GENERATED2026-07-22 03:41
FORTRESS REPAIRHP Roll-Down Analysis
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$115,442/yr
TOTAL HEDGE (REPAIRED)
$106,953/yr
ANNUAL SAVINGS
$8,488/yr
ROLL CREDITS
$800
ADDITIONAL MAX LOSS
$4,000
PORTFOLIO ACTION SUMMARY · 47 positions
2 · REPAIR PLAN6 · LEAPS-ONLY39 · 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

FORTRESSSTOCKLCSPHPSC BE‑SS CC‑SS GAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
IREN (Joint) →
+25C −47P +35P −55C
 $41.06 2547 3555 $44.00 $48.58 121.75x 14.8% SAFE 20 $32,000$82,130 REPAIR PLAN (86d)
IREN (Main) →
+25C −47P +35P −55C
 $41.06 2547 3555 $44.00 $48.58 121.75x 14.8% SAFE 20 $32,000$82,130 REPAIR PLAN (86d)
GOOG (Joint)
+310C −370C
 $348.31 3100 0370 $392.50 $338.24 01.00x 0.0% N/A 5 $41,250$174,158 LEAPS-ONLY
IBIT
+75C
 $37.65 750 00 $70.58 $48.47 01.00x 0.0% N/A 50 $22,328$188,225 LEAPS-ONLY
IGV
+70C −96C
 $91.97 700 096 $96.50 $87.02 01.00x 0.0% N/A 12 $31,800$110,364 LEAPS-ONLY
MARA (Main)
+40C
 $12.12 400 00 $40.55 $15.02 01.00x 0.0% N/A 200 $11,000$242,436 LEAPS-ONLY
MSTR (Joint)
+180C −125C
 $100.96 1800 0125 $233.00 $149.24 01.00x 0.0% N/A 10 $53,000$100,960 LEAPS-ONLY
SPY
+640C −758C
 $748.41 6400 0758 $764.00 $693.98 01.00x 0.0% N/A 12 $148,800$898,092 LEAPS-ONLY
AMZN
+215C −260P +230P −280C
 $247.47 215260 230280 $256.25 $240.21 301.80x 7.1% OK 10 $37,500$247,470 OK
APP
+460C −540P +185P −465C
 $428.11 460540 185465 $588.00 $607.23 3553.77x 56.8% SAFE 1 $12,800$42,810 OK
BMNR (Joint)
+23C −65P +25P −20C
 $16.89 2365 2520 $30.29 $8.45 400.00x -48.0% ITM 150 $0$253,425 OK
BMNR (Main)
+25C −45P +15P −20C
 $16.89 2545 1520 $44.46 — 302.59x 11.2% SAFE 50 $94,550$84,475 OK
BMNR (Main)
+23C −65P +25P −20C
 $16.89 2365 2520 $39.13 $8.45 400.00x -48.0% ITM 75 $0$126,712 OK
BMNR (RetireInc)
+10C −18P +10P −20C
 $16.89 1018 1020 $17.13 $19.44 82.28x 40.8% SAFE 50 $31,250$84,475 OK
CLSK
+17C −17P +10P
 $15.28 1717 100 $20.74 $16.89 72.87x 34.5% SAFE 25 $9,350$38,188 OK
COIN (Main)
+165C −240P +85P −210C
 $176.70 165240 85210 $210.90 $214.73 15510.23x 51.9% SAFE 8 $13,440$141,360 OK
COIN (Main)
+500C −330P +300P −210C
 $176.70 500330 300210 $563.00 $334.09 301.48x -69.8% ITM 25 $157,500$441,750 OK
COIN (RetireInc)
+145C −200P +75P −215C
 $176.70 145200 75215 $182.40 $187.70 1257.31x 57.6% SAFE 3 $5,940$53,010 OK
COPX
+65C −90P +68P −85C
 $78.31 6590 6885 $93.40 $94.47 221.77x 13.2% SAFE 20 $56,800$156,620 OK
CRWV
+105C −120P +40P −84C
 $78.56 105120 4084 $125.45 $129.60 804.91x 49.1% SAFE 5 $10,225$39,280 OK
DELL
+340C −390P +150P −420C
 $403.83 340390 150420 $398.00 $409.42 2405.14x 62.9% SAFE 3 $17,400$121,149 OK
ENPH
+45C −60P +20P −45C
 $39.98 4560 2045 $56.15 $59.46 406.48x 50.0% SAFE 10 $7,300$39,985 OK
ETHA
+13C −16P +10P
 $14.53 1316 100 $17.33 $17.87 62.39x 31.2% SAFE 50 $21,650$72,625 OK
GLD
+320C −450P +330P −377C
 $374.59 320450 330377 $456.00 $472.00 1201.88x 11.9% SAFE 10 $136,000$374,590 OK
