Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$66,836/yr

TOTAL HEDGE (REPAIRED)

$57,721/yr

ANNUAL SAVINGS

$9,115/yr

ROLL CREDITS

-$8,175

ADDITIONAL MAX LOSS

$6,500

PORTFOLIO ACTION SUMMARY · 43 positions

17 · ROLL NOW3 · REPAIR PLAN7 · LEAPS-ONLY16 · 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
COIN (Main) → +165C −240P +85P −225C	$192.21	165	240	85	225	$210.90	$215.70	155	10.23x	55.8%	SAFE	8	$13,440	$153,768	ROLL NOW (43d)
CRWV → +105C −120P +40P −93C	$84.30	105	120	40	93	$125.45	$128.69	80	4.91x	52.6%	SAFE	5	$10,225	$42,150	ROLL NOW (43d)
DELL → +340C −390P +150P −550C	$515.02	340	390	150	550	$398.00	$407.36	240	5.14x	70.9%	SAFE	3	$17,400	$154,506	ROLL NOW (43d)
ENPH → +45C −60P +20P	$36.17	45	60	20	0	$56.15	$58.93	40	6.48x	44.7%	SAFE	10	$7,300	$36,170	ROLL NOW (43d)
ETHA → +13C −16P +10P	$18.94	13	16	10	0	$17.33	$17.92	6	2.39x	47.2%	SAFE	50	$21,650	$94,700	ROLL NOW (43d)
GLD → +320C −450P +330P −470C	$410.12	320	450	330	470	$456.00	$468.97	120	1.88x	19.5%	SAFE	10	$136,000	$410,120	ROLL NOW (43d)
INTC → +85C −100P +35P	$91.06	85	100	35	0	$114.00	$116.03	65	3.24x	61.6%	SAFE	5	$14,500	$45,530	ROLL NOW (43d)
IREN (Neville) → +45C −65P +21P −55C	$41.25	45	65	21	55	$56.50	$58.46	44	15.67x	49.1%	SAFE	20	$6,000	$82,503	ROLL NOW (43d)
IREN (RetireInc) → +50C −70P +23P −55C	$41.25	50	70	23	55	$63.43	$66.86	47	7.86x	44.2%	SAFE	20	$13,700	$82,503	ROLL NOW (43d)
META → +480C −650P +330P −665C	$612.91	480	650	330	665	$601.50	$604.85	320	5.38x	46.2%	SAFE	3	$21,900	$183,873	ROLL NOW (43d)
MSTR (RetireInc) → +125C −185P +55P −170C	$142.17	125	185	55	170	$161.00	$165.48	130	11.83x	61.3%	SAFE	4	$4,800	$56,868	ROLL NOW (43d)
MU (Main) → +880C −1010P +320P −1030C	$948.79	880	1010	320	1030	$1028.60	$1046.26	690	5.64x	66.3%	SAFE	5	$74,300	$474,395	ROLL NOW (43d)
MU (Neville) → +970C −1110P +370P −1030C	$948.79	970	1110	370	1030	$1220.00	$1235.54	740	3.96x	61.0%	SAFE	2	$50,000	$189,758	ROLL NOW (43d)
NEM → +88C −105P +75P −125C	$130.12	88	105	75	125	$114.54	$118.04	30	2.11x	42.4%	SAFE	5	$13,520	$65,060	ROLL NOW (43d)
NOW → +80C −110P +90P −140C	$145.48	80	110	90	140	$108.93	$114.57	20	1.72x	38.1%	SAFE	10	$27,850	$145,480	ROLL NOW (43d)
QCOM → +190C −210P +90P −180C	$169.32	190	210	90	180	$224.00	$226.34	120	4.53x	46.8%	SAFE	5	$17,000	$84,660	ROLL NOW (43d)
RKLB → +115C −135P +45P −69C	$63.28	115	135	45	69	$141.55	$148.55	90	4.39x	28.9%	SAFE	6	$15,930	$37,968	ROLL NOW (43d)
AMZN → +200C −250P +215P −268C	$258.64	200	250	215	268	$267.92	$270.58	35	1.52x	16.9%	SAFE	5	$33,960	$129,320	REPAIR PLAN (78d)
IREN (Joint) → +25C −47P +35P −55C	$41.25	25	47	35	55	$44.00	$50.69	12	1.75x	15.2%	SAFE	20	$32,000	$82,503	REPAIR PLAN (43d)
IREN (Main) → +25C −47P +35P −55C	$41.25	25	47	35	55	$44.00	$50.69	12	1.75x	15.2%	SAFE	20	$32,000	$82,503	REPAIR PLAN (43d)
GOOG (Joint) +310C −365C	$339.50	310	0	0	365	$392.50	$348.61	0	1.00x	0.0%	N/A	5	$41,250	$169,750	LEAPS-ONLY
IBIT +75C	$46.03	75	0	0	0	$70.58	$48.47	0	1.00x	0.0%	N/A	50	$22,328	$230,150	LEAPS-ONLY
IGV +70C −125C	$106.97	70	0	0	125	$96.50	$88.45	0	1.00x	0.0%	N/A	12	$31,800	$128,364	LEAPS-ONLY
MARA (Main) +13C	$11.61	13	0	0	0	$16.75	$10.91	0	1.00x	0.0%	N/A	400	$150,000	$464,400	LEAPS-ONLY
MARA (RetireInc) +40C	$11.61	40	0	0	0	$41.04	$11.00	0	1.00x	0.0%	N/A	500	$52,000	$580,500	LEAPS-ONLY
MSTR (Joint) +180C −170C	$142.17	180	0	0	170	$233.00	$161.56	0	1.00x	0.0%	N/A	10	$53,000	$142,170	LEAPS-ONLY
SPY +640C	$773.38	640	0	0	0	$764.00	$704.54	0	1.00x	0.0%	N/A	12	$148,800	$928,056	LEAPS-ONLY
AMD +420C −490P +350P	$456.53	420	490	350	0	$489.91	$501.11	140	3.01x	23.3%	SAFE	2	$13,964	$91,306	OK
APP +460C −540P +185P	$312.35	460	540	185	0	$588.00	$608.55	355	3.77x	40.8%	SAFE	1	$12,800	$31,235	OK
BMNR (Joint) +23C −18P +25P	$26.38	23	18	25	0	$36.42	$23.17	0	1.00x	5.2%	OK	150	$201,300	$395,700	OK
BMNR (Main) +25C −18P +45P	$26.38	25	18	45	0	$65.83	$57.26	0	1.00x	-70.6%	ITM	50	$204,150	$131,900	OK
BMNR (Main) +23C −18P +25P	$26.38	23	18	25	0	$53.26	$45.85	0	1.00x	5.2%	OK	75	$226,950	$197,850	OK
CLSK +17C −17P +10P	$12.52	17	17	10	0	$20.74	$18.14	7	2.87x	20.1%	SAFE	25	$9,350	$31,288	OK
COIN (Main) +500C −330P +300P −225C	$192.21	500	330	300	225	$563.00	$355.50	30	1.48x	-56.1%	ITM	25	$157,500	$480,525	OK
COPX +65C −90P +68P −100C	$90.78	65	90	68	100	$93.40	$96.10	22	1.77x	25.1%	SAFE	20	$56,800	$181,560	OK
GLXY +38C −38P +18P	$26.61	38	38	18	0	$39.71	$34.53	20	10.05x	34.2%	SAFE	125	$27,625	$332,625	OK
GOOG (Neville) +300C −345P +310P −345C	$339.50	300	345	310	345	$373.00	$346.40	35	1.48x	8.7%	OK	15	$109,500	$509,250	OK
GOOG (Neville) +340C −405P +360P −345C	$339.50	340	405	360	345	$398.00	$383.80	45	1.88x	-6.0%	ITM	5	$25,500	$169,750	OK
HIMS +10C −20P +5P −36C	$27.58	10	20	5	36	$17.47	$18.40	15	4.04x	81.9%	SAFE	15	$7,395	$41,370	OK
MU (Joint) +670C −800P +420P −1050C	$948.79	670	800	420	1050	$792.36	$809.80	380	4.31x	55.7%	SAFE	1	$11,472	$94,879	OK
NVDA +215C −225P +200P −240C	$229.55	215	225	200	240	$264.80	$229.38	25	1.50x	12.9%	SAFE	10	$49,800	$229,550	OK
SNDK +1200C −1380P +810P −1650C	$1542.56	1200	1380	810	1650	$1620.00	$1639.29	570	2.36x	47.5%	SAFE	1	$42,000	$154,256	OK
SPCX +150C −195P +135P	$151.91	150	195	135	0	$186.00	$189.58	60	3.22x	11.1%	SAFE	5	$13,500	$75,955	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 43d

