Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$64,349/yr

TOTAL HEDGE (REPAIRED)

$47,015/yr

ANNUAL SAVINGS

$17,334/yr

ROLL CREDITS

-$6,080

ADDITIONAL MAX LOSS

$14,500

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	$184.99	165	240	85	225	$210.90	$214.01	155	10.23x	54.1%	SAFE	8	$13,440	$147,992	ROLL NOW (42d)
CRWV → +105C −120P +40P −93C	$85.57	105	120	40	93	$125.45	$128.57	80	4.91x	53.3%	SAFE	5	$10,225	$42,785	ROLL NOW (42d)
DELL → +340C −390P +150P −550C	$531.61	340	390	150	550	$398.00	$406.07	240	5.14x	71.8%	SAFE	3	$17,400	$159,483	ROLL NOW (42d)
ENPH → +45C −60P +20P	$35.81	45	60	20	0	$56.15	$58.40	40	6.48x	44.1%	SAFE	10	$7,300	$35,810	ROLL NOW (42d)
ETHA → +13C −16P +10P	$18.47	13	16	10	0	$17.33	$18.01	6	2.39x	45.9%	SAFE	50	$21,650	$92,350	ROLL NOW (42d)
GLD → +320C −450P +330P −470C	$404.66	320	450	330	470	$456.00	$469.83	120	1.88x	18.5%	SAFE	10	$136,000	$404,660	ROLL NOW (42d)
INTC → +85C −100P +35P	$93.50	85	100	35	0	$114.00	$116.52	65	3.24x	62.6%	SAFE	5	$14,500	$46,750	ROLL NOW (42d)
IREN (Neville) → +45C −65P +21P −55C	$41.64	45	65	21	55	$56.50	$58.49	44	15.67x	49.6%	SAFE	20	$6,000	$83,280	ROLL NOW (42d)
IREN (RetireInc) → +50C −70P +23P −55C	$41.64	50	70	23	55	$63.43	$67.00	47	7.86x	44.8%	SAFE	20	$13,700	$83,280	ROLL NOW (42d)
META → +480C −650P +330P −665C	$605.54	480	650	330	665	$601.50	$604.93	320	5.38x	45.5%	SAFE	3	$21,900	$181,662	ROLL NOW (42d)
MSTR (RetireInc) → +125C −185P +55P −170C	$139.94	125	185	55	170	$161.00	$166.25	130	11.83x	60.7%	SAFE	4	$4,800	$55,976	ROLL NOW (42d)
MU (Main) → +880C −1010P +320P −1030C	$995.63	880	1010	320	1030	$1028.60	$1052.00	690	5.64x	67.9%	SAFE	5	$74,300	$497,815	ROLL NOW (42d)
MU (Neville) → +970C −1110P +370P −1030C	$995.63	970	1110	370	1030	$1220.00	$1238.27	740	3.96x	62.8%	SAFE	2	$50,000	$199,126	ROLL NOW (42d)
NEM → +88C −105P +75P −125C	$126.68	88	105	75	125	$114.54	$116.41	30	2.11x	40.8%	SAFE	5	$13,520	$63,340	ROLL NOW (42d)
NOW → +80C −110P +90P −140C	$140.77	80	110	90	140	$108.93	$114.36	20	1.72x	36.1%	SAFE	10	$27,850	$140,770	ROLL NOW (42d)
QCOM → +190C −210P +90P −180C	$168.30	190	210	90	180	$224.00	$226.47	120	4.53x	46.5%	SAFE	5	$17,000	$84,150	ROLL NOW (42d)
RKLB → +115C −135P +45P −69C	$63.70	115	135	45	69	$141.55	$148.46	90	4.39x	29.4%	SAFE	6	$15,930	$38,220	ROLL NOW (42d)
AMZN → +200C −250P +215P −268C	$259.07	200	250	215	268	$267.92	$270.69	35	1.52x	17.0%	SAFE	5	$33,960	$129,535	REPAIR PLAN (77d)
IREN (Joint) → +25C −47P +35P −55C	$41.64	25	47	35	55	$44.00	$50.90	12	1.75x	15.9%	SAFE	20	$32,000	$83,280	REPAIR PLAN (42d)
IREN (Main) → +25C −47P +35P −55C	$41.64	25	47	35	55	$44.00	$50.90	12	1.75x	15.9%	SAFE	20	$32,000	$83,280	REPAIR PLAN (42d)
GOOG (Joint) +310C −365C	$338.27	310	0	0	365	$392.50	$347.25	0	1.00x	0.0%	N/A	5	$41,250	$169,135	LEAPS-ONLY
IBIT +75C	$44.93	75	0	0	0	$70.58	$48.79	0	1.00x	0.0%	N/A	50	$22,328	$224,650	LEAPS-ONLY
IGV +70C −125C	$105.01	70	0	0	125	$96.50	$87.52	0	1.00x	0.0%	N/A	12	$31,800	$126,012	LEAPS-ONLY
MARA (Main) +13C	$11.37	13	0	0	0	$16.75	$11.01	0	1.00x	0.0%	N/A	400	$150,000	$454,800	LEAPS-ONLY
MARA (RetireInc) +40C	$11.37	40	0	0	0	$41.04	$5.68	0	1.00x	0.0%	N/A	500	$52,000	$568,500	LEAPS-ONLY
MSTR (Joint) +180C −170C	$139.94	180	0	0	170	$233.00	$161.92	0	1.00x	0.0%	N/A	10	$53,000	$139,940	LEAPS-ONLY
SPY +640C	$772.49	640	0	0	0	$764.00	$701.92	0	1.00x	0.0%	N/A	12	$148,800	$926,988	LEAPS-ONLY
AMD +420C −490P +350P	$465.65	420	490	350	0	$489.91	$500.89	140	3.01x	24.8%	SAFE	2	$13,964	$93,130	OK
APP +460C −540P +185P	$312.39	460	540	185	0	$588.00	$609.22	355	3.77x	40.8%	SAFE	1	$12,800	$31,239	OK
BMNR (Joint) +23C −18P +25P	$25.00	23	18	25	0	$36.42	$22.92	0	1.00x	0.0%	TIGHT	150	$201,300	$375,000	OK
BMNR (Main) +25C −18P +45P	$25.00	25	18	45	0	$65.83	$57.58	0	1.00x	-80.0%	ITM	50	$204,150	$125,000	OK
BMNR (Main) +23C −18P +25P	$25.00	23	18	25	0	$53.26	$45.70	0	1.00x	0.0%	TIGHT	75	$226,950	$187,500	OK
CLSK +17C −17P +10P	$12.48	17	17	10	0	$20.74	$17.59	7	2.87x	19.9%	SAFE	25	$9,350	$31,212	OK
COIN (Main) +500C −330P +300P −225C	$184.99	500	330	300	225	$563.00	$352.20	30	1.48x	-62.2%	ITM	25	$157,500	$462,475	OK
COPX +65C −90P +68P −100C	$90.03	65	90	68	100	$93.40	$96.00	22	1.77x	24.5%	SAFE	20	$56,800	$180,060	OK
GLXY +38C −38P +18P	$26.32	38	38	18	0	$39.71	$34.65	20	10.05x	33.5%	SAFE	125	$27,625	$329,000	OK
GOOG (Neville) +300C −345P +310P	$338.27	300	345	310	0	$373.00	$345.52	35	1.48x	8.4%	OK	15	$109,500	$507,405	OK
GOOG (Neville) +340C −405P +360P	$338.27	340	405	360	0	$398.00	$383.85	45	1.88x	-6.4%	ITM	5	$25,500	$169,135	OK
HIMS +10C −20P +5P −36C	$27.57	10	20	5	36	$17.47	$18.56	15	4.04x	81.9%	SAFE	15	$7,395	$41,355	OK
MU (Joint) +670C −800P +420P −1050C	$995.63	670	800	420	1050	$792.36	$812.07	380	4.31x	57.8%	SAFE	1	$11,472	$99,563	OK
NVDA +215C −225P +200P −240C	$233.36	215	225	200	240	$264.80	$229.90	25	1.50x	14.3%	SAFE	10	$49,800	$233,360	OK
SNDK +1200C −1380P +810P −1650C	$1642.00	1200	1380	810	1650	$1620.00	$1644.30	570	2.36x	50.7%	SAFE	1	$42,000	$164,200	OK
SPCX +150C −195P +135P	$150.27	150	195	135	0	$186.00	$189.69	60	3.22x	10.2%	SAFE	5	$13,500	$75,135	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 42d

