Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$22,812/yr

TOTAL HEDGE (REPAIRED)

$8,872/yr

ANNUAL SAVINGS

$13,941/yr

ROLL CREDITS

$3,875

ADDITIONAL MAX LOSS

$6,250

PORTFOLIO ACTION SUMMARY · 46 positions

11 · ROLL NOW1 · REPAIR PLAN6 · LEAPS-ONLY28 · 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
APP → +460C −540P +185P	$411.29	460	540	185	0	$588.00	$606.11	355	3.77x	55.0%	SAFE	1	$12,800	$41,128	ROLL NOW (45d)
COIN (RetireInc) → +145C −200P +75P −160C	$150.40	145	200	75	160	$182.40	$188.31	125	7.31x	50.1%	SAFE	3	$5,940	$45,118	ROLL NOW (45d)
CRWV → +105C −120P +40P	$85.47	105	120	40	0	$125.45	$128.70	80	4.91x	53.2%	SAFE	5	$10,225	$42,735	ROLL NOW (45d)
ENPH → +45C −60P +20P −41C	$39.05	45	60	20	41	$56.15	$59.40	40	6.48x	48.8%	SAFE	10	$7,300	$39,050	ROLL NOW (45d)
IREN (RetireInc) → +50C −70P +23P	$39.91	50	70	23	0	$63.43	$67.85	47	7.86x	42.4%	SAFE	20	$13,700	$79,820	ROLL NOW (45d)
MDB → +270C −340P +150P −410C	$361.69	270	340	150	410	$362.90	$380.17	190	3.05x	58.5%	SAFE	1	$9,290	$36,169	ROLL NOW (45d)
MSTR (RetireInc) → +125C −185P +55P −110C	$95.52	125	185	55	110	$161.00	$167.79	130	11.83x	42.4%	SAFE	4	$4,800	$38,208	ROLL NOW (45d)
MU (Main) → +880C −1010P +320P −930C	$828.44	880	1010	320	930	$1028.60	$1058.51	690	5.64x	61.4%	SAFE	5	$74,300	$414,220	ROLL NOW (45d)
NEM → +88C −105P +75P −100C	$95.31	88	105	75	100	$114.54	$119.01	30	2.11x	21.3%	SAFE	5	$13,520	$47,655	ROLL NOW (45d)
QCOM → +190C −210P +90P −165C	$150.77	190	210	90	165	$224.00	$229.25	120	4.53x	40.3%	SAFE	5	$17,000	$75,385	ROLL NOW (45d)
RKLB → +115C −135P +45P	$70.22	115	135	45	0	$141.55	$148.41	90	4.39x	35.9%	SAFE	6	$15,930	$42,132	ROLL NOW (45d)
UAMY → +10C −12P +8P −7C	$5.66	10	12	8	7	$12.45	$13.26	5	3.08x	-32.5%	ITM	25	$6,000	$14,150	REPAIR PLAN (108d)
GOOG (Joint) +310C −355C	$373.19	310	0	0	355	$392.50	$340.02	0	1.00x	0.0%	N/A	5	$41,250	$186,595	LEAPS-ONLY
IBIT +75C	$36.25	75	0	0	0	$70.58	$49.10	0	1.00x	0.0%	N/A	50	$22,328	$181,250	LEAPS-ONLY
IGV +70C −105C	$97.67	70	0	0	105	$96.50	$87.87	0	1.00x	0.0%	N/A	12	$31,800	$117,210	LEAPS-ONLY
MARA (Main) +40C	$11.77	40	0	0	0	$40.55	$15.34	0	1.00x	0.0%	N/A	200	$11,000	$235,400	LEAPS-ONLY
MSTR (Joint) +180C −110C	$95.52	180	0	0	110	$233.00	$155.60	0	1.00x	0.0%	N/A	10	$53,000	$95,520	LEAPS-ONLY
SPY +640C	$758.39	640	0	0	0	$764.00	$696.85	0	1.00x	0.0%	N/A	12	$148,800	$910,068	LEAPS-ONLY
BMNR (Joint) +23C −65P +25P −19C	$17.35	23	65	25	19	$30.29	$8.68	40	0.00x	-44.1%	ITM	150	$0	$260,250	OK
BMNR (Main) +25C −45P +15P −19C	$17.35	25	45	15	19	$44.46	—	30	2.59x	13.5%	SAFE	50	$94,550	$86,750	OK
BMNR (Main) +23C −65P +25P −19C	$17.35	23	65	25	19	$39.13	$8.68	40	0.00x	-44.1%	ITM	75	$0	$130,125	OK