Stock: $41.25 HP: 15.2% OTM Current hedge: $30,049/yr Roll-fwd baseline: $28,925/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $66,222/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-05 INTRADAY (63d) inside new HP tenor

#	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	Dec 18	106d	17.6%	$3.80	$-2.10	$-4,200	$26,170	$37,198	$3,879	13	$2,000	6mo	0mo	1.81x	PASS
2	33	Dec 18	106d	20.0%	$3.40	$-1.70	$-3,400	$23,415	$39,609	$6,634	14	$4,000	7mo	1mo	1.88x	PASS
3	32	Dec 18	106d	22.4%	$3.05	$-1.35	$-2,700	$21,005	$42,363	$9,044	15	$6,000	8mo	1mo	1.94x	PASS
4	31	Dec 18	106d	24.9%	$2.67	$-0.97	$-1,940	$18,388	$39,599	$11,661	16	$8,000	8mo	1mo	2.00x	PASS
5	30	Dec 18	106d	27.3%	$2.36	$-0.66	$-1,320	$16,253	$36,156	$13,796	17	$10,000	9mo	1mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.27	$25,400/yr	$26,170/yr	DEFICIT $64/mo
CC at MID $48 0.7σ, B $1.74	$34,800/yr	$26,170/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $41.25 → $31.69, hedge $37,198/yr)
CC at SS income stress-adjusted	$6,000/yr	$37,198/yr	DEFICIT $2,600/mo
CC at MID income stress-adjusted	$9,800/yr	$37,198/yr	DEFICIT $2,283/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.74) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,283/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 43d

Stock: $41.25 HP: 15.2% OTM Current hedge: $30,049/yr Roll-fwd baseline: $28,925/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $66,222/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-05 INTRADAY (63d) inside new HP tenor

#	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	Dec 18	106d	17.6%	$3.80	$-2.10	$-4,200	$26,170	$37,198	$3,879	13	$2,000	6mo	0mo	1.81x	PASS
2	33	Dec 18	106d	20.0%	$3.40	$-1.70	$-3,400	$23,415	$39,609	$6,634	14	$4,000	7mo	1mo	1.88x	PASS
3	32	Dec 18	106d	22.4%	$3.05	$-1.35	$-2,700	$21,005	$42,363	$9,044	15	$6,000	8mo	1mo	1.94x	PASS
4	31	Dec 18	106d	24.9%	$2.67	$-0.97	$-1,940	$18,388	$39,599	$11,661	16	$8,000	8mo	1mo	2.00x	PASS
5	30	Dec 18	106d	27.3%	$2.36	$-0.66	$-1,320	$16,253	$36,156	$13,796	17	$10,000	9mo	1mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.27	$25,400/yr	$26,170/yr	DEFICIT $64/mo
CC at MID $48 0.7σ, B $1.74	$34,800/yr	$26,170/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $41.25 → $31.69, hedge $37,198/yr)
CC at SS income stress-adjusted	$6,000/yr	$37,198/yr	DEFICIT $2,600/mo
CC at MID income stress-adjusted	$9,800/yr	$37,198/yr	DEFICIT $2,283/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.74) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,283/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 78d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 2.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $258.64 HP: 16.9% OTM Current hedge: $6,738/yr Roll-fwd baseline: $6,629/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $14,868/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-10-29 AMC (56d) inside new HP tenor

#	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	210	Nov 20	78d	18.8%	$2.30	$0.45	$225	$5,381	$15,910	$1,357	40	$2,500	22mo	2mo	1.59x	PASS
2	210	Dec 18	106d	18.8%	$3.15	$-0.40	$-200	$5,423	$11,708	$1,315	40	$2,500	23mo	2mo	1.59x	PASS
3	185	Nov 20	78d	28.5%	$0.77	$1.98	$990	$1,802	$5,381	$4,937	65	$15,000	36mo	9mo	1.96x	FAIL
4	185	Dec 18	106d	28.5%	$1.12	$1.63	$815	$1,928	$3,960	$4,810	65	$15,000	37mo	9mo	1.96x	FAIL
5	190	Nov 20	78d	26.5%	$0.94	$1.81	$905	$2,199	$6,738	$4,539	60	$12,500	33mo	8mo	1.88x	FAIL
6	190	Dec 18	106d	26.5%	$1.37	$1.38	$690	$2,359	$4,958	$4,380	60	$12,500	34mo	8mo	1.88x	FAIL
7	195	Nov 20	78d	24.6%	$1.20	$1.55	$775	$2,808	$8,423	$3,931	55	$10,000	31mo	6mo	1.81x	FAIL
8	195	Dec 18	106d	24.6%	$1.69	$1.06	$530	$2,910	$6,198	$3,829	55	$10,000	31mo	6mo	1.81x	FAIL
9	200	Nov 20	78d	22.7%	$1.47	$1.28	$640	$3,439	$10,529	$3,299	50	$7,500	27mo	5mo	1.74x	FAIL
10	200	Dec 18	106d	22.7%	$2.07	$0.68	$340	$3,564	$7,748	$3,175	50	$7,500	28mo	5mo	1.74x	FAIL
11	205	Nov 20	78d	20.7%	$1.84	$0.91	$455	$4,305	$12,986	$2,433	45	$5,000	25mo	3mo	1.66x	FAIL
12	205	Dec 18	106d	20.7%	$2.55	$0.20	$100	$4,390	$9,555	$2,348	45	$5,000	26mo	3mo	1.66x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.95	$19,750/yr	$5,381/yr	SELF-FUNDING
CC at MID $275 0.7σ, B $3.95	$19,750/yr	$5,381/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $258.64 → $230.26, hedge $15,910/yr)
CC at SS income stress-adjusted	$1,800/yr	$15,910/yr	DEFICIT $1,176/mo
CC at MID income stress-adjusted	$1,800/yr	$15,910/yr	DEFICIT $1,176/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $3.95) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,176/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

