GENERATED2026-07-22 21:54
FORTRESS REPAIRHP Roll-Down Analysis
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$102,709/yr
TOTAL HEDGE (REPAIRED)
$95,070/yr
ANNUAL SAVINGS
$7,640/yr
ROLL CREDITS
$1,000
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
 $42.92 2547 3555 $44.00 $50.39 121.75x 18.5% SAFE 20 $32,000$85,850 REPAIR PLAN (86d)
IREN (Main) →
+25C −47P +35P −55C
 $42.92 2547 3555 $44.00 $50.39 121.75x 18.5% SAFE 20 $32,000$85,850 REPAIR PLAN (86d)
GOOG (Joint)
+310C −370C
 $347.50 3100 0370 $392.50 $339.83 01.00x 0.0% N/A 5 $41,250$173,750 LEAPS-ONLY
IBIT
+75C
 $37.28 750 00 $70.58 $48.45 01.00x 0.0% N/A 50 $22,328$186,425 LEAPS-ONLY
IGV
+70C −96C
 $90.06 700 096 $96.50 $87.29 01.00x 0.0% N/A 12 $31,800$108,066 LEAPS-ONLY
MARA (Main)
+40C
 $12.50 400 00 $40.55 $15.31 01.00x 0.0% N/A 200 $11,000$249,996 LEAPS-ONLY
MSTR (Joint)
+180C −125C
 $100.46 1800 0125 $233.00 $150.53 01.00x 0.0% N/A 10 $53,000$100,460 LEAPS-ONLY
SPY
+640C −758C
 $747.94 6400 0758 $764.00 $693.91 01.00x 0.0% N/A 12 $148,800$897,528 LEAPS-ONLY
AMZN
+215C −260P +230P −280C
 $245.03 215260 230280 $256.25 $240.74 301.80x 6.1% OK 10 $37,500$245,025 OK
APP
+460C −540P +185P −465C
 $411.36 460540 185465 $588.00 $606.99 3553.77x 55.0% SAFE 1 $12,800$41,136 OK
BMNR (Joint)
+23C −65P +25P −20C
 $17.96 2365 2520 $30.29 $8.98 400.00x -39.2% ITM 150 $0$269,475 OK
BMNR (Main)
+25C −45P +15P −20C
 $17.96 2545 1520 $44.46 $52.91 302.59x 16.5% SAFE 50 $94,550$89,825 OK
BMNR (Main)
+23C −65P +25P −20C
 $17.96 2365 2520 $39.13 $8.98 400.00x -39.2% ITM 75 $0$134,738 OK
BMNR (RetireInc)
+10C −18P +10P −20C
 $17.96 1018 1020 $17.13 $19.79 82.28x 44.3% SAFE 50 $31,250$89,825 OK
CLSK
+17C −17P +10P
 $15.44 1717 100 $20.74 $17.81 72.87x 35.2% SAFE 25 $9,350$38,600 OK
COIN (Main)
+165C −240P +85P −210C
 $173.49 165240 85210 $210.90 $217.55 15510.23x 51.0% SAFE 8 $13,440$138,796 OK
COIN (Main)
+500C −330P +300P −210C
 $173.49 500330 300210 $563.00 $336.08 301.48x -72.9% ITM 25 $157,500$433,736 OK
COIN (RetireInc)
+145C −200P +75P −215C
 $173.49 145200 75215 $182.40 $187.32 1257.31x 56.8% SAFE 3 $5,940$52,048 OK
COPX
+65C −90P +68P −85C
 $79.97 6590 6885 $93.40 $94.37 221.77x 15.0% SAFE 20 $56,800$159,940 OK
CRWV
+105C −120P +40P −84C
 $82.72 105120 4084 $125.45 $129.81 804.91x 51.6% SAFE 5 $10,225$41,360 OK
DELL
+340C −390P +150P −420C
 $438.04 340390 150420 $398.00 $409.49 2405.14x 65.8% SAFE 3 $17,400$131,412 OK
ENPH
+45C −60P +20P −45C
 $40.43 4560 2045 $56.15 $59.51 406.48x 50.5% SAFE 10 $7,300$40,426 OK
ETHA
+13C −16P +10P
 $14.62 1316 100 $17.33 $18.03 62.39x 31.6% SAFE 50 $21,650$73,100 OK
GLD
+320C −450P +330P −377C
 $380.52 320450 330377 $456.00 $470.69 1201.88x 13.3% SAFE 10 $136,000$380,520 OK
