BMNR (Main) +25C −45P +15P	$15.34	25	45	15	0	$44.46	—	30	2.59x	2.2%	TIGHT	50	$94,550	$76,700	OK
BMNR (Main) +23C −65P +25P	$15.34	23	65	25	0	$39.13	$7.67	40	0.00x	-63.0%	ITM	75	$0	$115,050	OK
CLSK +17C −17P +10P	$13.88	17	17	10	0	$20.74	$16.78	7	2.87x	28.0%	SAFE	25	$9,350	$34,700	OK
COIN (Main) +165C −240P +85P −175C	$162.19	165	240	85	175	$210.90	$216.08	155	10.23x	47.6%	SAFE	8	$13,440	$129,752	OK
COIN (Main) +500C −330P +300P −175C	$162.19	500	330	300	175	$563.00	$332.52	30	1.48x	-85.0%	ITM	25	$157,500	$405,475	OK
COIN (RetireInc) +145C −200P +75P −190C	$162.19	145	200	75	190	$182.40	$185.36	125	7.31x	53.8%	SAFE	3	$5,940	$48,657	OK
COPX +65C −90P +68P −82C	$75.46	65	90	68	82	$93.40	$95.13	22	1.77x	9.9%	OK	20	$56,800	$150,920	OK
CRWV +105C −120P +40P	$74.67	105	120	40	0	$125.45	$128.87	80	4.91x	46.4%	SAFE	5	$10,225	$37,335	OK
DELL +340C −390P +150P −425C	$403.31	340	390	150	425	$398.00	$410.14	240	5.14x	62.8%	SAFE	3	$17,400	$120,994	OK
ENPH +45C −60P +20P	$42.39	45	60	20	0	$56.15	$58.44	40	6.48x	52.8%	SAFE	10	$7,300	$42,392	OK
ETHA +13C −16P +10P	$14.21	13	16	10	0	$17.33	$17.94	6	2.39x	29.6%	SAFE	50	$21,650	$71,025	OK
GLD +320C −450P +330P −379C	$365.67	320	450	330	379	$456.00	$472.96	120	1.88x	9.8%	OK	10	$136,000	$365,670	OK
GLXY +38C −38P +18P	$23.59	38	38	18	0	$39.71	$33.79	20	10.05x	25.8%	SAFE	125	$27,625	$294,938	OK
GOOG (Neville) +300C −345P +310P −360C	$370.43	300	345	310	360	$373.00	$335.90	35	1.48x	16.3%	SAFE	15	$109,500	$555,645	OK
GOOG (Neville) +340C −405P +360P −360C	$370.43	340	405	360	360	$398.00	$375.17	45	1.88x	2.8%	TIGHT	5	$25,500	$185,215	OK
HIMS +10C −20P +5P −40C	$36.38	10	20	5	40	$17.47	$19.17	15	4.04x	86.3%	SAFE	15	$7,395	$54,578	OK
IREN (RetireInc) +50C −70P +23P −43C	$36.97	50	70	23	43	$63.43	$67.79	47	7.86x	37.8%	SAFE	20	$13,700	$73,930	OK
MARA (Joint) +20C −17P +10P	$12.02	20	17	10	0	$24.33	$19.14	7	2.62x	16.8%	SAFE	50	$21,650	$60,075	OK
MARA (Main) +20C −25P +15P	$12.02	20	25	15	0	$22.69	$18.19	10	27.32x	-24.8%	ITM	200	$7,600	$240,300	OK
MARA (Neville) +25C −15P +13P	$12.02	25	15	13	0	$26.40	$15.55	2	2.43x	-8.2%	ITM	250	$35,000	$300,375	OK
MDB +270C −340P +150P	$322.32	270	340	150	0	$362.90	$380.03	190	3.05x	53.5%	SAFE	1	$9,290	$32,232	OK
META +480C −650P +330P −630C	$669.18	480	650	330	630	$601.50	$604.17	320	5.38x	50.7%	SAFE	3	$21,900	$200,754	OK
MSTR +125C −185P +55P −122C	$94.86	125	185	55	122	$161.00	$166.31	130	11.83x	42.0%	SAFE	4	$4,800	$37,944	OK
MU (Main) +880C −1010P +320P	$872.64	880	1010	320	0	$1028.60	$1055.60	690	5.64x	63.3%	SAFE	5	$74,300	$436,320	OK
MU (Neville) +970C −1110P +370P	$872.64	970	1110	370	0	$1220.00	$1246.98	740	3.96x	57.6%	SAFE	2	$50,000	$174,528	OK
NEM +88C −105P +75P	$92.95	88	105	75	0	$114.54	$118.00	30	2.11x	19.3%	SAFE	5	$13,520	$46,475	OK
NOW +80C −110P +90P −115C	$101.03	80	110	90	115	$108.93	$111.85	20	1.72x	10.9%	SAFE	10	$27,850	$101,030	OK
NVDA +140C −175P +70P −218C	$209.12	140	175	70	218	$199.60	$202.68	105	2.76x	66.5%	SAFE	5	$29,800	$104,562	OK
QCOM +190C −210P +90P −190C	$171.66	190	210	90	190	$224.00	$227.63	120	4.53x	47.6%	SAFE	5	$17,000	$85,832	OK
RIOT +17C −40P +17P	$19.25	17	40	17	0	$23.65	$30.15	23	11.22x	11.7%	SAFE	50	$11,250	$96,250	OK
RKLB +115C −135P +45P	$70.73	115	135	45	0	$141.55	$147.32	90	4.39x	36.4%	SAFE	6	$15,930	$42,438	OK
SOFI +10C −13P +5P −23C	$17.69	10	13	5	23	$15.75	$16.12	8	2.39x	71.7%	SAFE	35	$20,125	$61,915	OK
SPCX +150C −195P +135P −155C	$136.34	150	195	135	155	$186.00	$183.21	60	3.22x	1.0%	TIGHT	5	$13,500	$68,172	OK