Stock: $41.64 HP: 15.9% OTM Current hedge: $28,679/yr Roll-fwd baseline: $28,852/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $71,186/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-05 INTRADAY (62d) 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	32	Dec 18	105d	23.2%	$3.00	$-1.46	$-2,920	$20,857	$43,730	$7,821	15	$6,000	9mo	1mo	1.94x	PASS
2	33	Dec 18	105d	20.7%	$3.40	$-1.86	$-3,720	$23,638	$41,297	$5,040	14	$4,000	10mo	1mo	1.88x	PASS
3	31	Dec 18	105d	25.6%	$2.69	$-1.15	$-2,300	$18,702	$38,586	$9,977	16	$8,000	10mo	1mo	2.00x	PASS
4	30	Dec 18	105d	28.0%	$2.39	$-0.85	$-1,700	$16,616	$35,457	$12,062	17	$10,000	10mo	1mo	2.06x	PASS
5	34	Dec 18	105d	18.3%	$3.80	$-2.26	$-4,520	$26,419	$38,516	$2,260	13	$2,000	11mo	0mo	1.81x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.23	$25,303/yr	$20,857/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.79	$36,823/yr	$20,857/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $41.64 → $32.03, hedge $43,730/yr)
CC at SS income stress-adjusted	$1,646/yr	$43,730/yr	DEFICIT $3,507/mo
CC at MID income stress-adjusted	$4,937/yr	$43,730/yr	DEFICIT $3,233/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.79) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$3,233/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 42d

Stock: $41.64 HP: 15.9% OTM Current hedge: $28,679/yr Roll-fwd baseline: $28,852/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $71,186/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-05 INTRADAY (62d) 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	32	Dec 18	105d	23.2%	$3.00	$-1.46	$-2,920	$20,857	$43,730	$7,821	15	$6,000	9mo	1mo	1.94x	PASS
2	33	Dec 18	105d	20.7%	$3.40	$-1.86	$-3,720	$23,638	$41,297	$5,040	14	$4,000	10mo	1mo	1.88x	PASS
3	31	Dec 18	105d	25.6%	$2.69	$-1.15	$-2,300	$18,702	$38,586	$9,977	16	$8,000	10mo	1mo	2.00x	PASS
4	30	Dec 18	105d	28.0%	$2.39	$-0.85	$-1,700	$16,616	$35,457	$12,062	17	$10,000	10mo	1mo	2.06x	PASS
5	34	Dec 18	105d	18.3%	$3.80	$-2.26	$-4,520	$26,419	$38,516	$2,260	13	$2,000	11mo	0mo	1.81x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.23	$25,303/yr	$20,857/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.79	$36,823/yr	$20,857/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $41.64 → $32.03, hedge $43,730/yr)
CC at SS income stress-adjusted	$1,646/yr	$43,730/yr	DEFICIT $3,507/mo
CC at MID income stress-adjusted	$4,937/yr	$43,730/yr	DEFICIT $3,233/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.79) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$3,233/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 77d

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: $259.07 HP: 17.0% OTM Current hedge: $6,992/yr Roll-fwd baseline: $6,605/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $16,704/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-10-29 AMC (55d) 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	Dec 18	105d	18.9%	$3.05	$-0.48	$-240	$5,301	$11,385	$1,691	40	$2,500	18mo	2mo	1.59x	PASS
2	210	Nov 20	77d	18.9%	$2.31	$0.26	$130	$5,475	$15,524	$1,517	40	$2,500	20mo	2mo	1.59x	PASS
3	205	Nov 20	77d	20.9%	$1.82	$0.75	$375	$4,314	$12,562	$2,678	45	$5,000	22mo	3mo	1.66x	PASS
4	205	Dec 18	105d	20.9%	$2.52	$0.05	$25	$4,380	$9,212	$2,612	45	$5,000	23mo	3mo	1.66x	PASS
5	185	Dec 18	105d	28.6%	$1.13	$1.44	$720	$1,964	$4,015	$5,028	65	$15,000	36mo	8mo	1.96x	FAIL
6	185	Nov 20	77d	28.6%	$0.84	$1.73	$865	$1,991	$5,475	$5,001	65	$15,000	36mo	8mo	1.96x	FAIL
7	190	Nov 20	77d	26.7%	$0.93	$1.64	$820	$2,204	$6,850	$4,788	60	$12,500	31mo	7mo	1.88x	FAIL
8	190	Dec 18	105d	26.7%	$1.38	$1.19	$595	$2,399	$5,023	$4,593	60	$12,500	33mo	7mo	1.88x	FAIL
9	195	Nov 20	77d	24.7%	$1.23	$1.34	$670	$2,915	$8,177	$4,077	55	$10,000	29mo	6mo	1.81x	FAIL
10	195	Dec 18	105d	24.7%	$1.77	$0.80	$400	$3,076	$5,996	$3,915	55	$10,000	31mo	6mo	1.81x	FAIL
11	200	Nov 20	77d	22.8%	$1.42	$1.15	$575	$3,366	$10,192	$3,626	50	$7,500	25mo	4mo	1.74x	FAIL
12	200	Dec 18	105d	22.8%	$2.05	$0.52	$260	$3,563	$7,474	$3,429	50	$7,500	26mo	4mo	1.74x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $4.05	$20,829/yr	$5,301/yr	SELF-FUNDING
CC at MID $275 0.7σ, B $4.05	$20,829/yr	$5,301/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $259.07 → $230.70, hedge $11,385/yr)
CC at SS income stress-adjusted	$1,491/yr	$11,385/yr	DEFICIT $824/mo
CC at MID income stress-adjusted	$1,491/yr	$11,385/yr	DEFICIT $824/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $4.05) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$824/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