BMNR (RetireInc) +10C −18P +10P −19C	$17.35	10	18	10	19	$17.13	$19.24	8	2.28x	42.4%	SAFE	50	$31,250	$86,750	OK
CLSK +17C −17P +10P	$14.66	17	17	10	0	$20.74	$17.47	7	2.87x	31.8%	SAFE	25	$9,350	$36,650	OK
COIN (Main) +165C −240P +85P −160C	$150.40	165	240	85	160	$210.90	$217.35	155	10.23x	43.5%	SAFE	8	$13,440	$120,316	OK
COIN (Main) +500C −330P +300P −160C	$150.40	500	330	300	160	$563.00	$342.50	30	1.48x	-99.5%	ITM	25	$157,500	$375,988	OK
COPX +65C −90P +68P −85C	$79.48	65	90	68	85	$93.40	$94.83	22	1.77x	14.4%	SAFE	20	$56,800	$158,960	OK
DELL +340C −390P +150P −475C	$429.68	340	390	150	475	$398.00	$409.50	240	5.14x	65.1%	SAFE	3	$17,400	$128,904	OK
ETHA +13C −16P +10P	$14.14	13	16	10	0	$17.33	$17.97	6	2.39x	29.3%	SAFE	50	$21,650	$70,700	OK
GLD +320C −450P +330P −386C	$371.79	320	450	330	386	$456.00	$471.51	120	1.88x	11.2%	SAFE	10	$136,000	$371,790	OK
GLXY +38C −38P +18P	$21.80	38	38	18	0	$39.71	$34.99	20	10.05x	19.7%	SAFE	125	$27,625	$272,500	OK
GOOG (Neville) +300C −345P +310P −355C	$373.19	300	345	310	355	$373.00	$338.38	35	1.48x	16.9%	SAFE	15	$109,500	$559,785	OK
GOOG (Neville) +340C −405P +360P −355C	$373.19	340	405	360	355	$398.00	$375.26	45	1.88x	3.5%	TIGHT	5	$25,500	$186,595	OK
HIMS +10C −20P +5P	$30.93	10	20	5	0	$17.47	$20.18	15	4.04x	83.8%	SAFE	15	$7,395	$46,402	OK
INTC +85C −100P +35P −108C	$90.72	85	100	35	108	$114.00	$117.09	65	3.24x	61.4%	SAFE	5	$14,500	$45,360	OK
IREN (Joint) +25C −47P +35P	$39.91	25	47	35	0	$44.00	$50.34	12	1.75x	12.3%	SAFE	20	$32,000	$79,820	OK
IREN (Main) +25C −47P +35P	$39.91	25	47	35	0	$44.00	$50.34	12	1.75x	12.3%	SAFE	20	$32,000	$79,820	OK
IREN (Neville) +45C −65P +21P	$39.91	45	65	21	0	$56.50	$59.47	44	15.67x	47.4%	SAFE	20	$6,000	$79,820	OK
MARA (Joint) +20C −17P +10P	$11.77	20	17	10	0	$24.33	$19.34	7	2.62x	15.0%	SAFE	50	$21,650	$58,850	OK
MARA (Main) +20C −25P +15P	$11.77	20	25	15	0	$22.69	$18.33	10	27.32x	-27.4%	ITM	200	$7,600	$235,400	OK
MARA (Neville) +25C −15P +13P	$11.77	25	15	13	0	$26.40	$14.58	2	2.43x	-10.5%	ITM	250	$35,000	$294,250	OK
META +480C −650P +330P −610C	$593.47	480	650	330	610	$601.50	$605.51	320	5.38x	44.4%	SAFE	3	$21,900	$178,041	OK
MU (Joint) +670C −800P +420P −915C	$828.44	670	800	420	915	$792.36	$813.33	380	4.31x	49.3%	SAFE	1	$11,472	$82,844	OK
MU (Neville) +970C −1110P +370P −985C	$828.44	970	1110	370	985	$1220.00	$1249.38	740	3.96x	55.3%	SAFE	2	$50,000	$165,688	OK
NOW +80C −110P +90P −120C	$115.58	80	110	90	120	$108.93	$114.62	20	1.72x	22.1%	SAFE	10	$27,850	$115,580	OK
NVDA +140C −175P +70P −215C	$207.69	140	175	70	215	$199.60	$202.62	105	2.76x	66.3%	SAFE	5	$29,800	$103,845	OK
SPCX +150C −195P +135P	$110.18	150	195	135	0	$186.00	$183.53	60	3.22x	-22.5%	ITM	5	$13,500	$55,090	OK