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

Stock: $36.97 HP: 5.3% OTM Current hedge: $58,717/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $117,539/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 16 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	8.0%	$7.10	$-0.05	$-100	$56,337	$46,934	$2,380	13	$2,000	10mo	0mo	1.81x	PASS
2	33	Oct 16	92d	10.7%	$6.55	$0.50	$1,000	$51,973	$50,108	$6,745	14	$4,000	7mo	0mo	1.88x	PASS
3	32	Oct 16	92d	13.4%	$6.05	$1.00	$2,000	$48,005	$49,711	$10,712	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	64d	13.4%	$5.05	$2.00	$4,000	$57,602	$71,460	$1,116	15	$6,000	65mo	1mo	1.94x	PASS
5	31	Oct 16	92d	16.1%	$5.45	$1.60	$3,200	$43,245	$56,059	$15,473	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	64d	16.1%	$4.60	$2.45	$4,900	$52,469	$80,585	$6,249	16	$8,000	15mo	1mo	2.00x	PASS
7	30	Oct 16	92d	18.8%	$5.10	$1.95	$3,900	$40,467	$59,233	$18,250	17	$10,000	7mo	1mo	2.06x	PASS
8	30	Sep 18	64d	18.8%	$4.05	$3.00	$6,000	$46,195	$85,148	$12,522	17	$10,000	10mo	1mo	2.06x	PASS
9	29	Oct 16	92d	21.5%	$4.70	$2.35	$4,700	$37,293	$56,337	$21,424	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	64d	21.5%	$3.75	$3.30	$6,600	$42,773	$80,984	$15,944	18	$12,000	9mo	1mo	2.12x	PASS
11	28	Oct 16	92d	24.3%	$4.20	$2.85	$5,700	$33,326	$50,783	$25,391	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	64d	24.3%	$3.40	$3.65	$7,300	$38,781	$73,000	$19,936	19	$14,000	8mo	1mo	2.19x	PASS
13	27	Oct 16	92d	27.0%	$3.70	$3.35	$6,700	$29,359	$48,005	$29,359	20	$16,000	7mo	1mo	2.25x	PASS
14	27	Sep 18	64d	27.0%	$3.10	$3.95	$7,900	$35,359	$69,008	$23,358	20	$16,000	8mo	1mo	2.25x	PASS
15	26	Oct 16	92d	29.7%	$3.50	$3.55	$7,100	$27,772	$40,071	$30,946	21	$18,000	7mo	1mo	2.31x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $50, B $1.86	$37,200/yr	$56,337/yr	DEFICIT $1,595/mo
CC at MID $46 0.7σ, B $2.57	$51,400/yr	$56,337/yr	DEFICIT $411/mo
AT 20% DRAWDOWN (stock $36.97 → $29.57, hedge $46,934/yr)
CC at SS vs stressed	$37,200/yr	$46,934/yr	DEFICIT $811/mo
CC at MID vs stressed	$51,400/yr	$46,934/yr	SELF-FUNDING