COIN (Main): HP 85P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $184.99 Current HP: 85P (42d, 54.1% OTM) Current hedge: $2,642/yr Current ML: $137,440 If HP lapses: ML $205,440 (+$68,000) Account: Main (...1299) Contracts: 8 (800 sh) CC income: $104,057/yr Cost cap: 25% of CC = $26,014/yr IV: HIGH 25 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 85 → 85P (Nov 20 '26, 77d, 54.1% OTM) | Cost: $2,579/yr (2% of CC) | New ML: $137,440 = ML | Roll DEBIT $496 | Margin (TIMS): $5,658

PROTECTIVE PICK (lowest ML within cost cap): HP 85 → 145P (Dec 18 '26, 105d, 21.6% OTM) | Cost: $25,724/yr (25% of CC) | New ML: $89,440 ↓ $48,000 | Roll DEBIT $7,352 | Margin (TIMS): $5,190

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	85 CHEAP	Nov 20	77d	54.1%	$0.01	$0.68	$2,579	2%	$137,440	=	D $496
2	85	Dec 18	105d	54.1%	$0.36	$1.02	$2,837	3%	$137,440	=	D $768
3	90	Nov 20	77d	51.3%	$0.20	$0.85	$3,223	3%	$133,440	-$4,000	D $632
4	90	Dec 18	105d	51.3%	$0.49	$1.21	$3,365	3%	$133,440	-$4,000	D $920
5	95	Nov 20	77d	48.6%	$0.24	$1.03	$3,906	4%	$129,440	-$8,000	D $776
6	95	Dec 18	105d	48.6%	$0.70	$1.47	$4,088	4%	$129,440	-$8,000	D $1,128
7	100	Nov 20	77d	45.9%	$0.50	$1.21	$4,589	4%	$125,440	-$12,000	D $920
8	100	Dec 18	105d	45.9%	$1.00	$1.80	$5,006	5%	$125,440	-$12,000	D $1,392
9	105	Nov 20	77d	43.2%	$0.63	$1.46	$5,537	5%	$121,440	-$16,000	D $1,120
10	105	Dec 18	105d	43.2%	$1.32	$2.21	$6,146	6%	$121,440	-$16,000	D $1,720
11	110	Nov 20	77d	40.5%	$0.80	$1.63	$6,181	6%	$117,440	-$20,000	D $1,256
12	110	Dec 18	105d	40.5%	$1.76	$2.68	$7,453	7%	$117,440	-$20,000	D $2,096
▶ 13	145 PROT	Dec 18	105d	21.6%	$7.85	$9.25	$25,724	25%	$89,440	-$48,000	D $7,352

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $215, B $4.75	$39,086/yr	$2,579/yr	SELF-FUNDING
CC at MID $210 0.7σ, B $6.20	$51,017/yr	$2,579/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($215, bid $4.75). 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, 42d

Stock: $18.47 Current HP: 10P (42d, 45.9% OTM) Current hedge: $2,607/yr Current ML: $51,650 If HP lapses: ML $101,650 (+$50,000) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $57,429/yr Cost cap: 25% of CC = $14,357/yr IV: HIGH 6 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Dec 18 '26, 105d, 45.9% OTM) | Cost: $2,607/yr (5% of CC) | New ML: $51,650 = ML | Roll DEBIT $700 | Margin (TIMS): $534

PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 15P (Dec 18 '26, 105d, 18.8% OTM) | Cost: $12,862/yr (22% of CC) | New ML: $26,650 ↓ $25,000 | Roll DEBIT $3,650 | Margin (TIMS): $344

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	10 CHEAP	Dec 18	105d	45.9%	$0.02	$0.15	$2,607	5%	$51,650	=	D $700
2	11	Dec 18	105d	40.4%	$0.07	$0.20	$3,476	6%	$46,650	-$5,000	D $950
3	12	Dec 18	105d	35.0%	$0.20	$0.27	$4,693	8%	$41,650	-$10,000	D $1,300
4	13	Dec 18	105d	29.6%	$0.23	$0.38	$6,605	12%	$36,650	-$15,000	D $1,850
5	14	Dec 18	105d	24.2%	$0.39	$0.53	$9,212	16%	$31,650	-$20,000	D $2,600
▶ 6	15 PROT	Dec 18	105d	18.8%	$0.55	$0.74	$12,862	22%	$26,650	-$25,000	D $3,650

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $18, B $1.06	$54,514/yr	$2,607/yr	SELF-FUNDING
CC at MID $20 0.7σ, B $0.41	$21,086/yr	$2,607/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($18, bid $1.06). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

GLD: HP 330P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $404.66 Current HP: 330P (42d, 18.5% OTM) Current hedge: $3,650/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $47,668/yr Cost cap: 25% of CC = $11,917/yr IV: MEDIUM 15 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Nov 20 '26, 77d, 18.5% OTM) | Cost: $5,119/yr (11% of CC) | New ML: $256,000 = ML | Roll DEBIT $730 | Margin (TIMS): $9,950

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 350P (Nov 20 '26, 77d, 13.5% OTM) | Cost: $10,144/yr (21% of CC) | New ML: $236,000 ↓ $20,000 | Roll DEBIT $1,790 | Margin (TIMS): $9,302

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Nov 20	77d	18.5%	$0.98	$1.08	$5,119	11%	$256,000	=	D $730
2	330	Dec 18	105d	18.5%	$1.52	$1.65	$5,736	12%	$256,000	=	D $1,300
3	330	Dec 31	118d	18.5%	$1.79	$1.92	$5,939	12%	$256,000	=	D $1,570
4	335	Nov 20	77d	17.2%	$1.16	$1.27	$6,020	13%	$251,000	-$5,000	D $920
5	335	Dec 18	105d	17.2%	$1.78	$1.92	$6,674	14%	$251,000	-$5,000	D $1,570
6	335	Dec 31	118d	17.2%	$2.09	$2.25	$6,960	15%	$251,000	-$5,000	D $1,900
7	340	Nov 20	77d	16.0%	$1.38	$1.49	$7,063	15%	$246,000	-$10,000	D $1,140
8	340	Dec 18	105d	16.0%	$2.11	$2.25	$7,821	16%	$246,000	-$10,000	D $1,900
9	340	Dec 31	118d	16.0%	$2.46	$2.59	$8,011	17%	$246,000	-$10,000	D $2,240
10	345	Nov 20	77d	14.7%	$1.66	$1.78	$8,438	18%	$241,000	-$15,000	D $1,430
11	345	Dec 18	105d	14.7%	$2.50	$2.65	$9,212	19%	$241,000	-$15,000	D $2,300
12	345	Dec 31	118d	14.7%	$2.89	$3.10	$9,589	20%	$241,000	-$15,000	D $2,750
▶ 13	350 PROT	Nov 20	77d	13.5%	$2.02	$2.14	$10,144	21%	$236,000	-$20,000	D $1,790