UAMY: HP 8P Roll-Down · exp Nov 20 '26, 108d

Stock: $5.66 HP: ITM Current hedge: $22,812/yr SS: $12.45 (unchanged) Shares: 2,500 CC income: $21,786/yr IV: HIGH OTM floor: 8% Stress: 20% DD Payback gate: 12mo (1.0yr) 1 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	5	Nov 20	108d	11.7%	$1.05	$1.55	$3,875	$8,872	$8,872	$13,941	8	$6,250	5mo	2mo	4.12x	PASS

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $9, B $0.05	$1,452/yr	$8,872/yr	DEFICIT $618/mo
CC at MID $7 0.7σ, B $0.30	$8,710/yr	$8,872/yr	DEFICIT $13/mo
AT 20% DRAWDOWN (stock $5.66 → $4.53, hedge $8,872/yr)
CC at SS vs stressed	$1,452/yr	$8,872/yr	DEFICIT $618/mo
CC at MID vs stressed	$8,710/yr	$8,872/yr	DEFICIT $13/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.

NEM: HP 75P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $95.31 Current HP: 75P (45d, 21.3% OTM) Current hedge: $1,906/yr Current ML: $28,520 CC income: $12,789/yr Cost cap: 25% of CC = $3,197/yr IV: MEDIUM 1 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Oct 16 '26, 73d, 21.3% OTM) | Cost: $3,000/yr (23% of CC) | New ML: $28,520 = ML | Roll DEBIT $500 | Margin (TIMS): $1,695

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	75 CHEAP PROT	Oct 16	73d	21.3%	$0.71	$1.20	$3,000	23%	$28,520	=	D $500

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $115, B $0.49	$2,830/yr	$3,000/yr	DEFICIT $14/mo
CC at MID $103 0.6σ, B $1.69	$9,813/yr	$3,000/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($103, bid $1.69). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

MSTR (RetireInc): HP 55P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $95.52 Current HP: 55P (45d, 42.4% OTM) Current hedge: $2,141/yr Current ML: $56,800 CC income: $31,386/yr Cost cap: 25% of CC = $7,847/yr IV: HIGH 8 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Oct 16 '26, 73d, 42.4% OTM) | Cost: $3,000/yr (10% of CC) | New ML: $56,800 = ML | Roll DEBIT $364 | Margin (TIMS): $5,233

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 70P (Oct 16 '26, 73d, 26.7% OTM) | Cost: $7,200/yr (23% of CC) | New ML: $50,800 ↓ $6,000 | Roll DEBIT $1,204 | Margin (TIMS): $4,327

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Oct 16	73d	42.4%	$1.30	$1.50	$3,000	10%	$56,800	=	D $364
2	55	Nov 20	108d	42.4%	$2.28	$2.66	$3,596	11%	$56,800	=	D $828
3	60	Oct 16	73d	37.2%	$1.75	$2.00	$4,000	13%	$54,800	-$2,000	D $564
4	60	Nov 20	108d	37.2%	$3.10	$3.50	$4,731	15%	$54,800	-$2,000	D $1,164
5	65	Oct 16	73d	32.0%	$2.39	$2.75	$5,500	18%	$52,800	-$4,000	D $864
6	65	Nov 20	108d	32.0%	$4.05	$4.50	$6,083	19%	$52,800	-$4,000	D $1,564
▶ 7	70 PROT	Oct 16	73d	26.7%	$3.30	$3.60	$7,200	23%	$50,800	-$6,000	D $1,204
8	70	Nov 20	108d	26.7%	$5.25	$5.65	$7,638	24%	$50,800	-$6,000	D $2,024