COIN (Main): HP 85P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $192.21 Current HP: 85P (43d, 55.8% OTM) Current hedge: $1,290/yr Current ML: $137,440 If HP lapses: ML $205,440 (+$68,000) Account: Main (...1299) Contracts: 8 (800 sh) CC income: $100,587/yr Cost cap: 25% of CC = $25,147/yr IV: HIGH 26 qualifying ⚠ ER 2026-10-29 AMC (56d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 85 → 85P (Nov 20 '26, 78d, 55.8% OTM) | Cost: $1,385/yr (1% of CC) | New ML: $137,440 = ML | Roll DEBIT $248 | Margin (TIMS): $5,830

PROTECTIVE PICK (lowest ML within cost cap): HP 85 → 145P (Dec 18 '26, 106d, 24.6% OTM) | Cost: $21,625/yr (21% of CC) | New ML: $89,440 ↓ $48,000 | Roll DEBIT $6,232 | Margin (TIMS): $5,478

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	85 CHEAP	Nov 20	78d	55.8%	$0.03	$0.37	$1,385	1%	$137,440	=	D $248
2	85	Dec 18	106d	55.8%	$0.30	$0.79	$2,176	2%	$137,440	=	D $584
3	95	Nov 20	78d	50.6%	$0.43	$0.62	$2,321	2%	$129,440	-$8,000	D $448
4	90	Nov 20	78d	53.2%	$0.21	$0.63	$2,358	2%	$133,440	-$4,000	D $456
5	100	Nov 20	78d	48.0%	$0.60	$0.79	$2,957	3%	$125,440	-$12,000	D $584
6	90	Dec 18	106d	53.2%	$0.67	$1.10	$3,030	3%	$133,440	-$4,000	D $832
7	95	Dec 18	106d	50.6%	$0.72	$1.22	$3,361	3%	$129,440	-$8,000	D $928
8	105	Nov 20	78d	45.4%	$0.81	$0.95	$3,556	4%	$121,440	-$16,000	D $712
9	100	Dec 18	106d	48.0%	$1.07	$1.44	$3,967	4%	$125,440	-$12,000	D $1,104
10	105	Dec 18	106d	45.4%	$1.44	$1.79	$4,931	5%	$121,440	-$16,000	D $1,384
11	110	Nov 20	78d	42.8%	$1.03	$1.36	$5,091	5%	$117,440	-$20,000	D $1,040
12	110	Dec 18	106d	42.8%	$1.90	$2.21	$6,088	6%	$117,440	-$20,000	D $1,720
▶ 13	145 PROT	Dec 18	106d	24.6%	$7.35	$7.85	$21,625	21%	$89,440	-$48,000	D $6,232

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $220, B $6.75	$54,000/yr	$1,385/yr	SELF-FUNDING
CC at MID $220 0.7σ, B $6.75	$54,000/yr	$1,385/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($220, bid $6.75). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ETHA: HP 10P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $18.94 Current HP: 10P (43d, 47.2% OTM) Current hedge: $2,971/yr Current ML: $51,650 If HP lapses: ML $101,650 (+$50,000) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $148,891/yr Cost cap: 25% of CC = $37,223/yr IV: HIGH 8 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Dec 18 '26, 106d, 47.2% OTM) | Cost: $2,583/yr (2% of CC) | New ML: $51,650 = ML | Roll DEBIT $700 | Margin (TIMS): $548

PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 16P (Dec 18 '26, 106d, 15.5% OTM) | Cost: $15,840/yr (11% of CC) | New ML: $21,650 ↓ $30,000 | Roll DEBIT $4,550 | Margin (TIMS): $297

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	10 CHEAP	Dec 18	106d	47.2%	$0.06	$0.15	$2,583	2%	$51,650	=	D $700
2	11	Dec 18	106d	41.9%	$0.13	$0.15	$2,583	2%	$46,650	-$5,000	D $700
3	12	Dec 18	106d	36.6%	$0.20	$0.27	$4,649	3%	$41,650	-$10,000	D $1,300
4	13	Dec 18	106d	31.4%	$0.29	$0.31	$5,337	4%	$36,650	-$15,000	D $1,500
5	14	Dec 18	106d	26.1%	$0.42	$0.46	$7,920	5%	$31,650	-$20,000	D $2,250
6	15	Dec 18	106d	20.8%	$0.60	$0.65	$11,191	8%	$26,650	-$25,000	D $3,200
▶ 7	16 PROT	Dec 18	106d	15.5%	$0.85	$0.92	$15,840	11%	$21,650	-$30,000	D $4,550
8	17	Dec 18	106d	10.2%	$1.19	$1.23	$21,177	14%	$21,650	-$30,000	D $6,100

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $19, B $1.25	$62,500/yr	$2,583/yr	SELF-FUNDING
CC at MID $21 0.7σ, B $0.57	$28,500/yr	$2,583/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($19, bid $1.25). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

GLD: HP 330P Maintenance Roll · exp Oct 16 '26, 43d (no qualifying candidates)

Stock: $410.12 Current HP: 330P (43d) Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $0/yr Cost cap: 25% of CC = $0/yr IV: MEDIUM

No HP candidates passed all filters. Reasons:

No candidate puts were priced at or above the current HP strike. Try --hp-min-dte 60 or extend --hp-max-dte.