GLXY
+38C −38P +18P
 $25.60 3838 180 $39.71 $33.96 2010.05x 31.6% SAFE 125 $27,625$320,000 OK
GOOG (Neville)
+300C −345P +310P −370C
 $348.31 300345 310370 $373.00 $338.51 351.48x 11.0% SAFE 15 $109,500$522,472 OK
GOOG (Neville)
+340C −405P +360P −370C
 $348.31 340405 360370 $398.00 $376.81 451.88x -3.4% ITM 5 $25,500$174,158 OK
HIMS
+10C −20P +5P −40C
 $32.50 1020 540 $17.47 $18.69 154.04x 84.6% SAFE 15 $7,395$48,750 OK
INTC
+85C −100P +35P −116C
 $105.50 85100 35116 $114.00 $117.21 653.24x 66.8% SAFE 5 $14,500$52,748 OK
IREN (Neville)
+45C −65P +21P −55C
 $41.06 4565 2155 $56.50 $58.89 4415.67x 48.9% SAFE 20 $6,000$82,130 OK
IREN (RetireInc)
+50C −70P +23P −55C
 $41.06 5070 2355 $63.43 $67.32 477.86x 44.0% SAFE 20 $13,700$82,130 OK
MARA (Joint)
+20C −17P +10P
 $12.12 2017 100 $24.33 $19.06 72.62x 17.5% SAFE 50 $21,650$60,609 OK
MARA (Main)
+20C −25P +15P
 $12.12 2025 150 $22.69 $18.12 1027.32x -23.7% ITM 200 $7,600$242,436 OK
MARA (Neville)
+25C −15P +13P
 $12.12 2515 130 $26.40 $14.53 22.43x -7.2% ITM 250 $35,000$303,045 OK
MDB
+270C −340P +150P −350C
 $307.07 270340 150350 $362.90 $378.03 1903.05x 51.2% SAFE 1 $9,290$30,707 OK
META
+480C −650P +330P −630C
 $647.42 480650 330630 $601.50 $605.66 3205.38x 49.0% SAFE 3 $21,900$194,226 OK
MSTR (RetireInc)
+125C −185P +55P −130C
 $100.96 125185 55130 $161.00 $167.31 13011.83x 45.5% SAFE 4 $4,800$40,384 OK
MU (Main)
+880C −1010P +320P −1050C
 $969.58 8801010 3201050 $1028.60 $1057.62 6905.64x 67.0% SAFE 5 $74,300$484,790 OK
MU (Neville)
+970C −1110P +370P −1040C
 $969.58 9701110 3701040 $1220.00 $1246.66 7403.96x 61.8% SAFE 2 $50,000$193,916 OK
NEM
+88C −105P +75P −97C
 $91.87 88105 7597 $114.54 $118.28 302.11x 18.4% SAFE 5 $13,520$45,935 OK
NOW
+80C −110P +90P
 $101.97 80110 900 $108.93 $112.95 201.72x 11.7% SAFE 10 $27,850$101,970 OK
NVDA
+140C −175P +70P −212C
 $207.03 140175 70212 $199.60 $202.69 1052.76x 66.2% SAFE 5 $29,800$103,515 OK
QCOM
+190C −210P +90P −180C
 $172.54 190210 90180 $224.00 $228.65 1204.53x 47.8% SAFE 5 $17,000$86,270 OK
RIOT
+17C −40P +17P
 $21.18 1740 170 $23.65 $31.53 236.50x 19.7% SAFE 50 $20,900$105,900 OK
RKLB
+115C −135P +45P −75C
 $68.87 115135 4575 $141.55 $148.67 904.39x 34.7% SAFE 6 $15,930$41,322 OK
SPCX
+150C −195P +135P −165C
 $123.13 150195 135165 $186.00 $183.22 603.22x -9.6% ITM 5 $13,500$61,565 OK
UAMY
+10C −12P +8P −6C
 $5.81 1012 86 $12.45 $13.12 53.08x -29.0% ITM 25 $6,000$14,532 OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 86d

Stock: $41.06 HP: 14.8% OTM Current hedge: $57,721/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $144,561/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 6 PASS
RECOMMENDED: Roll HP 35 → 34 (Oct 16, 86d) | Save $4,244/yr | Payback 6mo (0.47yr) hedge only, 0mo (0.01yr) w/income (gate: 12mo (1.0yr)) | HP moves to 17.2% OTM | RM 1.75x → 1.81x | Margin (TIMS): $1,426
