Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$46,470/yr

TOTAL HEDGE (REPAIRED)

$7,300/yr

ANNUAL SAVINGS

$39,170/yr

ROLL CREDITS

-$250

ADDITIONAL MAX LOSS

$2,500

PORTFOLIO ACTION SUMMARY · 42 positions

16 · 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 −220C	$180.68	165	240	85	220	$210.90	$213.75	155	10.23x	53.0%	SAFE	8	$13,440	$144,544	ROLL NOW (37d)
CRWV → +105C −120P +40P −125C	$99.48	105	120	40	125	$125.45	$128.23	80	4.91x	59.8%	SAFE	5	$10,225	$49,740	ROLL NOW (37d)
DELL → +340C −390P +150P −550C	$559.09	340	390	150	550	$398.00	$406.98	240	5.14x	73.2%	SAFE	3	$17,400	$167,727	ROLL NOW (37d)
ENPH → +45C −60P +20P	$37.76	45	60	20	0	$56.15	$58.01	40	6.48x	47.0%	SAFE	10	$7,300	$37,760	ROLL NOW (37d)
ETHA → +13C −16P +10P	$18.94	13	16	10	0	$17.33	$17.85	6	2.39x	47.2%	SAFE	50	$21,650	$94,700	ROLL NOW (37d)
GLD → +320C −450P +330P −470C	$405.33	320	450	330	470	$456.00	$469.87	120	1.88x	18.6%	SAFE	10	$136,000	$405,330	ROLL NOW (37d)
INTC → +85C −100P +35P −116C	$104.16	85	100	35	116	$114.00	$116.21	65	3.24x	66.4%	SAFE	5	$14,500	$52,080	ROLL NOW (37d)
IREN (Neville) → +45C −65P +21P −60C	$46.54	45	65	21	60	$56.50	$58.32	44	15.67x	54.9%	SAFE	20	$6,000	$93,080	ROLL NOW (37d)
IREN (RetireInc) → +50C −70P +23P −60C	$46.54	50	70	23	60	$63.43	$66.84	47	7.86x	50.6%	SAFE	20	$13,700	$93,080	ROLL NOW (37d)
META → +480C −650P +330P −665C	$649.09	480	650	330	665	$601.50	$606.23	320	5.38x	49.2%	SAFE	3	$21,900	$194,727	ROLL NOW (37d)
MSTR (RetireInc) → +125C −185P +55P −170C	$137.76	125	185	55	170	$161.00	$164.64	130	11.83x	60.1%	SAFE	4	$4,800	$55,104	ROLL NOW (37d)
MU (Main) → +880C −1010P +320P −1210C	$1019.74	880	1010	320	1210	$1028.60	$1052.62	690	5.64x	68.6%	SAFE	5	$74,300	$509,870	ROLL NOW (37d)
MU (Neville) → +970C −1110P +370P −1250C	$1019.74	970	1110	370	1250	$1220.00	$1242.26	740	3.96x	63.7%	SAFE	2	$50,000	$203,948	ROLL NOW (37d)
NOW → +80C −110P +90P −140C	$133.39	80	110	90	140	$108.93	$115.22	20	1.72x	32.5%	SAFE	10	$27,850	$133,390	ROLL NOW (37d)
QCOM → +190C −210P +90P −220C	$176.64	190	210	90	220	$224.00	$226.38	120	4.53x	49.0%	SAFE	5	$17,000	$88,320	ROLL NOW (37d)
RKLB → +115C −135P +45P	$66.12	115	135	45	0	$141.55	$148.29	90	4.39x	31.9%	SAFE	6	$15,930	$39,672	ROLL NOW (37d)
AMZN → +200C −250P +215P −268C	$252.40	200	250	215	268	$267.92	$271.19	35	1.52x	14.8%	SAFE	5	$33,960	$126,200	REPAIR PLAN (72d)
IREN (Joint) → +25C −47P +35P −55C	$46.54	25	47	35	55	$44.00	$50.73	12	1.75x	24.8%	SAFE	20	$32,000	$93,080	REPAIR PLAN (37d)