NOW: HP 90P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $145.48 Current HP: 90P (43d, 38.1% OTM) Current hedge: $1,188/yr Current ML: $47,850 If HP lapses: ML $137,850 (+$90,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $688,599/yr Cost cap: 25% of CC = $172,150/yr IV: HIGH 35 qualifying ⚠ ER 2026-10-28 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Nov 20 '26, 78d, 38.1% OTM) | Cost: $3,229/yr (0% of CC) | New ML: $47,850 = ML | Roll DEBIT $580 | Margin (TIMS): $2,795

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 110P (Nov 20 '26, 78d, 24.4% OTM) | Cost: $12,167/yr (2% of CC) | New ML: $27,850 ↓ $20,000 | Roll DEBIT $2,490 | Margin (TIMS): $2,246

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Nov 20	78d	38.1%	$0.61	$0.69	$3,229	0%	$47,850	=	D $580
2	90	Dec 18	106d	38.1%	$1.00	$1.18	$4,063	1%	$47,850	=	D $1,070
3	92	Dec 18	106d	36.8%	$1.09	$1.36	$4,683	1%	$45,850	-$2,000	D $1,250
4	95	Nov 20	78d	34.7%	$0.86	$1.03	$4,820	1%	$42,850	-$5,000	D $920
5	94	Dec 18	106d	35.4%	$1.24	$1.60	$5,509	1%	$43,850	-$4,000	D $1,490
6	95	Dec 18	106d	34.7%	$1.42	$1.61	$5,544	1%	$42,850	-$5,000	D $1,500
7	96	Dec 18	106d	34.0%	$1.45	$1.75	$6,026	1%	$41,850	-$6,000	D $1,640
8	100	Nov 20	78d	31.3%	$1.27	$1.37	$6,411	1%	$37,850	-$10,000	D $1,260
9	98	Dec 18	106d	32.6%	$1.65	$2.00	$6,887	1%	$39,850	-$8,000	D $1,890
10	100	Dec 18	106d	31.3%	$1.98	$2.13	$7,334	1%	$37,850	-$10,000	D $2,020
11	102	Dec 18	106d	29.9%	$2.16	$2.51	$8,643	1%	$35,850	-$12,000	D $2,400
12	105	Nov 20	78d	27.8%	$1.71	$2.05	$9,593	1%	$32,850	-$15,000	D $1,940
▶ 13	110 PROT	Nov 20	78d	24.4%	$2.43	$2.60	$12,167	2%	$27,850	-$20,000	D $2,490

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $143, B $10.80	$108,000/yr	$3,229/yr	SELF-FUNDING
CC at MID $160 0.6σ, B $4.35	$43,500/yr	$3,229/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($143, bid $10.80). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

NEM: HP 75P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $130.12 Current HP: 75P (43d, 42.4% OTM) Current hedge: $170/yr Current ML: $28,520 If HP lapses: ML $66,020 (+$37,500) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $113,184/yr Cost cap: 25% of CC = $28,296/yr IV: HIGH 20 qualifying ⚠ ER 2026-10-22 AMC (49d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Dec 18 '26, 106d, 42.4% OTM) | Cost: $430/yr (0% of CC) | New ML: $28,520 = ML | Roll DEBIT $125 | Margin (TIMS): $2,069

PROTECTIVE PICK (lowest ML within cost cap): HP 75 → 105P (Nov 20 '26, 78d, 19.3% OTM) | Cost: $4,352/yr (4% of CC) | New ML: $13,520 ↓ $15,000 | Roll DEBIT $930 | Margin (TIMS): $1,450

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP	Dec 18	106d	42.4%	$0.10	$0.25	$430	0%	$28,520	=	D $125
2	78	Dec 18	106d	40.4%	$0.08	$0.29	$499	0%	$27,270	-$1,250	D $145
3	80	Dec 18	106d	38.5%	$0.25	$0.30	$517	0%	$26,020	-$2,500	D $150
4	82	Dec 18	106d	36.6%	$0.08	$0.67	$1,154	1%	$24,770	-$3,750	D $335
5	90	Dec 18	106d	30.8%	$0.58	$0.87	$1,498	1%	$21,020	-$7,500	D $435
6	85	Dec 18	106d	34.7%	$0.01	$1.00	$1,722	2%	$23,520	-$5,000	D $500
7	92	Dec 18	106d	28.9%	$0.67	$1.09	$1,877	2%	$19,770	-$8,750	D $545
8	95	Nov 20	78d	27.0%	$0.53	$0.81	$1,895	2%	$18,520	-$10,000	D $405
9	95	Dec 18	106d	27.0%	$1.03	$1.24	$2,135	2%	$18,520	-$10,000	D $620
10	88	Dec 18	106d	32.8%	$0.31	$1.27	$2,187	2%	$22,270	-$6,250	D $635
11	100	Nov 20	78d	23.1%	$0.96	$1.14	$2,667	2%	$16,020	-$12,500	D $570
12	98	Dec 18	106d	25.1%	$1.23	$1.72	$2,961	3%	$17,270	-$11,250	D $860
▶ 13	105 PROT	Nov 20	78d	19.3%	$1.60	$1.86	$4,352	4%	$13,520	-$15,000	D $930

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $128, B $7.70	$38,500/yr	$430/yr	SELF-FUNDING
CC at MID $141 0.7σ, B $2.51	$12,550/yr	$430/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($128, bid $7.70). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $41.25 Current HP: 21P (43d, 49.1% OTM) Current hedge: $2,207/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $66,222/yr Cost cap: 25% of CC = $16,556/yr IV: HIGH 14 qualifying ⚠ ER 2026-11-05 INTRADAY (63d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Nov 20 '26, 78d, 49.1% OTM) | Cost: $3,650/yr (6% of CC) | New ML: $94,000 = ML | Roll DEBIT $720 | Margin (TIMS): $2,009

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 30P (Dec 18 '26, 106d, 27.3% OTM) | Cost: $16,253/yr (25% of CC) | New ML: $76,000 ↓ $18,000 | Roll DEBIT $4,660 | Margin (TIMS): $1,695

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Nov 20	78d	49.1%	$0.30	$0.39	$3,650	6%	$94,000	=	D $720
2	22	Nov 20	78d	46.7%	$0.33	$0.52	$4,867	7%	$92,000	-$2,000	D $980
3	22	Dec 18	106d	46.7%	$0.64	$0.79	$5,441	8%	$92,000	-$2,000	D $1,520
4	23	Nov 20	78d	44.2%	$0.42	$0.62	$5,803	9%	$90,000	-$4,000	D $1,180
5	24	Nov 20	78d	41.8%	$0.52	$0.73	$6,832	10%	$88,000	-$6,000	D $1,400
6	25	Nov 20	78d	39.4%	$0.70	$0.87	$8,142	12%	$86,000	-$8,000	D $1,680
7	25	Dec 18	106d	39.4%	$1.08	$1.24	$8,540	13%	$86,000	-$8,000	D $2,420
8	26	Nov 20	78d	37.0%	$0.80	$0.99	$9,265	14%	$84,000	-$10,000	D $1,920
9	27	Nov 20	78d	34.5%	$0.95	$1.11	$10,388	16%	$82,000	-$12,000	D $2,160
10	27	Dec 18	106d	34.5%	$1.42	$1.58	$10,881	16%	$82,000	-$12,000	D $3,100
11	28	Nov 20	78d	32.1%	$1.14	$1.31	$12,260	19%	$80,000	-$14,000	D $2,560
12	29	Nov 20	78d	29.7%	$1.35	$1.53	$14,319	22%	$78,000	-$16,000	D $3,000
▶ 13	30 PROT	Dec 18	106d	27.3%	$2.30	$2.36	$16,253	25%	$76,000	-$18,000	D $4,660