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $113, B $2.76	$12,821/yr	$3,000/yr	SELF-FUNDING
CC at MID $113 0.6σ, B $2.76	$12,821/yr	$3,000/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($113, bid $2.76). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

COIN (RetireInc): HP 75P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $150.40 Current HP: 75P (45d, 50.1% OTM) Current hedge: $584/yr Current ML: $43,440 CC income: $33,229/yr Cost cap: 25% of CC = $8,307/yr IV: HIGH 16 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Oct 16 '26, 73d, 50.1% OTM) | Cost: $1,080/yr (3% of CC) | New ML: $43,440 = ML | Roll DEBIT $192 | Margin (TIMS): $4,926

PROTECTIVE PICK (lowest ML within cost cap): HP 75 → 115P (Nov 20 '26, 108d, 23.5% OTM) | Cost: $8,263/yr (25% of CC) | New ML: $31,440 ↓ $12,000 | Roll DEBIT $2,421 | Margin (TIMS): $4,399

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP	Oct 16	73d	50.1%	$0.03	$0.72	$1,080	3%	$43,440	=	D $192
2	80	Oct 16	73d	46.8%	$0.36	$0.88	$1,320	4%	$41,940	-$1,500	D $240
3	80	Nov 20	108d	46.8%	$1.42	$1.76	$1,784	5%	$41,940	-$1,500	D $504
4	85	Oct 16	73d	43.5%	$0.85	$1.20	$1,800	5%	$40,440	-$3,000	D $336
5	90	Oct 16	73d	40.2%	$1.08	$1.45	$2,175	7%	$38,940	-$4,500	D $411
6	85	Nov 20	108d	43.5%	$1.92	$2.32	$2,352	7%	$40,440	-$3,000	D $672
7	95	Oct 16	73d	36.8%	$1.61	$1.92	$2,880	9%	$37,440	-$6,000	D $552
8	90	Nov 20	108d	40.2%	$2.44	$3.15	$3,194	10%	$38,940	-$4,500	D $921
9	100	Oct 16	73d	33.5%	$2.04	$2.43	$3,645	11%	$35,940	-$7,500	D $705
10	95	Nov 20	108d	36.8%	$3.15	$3.65	$3,701	11%	$37,440	-$6,000	D $1,071
11	100	Nov 20	108d	33.5%	$4.00	$4.50	$4,562	14%	$35,940	-$7,500	D $1,326
12	105	Oct 16	73d	30.2%	$2.95	$3.20	$4,800	14%	$34,440	-$9,000	D $936
▶ 13	115 PROT	Nov 20	108d	23.5%	$7.65	$8.15	$8,263	25%	$31,440	-$12,000	D $2,421

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $190, B $2.37	$8,257/yr	$1,080/yr	SELF-FUNDING
CC at MID $178 0.7σ, B $3.95	$13,761/yr	$1,080/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($190, bid $2.37). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

QCOM: HP 90P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $150.77 Current HP: 90P (45d, 40.3% OTM) Current hedge: $1,379/yr Current ML: $77,000 CC income: $40,845/yr Cost cap: 25% of CC = $10,211/yr IV: HIGH 14 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Nov 20 '26, 108d, 40.3% OTM) | Cost: $1,893/yr (5% of CC) | New ML: $77,000 = ML | Roll DEBIT $525 | Margin (TIMS): $2,786

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 120P (Oct 16 '26, 73d, 20.4% OTM) | Cost: $9,500/yr (23% of CC) | New ML: $62,000 ↓ $15,000 | Roll DEBIT $1,865 | Margin (TIMS): $2,717