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $416, B $7.85	$80,743/yr	$5,119/yr	SELF-FUNDING
CC at MID $416 0.4σ, B $7.85	$80,743/yr	$5,119/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($416, bid $7.85). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

NOW: HP 90P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $140.77 Current HP: 90P (42d, 36.1% OTM) Current hedge: $2,346/yr Current ML: $47,850 If HP lapses: ML $137,850 (+$90,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $632,036/yr Cost cap: 25% of CC = $158,009/yr IV: HIGH 32 qualifying ⚠ ER 2026-10-28 AMC (54d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Nov 20 '26, 77d, 36.1% OTM) | Cost: $4,171/yr (1% of CC) | New ML: $47,850 = ML | Roll DEBIT $780 | Margin (TIMS): $2,549

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 110P (Nov 20 '26, 77d, 21.9% OTM) | Cost: $14,932/yr (2% of CC) | New ML: $27,850 ↓ $20,000 | Roll DEBIT $3,050 | Margin (TIMS): $2,042

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Nov 20	77d	36.1%	$0.45	$0.88	$4,171	1%	$47,850	=	D $780
2	90	Dec 18	105d	36.1%	$1.00	$1.32	$4,589	1%	$47,850	=	D $1,220
3	95	Nov 20	77d	32.5%	$0.73	$1.08	$5,119	1%	$42,850	-$5,000	D $980
4	92	Dec 18	105d	34.6%	$1.00	$1.50	$5,214	1%	$45,850	-$2,000	D $1,400
5	94	Dec 18	105d	33.2%	$1.17	$1.69	$5,875	1%	$43,850	-$4,000	D $1,590
6	95	Dec 18	105d	32.5%	$1.30	$1.80	$6,257	1%	$42,850	-$5,000	D $1,700
7	96	Dec 18	105d	31.8%	$1.37	$1.91	$6,640	1%	$41,850	-$6,000	D $1,810
8	98	Dec 18	105d	30.4%	$1.58	$2.12	$7,370	1%	$39,850	-$8,000	D $2,020
9	100	Nov 20	77d	29.0%	$1.09	$1.61	$7,632	1%	$37,850	-$10,000	D $1,510
10	100	Dec 18	105d	29.0%	$1.83	$2.41	$8,378	1%	$37,850	-$10,000	D $2,310
11	102	Dec 18	105d	27.5%	$2.09	$2.79	$9,699	2%	$35,850	-$12,000	D $2,690
12	105	Nov 20	77d	25.4%	$1.63	$2.25	$10,666	2%	$32,850	-$15,000	D $2,150
▶ 13	110 PROT	Nov 20	77d	21.9%	$2.35	$3.15	$14,932	2%	$27,850	-$20,000	D $3,050

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $138, B $9.60	$98,743/yr	$4,171/yr	SELF-FUNDING
CC at MID $155 0.6σ, B $3.55	$36,514/yr	$4,171/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($138, bid $9.60). 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, 42d

Stock: $126.68 Current HP: 75P (42d, 40.8% OTM) Current hedge: $174/yr Current ML: $28,520 If HP lapses: ML $66,020 (+$37,500) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $91,768/yr Cost cap: 25% of CC = $22,942/yr IV: HIGH 20 qualifying ⚠ ER 2026-10-22 AMC (48d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 75 → 75P (Dec 18 '26, 105d, 40.8% OTM) | Cost: $539/yr (1% of CC) | New ML: $28,520 = ML | Roll DEBIT $155 | Margin (TIMS): $1,983

PROTECTIVE PICK (lowest ML within cost cap): HP 75 → 105P (Nov 20 '26, 77d, 17.1% OTM) | Cost: $5,451/yr (6% of CC) | New ML: $13,520 ↓ $15,000 | Roll DEBIT $1,150 | Margin (TIMS): $1,337

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	75 CHEAP	Dec 18	105d	40.8%	$0.06	$0.31	$539	1%	$28,520	=	D $155
2	78	Dec 18	105d	38.8%	$0.10	$0.35	$608	1%	$27,270	-$1,250	D $175
3	80	Dec 18	105d	36.8%	$0.16	$0.42	$730	1%	$26,020	-$2,500	D $210
4	82	Dec 18	105d	34.9%	$0.23	$0.48	$834	1%	$24,770	-$3,750	D $240
5	90	Nov 20	77d	29.0%	$0.28	$0.58	$1,375	1%	$21,020	-$7,500	D $290
6	90	Dec 18	105d	29.0%	$0.62	$0.98	$1,703	2%	$21,020	-$7,500	D $490
7	85	Dec 18	105d	32.9%	$0.33	$1.00	$1,738	2%	$23,520	-$5,000	D $500
8	92	Dec 18	105d	27.0%	$0.88	$1.19	$2,068	2%	$19,770	-$8,750	D $595
9	95	Nov 20	77d	25.0%	$0.57	$0.92	$2,181	2%	$18,520	-$10,000	D $460
10	88	Dec 18	105d	30.9%	$0.50	$1.59	$2,764	3%	$22,270	-$6,250	D $795
11	95	Dec 18	105d	25.0%	$1.08	$1.67	$2,903	3%	$18,520	-$10,000	D $835
12	98	Dec 18	105d	23.0%	$1.36	$1.87	$3,250	4%	$17,270	-$11,250	D $935
▶ 13	105 PROT	Nov 20	77d	17.1%	$1.79	$2.30	$5,451	6%	$13,520	-$15,000	D $1,150

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $125, B $6.80	$34,971/yr	$539/yr	SELF-FUNDING
CC at MID $137 0.6σ, B $2.40	$12,343/yr	$539/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($125, bid $6.80). 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, 42d

Stock: $41.64 Current HP: 21P (42d, 49.6% OTM) Current hedge: $2,433/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $71,186/yr Cost cap: 25% of CC = $17,796/yr IV: HIGH 14 qualifying ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Nov 20 '26, 77d, 49.6% OTM) | Cost: $3,887/yr (5% of CC) | New ML: $94,000 = ML | Roll DEBIT $800 | Margin (TIMS): $2,031

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 30P (Nov 20 '26, 77d, 28.0% OTM) | Cost: $16,591/yr (23% of CC) | New ML: $76,000 ↓ $18,000 | Roll DEBIT $3,480 | Margin (TIMS): $1,712