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.49	$9,800/yr	$3,650/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.74	$34,800/yr	$3,650/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.49). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

INTC: HP 35P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $91.06 Current HP: 35P (43d, 61.6% OTM) Current hedge: $212/yr Current ML: $47,000 If HP lapses: ML $64,500 (+$17,500) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $24,007/yr Cost cap: 25% of CC = $6,002/yr IV: HIGH 30 qualifying ⚠ ER 2026-10-22 AMC (49d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 106d, 61.6% OTM) | Cost: $172/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $45 | Margin (TIMS): $2,145

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 70P (Nov 20 '26, 78d, 23.1% OTM) | Cost: $5,147/yr (21% of CC) | New ML: $29,500 ↓ $17,500 | Roll DEBIT $1,095 | Margin (TIMS): $2,058

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	106d	61.6%	$0.08	$0.10	$172	1%	$47,000	=	D $45
2	35	Nov 20	78d	61.6%	$0.03	$0.09	$211	1%	$47,000	=	D $40
3	38	Dec 18	106d	58.3%	$0.10	$0.17	$293	1%	$45,500	-$1,500	D $80
4	37	Nov 20	78d	59.4%	$0.01	$0.13	$304	1%	$46,000	-$1,000	D $60
5	40	Nov 20	78d	56.1%	$0.06	$0.13	$304	1%	$44,500	-$2,500	D $60
6	40	Dec 18	106d	56.1%	$0.14	$0.18	$310	1%	$44,500	-$2,500	D $85
7	42	Nov 20	78d	53.9%	$0.10	$0.16	$374	2%	$43,500	-$3,500	D $75
8	43	Dec 18	106d	52.8%	$0.20	$0.25	$430	2%	$43,000	-$4,000	D $120
9	45	Nov 20	78d	50.6%	$0.15	$0.19	$445	2%	$42,000	-$5,000	D $90
10	45	Dec 18	106d	50.6%	$0.25	$0.30	$517	2%	$42,000	-$5,000	D $145
11	47	Nov 20	78d	48.4%	$0.14	$0.28	$655	3%	$41,000	-$6,000	D $135
12	50	Nov 20	78d	45.1%	$0.27	$0.30	$702	3%	$39,500	-$7,500	D $145
▶ 13	70 PROT	Nov 20	78d	23.1%	$2.16	$2.20	$5,147	21%	$29,500	-$17,500	D $1,095

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $0.75	$3,750/yr	$172/yr	SELF-FUNDING
CC at MID $102 0.7σ, B $2.89	$14,450/yr	$172/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $0.75). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MSTR (RetireInc): HP 55P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $142.17 Current HP: 55P (43d, 61.3% OTM) Current hedge: $883/yr Current ML: $56,800 If HP lapses: ML $78,800 (+$22,000) Account: RetireInc (...7291) Contracts: 4 (400 sh) CC income: $50,419/yr Cost cap: 25% of CC = $12,605/yr IV: HIGH 24 qualifying ⚠ ER 2026-10-29 AMC (56d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Nov 20 '26, 78d, 61.3% OTM) | Cost: $861/yr (2% of CC) | New ML: $56,800 = ML | Roll DEBIT $136 | Margin (TIMS): $7,748

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 110P (Dec 18 '26, 106d, 22.6% OTM) | Cost: $10,881/yr (22% of CC) | New ML: $34,800 ↓ $22,000 | Roll DEBIT $3,112 | Margin (TIMS): $4,745

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Nov 20	78d	61.3%	$0.33	$0.46	$861	2%	$56,800	=	D $136
2	55	Dec 18	106d	61.3%	$0.52	$0.71	$978	2%	$56,800	=	D $236
3	60	Nov 20	78d	57.8%	$0.41	$0.55	$1,029	2%	$54,800	-$2,000	D $172
4	60	Dec 18	106d	57.8%	$0.72	$0.83	$1,143	2%	$54,800	-$2,000	D $284
5	65	Nov 20	78d	54.3%	$0.55	$0.73	$1,366	3%	$52,800	-$4,000	D $244
6	65	Dec 18	106d	54.3%	$0.92	$1.06	$1,460	3%	$52,800	-$4,000	D $376
7	70	Nov 20	78d	50.8%	$0.71	$0.84	$1,572	3%	$50,800	-$6,000	D $288
8	70	Dec 18	106d	50.8%	$1.20	$1.33	$1,832	4%	$50,800	-$6,000	D $484
9	75	Nov 20	78d	47.2%	$0.92	$1.07	$2,003	4%	$48,800	-$8,000	D $380
10	75	Dec 18	106d	47.2%	$1.51	$1.66	$2,286	5%	$48,800	-$8,000	D $616
11	80	Nov 20	78d	43.7%	$1.20	$1.37	$2,564	5%	$46,800	-$10,000	D $500
12	80	Dec 18	106d	43.7%	$1.89	$1.97	$2,713	5%	$46,800	-$10,000	D $740
▶ 13	110 PROT	Dec 18	106d	22.6%	$7.55	$7.90	$10,881	22%	$34,800	-$22,000	D $3,112

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $170, B $5.15	$20,600/yr	$861/yr	SELF-FUNDING
CC at MID $165 0.7σ, B $6.15	$24,600/yr	$861/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($170, bid $5.15). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

QCOM: HP 90P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $169.32 Current HP: 90P (43d, 46.8% OTM) Current hedge: $1,358/yr Current ML: $77,000 If HP lapses: ML $122,000 (+$45,000) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $21,439/yr Cost cap: 25% of CC = $5,360/yr IV: HIGH 16 qualifying ⚠ ER 2026-10-29 AMC (56d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 100P (Nov 20 '26, 78d, 40.9% OTM) | Cost: $702/yr (3% of CC) | New ML: $72,000 ↓ $5,000 | Roll DEBIT $150 | Margin (TIMS): $2,964

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 130P (Nov 20 '26, 78d, 23.2% OTM) | Cost: $3,978/yr (19% of CC) | New ML: $57,000 ↓ $20,000 | Roll DEBIT $850 | Margin (TIMS): $2,977