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Nov 20	108d	40.3%	$0.75	$1.12	$1,893	5%	$77,000	=	D $525
2	95	Oct 16	73d	37.0%	$0.54	$0.80	$2,000	5%	$74,500	-$2,500	D $365
3	90	Oct 16	73d	40.3%	$0.11	$0.83	$2,075	5%	$77,000	=	D $380
4	100	Oct 16	73d	33.7%	$0.91	$1.08	$2,700	7%	$72,000	-$5,000	D $505
5	95	Nov 20	108d	37.0%	$1.39	$1.63	$2,754	7%	$74,500	-$2,500	D $780
6	100	Nov 20	108d	33.7%	$1.76	$2.21	$3,734	9%	$72,000	-$5,000	D $1,070
7	105	Oct 16	73d	30.4%	$1.30	$1.66	$4,150	10%	$69,500	-$7,500	D $795
8	105	Nov 20	108d	30.4%	$2.43	$2.89	$4,884	12%	$69,500	-$7,500	D $1,410
9	110	Oct 16	73d	27.0%	$1.85	$2.24	$5,600	14%	$67,000	-$10,000	D $1,085
10	110	Nov 20	108d	27.0%	$3.40	$3.80	$6,421	16%	$67,000	-$10,000	D $1,865
11	115	Oct 16	73d	23.7%	$2.56	$2.79	$6,975	17%	$64,500	-$12,500	D $1,360
12	115	Nov 20	108d	23.7%	$4.45	$4.80	$8,111	20%	$64,500	-$12,500	D $2,365
▶ 13	120 PROT	Oct 16	73d	20.4%	$3.45	$3.80	$9,500	23%	$62,000	-$15,000	D $1,865

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $210, B $0.34	$1,974/yr	$1,893/yr	SELF-FUNDING
CC at MID $170 0.6σ, B $3.70	$21,484/yr	$1,893/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($210, bid $0.34). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

APP: HP 185P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $411.29 Current HP: 185P (45d, 55.0% OTM) Current hedge: $649/yr Current ML: $48,300 CC income: $46,522/yr Cost cap: 25% of CC = $11,630/yr IV: HIGH 17 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Nov 20 '26, 108d, 55.0% OTM) | Cost: $946/yr (2% of CC) | New ML: $48,300 = ML | Roll DEBIT $270 | Margin (TIMS): $11,791

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 330P (Nov 20 '26, 108d, 19.8% OTM) | Cost: $10,612/yr (23% of CC) | New ML: $33,800 ↓ $14,500 | Roll DEBIT $3,130 | Margin (TIMS): $10,585

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Nov 20	108d	55.0%	$2.35	$2.80	$946	2%	$48,300	=	D $270
2	190	Nov 20	108d	53.8%	$2.65	$3.30	$1,115	2%	$47,800	-$500	D $320
3	195	Nov 20	108d	52.6%	$3.00	$3.50	$1,183	3%	$47,300	-$1,000	D $340
4	200	Nov 20	108d	51.4%	$3.40	$3.90	$1,318	3%	$46,800	-$1,500	D $380
5	210	Nov 20	108d	48.9%	$4.30	$4.80	$1,622	3%	$45,800	-$2,500	D $470
6	220	Nov 20	108d	46.5%	$5.10	$6.00	$2,028	4%	$44,800	-$3,500	D $590
7	230	Nov 20	108d	44.1%	$6.50	$7.20	$2,433	5%	$43,800	-$4,500	D $710
8	240	Nov 20	108d	41.6%	$7.90	$8.60	$2,906	6%	$42,800	-$5,500	D $850
9	250	Nov 20	108d	39.2%	$9.60	$10.30	$3,481	7%	$41,800	-$6,500	D $1,020
10	260	Nov 20	108d	36.8%	$11.30	$12.00	$4,056	9%	$40,800	-$7,500	D $1,190
11	270	Nov 20	108d	34.4%	$13.20	$14.20	$4,799	10%	$39,800	-$8,500	D $1,410
12	280	Nov 20	108d	31.9%	$15.50	$16.50	$5,576	12%	$38,800	-$9,500	D $1,640
▶ 13	330 PROT	Nov 20	108d	19.8%	$30.00	$31.40	$10,612	23%	$33,800	-$14,500	D $3,130

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $500, B $12.50	$14,516/yr	$946/yr	SELF-FUNDING
CC at MID $490 0.7σ, B $14.70	$17,071/yr	$946/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($500, bid $12.50). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

RKLB: HP 45P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $70.22 Current HP: 45P (45d, 35.9% OTM) Current hedge: $5,499/yr Current ML: $69,930 CC income: $59,463/yr Cost cap: 25% of CC = $14,866/yr IV: HIGH 3 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Oct 16 '26, 73d, 35.9% OTM) | Cost: $6,240/yr (10% of CC) | New ML: $69,930 = ML | Roll DEBIT $612 | Margin (TIMS): $2,750

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 55P (Oct 16 '26, 73d, 21.7% OTM) | Cost: $14,550/yr (24% of CC) | New ML: $63,930 ↓ $6,000 | Roll DEBIT $2,274 | Margin (TIMS): $2,406