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Nov 20	77d	49.6%	$0.30	$0.41	$3,887	5%	$94,000	=	D $800
2	22	Nov 20	77d	47.2%	$0.15	$0.48	$4,551	6%	$92,000	-$2,000	D $940
3	22	Dec 18	105d	47.2%	$0.60	$0.75	$5,214	7%	$92,000	-$2,000	D $1,480
4	23	Nov 20	77d	44.8%	$0.29	$0.58	$5,499	8%	$90,000	-$4,000	D $1,140
5	24	Nov 20	77d	42.4%	$0.46	$0.68	$6,447	9%	$88,000	-$6,000	D $1,340
6	25	Nov 20	77d	40.0%	$0.60	$0.80	$7,584	11%	$86,000	-$8,000	D $1,580
7	25	Dec 18	105d	40.0%	$1.04	$1.18	$8,204	12%	$86,000	-$8,000	D $2,340
8	26	Nov 20	77d	37.6%	$0.63	$0.95	$9,006	13%	$84,000	-$10,000	D $1,880
9	27	Nov 20	77d	35.2%	$0.92	$1.09	$10,334	15%	$82,000	-$12,000	D $2,160
10	27	Dec 18	105d	35.2%	$1.41	$1.61	$11,193	16%	$82,000	-$12,000	D $3,200
11	28	Nov 20	77d	32.8%	$0.97	$1.30	$12,325	17%	$80,000	-$14,000	D $2,580
12	29	Nov 20	77d	30.4%	$1.16	$1.51	$14,316	20%	$78,000	-$16,000	D $3,000
▶ 13	30 PROT	Nov 20	77d	28.0%	$1.40	$1.75	$16,591	23%	$76,000	-$18,000	D $3,480

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.24	$4,937/yr	$3,887/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.79	$36,823/yr	$3,887/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.24). 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, 42d

Stock: $93.50 Current HP: 35P (42d, 62.6% OTM) Current hedge: $261/yr Current ML: $47,000 If HP lapses: ML $64,500 (+$17,500) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $23,411/yr Cost cap: 25% of CC = $5,853/yr IV: HIGH 30 qualifying ⚠ ER 2026-10-22 AMC (48d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 105d, 62.6% OTM) | Cost: $174/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $45 | Margin (TIMS): $2,182

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 70P (Nov 20 '26, 77d, 25.1% OTM) | Cost: $4,740/yr (20% of CC) | New ML: $29,500 ↓ $17,500 | Roll DEBIT $995 | Margin (TIMS): $2,124

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	105d	62.6%	$0.06	$0.10	$174	1%	$47,000	=	D $45
2	40	Dec 18	105d	57.2%	$0.10	$0.17	$295	1%	$44,500	-$2,500	D $80
3	35	Nov 20	77d	62.6%	$0.01	$0.14	$332	1%	$47,000	=	D $65
4	37	Nov 20	77d	60.4%	$0.01	$0.15	$356	2%	$46,000	-$1,000	D $70
5	38	Dec 18	105d	59.4%	$0.07	$0.22	$382	2%	$45,500	-$1,500	D $105
6	40	Nov 20	77d	57.2%	$0.01	$0.18	$427	2%	$44,500	-$2,500	D $85
7	42	Nov 20	77d	55.1%	$0.10	$0.21	$498	2%	$43,500	-$3,500	D $100
8	43	Dec 18	105d	54.0%	$0.08	$0.31	$539	2%	$43,000	-$4,000	D $150
9	45	Dec 18	105d	51.9%	$0.21	$0.31	$539	2%	$42,000	-$5,000	D $150
10	45	Nov 20	77d	51.9%	$0.10	$0.26	$616	3%	$42,000	-$5,000	D $125
11	47	Nov 20	77d	49.7%	$0.07	$0.26	$616	3%	$41,000	-$6,000	D $125
12	47	Dec 18	105d	49.7%	$0.23	$0.41	$713	3%	$41,000	-$6,000	D $200
▶ 13	70 PROT	Nov 20	77d	25.1%	$1.86	$2.00	$4,740	20%	$29,500	-$17,500	D $995

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $0.97	$4,989/yr	$174/yr	SELF-FUNDING
CC at MID $105 0.7σ, B $2.71	$13,937/yr	$174/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $0.97). 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, 42d

Stock: $139.94 Current HP: 55P (42d, 60.7% OTM) Current hedge: $939/yr Current ML: $56,800 If HP lapses: ML $78,800 (+$22,000) Account: RetireInc (...7291) Contracts: 4 (400 sh) CC income: $43,624/yr Cost cap: 25% of CC = $10,906/yr IV: HIGH 22 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Dec 18 '26, 105d, 60.7% OTM) | Cost: $1,265/yr (3% of CC) | New ML: $56,800 = ML | Roll DEBIT $324 | Margin (TIMS): $7,349

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 105P (Dec 18 '26, 105d, 25.0% OTM) | Cost: $9,386/yr (22% of CC) | New ML: $36,800 ↓ $20,000 | Roll DEBIT $2,660 | Margin (TIMS): $5,002

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Dec 18	105d	60.7%	$0.43	$0.91	$1,265	3%	$56,800	=	D $324
2	55	Nov 20	77d	60.7%	$0.19	$0.67	$1,270	3%	$56,800	=	D $228
3	60	Nov 20	77d	57.1%	$0.29	$0.76	$1,441	3%	$54,800	-$2,000	D $264
4	60	Dec 18	105d	57.1%	$0.53	$1.06	$1,474	3%	$54,800	-$2,000	D $384
5	65	Dec 18	105d	53.6%	$0.80	$1.14	$1,585	4%	$52,800	-$4,000	D $416
6	65	Nov 20	77d	53.6%	$0.41	$0.87	$1,650	4%	$52,800	-$4,000	D $308
7	70	Nov 20	77d	50.0%	$0.68	$0.95	$1,801	4%	$50,800	-$6,000	D $340
8	75	Nov 20	77d	46.4%	$0.90	$1.09	$2,067	5%	$48,800	-$8,000	D $396
9	70	Dec 18	105d	50.0%	$1.20	$1.53	$2,127	5%	$50,800	-$6,000	D $572
10	75	Dec 18	105d	46.4%	$1.52	$1.75	$2,433	6%	$48,800	-$8,000	D $660
11	80	Nov 20	77d	42.8%	$1.21	$1.46	$2,768	6%	$46,800	-$10,000	D $544
12	80	Dec 18	105d	42.8%	$1.90	$2.17	$3,017	7%	$46,800	-$10,000	D $828
▶ 13	105 PROT	Dec 18	105d	25.0%	$6.40	$6.75	$9,386	22%	$36,800	-$20,000	D $2,660

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $170, B $4.10	$16,869/yr	$1,265/yr	SELF-FUNDING
CC at MID $160 0.6σ, B $5.95	$24,480/yr	$1,265/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($170, bid $4.10). 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, 42d

Stock: $168.30 Current HP: 90P (42d, 46.5% OTM) Current hedge: $1,782/yr Current ML: $77,000 If HP lapses: ML $122,000 (+$45,000) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $17,421/yr Cost cap: 25% of CC = $4,355/yr IV: HIGH 13 qualifying ⚠ ER 2026-10-29 AMC (55d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 100P (Nov 20 '26, 77d, 40.6% OTM) | Cost: $948/yr (5% of CC) | New ML: $72,000 ↓ $5,000 | Roll DEBIT $200 | Margin (TIMS): $2,962