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, 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	8.0%	$7.10	$-0.05	$-100	$56,337	$46,934	$2,380	13	$2,000	10mo	0mo	1.81x	PASS
2	33	Oct 16	92d	10.7%	$6.55	$0.50	$1,000	$51,973	$50,108	$6,745	14	$4,000	7mo	0mo	1.88x	PASS
3	32	Oct 16	92d	13.4%	$6.05	$1.00	$2,000	$48,005	$49,711	$10,712	15	$6,000	7mo	1mo	1.94x	PASS
4	32	Sep 18	64d	13.4%	$5.05	$2.00	$4,000	$57,602	$71,460	$1,116	15	$6,000	65mo	1mo	1.94x	PASS
5	31	Oct 16	92d	16.1%	$5.45	$1.60	$3,200	$43,245	$56,059	$15,473	16	$8,000	6mo	1mo	2.00x	PASS
6	31	Sep 18	64d	16.1%	$4.60	$2.45	$4,900	$52,469	$80,585	$6,249	16	$8,000	15mo	1mo	2.00x	PASS
7	30	Oct 16	92d	18.8%	$5.10	$1.95	$3,900	$40,467	$59,233	$18,250	17	$10,000	7mo	1mo	2.06x	PASS
8	30	Sep 18	64d	18.8%	$4.05	$3.00	$6,000	$46,195	$85,148	$12,522	17	$10,000	10mo	1mo	2.06x	PASS
9	29	Oct 16	92d	21.5%	$4.70	$2.35	$4,700	$37,293	$56,337	$21,424	18	$12,000	7mo	1mo	2.12x	PASS
10	29	Sep 18	64d	21.5%	$3.75	$3.30	$6,600	$42,773	$80,984	$15,944	18	$12,000	9mo	1mo	2.12x	PASS
11	28	Oct 16	92d	24.3%	$4.20	$2.85	$5,700	$33,326	$50,783	$25,391	19	$14,000	7mo	1mo	2.19x	PASS
12	28	Sep 18	64d	24.3%	$3.40	$3.65	$7,300	$38,781	$73,000	$19,936	19	$14,000	8mo	1mo	2.19x	PASS
13	27	Oct 16	92d	27.0%	$3.70	$3.35	$6,700	$29,359	$48,005	$29,359	20	$16,000	7mo	1mo	2.25x	PASS
14	27	Sep 18	64d	27.0%	$3.10	$3.95	$7,900	$35,359	$69,008	$23,358	20	$16,000	8mo	1mo	2.25x	PASS
15	26	Oct 16	92d	29.7%	$3.50	$3.55	$7,100	$27,772	$40,071	$30,946	21	$18,000	7mo	1mo	2.31x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $50, B $1.86	$37,200/yr	$56,337/yr	DEFICIT $1,595/mo
CC at MID $46 0.7σ, B $2.57	$51,400/yr	$56,337/yr	DEFICIT $411/mo
AT 20% DRAWDOWN (stock $36.97 → $29.57, hedge $46,934/yr)
CC at SS vs stressed	$37,200/yr	$46,934/yr	DEFICIT $811/mo
CC at MID vs stressed	$51,400/yr	$46,934/yr	SELF-FUNDING

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 (RetireInc): HP 10P Maintenance Roll · exp Aug 21 '26, 36d (no qualifying candidates)

Stock: $15.34 Current HP: 10P (36d) Current ML: $71,250 CC income: $44,811/yr Cost cap: 25% of CC = $11,203/yr IV: HIGH

No HP candidates passed all filters. Reasons:

5 candidate(s) priced
4 rejected for lacking a fillable two-sided market (synth or one-sided quote, common at deep OTM).
1 rejected for exceeding cost cap ($11,203/yr = 25% of CC). Try --maint-cost-cap 0.50.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Aug 21 '26, 36d

Stock: $36.97 Current HP: 21P (36d, 43.2% OTM) Current hedge: $17,844/yr Current ML: $94,000 CC income: $117,539/yr Cost cap: 25% of CC = $29,385/yr IV: HIGH 12 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Oct 16 '26, 92d, 43.2% OTM) | Cost: $15,473/yr (13% of CC) | New ML: $94,000 = ML | Roll DEBIT $3,060 | Margin (TIMS): $1,659