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Oct 16	73d	35.9%	$1.84	$2.08	$6,240	10%	$69,930	=	D $612
2	50	Oct 16	73d	28.8%	$3.00	$3.30	$9,900	17%	$66,930	-$3,000	D $1,344
▶ 3	55 PROT	Oct 16	73d	21.7%	$4.45	$4.85	$14,550	24%	$63,930	-$6,000	D $2,274

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $105, B $0.95	$6,619/yr	$6,240/yr	SELF-FUNDING
CC at MID $85 0.7σ, B $3.30	$22,994/yr	$6,240/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($105, bid $0.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $39.91 Current HP: 23P (45d, 42.4% OTM) Current hedge: $16,222/yr Current ML: $107,700 CC income: $132,461/yr Cost cap: 25% of CC = $33,115/yr IV: HIGH 14 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Oct 16 '26, 73d, 42.4% OTM) | Cost: $16,300/yr (12% of CC) | New ML: $107,700 = ML | Roll DEBIT $1,780 | Margin (TIMS): $1,801

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 30P (Nov 20 '26, 108d, 24.8% OTM) | Cost: $32,444/yr (24% of CC) | New ML: $93,700 ↓ $14,000 | Roll DEBIT $8,120 | Margin (TIMS): $1,594

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Oct 16	73d	42.4%	$1.20	$1.63	$16,300	12%	$107,700	=	D $1,780
2	23	Nov 20	108d	42.4%	$2.02	$2.50	$16,898	13%	$107,700	=	D $3,520
3	24	Oct 16	73d	39.9%	$1.47	$1.69	$16,900	13%	$105,700	-$2,000	D $1,900
4	24	Nov 20	108d	39.9%	$2.32	$2.85	$19,264	15%	$105,700	-$2,000	D $4,220
5	25	Oct 16	73d	37.4%	$1.78	$1.96	$19,600	15%	$103,700	-$4,000	D $2,440
6	25	Nov 20	108d	37.4%	$2.66	$2.96	$20,007	15%	$103,700	-$4,000	D $4,440
7	26	Nov 20	108d	34.9%	$2.94	$3.35	$22,644	17%	$101,700	-$6,000	D $5,220
8	26	Oct 16	73d	34.9%	$2.12	$2.37	$23,700	18%	$101,700	-$6,000	D $3,260
9	27	Nov 20	108d	32.3%	$3.20	$3.85	$26,023	20%	$99,700	-$8,000	D $6,220
10	27	Oct 16	73d	32.3%	$2.37	$2.61	$26,100	20%	$99,700	-$8,000	D $3,740
11	28	Nov 20	108d	29.8%	$3.60	$4.15	$28,051	21%	$97,700	-$10,000	D $6,820
12	28	Oct 16	73d	29.8%	$2.69	$2.91	$29,100	22%	$97,700	-$10,000	D $4,340
▶ 13	30 PROT	Nov 20	108d	24.8%	$4.50	$4.80	$32,444	24%	$93,700	-$14,000	D $8,120

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $70, B $0.40	$9,290/yr	$16,300/yr	DEFICIT $584/mo
CC at MID $50 0.7σ, B $2.49	$57,832/yr	$16,300/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($50, bid $2.49). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

CRWV: HP 40P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $85.47 Current HP: 40P (45d, 53.2% OTM) Current hedge: $1,460/yr Current ML: $50,225 CC income: $71,926/yr Cost cap: 25% of CC = $17,982/yr IV: HIGH 18 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Oct 16 '26, 73d, 53.2% OTM) | Cost: $1,950/yr (3% of CC) | New ML: $50,225 = ML | Roll DEBIT $240 | Margin (TIMS): $2,590

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 70P (Nov 20 '26, 108d, 18.1% OTM) | Cost: $17,152/yr (24% of CC) | New ML: $35,225 ↓ $15,000 | Roll DEBIT $4,925 | Margin (TIMS): $2,317