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	100 CHEAP	Nov 20	78d	40.9%	$0.20	$0.30	$702	3%	$72,000	-$5,000	D $150
2	95	Dec 18	106d	43.9%	$0.23	$0.45	$775	4%	$74,500	-$2,500	D $225
3	90	Dec 18	106d	46.8%	$0.09	$0.56	$964	4%	$77,000	=	D $280
4	100	Dec 18	106d	40.9%	$0.30	$0.65	$1,119	5%	$72,000	-$5,000	D $325
5	105	Dec 18	106d	38.0%	$0.44	$0.68	$1,171	5%	$69,500	-$7,500	D $340
6	110	Nov 20	78d	35.0%	$0.37	$0.59	$1,380	6%	$67,000	-$10,000	D $295
7	115	Nov 20	78d	32.1%	$0.50	$0.71	$1,661	8%	$64,500	-$12,500	D $355
8	105	Nov 20	78d	38.0%	$0.24	$0.72	$1,685	8%	$69,500	-$7,500	D $360
9	110	Dec 18	106d	35.0%	$0.65	$1.00	$1,722	8%	$67,000	-$10,000	D $500
10	115	Dec 18	106d	32.1%	$0.80	$1.20	$2,066	10%	$64,500	-$12,500	D $600
11	120	Nov 20	78d	29.1%	$0.65	$1.12	$2,621	12%	$62,000	-$15,000	D $560
12	120	Dec 18	106d	29.1%	$1.14	$1.53	$2,634	12%	$62,000	-$15,000	D $765
▶ 13	130 PROT	Nov 20	78d	23.2%	$1.48	$1.70	$3,978	19%	$57,000	-$20,000	D $850

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $230, B $0.07	$350/yr	$702/yr	DEFICIT $29/mo
CC at MID $190 0.6σ, B $2.39	$11,950/yr	$702/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($190, bid $2.39). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

RKLB: HP 45P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $63.28 Current HP: 45P (43d, 28.9% OTM) Current hedge: $2,292/yr Current ML: $69,930 If HP lapses: ML $96,930 (+$27,000) Account: RetireInc (...7291) Contracts: 6 (600 sh) CC income: $24,908/yr Cost cap: 25% of CC = $6,227/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-09 INTRADAY (67d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Dec 18 '26, 106d, 28.9% OTM) | Cost: $4,587/yr (18% of CC) | New ML: $69,930 = ML | Roll DEBIT $1,116 | Margin (TIMS): $2,154

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 47P (Dec 18 '26, 106d, 25.7% OTM) | Cost: $5,578/yr (22% of CC) | New ML: $68,730 ↓ $1,200 | Roll DEBIT $1,404 | Margin (TIMS): $2,105

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Dec 18	106d	28.9%	$2.10	$2.22	$4,587	18%	$69,930	=	D $1,116
▶ 2	47 PROT	Dec 18	106d	25.7%	$2.38	$2.70	$5,578	22%	$68,730	-$1,200	D $1,404

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $149 — assignment locks a loss · $90, B $0.24	$1,440/yr	$4,587/yr	DEFICIT $262/mo
CC at MID $72 0.6σ, B $2.11	$12,660/yr	$4,587/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($72, bid $2.11). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $41.25 Current HP: 23P (43d, 44.2% OTM) Current hedge: $2,886/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $66,222/yr Cost cap: 25% of CC = $16,556/yr IV: HIGH 11 qualifying ⚠ ER 2026-11-05 INTRADAY (63d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Nov 20 '26, 78d, 44.2% OTM) | Cost: $5,803/yr (9% of CC) | New ML: $107,700 = ML | Roll DEBIT $1,040 | Margin (TIMS): $1,974

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 30P (Dec 18 '26, 106d, 27.3% OTM) | Cost: $16,253/yr (25% of CC) | New ML: $93,700 ↓ $14,000 | Roll DEBIT $4,520 | Margin (TIMS): $1,697

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Nov 20	78d	44.2%	$0.42	$0.62	$5,803	9%	$107,700	=	D $1,040
2	24	Nov 20	78d	41.8%	$0.52	$0.73	$6,832	10%	$105,700	-$2,000	D $1,260
3	25	Nov 20	78d	39.4%	$0.70	$0.87	$8,142	12%	$103,700	-$4,000	D $1,540
4	25	Dec 18	106d	39.4%	$1.08	$1.24	$8,540	13%	$103,700	-$4,000	D $2,280
5	26	Nov 20	78d	37.0%	$0.80	$0.99	$9,265	14%	$101,700	-$6,000	D $1,780
6	27	Nov 20	78d	34.5%	$0.95	$1.11	$10,388	16%	$99,700	-$8,000	D $2,020
7	27	Dec 18	106d	34.5%	$1.42	$1.58	$10,881	16%	$99,700	-$8,000	D $2,960
8	28	Nov 20	78d	32.1%	$1.14	$1.31	$12,260	19%	$97,700	-$10,000	D $2,420
9	29	Nov 20	78d	29.7%	$1.35	$1.53	$14,319	22%	$95,700	-$12,000	D $2,860
▶ 10	30 PROT	Dec 18	106d	27.3%	$2.30	$2.36	$16,253	25%	$93,700	-$14,000	D $4,520
11	30	Nov 20	78d	27.3%	$1.59	$1.76	$16,472	25%	$93,700	-$14,000	D $3,320

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $67 — assignment locks a loss · $65, B $0.30	$6,000/yr	$5,803/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.74	$34,800/yr	$5,803/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($65, bid $0.30). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

CRWV: HP 40P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $84.30 Current HP: 40P (43d, 52.6% OTM) Current hedge: $255/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $30,682/yr Cost cap: 25% of CC = $7,671/yr IV: HIGH 15 qualifying ⚠ ER 2026-11-11 INTRADAY (69d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Nov 20 '26, 78d, 52.6% OTM) | Cost: $725/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $130 | Margin (TIMS): $2,648

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Dec 18 '26, 106d, 25.9% OTM) | Cost: $6,887/yr (22% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,975 | Margin (TIMS): $2,439