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 125P (Nov 20 '26, 77d, 25.7% OTM) | Cost: $3,366/yr (19% of CC) | New ML: $59,500 ↓ $17,500 | Roll DEBIT $710 | Margin (TIMS): $2,992

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	100 CHEAP	Nov 20	77d	40.6%	$0.20	$0.40	$948	5%	$72,000	-$5,000	D $200
2	90	Dec 18	105d	46.5%	$0.05	$0.64	$1,112	6%	$77,000	=	D $320
3	95	Dec 18	105d	43.6%	$0.20	$0.71	$1,234	7%	$74,500	-$2,500	D $355
4	100	Dec 18	105d	40.6%	$0.30	$0.80	$1,390	8%	$72,000	-$5,000	D $400
5	105	Dec 18	105d	37.6%	$0.15	$0.87	$1,512	9%	$69,500	-$7,500	D $435
6	110	Nov 20	77d	34.6%	$0.10	$0.79	$1,872	11%	$67,000	-$10,000	D $395
7	110	Dec 18	105d	34.6%	$0.37	$1.10	$1,912	11%	$67,000	-$10,000	D $550
8	115	Nov 20	77d	31.7%	$0.20	$0.88	$2,086	12%	$64,500	-$12,500	D $440
9	115	Dec 18	105d	31.7%	$0.65	$1.36	$2,364	14%	$64,500	-$12,500	D $680
10	120	Nov 20	77d	28.7%	$0.45	$1.10	$2,607	15%	$62,000	-$15,000	D $550
11	120	Dec 18	105d	28.7%	$1.10	$1.71	$2,972	17%	$62,000	-$15,000	D $855
▶ 12	125 PROT	Nov 20	77d	25.7%	$0.74	$1.42	$3,366	19%	$59,500	-$17,500	D $710

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $230, B $0.60	$3,110/yr	$948/yr	SELF-FUNDING
CC at MID $180 0.6σ, B $3.75	$19,286/yr	$948/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($230, bid $0.60). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

RKLB: HP 45P Maintenance Roll-Out · exp Oct 16 '26, 42d

Stock: $63.70 Current HP: 45P (42d, 29.4% OTM) Current hedge: $2,399/yr Current ML: $69,930 If HP lapses: ML $96,930 (+$27,000) Account: RetireInc (...7291) Contracts: 6 (600 sh) CC income: $25,952/yr Cost cap: 25% of CC = $6,488/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-09 INTRADAY (66d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Dec 18 '26, 105d, 29.4% OTM) | Cost: $4,776/yr (18% of CC) | New ML: $69,930 = ML | Roll DEBIT $1,182 | Margin (TIMS): $2,145

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 47P (Dec 18 '26, 105d, 26.2% OTM) | Cost: $5,819/yr (22% of CC) | New ML: $68,730 ↓ $1,200 | Roll DEBIT $1,482 | Margin (TIMS): $2,097

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Dec 18	105d	29.4%	$1.80	$2.29	$4,776	18%	$69,930	=	D $1,182
▶ 2	47 PROT	Dec 18	105d	26.2%	$2.42	$2.79	$5,819	22%	$68,730	-$1,200	D $1,482

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $148 — assignment locks a loss · $90, B $0.41	$2,530/yr	$4,776/yr	DEFICIT $187/mo
CC at MID $72 0.6σ, B $2.13	$13,145/yr	$4,776/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($72, bid $2.13). 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, 42d

Stock: $41.64 Current HP: 23P (42d, 44.8% OTM) Current hedge: $3,302/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $71,186/yr Cost cap: 25% of CC = $17,796/yr IV: HIGH 11 qualifying ⚠ ER 2026-11-05 INTRADAY (62d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Nov 20 '26, 77d, 44.8% OTM) | Cost: $5,499/yr (8% of CC) | New ML: $107,700 = ML | Roll DEBIT $960 | Margin (TIMS): $2,005

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 30P (Nov 20 '26, 77d, 28.0% OTM) | Cost: $16,591/yr (23% of CC) | New ML: $93,700 ↓ $14,000 | Roll DEBIT $3,300 | Margin (TIMS): $1,720

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Nov 20	77d	44.8%	$0.29	$0.58	$5,499	8%	$107,700	=	D $960
2	24	Nov 20	77d	42.4%	$0.46	$0.68	$6,447	9%	$105,700	-$2,000	D $1,160
3	25	Nov 20	77d	40.0%	$0.60	$0.80	$7,584	11%	$103,700	-$4,000	D $1,400
4	25	Dec 18	105d	40.0%	$1.04	$1.18	$8,204	12%	$103,700	-$4,000	D $2,160
5	26	Nov 20	77d	37.6%	$0.63	$0.95	$9,006	13%	$101,700	-$6,000	D $1,700
6	27	Nov 20	77d	35.2%	$0.92	$1.09	$10,334	15%	$99,700	-$8,000	D $1,980
7	27	Dec 18	105d	35.2%	$1.41	$1.61	$11,193	16%	$99,700	-$8,000	D $3,020
8	28	Nov 20	77d	32.8%	$0.97	$1.30	$12,325	17%	$97,700	-$10,000	D $2,400
9	29	Nov 20	77d	30.4%	$1.16	$1.51	$14,316	20%	$95,700	-$12,000	D $2,820
▶ 10	30 PROT	Nov 20	77d	28.0%	$1.40	$1.75	$16,591	23%	$93,700	-$14,000	D $3,300
11	30	Dec 18	105d	28.0%	$2.20	$2.39	$16,616	23%	$93,700	-$14,000	D $4,580

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $67 — assignment locks a loss · $65, B $0.08	$1,646/yr	$5,499/yr	DEFICIT $321/mo
CC at MID $48 0.6σ, B $1.79	$36,823/yr	$5,499/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.79). 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 Oct 16 '26, 42d

Stock: $85.57 Current HP: 40P (42d, 53.3% OTM) Current hedge: $304/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $31,238/yr Cost cap: 25% of CC = $7,809/yr IV: HIGH 15 qualifying ⚠ ER 2026-11-11 INTRADAY (68d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 105d, 53.3% OTM) | Cost: $939/yr (3% of CC) | New ML: $50,225 = ML | Roll DEBIT $250 | Margin (TIMS): $2,681

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Dec 18 '26, 105d, 27.0% OTM) | Cost: $6,605/yr (21% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,880 | Margin (TIMS): $2,492