IREN (Main) → +25C −47P +35P −55C	$46.54	25	47	35	55	$44.00	$50.73	12	1.75x	24.8%	SAFE	20	$32,000	$93,080	REPAIR PLAN (37d)
GOOG (Joint) +310C −365C	$326.54	310	0	0	365	$392.50	$346.77	0	1.00x	0.0%	N/A	5	$41,250	$163,270	LEAPS-ONLY
IBIT +75C	$44.89	75	0	0	0	$70.58	$48.80	0	1.00x	0.0%	N/A	50	$22,328	$224,450	LEAPS-ONLY
IGV +70C −111C	$102.42	70	0	0	111	$96.50	$88.06	0	1.00x	0.0%	N/A	12	$31,800	$122,904	LEAPS-ONLY
MARA (Main) +13C	$11.95	13	0	0	0	$16.75	$10.84	0	1.00x	0.0%	N/A	400	$150,000	$478,000	LEAPS-ONLY
MARA (RetireInc) +40C	$11.95	40	0	0	0	$41.04	$11.24	0	1.00x	0.0%	N/A	500	$52,000	$597,500	LEAPS-ONLY
MSTR (Joint) +180C −170C	$137.76	180	0	0	170	$233.00	$160.50	0	1.00x	0.0%	N/A	10	$53,000	$137,760	LEAPS-ONLY
SPY +640C	$763.66	640	0	0	0	$764.00	$703.99	0	1.00x	0.0%	N/A	12	$148,800	$916,392	LEAPS-ONLY
AMD +420C −490P +350P −580C	$519.89	420	490	350	580	$489.91	$499.64	140	3.01x	32.7%	SAFE	2	$13,964	$103,978	OK
APP +460C −540P +185P −332C	$311.10	460	540	185	332	$588.00	$615.00	355	3.77x	40.5%	SAFE	1	$12,800	$31,110	OK
BMNR (Joint) +23C −18P +25P	$25.12	23	18	25	0	$36.42	$22.76	0	1.00x	0.5%	TIGHT	150	$201,300	$376,800	OK
BMNR (Main) +25C −18P +45P	$25.12	25	18	45	0	$65.83	$57.74	0	1.00x	-79.1%	ITM	50	$204,150	$125,600	OK
BMNR (Main) +23C −18P +25P	$25.12	23	18	25	0	$53.26	$45.59	0	1.00x	0.5%	TIGHT	75	$226,950	$188,400	OK
CLSK +17C −17P +10P	$13.56	17	17	10	0	$20.74	$18.24	7	2.87x	26.3%	SAFE	25	$9,350	$33,900	OK
COIN (Main) +500C −330P +300P −220C	$180.68	500	330	300	220	$563.00	$351.75	30	1.48x	-66.0%	ITM	25	$157,500	$451,700	OK
COPX +65C −90P +68P −100C	$95.70	65	90	68	100	$93.40	$95.44	22	1.77x	28.9%	SAFE	20	$56,800	$191,400	OK
GLXY +38C −38P +18P −30C	$26.43	38	38	18	30	$39.71	$34.33	20	10.05x	33.8%	SAFE	125	$27,625	$330,375	OK
GOOG (Neville) +300C −345P +310P −345C	$326.54	300	345	310	345	$373.00	$344.64	35	1.48x	5.1%	OK	15	$109,500	$489,810	OK
GOOG (Neville) +340C −405P +360P −345C	$326.54	340	405	360	345	$398.00	$383.95	45	1.88x	-10.2%	ITM	5	$25,500	$163,270	OK
HIMS +10C −20P +5P	$27.52	10	20	5	0	$17.47	$18.71	15	4.04x	81.8%	SAFE	15	$7,395	$41,280	OK
MU (Joint) +670C −800P +420P −1100C	$1019.74	670	800	420	1100	$792.36	$813.56	380	4.31x	58.8%	SAFE	1	$11,472	$101,974	OK
NVDA +215C −225P +200P	$224.72	215	225	200	0	$264.80	$228.78	25	1.50x	11.0%	SAFE	10	$49,800	$224,720	OK
SNDK +1200C −1380P +810P −1950C	$1754.70	1200	1380	810	1950	$1620.00	$1639.94	570	2.36x	53.8%	SAFE	1	$42,000	$175,470	OK
SPCX +150C −195P +135P −160C	$151.89	150	195	135	160	$186.00	$189.06	60	3.22x	11.1%	SAFE	5	$13,500	$75,945	OK