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Nov 20	78d	52.6%	$0.25	$0.31	$725	2%	$50,225	=	D $130
2	40	Dec 18	106d	52.6%	$0.50	$0.54	$930	3%	$50,225	=	D $245
3	42	Nov 20	78d	49.6%	$0.35	$0.41	$959	3%	$48,975	-$1,250	D $180
4	42	Dec 18	106d	49.6%	$0.52	$0.71	$1,222	4%	$48,975	-$1,250	D $330
5	45	Nov 20	78d	46.6%	$0.47	$0.55	$1,287	4%	$47,725	-$2,500	D $250
6	45	Dec 18	106d	46.6%	$0.71	$0.91	$1,567	5%	$47,725	-$2,500	D $430
7	48	Nov 20	78d	43.7%	$0.53	$0.72	$1,685	5%	$46,475	-$3,750	D $335
8	48	Dec 18	106d	43.7%	$1.07	$1.15	$1,980	6%	$46,475	-$3,750	D $550
9	50	Nov 20	78d	40.7%	$0.85	$0.93	$2,176	7%	$45,225	-$5,000	D $440
10	50	Dec 18	106d	40.7%	$1.36	$1.44	$2,479	8%	$45,225	-$5,000	D $695
11	55	Nov 20	78d	34.8%	$1.41	$1.50	$3,510	11%	$42,725	-$7,500	D $725
12	55	Dec 18	106d	34.8%	$2.14	$2.22	$3,822	12%	$42,725	-$7,500	D $1,085
▶ 13	62 PROT	Dec 18	106d	25.9%	$3.85	$4.00	$6,887	22%	$38,975	-$11,250	D $1,975

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $129 — assignment locks a loss · $105, B $1.92	$9,600/yr	$725/yr	SELF-FUNDING
CC at MID $96 0.6σ, B $3.50	$17,500/yr	$725/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($105, bid $1.92). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

META: HP 330P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $612.91 Current HP: 330P (43d, 46.2% OTM) Current hedge: $255/yr Current ML: $117,900 If HP lapses: ML $216,900 (+$99,000) Account: Main (...1299) Contracts: 3 (300 sh) CC income: $149,428/yr Cost cap: 25% of CC = $37,357/yr IV: HIGH 64 qualifying ⚠ ER 2026-10-28 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Nov 20 '26, 78d, 46.2% OTM) | Cost: $463/yr (0% of CC) | New ML: $117,900 = ML | Roll DEBIT $93 | Margin (TIMS): $11,068

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 560P (Dec 18 '26, 106d, 8.6% OTM) | Cost: $27,065/yr (18% of CC) | New ML: $48,900 ↓ $69,000 | Roll DEBIT $7,854 | Margin (TIMS): $6,090

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Nov 20	78d	46.2%	$0.21	$0.33	$463	0%	$117,900	=	D $93
2	340	Nov 20	78d	44.5%	$0.27	$0.34	$477	0%	$114,900	-$3,000	D $96
3	350	Nov 20	78d	42.9%	$0.26	$0.40	$562	0%	$111,900	-$6,000	D $114
4	340	Dec 18	106d	44.5%	$0.45	$0.56	$578	0%	$114,900	-$3,000	D $162
5	360	Nov 20	78d	41.3%	$0.40	$0.47	$660	0%	$108,900	-$9,000	D $135
6	350	Dec 18	106d	42.9%	$0.57	$0.66	$682	0%	$111,900	-$6,000	D $192
7	330	Dec 18	106d	46.2%	$0.23	$0.67	$692	0%	$117,900	=	D $195
8	370	Nov 20	78d	39.6%	$0.48	$0.58	$814	1%	$105,900	-$12,000	D $168
9	360	Dec 18	106d	41.3%	$0.72	$0.79	$816	1%	$108,900	-$9,000	D $231
10	380	Nov 20	78d	38.0%	$0.61	$0.68	$955	1%	$102,900	-$15,000	D $198
11	370	Dec 18	106d	39.6%	$0.85	$0.94	$971	1%	$105,900	-$12,000	D $276
12	390	Nov 20	78d	36.4%	$0.74	$0.82	$1,151	1%	$99,900	-$18,000	D $240
▶ 13	560 PROT	Dec 18	106d	8.6%	$25.60	$26.20	$27,065	18%	$48,900	-$69,000	D $7,854

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $605, B $30.95	$92,850/yr	$463/yr	SELF-FUNDING
CC at MID $655 0.6σ, B $11.85	$35,550/yr	$463/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($605, bid $30.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

ENPH: HP 20P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $36.17 Current HP: 20P (43d, 44.7% OTM) Current hedge: $1,358/yr Current ML: $47,300 If HP lapses: ML $67,300 (+$20,000) Account: RetireInc (...7291) Contracts: 10 (1,000 sh) CC income: $21,652/yr Cost cap: 25% of CC = $5,413/yr IV: HIGH 6 qualifying ⚠ ER 2026-10-27 AMC (54d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Nov 20 '26, 78d, 44.7% OTM) | Cost: $889/yr (4% of CC) | New ML: $47,300 = ML | Roll DEBIT $190 | Margin (TIMS): $1,255

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Nov 20 '26, 78d, 30.9% OTM) | Cost: $3,088/yr (14% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $660 | Margin (TIMS): $1,216

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Nov 20	78d	44.7%	$0.15	$0.19	$889	4%	$47,300	=	D $190
2	20	Dec 18	106d	44.7%	$0.18	$0.31	$1,067	5%	$47,300	=	D $310
3	22	Nov 20	78d	37.8%	$0.30	$0.35	$1,638	8%	$44,800	-$2,500	D $350
4	22	Dec 18	106d	37.8%	$0.46	$0.62	$2,135	10%	$44,800	-$2,500	D $620
▶ 5	25 PROT	Nov 20	78d	30.9%	$0.61	$0.66	$3,088	14%	$42,300	-$5,000	D $660
6	25	Dec 18	106d	30.9%	$0.83	$0.98	$3,375	16%	$42,300	-$5,000	D $980

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $55, B $0.01	$100/yr	$889/yr	DEFICIT $66/mo
CC at MID $41 0.7σ, B $0.96	$9,600/yr	$889/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $0.96). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

MU (Main): HP 320P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $948.79 Current HP: 320P (43d, 66.3% OTM) Current hedge: $1,401/yr Current ML: $419,300 If HP lapses: ML $579,300 (+$160,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $249,295/yr Cost cap: 25% of CC = $62,324/yr IV: HIGH 87 qualifying ⚠ ER 2026-09-30 AMC (27d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 320P (Nov 20 '26, 78d, 66.3% OTM) | Cost: $1,357/yr (1% of CC) | New ML: $419,300 = ML | Roll DEBIT $270 | Margin (TIMS): $20,252

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 750P (Dec 18 '26, 106d, 21.0% OTM) | Cost: $59,571/yr (24% of CC) | New ML: $204,300 ↓ $215,000 | Roll DEBIT $17,280 | Margin (TIMS): $18,926