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	105d	53.3%	$0.32	$0.54	$939	3%	$50,225	=	D $250
2	40	Nov 20	77d	53.3%	$0.25	$0.41	$972	3%	$50,225	=	D $185
3	42	Nov 20	77d	50.3%	$0.16	$0.51	$1,209	4%	$48,975	-$1,250	D $235
4	42	Dec 18	105d	50.3%	$0.44	$0.80	$1,390	4%	$48,975	-$1,250	D $380
5	45	Nov 20	77d	47.4%	$0.35	$0.63	$1,493	5%	$47,725	-$2,500	D $295
6	45	Dec 18	105d	47.4%	$0.61	$1.00	$1,738	6%	$47,725	-$2,500	D $480
7	48	Nov 20	77d	44.5%	$0.54	$0.79	$1,872	6%	$46,475	-$3,750	D $375
8	48	Dec 18	105d	44.5%	$0.82	$1.11	$1,929	6%	$46,475	-$3,750	D $535
9	50	Nov 20	77d	41.6%	$0.57	$0.99	$2,346	8%	$45,225	-$5,000	D $475
10	50	Dec 18	105d	41.6%	$1.08	$1.38	$2,399	8%	$45,225	-$5,000	D $670
11	55	Nov 20	77d	35.7%	$1.16	$1.53	$3,626	12%	$42,725	-$7,500	D $745
12	55	Dec 18	105d	35.7%	$1.80	$2.20	$3,824	12%	$42,725	-$7,500	D $1,080
▶ 13	62 PROT	Dec 18	105d	27.0%	$3.35	$3.80	$6,605	21%	$38,975	-$11,250	D $1,880

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $129 — assignment locks a loss · $110, B $1.45	$7,457/yr	$939/yr	SELF-FUNDING
CC at MID $98 0.7σ, B $3.20	$16,457/yr	$939/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($110, bid $1.45). 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, 42d

Stock: $605.54 Current HP: 330P (42d, 45.5% OTM) Current hedge: $261/yr Current ML: $117,900 If HP lapses: ML $216,900 (+$99,000) Account: Main (...1299) Contracts: 3 (300 sh) CC income: $121,950/yr Cost cap: 25% of CC = $30,488/yr IV: HIGH 61 qualifying ⚠ ER 2026-10-28 AMC (54d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 340P (Nov 20 '26, 77d, 43.9% OTM) | Cost: $640/yr (1% of CC) | New ML: $114,900 ↓ $3,000 | Roll DEBIT $132 | Margin (TIMS): $10,768

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 550P (Dec 18 '26, 105d, 9.2% OTM) | Cost: $25,446/yr (21% of CC) | New ML: $51,900 ↓ $66,000 | Roll DEBIT $7,317 | Margin (TIMS): $6,505

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	340 CHEAP	Nov 20	77d	43.9%	$0.01	$0.45	$640	1%	$114,900	-$3,000	D $132
2	350	Dec 18	105d	42.2%	$0.45	$0.81	$845	1%	$111,900	-$6,000	D $240
3	330	Dec 18	105d	45.5%	$0.06	$0.83	$866	1%	$117,900	=	D $246
4	330	Nov 20	77d	45.5%	$0.01	$0.61	$867	1%	$117,900	=	D $180
5	340	Dec 18	105d	43.9%	$0.12	$0.94	$980	1%	$114,900	-$3,000	D $279
6	360	Dec 18	105d	40.5%	$0.68	$0.96	$1,001	1%	$108,900	-$9,000	D $285
7	370	Dec 18	105d	38.9%	$0.71	$1.02	$1,064	1%	$105,900	-$12,000	D $303
8	350	Nov 20	77d	42.2%	$0.20	$0.75	$1,067	1%	$111,900	-$6,000	D $222
9	360	Nov 20	77d	40.5%	$0.05	$0.85	$1,209	1%	$108,900	-$9,000	D $252
10	390	Nov 20	77d	35.6%	$0.62	$0.95	$1,351	1%	$99,900	-$18,000	D $282
11	370	Nov 20	77d	38.9%	$0.11	$0.97	$1,379	1%	$105,900	-$12,000	D $288
12	380	Dec 18	105d	37.2%	$0.90	$1.50	$1,564	1%	$102,900	-$15,000	D $447
▶ 13	550 PROT	Dec 18	105d	9.2%	$23.95	$24.40	$25,446	21%	$51,900	-$66,000	D $7,317

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $605, B $25.75	$79,457/yr	$640/yr	SELF-FUNDING
CC at MID $645 0.6σ, B $11.60	$35,794/yr	$640/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($605, bid $25.75). 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, 42d

Stock: $35.81 Current HP: 20P (42d, 44.1% OTM) Current hedge: $1,390/yr Current ML: $47,300 If HP lapses: ML $67,300 (+$20,000) Account: RetireInc (...7291) Contracts: 10 (1,000 sh) CC income: $17,968/yr Cost cap: 25% of CC = $4,492/yr IV: HIGH 6 qualifying ⚠ ER 2026-10-27 AMC (53d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Dec 18 '26, 105d, 44.1% OTM) | Cost: $1,390/yr (8% of CC) | New ML: $47,300 = ML | Roll DEBIT $400 | Margin (TIMS): $1,239

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Nov 20 '26, 77d, 30.2% OTM) | Cost: $3,508/yr (20% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $740 | Margin (TIMS): $1,202

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Dec 18	105d	44.1%	$0.15	$0.40	$1,390	8%	$47,300	=	D $400
2	20	Nov 20	77d	44.1%	$0.15	$0.30	$1,422	8%	$47,300	=	D $300
3	22	Nov 20	77d	37.2%	$0.19	$0.46	$2,181	12%	$44,800	-$2,500	D $460
4	22	Dec 18	105d	37.2%	$0.38	$0.64	$2,225	12%	$44,800	-$2,500	D $640
▶ 5	25 PROT	Nov 20	77d	30.2%	$0.47	$0.74	$3,508	20%	$42,300	-$5,000	D $740
6	25	Dec 18	105d	30.2%	$0.74	$1.05	$3,650	20%	$42,300	-$5,000	D $1,050

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $50, B $0.12	$1,234/yr	$1,390/yr	DEFICIT $13/mo
CC at MID $40 0.6σ, B $1.15	$11,829/yr	$1,390/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.15). 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, 42d

Stock: $995.63 Current HP: 320P (42d, 67.9% OTM) Current hedge: $2,086/yr Current ML: $419,300 If HP lapses: ML $579,300 (+$160,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $251,438/yr Cost cap: 25% of CC = $62,859/yr IV: HIGH 90 qualifying ⚠ ER 2026-09-30 AMC (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 350P (Dec 18 '26, 105d, 64.8% OTM) | Cost: $2,120/yr (1% of CC) | New ML: $404,300 ↓ $15,000 | Roll DEBIT $610 | Margin (TIMS): $20,141

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 770P (Nov 20 '26, 77d, 22.7% OTM) | Cost: $59,964/yr (24% of CC) | New ML: $194,300 ↓ $225,000 | Roll DEBIT $12,650 | Margin (TIMS): $16,652