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 37d

Stock: $46.54 HP: 24.8% OTM Current hedge: $18,546/yr Roll-fwd baseline: $24,090/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $76,124/yr IV: HIGH OTM floor: 8% Stress: 26% DD Payback gate: 12mo (1.0yr) 0 PASS

NO PASS CANDIDATES (all exceed 12mo (1.0yr) payback gate). Review manually.

#	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	33	Dec 18	100d	29.1%	$2.64	$-1.74	$-3,480	$19,272	$45,260	$-726	14	$4,000	N/A	1mo	1.88x	FAIL
2	34	Dec 18	100d	26.9%	$2.95	$-2.05	$-4,100	$21,535	$53,290	$-2,989	13	$2,000	N/A	0mo	1.81x	FAIL

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 37d

Stock: $46.54 HP: 24.8% OTM Current hedge: $18,546/yr Roll-fwd baseline: $24,090/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $76,124/yr IV: HIGH OTM floor: 8% Stress: 26% DD Payback gate: 12mo (1.0yr) 0 PASS

NO PASS CANDIDATES (all exceed 12mo (1.0yr) payback gate). Review manually.

#	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	33	Dec 18	100d	29.1%	$2.64	$-1.74	$-3,480	$19,272	$45,260	$-726	14	$4,000	N/A	1mo	1.88x	FAIL
2	34	Dec 18	100d	26.9%	$2.95	$-2.05	$-4,100	$21,535	$53,290	$-2,989	13	$2,000	N/A	0mo	1.81x	FAIL

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 72d

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: $252.40 HP: 14.8% OTM Current hedge: $9,378/yr Roll-fwd baseline: $8,942/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $10,379/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-10-29 AMC (50d) 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	100d	16.8%	$4.00	$-0.50	$-250	$7,300	$15,604	$2,078	40	$2,500	14mo	2mo	1.59x	PASS
2	205	Dec 18	100d	18.8%	$3.25	$0.25	$125	$5,931	$12,775	$3,447	45	$5,000	17mo	4mo	1.66x	PASS
3	200	Dec 18	100d	20.8%	$2.62	$0.88	$440	$4,782	$10,311	$4,597	50	$7,500	20mo	6mo	1.74x	PASS
4	195	Dec 18	100d	22.7%	$2.15	$1.35	$675	$3,924	$8,304	$5,455	55	$10,000	22mo	8mo	1.81x	PASS
5	180	Dec 18	100d	28.7%	$1.12	$2.38	$1,190	$2,044	$4,124	$7,334	70	$17,500	29mo	12mo	2.03x	FAIL
6	185	Dec 18	100d	26.7%	$1.35	$2.15	$1,075	$2,464	$5,201	$6,915	65	$15,000	26mo	10mo	1.96x	FAIL
7	190	Dec 18	100d	24.7%	$1.73	$1.77	$885	$3,157	$6,752	$6,221	60	$12,500	24mo	9mo	1.88x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $2.31	$13,860/yr	$7,300/yr	SELF-FUNDING
CC at MID $265 0.6σ, B $4.50	$27,000/yr	$7,300/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $252.40 → $223.98, hedge $15,604/yr)
CC at SS income stress-adjusted	$1,620/yr	$15,604/yr	DEFICIT $1,165/mo
CC at MID income stress-adjusted	$2,460/yr	$15,604/yr	DEFICIT $1,095/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $4.50) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,095/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