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	320 CHEAP	Nov 20	78d	66.3%	$0.26	$0.58	$1,357	1%	$419,300	=	D $270
2	340	Nov 20	78d	64.2%	$0.31	$0.60	$1,404	1%	$409,300	-$10,000	D $280
3	350	Nov 20	78d	63.1%	$0.46	$0.65	$1,521	1%	$404,300	-$15,000	D $305
4	320	Dec 18	106d	66.3%	$0.60	$0.99	$1,704	1%	$419,300	=	D $475
5	360	Nov 20	78d	62.1%	$0.52	$0.73	$1,708	1%	$399,300	-$20,000	D $345
6	330	Nov 20	78d	65.2%	$0.22	$0.74	$1,731	1%	$414,300	-$5,000	D $350
7	330	Dec 18	106d	65.2%	$0.67	$1.01	$1,739	1%	$414,300	-$5,000	D $485
8	340	Dec 18	106d	64.2%	$0.63	$1.01	$1,739	1%	$409,300	-$10,000	D $485
9	350	Dec 18	106d	63.1%	$0.82	$1.08	$1,859	1%	$404,300	-$15,000	D $520
10	360	Dec 18	106d	62.1%	$0.89	$1.09	$1,877	1%	$399,300	-$20,000	D $525
11	370	Dec 18	106d	61.0%	$0.93	$1.18	$2,032	1%	$394,300	-$25,000	D $570
12	390	Nov 20	78d	58.9%	$0.63	$0.90	$2,106	1%	$384,300	-$35,000	D $430
▶ 13	750 PROT	Dec 18	106d	21.0%	$33.40	$34.60	$59,571	24%	$204,300	-$215,000	D $17,280

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,046 — assignment locks a loss · $1025, B $44.95	$224,750/yr	$1,357/yr	SELF-FUNDING
CC at MID $1025 0.4σ, B $44.95	$224,750/yr	$1,357/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1025, bid $44.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Neville): HP 370P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $948.79 Current HP: 370P (43d, 61.0% OTM) Current hedge: $509/yr Current ML: $198,000 If HP lapses: ML $272,000 (+$74,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $99,718/yr Cost cap: 25% of CC = $24,930/yr IV: HIGH 77 qualifying ⚠ ER 2026-09-30 AMC (27d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 370 → 370P (Dec 18 '26, 106d, 61.0% OTM) | Cost: $813/yr (1% of CC) | New ML: $198,000 = ML | Roll DEBIT $206 | Margin (TIMS): $20,984

PROTECTIVE PICK (lowest ML within cost cap): HP 370 → 750P (Dec 18 '26, 106d, 21.0% OTM) | Cost: $23,828/yr (24% of CC) | New ML: $122,000 ↓ $76,000 | Roll DEBIT $6,890 | Margin (TIMS): $19,895

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	370 CHEAP	Dec 18	106d	61.0%	$0.93	$1.18	$813	1%	$198,000	=	D $206
2	390	Nov 20	78d	58.9%	$0.63	$0.90	$842	1%	$194,000	-$4,000	D $150
3	380	Nov 20	78d	59.9%	$0.65	$0.93	$870	1%	$196,000	-$2,000	D $156
4	380	Dec 18	106d	59.9%	$1.10	$1.27	$875	1%	$196,000	-$2,000	D $224
5	370	Nov 20	78d	61.0%	$0.49	$0.96	$898	1%	$198,000	=	D $162
6	400	Nov 20	78d	57.8%	$0.83	$0.98	$917	1%	$192,000	-$6,000	D $166
7	400	Dec 18	106d	57.8%	$1.30	$1.53	$1,054	1%	$192,000	-$6,000	D $276
8	390	Dec 18	106d	58.9%	$1.13	$1.54	$1,061	1%	$194,000	-$4,000	D $278
9	410	Dec 18	106d	56.8%	$1.28	$1.62	$1,116	1%	$190,000	-$8,000	D $294
10	410	Nov 20	78d	56.8%	$0.76	$1.24	$1,161	1%	$190,000	-$8,000	D $218
11	430	Nov 20	78d	54.7%	$0.93	$1.25	$1,170	1%	$186,000	-$12,000	D $220
12	420	Nov 20	78d	55.7%	$0.90	$1.33	$1,245	1%	$188,000	-$10,000	D $236
▶ 13	750 PROT	Dec 18	106d	21.0%	$33.40	$34.60	$23,828	24%	$122,000	-$76,000	D $6,890

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,236 — assignment locks a loss · $1025, B $44.95	$89,900/yr	$813/yr	SELF-FUNDING
CC at MID $1025 0.4σ, B $44.95	$89,900/yr	$813/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1025, bid $44.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

DELL: HP 150P Maintenance Roll-Out · exp Oct 16 '26, 43d

Stock: $515.02 Current HP: 150P (43d, 70.9% OTM) Current hedge: $1,910/yr Current ML: $89,400 If HP lapses: ML $134,400 (+$45,000) Account: RetireInc (...7291) Contracts: 3 (300 sh) CC income: $711,499/yr Cost cap: 25% of CC = $177,875/yr IV: HIGH 65 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 150P (Nov 20 '26, 78d, 70.9% OTM) | Cost: $281/yr (0% of CC) | New ML: $89,400 = ML | Roll DEBIT $60 | Margin (TIMS): $17,355

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 390P (Nov 20 '26, 78d, 24.3% OTM) | Cost: $17,618/yr (2% of CC) | New ML: $17,400 ↓ $72,000 | Roll DEBIT $3,765 | Margin (TIMS): $7,792

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	150 CHEAP	Nov 20	78d	70.9%	$0.06	$0.20	$281	0%	$89,400	=	D $60
2	165	Nov 20	78d	68.0%	$0.05	$0.21	$295	0%	$84,900	-$4,500	D $63
3	190	Nov 20	78d	63.1%	$0.10	$0.25	$351	0%	$77,400	-$12,000	D $75
4	185	Nov 20	78d	64.1%	$0.10	$0.36	$505	0%	$78,900	-$10,500	D $108
5	175	Dec 18	106d	66.0%	$0.25	$0.57	$589	0%	$81,900	-$7,500	D $171
6	200	Dec 18	106d	61.2%	$0.28	$0.72	$744	0%	$74,400	-$15,000	D $216
7	160	Dec 18	106d	68.9%	$0.18	$0.74	$764	0%	$86,400	-$3,000	D $222
8	190	Dec 18	106d	63.1%	$0.30	$0.74	$764	0%	$77,400	-$12,000	D $222
9	150	Dec 18	106d	70.9%	$0.01	$0.75	$775	0%	$89,400	=	D $225
10	220	Dec 18	106d	57.3%	$0.60	$0.86	$888	0%	$68,400	-$21,000	D $258
11	250	Nov 20	78d	51.5%	$0.25	$0.65	$912	0%	$59,400	-$30,000	D $195
12	195	Nov 20	78d	62.1%	$0.02	$0.66	$927	0%	$75,900	-$13,500	D $198
▶ 13	390 PROT	Nov 20	78d	24.3%	$11.50	$12.55	$17,618	2%	$17,400	-$72,000	D $3,765

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $505, B $43.65	$130,950/yr	$281/yr	SELF-FUNDING
CC at MID $580 0.7σ, B $15.90	$47,700/yr	$281/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($505, bid $43.65). 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).