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 34 Oct 16 86d 17.2% $6.30 $0.20 $400 $53,477 $79,494 $4,244 13 $2,000 6mo 0mo 1.81x PASS
2 33 Oct 16 86d 19.6% $5.85 $0.65 $1,300 $49,657 $85,308 $8,064 14 $4,000 6mo 0mo 1.88x PASS
3 32 Oct 16 86d 22.1% $5.40 $1.10 $2,200 $45,837 $80,215 $11,884 15 $6,000 6mo 0mo 1.94x PASS
4 31 Oct 16 86d 24.5% $5.00 $1.50 $3,000 $42,442 $76,395 $15,279 16 $8,000 6mo 1mo 2.00x PASS
5 30 Oct 16 86d 26.9% $4.60 $1.90 $3,800 $39,047 $70,878 $18,674 17 $10,000 6mo 1mo 2.06x PASS
6 29 Oct 16 86d 29.4% $4.20 $2.30 $4,600 $35,651 $61,965 $22,070 18 $12,000 7mo 1mo 2.12x PASS
POST-REPAIR SUSTAINABILITY CC chain Aug 21 (30d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $49, B $3.30 $79,200/yr $53,477/yr SELF-FUNDING
CC at MID $50 0.6σ, B $3.15 $75,600/yr $53,477/yr SELF-FUNDING
AT 20% DRAWDOWN (stock $41.06 → $32.85, hedge $79,494/yr)
CC at SS vs stressed $79,200/yr $79,494/yr DEFICIT $24/mo
CC at MID vs stressed $75,600/yr $79,494/yr DEFICIT $324/mo
SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital
CC WRITING STRATEGY
WRITE CCs at MID ($50, bid $3.15) in NORMAL markets. Self-funds today.
In 20% drawdown, even MID is short ~$324/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 86d

Stock: $41.06 HP: 14.8% OTM Current hedge: $57,721/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $144,561/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 6 PASS
RECOMMENDED: Roll HP 35 → 34 (Oct 16, 86d) | Save $4,244/yr | Payback 6mo (0.47yr) hedge only, 0mo (0.01yr) w/income (gate: 12mo (1.0yr)) | HP moves to 17.2% OTM | RM 1.75x → 1.81x | Margin (TIMS): $1,425
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 34 Oct 16 86d 17.2% $6.30 $0.20 $400 $53,477 $79,494 $4,244 13 $2,000 6mo 0mo 1.81x PASS
2 33 Oct 16 86d 19.6% $5.85 $0.65 $1,300 $49,657 $85,308 $8,064 14 $4,000 6mo 0mo 1.88x PASS
3 32 Oct 16 86d 22.1% $5.40 $1.10 $2,200 $45,837 $80,215 $11,884 15 $6,000 6mo 0mo 1.94x PASS
4 31 Oct 16 86d 24.5% $5.00 $1.50 $3,000 $42,442 $76,395 $15,279 16 $8,000 6mo 1mo 2.00x PASS
5 30 Oct 16 86d 26.9% $4.60 $1.90 $3,800 $39,047 $70,878 $18,674 17 $10,000 6mo 1mo 2.06x PASS
6 29 Oct 16 86d 29.4% $4.20 $2.30 $4,600 $35,651 $61,965 $22,070 18 $12,000 7mo 1mo 2.12x PASS
POST-REPAIR SUSTAINABILITY CC chain Aug 21 (30d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $49, B $3.30 $79,200/yr $53,477/yr SELF-FUNDING
CC at MID $50 0.6σ, B $3.15 $75,600/yr $53,477/yr SELF-FUNDING
AT 20% DRAWDOWN (stock $41.06 → $32.85, hedge $79,494/yr)
CC at SS vs stressed $79,200/yr $79,494/yr DEFICIT $24/mo
CC at MID vs stressed $75,600/yr $79,494/yr DEFICIT $324/mo
SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital
CC WRITING STRATEGY
WRITE CCs at MID ($50, bid $3.15) in NORMAL markets. Self-funds today.
In 20% drawdown, even MID is short ~$324/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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).