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Oct 16	73d	53.2%	$0.69	$0.78	$1,950	3%	$50,225	=	D $240
2	42	Oct 16	73d	50.3%	$0.91	$1.04	$2,600	4%	$48,975	-$1,250	D $370
3	40	Nov 20	108d	53.2%	$1.38	$1.55	$2,619	4%	$50,225	=	D $625
4	42	Nov 20	108d	50.3%	$1.71	$1.91	$3,228	4%	$48,975	-$1,250	D $805
5	45	Oct 16	73d	47.3%	$1.19	$1.30	$3,250	5%	$47,725	-$2,500	D $500
6	48	Oct 16	73d	44.4%	$1.50	$1.65	$4,125	6%	$46,475	-$3,750	D $675
7	45	Nov 20	108d	47.3%	$2.12	$2.51	$4,241	6%	$47,725	-$2,500	D $1,105
8	48	Nov 20	108d	44.4%	$2.56	$2.81	$4,748	7%	$46,475	-$3,750	D $1,255
9	50	Oct 16	73d	41.5%	$1.88	$2.00	$5,000	7%	$45,225	-$5,000	D $850
10	50	Nov 20	108d	41.5%	$3.10	$3.35	$5,661	8%	$45,225	-$5,000	D $1,525
11	55	Oct 16	73d	35.6%	$2.71	$2.96	$7,400	10%	$42,725	-$7,500	D $1,330
12	55	Nov 20	108d	35.6%	$4.30	$4.60	$7,773	11%	$42,725	-$7,500	D $2,150
▶ 13	70 PROT	Nov 20	108d	18.1%	$9.65	$10.15	$17,152	24%	$35,225	-$15,000	D $4,925

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $125, B $2.07	$12,019/yr	$1,950/yr	SELF-FUNDING
CC at MID $105 0.7σ, B $5.00	$29,032/yr	$1,950/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($125, bid $2.07). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MDB: HP 150P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $361.69 Current HP: 150P (45d, 58.5% OTM) Current hedge: $2,839/yr Current ML: $28,290 CC income: $26,585/yr Cost cap: 25% of CC = $6,646/yr IV: HIGH 17 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 160P (Nov 20 '26, 108d, 55.8% OTM) | Cost: $879/yr (3% of CC) | New ML: $27,290 ↓ $1,000 | Roll DEBIT $260 | Margin (TIMS): $7,061

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 260P (Nov 20 '26, 108d, 28.1% OTM) | Cost: $5,272/yr (20% of CC) | New ML: $17,290 ↓ $11,000 | Roll DEBIT $1,560 | Margin (TIMS): $5,752

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	160 CHEAP	Nov 20	108d	55.8%	$0.01	$2.60	$879	3%	$27,290	-$1,000	D $260
2	165	Nov 20	108d	54.4%	$1.74	$3.95	$1,335	5%	$26,790	-$1,500	D $395
3	200	Nov 20	108d	44.7%	$4.40	$5.10	$1,724	6%	$23,290	-$5,000	D $510
4	170	Nov 20	108d	53.0%	$2.02	$5.35	$1,808	7%	$26,290	-$2,000	D $535
5	150	Nov 20	108d	58.5%	$0.01	$5.55	$1,876	7%	$28,290	=	D $555
6	155	Nov 20	108d	57.1%	$0.01	$5.70	$1,926	7%	$27,790	-$500	D $570
7	175	Nov 20	108d	51.6%	$1.88	$5.90	$1,994	8%	$25,790	-$2,500	D $590
8	190	Nov 20	108d	47.5%	$2.65	$6.20	$2,095	8%	$24,290	-$4,000	D $620
9	195	Nov 20	108d	46.1%	$3.80	$6.90	$2,332	9%	$23,790	-$4,500	D $690
10	180	Nov 20	108d	50.2%	$2.09	$7.00	$2,366	9%	$25,290	-$3,000	D $700
11	185	Nov 20	108d	48.9%	$2.41	$7.35	$2,484	9%	$24,790	-$3,500	D $735
12	210	Nov 20	108d	41.9%	$5.30	$8.55	$2,890	11%	$22,290	-$6,000	D $855
▶ 13	260 PROT	Nov 20	108d	28.1%	$12.30	$15.60	$5,272	20%	$17,290	-$11,000	D $1,560