GLXY
+38C −38P +18P
 $25.56 3838 180 $39.71 $33.50 2010.05x 31.5% SAFE 125 $27,625$319,500 OK
GOOG (Neville)
+300C −345P +310P −370C
 $347.50 300345 310370 $373.00 $337.71 351.48x 10.8% SAFE 15 $109,500$521,250 OK
GOOG (Neville)
+340C −405P +360P −370C
 $347.50 340405 360370 $398.00 $375.86 451.88x -3.6% ITM 5 $25,500$173,750 OK
HIMS
+10C −20P +5P −40C
 $32.97 1020 540 $17.47 $18.42 154.04x 84.8% SAFE 15 $7,395$49,455 OK
INTC
+85C −100P +35P −116C
 $105.29 85100 35116 $114.00 $118.27 653.24x 66.8% SAFE 5 $14,500$52,645 OK
IREN (Neville)
+45C −65P +21P −55C
 $42.92 4565 2155 $56.50 $59.28 4415.67x 51.1% SAFE 20 $6,000$85,850 OK
IREN (RetireInc)
+50C −70P +23P −55C
 $42.92 5070 2355 $63.43 $68.36 477.86x 46.4% SAFE 20 $13,700$85,850 OK
MARA (Joint)
+20C −17P +10P
 $12.50 2017 100 $24.33 $19.45 72.62x 20.0% SAFE 50 $21,650$62,499 OK
MARA (Main)
+20C −25P +15P
 $12.50 2025 150 $22.69 $18.33 1027.32x -20.0% ITM 200 $7,600$249,996 OK
MARA (Neville)
+25C −15P +13P
 $12.50 2515 130 $26.40 $14.69 22.43x -4.0% ITM 250 $35,000$312,495 OK
MDB
+270C −340P +150P −350C
 $299.26 270340 150350 $362.90 $378.13 1903.05x 49.9% SAFE 1 $9,290$29,926 OK
META
+480C −650P +330P −630C
 $632.82 480650 330630 $601.50 $605.96 3205.38x 47.9% SAFE 3 $21,900$189,846 OK
MSTR (RetireInc)
+125C −185P +55P −130C
 $100.46 125185 55130 $161.00 $167.24 13011.83x 45.3% SAFE 4 $4,800$40,184 OK
MU (Main)
+880C −1010P +320P −1050C
 $964.63 8801010 3201050 $1028.60 $1054.93 6905.64x 66.8% SAFE 5 $74,300$482,315 OK
MU (Neville)
+970C −1110P +370P −1040C
 $964.63 9701110 3701040 $1220.00 $1245.96 7403.96x 61.6% SAFE 2 $50,000$192,926 OK
NEM
+88C −105P +75P −97C
 $96.24 88105 7597 $114.54 $119.13 302.11x 22.1% SAFE 5 $13,520$48,120 OK
NOW
+80C −110P +90P
 $98.25 80110 900 $108.93 $112.88 201.72x 8.4% OK 10 $27,850$98,250 OK
NVDA
+140C −175P +70P −212C
 $207.89 140175 70212 $199.60 $203.45 1052.76x 66.3% SAFE 5 $29,800$103,945 OK
QCOM
+190C −210P +90P −180C
 $175.41 190210 90180 $224.00 $227.45 1204.53x 48.7% SAFE 5 $17,000$87,702 OK
RIOT
+17C −40P +17P
 $22.40 1740 170 $23.65 $33.01 235.26x 24.1% SAFE 50 $27,000$112,000 OK
RKLB
+115C −135P +45P −75C
 $71.05 115135 4575 $141.55 $149.32 904.39x 36.7% SAFE 6 $15,930$42,630 OK
SPCX
+150C −195P +135P −165C
 $123.07 150195 135165 $186.00 $183.65 603.22x -9.7% ITM 5 $13,500$61,535 OK
UAMY
+10C −12P +8P −6C
 $6.02 1012 86 $12.45 $13.12 53.08x -24.7% ITM 25 $6,000$15,038 OK

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

Stock: $42.92 HP: 18.5% OTM Current hedge: $51,355/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $140,593/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 4 PASS