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Oct 16 '26, 92d, 27.0% OTM) | Cost: $29,359/yr (25% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $6,560 | Margin (TIMS): $1,495

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Oct 16	92d	43.2%	$1.52	$1.95	$15,473	13%	$94,000	=	D $3,060
2	21	Sep 18	64d	43.2%	$1.03	$1.41	$16,083	14%	$94,000	=	D $1,980
3	22	Oct 16	92d	40.5%	$1.79	$2.21	$17,536	15%	$92,000	-$2,000	D $3,580
4	22	Sep 18	64d	40.5%	$1.23	$1.63	$18,592	16%	$92,000	-$2,000	D $2,420
5	23	Oct 16	92d	37.8%	$2.05	$2.49	$19,758	17%	$90,000	-$4,000	D $4,140
6	23	Sep 18	64d	37.8%	$1.46	$1.87	$21,330	18%	$90,000	-$4,000	D $2,900
7	24	Oct 16	92d	35.1%	$2.36	$2.80	$22,217	19%	$88,000	-$6,000	D $4,760
8	25	Oct 16	92d	32.4%	$2.66	$2.97	$23,566	20%	$86,000	-$8,000	D $5,100
9	24	Sep 18	64d	35.1%	$1.70	$2.12	$24,181	21%	$88,000	-$6,000	D $3,400
10	25	Sep 18	64d	32.4%	$2.02	$2.24	$25,550	22%	$86,000	-$8,000	D $3,640
11	26	Oct 16	92d	29.7%	$3.05	$3.50	$27,772	24%	$84,000	-$10,000	D $6,160
▶ 12	27 PROT	Oct 16	92d	27.0%	$3.40	$3.70	$29,359	25%	$82,000	-$12,000	D $6,560

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.80	$16,000/yr	$15,473/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $2.12	$42,400/yr	$15,473/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.80). 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: $99.65 Current HP: 35P (36d, 64.9% OTM) Current hedge: $406/yr Current ML: $47,000 CC income: $58,735/yr Cost cap: 25% of CC = $14,684/yr IV: HIGH 52 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 64d, 64.9% OTM) | Cost: $570/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $95 | Margin (TIMS): $2,783

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 80P (Oct 16 '26, 92d, 19.7% OTM) | Cost: $14,679/yr (25% of CC) | New ML: $24,500 ↓ $22,500 | Roll DEBIT $3,695 | Margin (TIMS): $2,290

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Sep 18	64d	64.9%	$0.10	$0.20	$570	1%	$47,000	=	D $95
2	37	Sep 18	64d	62.9%	$0.07	$0.21	$599	1%	$46,000	-$1,000	D $100
3	36	Sep 18	64d	63.9%	$0.05	$0.22	$627	1%	$46,500	-$500	D $105
4	40	Sep 18	64d	59.9%	$0.15	$0.23	$656	1%	$44,500	-$2,500	D $110
5	35	Oct 16	92d	64.9%	$0.13	$0.35	$694	1%	$47,000	=	D $170
6	38	Sep 18	64d	61.9%	$0.08	$0.26	$741	1%	$45,500	-$1,500	D $125
7	39	Sep 18	64d	60.9%	$0.10	$0.28	$798	1%	$45,000	-$2,000	D $135
8	39	Oct 16	92d	60.9%	$0.25	$0.47	$932	2%	$45,000	-$2,000	D $230
9	41	Sep 18	64d	58.9%	$0.14	$0.34	$970	2%	$44,000	-$3,000	D $165
10	40	Oct 16	92d	59.9%	$0.28	$0.50	$992	2%	$44,500	-$2,500	D $245
11	42	Sep 18	64d	57.9%	$0.16	$0.36	$1,027	2%	$43,500	-$3,500	D $175
12	43	Sep 18	64d	56.8%	$0.20	$0.39	$1,112	2%	$43,000	-$4,000	D $190
▶ 13	80 PROT	Oct 16	92d	19.7%	$7.10	$7.40	$14,679	25%	$24,500	-$22,500	D $3,695

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $5.10	$25,500/yr	$570/yr	SELF-FUNDING
CC at MID $125 0.6σ, B $4.10	$20,500/yr	$570/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $5.10). 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).