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $385, B $24.15	$28,045/yr	$879/yr	SELF-FUNDING
CC at MID $435 0.7σ, B $12.90	$14,981/yr	$879/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($385, bid $24.15). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ENPH: HP 20P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $39.05 Current HP: 20P (45d, 48.8% OTM) Current hedge: $1,217/yr Current ML: $47,300 CC income: $34,714/yr Cost cap: 25% of CC = $8,679/yr IV: HIGH 6 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Oct 16 '26, 73d, 48.8% OTM) | Cost: $1,850/yr (5% of CC) | New ML: $47,300 = ML | Roll DEBIT $360 | Margin (TIMS): $1,273

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Oct 16 '26, 73d, 36.0% OTM) | Cost: $3,950/yr (11% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $780 | Margin (TIMS): $1,254

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Oct 16	73d	48.8%	$0.11	$0.37	$1,850	5%	$47,300	=	D $360
2	22	Oct 16	73d	42.4%	$0.28	$0.51	$2,550	7%	$44,800	-$2,500	D $500
3	20	Nov 20	108d	48.8%	$0.41	$0.97	$3,278	9%	$47,300	=	D $960
▶ 4	25 PROT	Oct 16	73d	36.0%	$0.57	$0.79	$3,950	11%	$42,300	-$5,000	D $780
5	22	Nov 20	108d	42.4%	$0.69	$1.20	$4,056	12%	$44,800	-$2,500	D $1,190
6	25	Nov 20	108d	36.0%	$1.15	$1.72	$5,813	17%	$42,300	-$5,000	D $1,710

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $55, B $0.45	$5,226/yr	$1,850/yr	SELF-FUNDING
CC at MID $46 0.6σ, B $1.31	$15,213/yr	$1,850/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($55, bid $0.45). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Main): HP 320P Maintenance Roll-Out · exp Sep 18 '26, 45d

Stock: $828.44 Current HP: 320P (45d, 61.4% OTM) Current hedge: $4,421/yr Current ML: $419,300 CC income: $530,990/yr Cost cap: 25% of CC = $132,747/yr IV: HIGH 66 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 320P (Oct 16 '26, 73d, 61.4% OTM) | Cost: $6,450/yr (1% of CC) | New ML: $419,300 = ML | Roll DEBIT $880 | Margin (TIMS): $29,611

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 680P (Nov 20 '26, 108d, 17.9% OTM) | Cost: $129,271/yr (24% of CC) | New ML: $239,300 ↓ $180,000 | Roll DEBIT $37,840 | Margin (TIMS): $23,626

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	320 CHEAP	Oct 16	73d	61.4%	$2.02	$2.58	$6,450	1%	$419,300	=	D $880
2	330	Oct 16	73d	60.2%	$2.40	$2.91	$7,275	1%	$414,300	-$5,000	D $1,045
3	320	Nov 20	108d	61.4%	$3.85	$4.45	$7,520	1%	$419,300	=	D $1,815
4	340	Oct 16	73d	59.0%	$2.69	$3.15	$7,875	1%	$409,300	-$10,000	D $1,165
5	330	Nov 20	108d	60.2%	$4.60	$5.05	$8,534	2%	$414,300	-$5,000	D $2,115
6	350	Oct 16	73d	57.8%	$2.95	$3.50	$8,750	2%	$404,300	-$15,000	D $1,340
7	360	Oct 16	73d	56.5%	$3.40	$3.75	$9,375	2%	$399,300	-$20,000	D $1,465
8	340	Nov 20	108d	59.0%	$4.95	$5.70	$9,632	2%	$409,300	-$10,000	D $2,440
9	350	Nov 20	108d	57.8%	$5.55	$6.00	$10,139	2%	$404,300	-$15,000	D $2,590
10	370	Oct 16	73d	55.3%	$3.85	$4.30	$10,750	2%	$394,300	-$25,000	D $1,740
11	360	Nov 20	108d	56.5%	$6.25	$6.75	$11,406	2%	$399,300	-$20,000	D $2,965
12	380	Oct 16	73d	54.1%	$4.30	$4.65	$11,625	2%	$389,300	-$30,000	D $1,915
▶ 13	680 PROT	Nov 20	108d	17.9%	$74.65	$76.50	$129,271	24%	$239,300	-$180,000	D $37,840

POST-REPAIR SUSTAINABILITY CC chain Sep 04 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $910, B $56.00	$325,161/yr	$6,450/yr	SELF-FUNDING
CC at MID $910 0.3σ, B $56.00	$325,161/yr	$6,450/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($910, bid $56.00). 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).