RECOMMENDED: Roll HP 35 → 34 (Oct 16, 86d) | Save $3,820/yr | Payback 6mo (0.52yr) hedge only, 0mo (0.01yr) w/income (gate: 12mo (1.0yr)) | HP moves to 20.8% OTM | RM 1.75x → 1.81x | Margin (TIMS): $1,544
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 34 Oct 16 86d 20.8% $5.60 $0.25 $500 $47,535 $85,096 $3,820 13 $2,000 6mo 0mo 1.81x PASS
2 33 Oct 16 86d 23.1% $5.20 $0.65 $1,300 $44,140 $77,669 $7,215 14 $4,000 7mo 0mo 1.88x PASS
3 32 Oct 16 86d 25.5% $4.80 $1.05 $2,100 $40,744 $73,000 $10,610 15 $6,000 7mo 0mo 1.94x PASS
4 31 Oct 16 86d 27.8% $4.40 $1.45 $2,900 $37,349 $67,058 $14,006 16 $8,000 7mo 1mo 2.00x PASS
POST-REPAIR SUSTAINABILITY CC chain Aug 21 (30d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $55, B $2.44 $58,560/yr $47,535/yr SELF-FUNDING
CC at MID $55 0.8σ, B $2.44 $58,560/yr $47,535/yr SELF-FUNDING
AT 20% DRAWDOWN (stock $42.92 → $34.34, hedge $85,096/yr)
CC at SS vs stressed $58,560/yr $85,096/yr DEFICIT $2,211/mo
CC at MID vs stressed $58,560/yr $85,096/yr DEFICIT $2,211/mo
SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital
CC WRITING STRATEGY
WRITE CCs at MID ($55, bid $2.44) in NORMAL markets. Self-funds today.
In 20% drawdown, even MID is short ~$2,211/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: $42.92 HP: 18.5% OTM Current hedge: $51,355/yr SS: $44.00 (unchanged) Shares: 2,000 CC income: $140,593/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 4 PASS
RECOMMENDED: Roll HP 35 → 34 (Oct 16, 86d) | Save $3,820/yr | Payback 6mo (0.52yr) hedge only, 0mo (0.01yr) w/income (gate: 12mo (1.0yr)) | HP moves to 20.8% OTM | RM 1.75x → 1.81x | Margin (TIMS): $1,546
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 34 Oct 16 86d 20.8% $5.60 $0.25 $500 $47,535 $85,096 $3,820 13 $2,000 6mo 0mo 1.81x PASS
2 33 Oct 16 86d 23.1% $5.20 $0.65 $1,300 $44,140 $77,669 $7,215 14 $4,000 7mo 0mo 1.88x PASS
3 32 Oct 16 86d 25.5% $4.80 $1.05 $2,100 $40,744 $73,000 $10,610 15 $6,000 7mo 0mo 1.94x PASS
4 31 Oct 16 86d 27.8% $4.40 $1.45 $2,900 $37,349 $67,058 $14,006 16 $8,000 7mo 1mo 2.00x PASS
POST-REPAIR SUSTAINABILITY CC chain Aug 21 (30d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $55, B $2.44 $58,560/yr $47,535/yr SELF-FUNDING
CC at MID $55 0.8σ, B $2.44 $58,560/yr $47,535/yr SELF-FUNDING
AT 20% DRAWDOWN (stock $42.92 → $34.34, hedge $85,096/yr)
CC at SS vs stressed $58,560/yr $85,096/yr DEFICIT $2,211/mo
CC at MID vs stressed $58,560/yr $85,096/yr DEFICIT $2,211/mo
SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital
CC WRITING STRATEGY
WRITE CCs at MID ($55, bid $2.44) in NORMAL markets. Self-funds today.
In 20% drawdown, even MID is short ~$2,211/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).