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	350 CHEAP	Dec 18	105d	64.8%	$0.70	$1.22	$2,120	1%	$404,300	-$15,000	D $610
2	360	Dec 18	105d	63.8%	$0.70	$1.24	$2,155	1%	$399,300	-$20,000	D $620
3	400	Nov 20	77d	59.8%	$0.59	$0.94	$2,228	1%	$379,300	-$40,000	D $470
4	360	Nov 20	77d	63.8%	$0.24	$1.16	$2,749	1%	$399,300	-$20,000	D $580
5	320	Dec 18	105d	67.9%	$0.50	$1.65	$2,868	1%	$419,300	=	D $825
6	380	Dec 18	105d	61.8%	$1.00	$1.65	$2,868	1%	$389,300	-$30,000	D $825
7	340	Dec 18	105d	65.9%	$0.17	$1.66	$2,885	1%	$409,300	-$10,000	D $830
8	330	Dec 18	105d	66.9%	$0.65	$1.70	$2,955	1%	$414,300	-$5,000	D $850
9	400	Dec 18	105d	59.8%	$1.05	$1.74	$3,024	1%	$379,300	-$40,000	D $870
10	370	Dec 18	105d	62.8%	$0.80	$1.78	$3,094	1%	$394,300	-$25,000	D $890
11	340	Nov 20	77d	65.9%	$0.01	$1.36	$3,223	1%	$409,300	-$10,000	D $680
12	350	Nov 20	77d	64.8%	$0.13	$1.42	$3,366	1%	$404,300	-$15,000	D $710
▶ 13	770 PROT	Nov 20	77d	22.7%	$23.30	$25.30	$59,964	24%	$194,300	-$225,000	D $12,650

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1055, B $51.15	$263,057/yr	$2,120/yr	SELF-FUNDING
CC at MID $1075 0.4σ, B $44.50	$228,857/yr	$2,120/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1055, bid $51.15). 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, 42d

Stock: $995.63 Current HP: 370P (42d, 62.8% OTM) Current hedge: $521/yr Current ML: $198,000 If HP lapses: ML $272,000 (+$74,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $108,418/yr Cost cap: 25% of CC = $27,104/yr IV: HIGH 83 qualifying ⚠ ER 2026-09-30 AMC (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 370 → 400P (Nov 20 '26, 77d, 59.8% OTM) | Cost: $891/yr (1% of CC) | New ML: $192,000 ↓ $6,000 | Roll DEBIT $186 | Margin (TIMS): $28,152

PROTECTIVE PICK (lowest ML within cost cap): HP 370 → 780P (Nov 20 '26, 77d, 21.7% OTM) | Cost: $26,545/yr (24% of CC) | New ML: $116,000 ↓ $82,000 | Roll DEBIT $5,598 | Margin (TIMS): $20,621

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Nov 20	77d	59.8%	$0.59	$0.94	$891	1%	$192,000	-$6,000	D $186
2	380	Dec 18	105d	61.8%	$1.00	$1.65	$1,147	1%	$196,000	-$2,000	D $328
3	400	Dec 18	105d	59.8%	$1.05	$1.74	$1,210	1%	$192,000	-$6,000	D $346
4	370	Dec 18	105d	62.8%	$0.80	$1.78	$1,238	1%	$198,000	=	D $354
5	370	Nov 20	77d	62.8%	$0.41	$1.44	$1,365	1%	$198,000	=	D $286
6	410	Dec 18	105d	58.8%	$0.80	$2.03	$1,411	1%	$190,000	-$8,000	D $404
7	380	Nov 20	77d	61.8%	$0.13	$1.53	$1,451	1%	$196,000	-$2,000	D $304
8	390	Dec 18	105d	60.8%	$1.00	$2.21	$1,536	1%	$194,000	-$4,000	D $440
9	390	Nov 20	77d	60.8%	$0.50	$1.63	$1,545	1%	$194,000	-$4,000	D $324
10	410	Nov 20	77d	58.8%	$0.47	$1.66	$1,574	1%	$190,000	-$8,000	D $330
11	430	Nov 20	77d	56.8%	$0.33	$1.73	$1,640	2%	$186,000	-$12,000	D $344
12	440	Nov 20	77d	55.8%	$0.31	$1.82	$1,725	2%	$184,000	-$14,000	D $362
▶ 13	780 PROT	Nov 20	77d	21.7%	$25.15	$28.00	$26,545	24%	$116,000	-$82,000	D $5,598

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,238 — assignment locks a loss · $1075, B $44.50	$91,543/yr	$891/yr	SELF-FUNDING
CC at MID $1075 0.4σ, B $44.50	$91,543/yr	$891/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1075, bid $44.50). 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, 42d

Stock: $531.61 Current HP: 150P (42d, 71.8% OTM) Current hedge: $5,579/yr Current ML: $89,400 If HP lapses: ML $134,400 (+$45,000) Account: RetireInc (...7291) Contracts: 3 (300 sh) CC income: $917,357/yr Cost cap: 25% of CC = $229,339/yr IV: HIGH 64 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 150P (Nov 20 '26, 77d, 71.8% OTM) | Cost: $284/yr (0% of CC) | New ML: $89,400 = ML | Roll DEBIT $60 | Margin (TIMS): $24,778

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 390P (Nov 20 '26, 77d, 26.6% OTM) | Cost: $16,141/yr (2% of CC) | New ML: $17,400 ↓ $72,000 | Roll DEBIT $3,405 | Margin (TIMS): $7,972

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	150 CHEAP	Nov 20	77d	71.8%	$0.01	$0.20	$284	0%	$89,400	=	D $60
2	190	Nov 20	77d	64.3%	$0.10	$0.28	$398	0%	$77,400	-$12,000	D $84
3	185	Nov 20	77d	65.2%	$0.10	$0.37	$526	0%	$78,900	-$10,500	D $111
4	195	Nov 20	77d	63.3%	$0.02	$0.41	$583	0%	$75,900	-$13,500	D $123
5	150	Dec 18	105d	71.8%	$0.01	$0.77	$803	0%	$89,400	=	D $231
6	200	Dec 18	105d	62.4%	$0.25	$0.86	$897	0%	$74,400	-$15,000	D $258
7	195	Dec 18	105d	63.3%	$0.15	$0.99	$1,032	0%	$75,900	-$13,500	D $297
8	200	Nov 20	77d	62.4%	$0.10	$0.75	$1,067	0%	$74,400	-$15,000	D $225
9	220	Nov 20	77d	58.6%	$0.05	$0.75	$1,067	0%	$68,400	-$21,000	D $225
10	165	Nov 20	77d	69.0%	$0.07	$0.77	$1,095	0%	$84,900	-$4,500	D $231
11	230	Nov 20	77d	56.7%	$0.16	$0.78	$1,109	0%	$65,400	-$24,000	D $234
12	210	Dec 18	105d	60.5%	$0.32	$1.33	$1,387	0%	$71,400	-$18,000	D $399
▶ 13	390 PROT	Nov 20	77d	26.6%	$9.85	$11.35	$16,141	2%	$17,400	-$72,000	D $3,405

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $525, B $40.50	$124,971/yr	$284/yr	SELF-FUNDING
CC at MID $600 0.7σ, B $15.50	$47,829/yr	$284/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($525, bid $40.50). 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).