COIN (Main): HP 85P Maintenance Roll-Out · exp Oct 16 '26, 37d

Stock: $180.68 Current HP: 85P (37d, 53.0% OTM) Current hedge: $4,577/yr Current ML: $137,440 If HP lapses: ML $205,440 (+$68,000) Account: Main (...1299) Contracts: 8 (800 sh) CC income: $114,016/yr Cost cap: 25% of CC = $28,504/yr IV: HIGH 23 qualifying ⚠ ER 2026-10-29 AMC (50d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 85 → 90P (Dec 18 '26, 100d, 50.2% OTM) | Cost: $3,446/yr (3% of CC) | New ML: $133,440 ↓ $4,000 | Roll DEBIT $896 | Margin (TIMS): $5,761

PROTECTIVE PICK (lowest ML within cost cap): HP 85 → 140P (Nov 20 '26, 72d, 22.5% OTM) | Cost: $24,942/yr (22% of CC) | New ML: $93,440 ↓ $44,000 | Roll DEBIT $4,872 | Margin (TIMS): $5,283

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Dec 18	100d	50.2%	$0.40	$1.18	$3,446	3%	$133,440	-$4,000	D $896
2	85	Dec 18	100d	53.0%	$0.14	$1.19	$3,475	3%	$137,440	=	D $904
3	95	Nov 20	72d	47.4%	$0.27	$0.92	$3,731	3%	$129,440	-$8,000	D $688
4	90	Nov 20	72d	50.2%	$0.30	$0.98	$3,974	3%	$133,440	-$4,000	D $736
5	100	Nov 20	72d	44.7%	$0.43	$1.02	$4,137	4%	$125,440	-$12,000	D $768
6	95	Dec 18	100d	47.4%	$0.59	$1.45	$4,234	4%	$129,440	-$8,000	D $1,112
7	100	Dec 18	100d	44.7%	$1.40	$1.66	$4,847	4%	$125,440	-$12,000	D $1,280
8	105	Nov 20	72d	41.9%	$0.43	$1.20	$4,867	4%	$121,440	-$16,000	D $912
9	105	Dec 18	100d	41.9%	$1.42	$2.18	$6,366	6%	$121,440	-$16,000	D $1,696
10	110	Nov 20	72d	39.1%	$0.70	$1.94	$7,868	7%	$117,440	-$20,000	D $1,504
11	110	Dec 18	100d	39.1%	$1.86	$2.84	$8,293	7%	$117,440	-$20,000	D $2,224
12	115	Nov 20	72d	36.4%	$1.25	$2.10	$8,517	7%	$113,440	-$24,000	D $1,632
▶ 13	140 PROT	Nov 20	72d	22.5%	$5.05	$6.15	$24,942	22%	$93,440	-$44,000	D $4,872

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $215, B $4.10	$39,360/yr	$3,446/yr	SELF-FUNDING
CC at MID $202 0.6σ, B $6.15	$59,040/yr	$3,446/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($215, bid $4.10). 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, 37d

Stock: $18.94 Current HP: 10P (37d, 47.2% OTM) Current hedge: $2,959/yr Current ML: $51,650 If HP lapses: ML $101,650 (+$50,000) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $144,251/yr Cost cap: 25% of CC = $36,063/yr IV: HIGH 8 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Dec 18 '26, 100d, 47.2% OTM) | Cost: $2,738/yr (2% of CC) | New ML: $51,650 = ML | Roll DEBIT $700 | Margin (TIMS): $550

PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 16P (Dec 18 '26, 100d, 15.5% OTM) | Cost: $16,790/yr (12% of CC) | New ML: $21,650 ↓ $30,000 | Roll DEBIT $4,550 | Margin (TIMS): $311

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	10 CHEAP	Dec 18	100d	47.2%	$0.07	$0.15	$2,738	2%	$51,650	=	D $700
2	11	Dec 18	100d	41.9%	$0.11	$0.20	$3,650	3%	$46,650	-$5,000	D $950
3	12	Dec 18	100d	36.6%	$0.20	$0.23	$4,198	3%	$41,650	-$10,000	D $1,100
4	13	Dec 18	100d	31.4%	$0.28	$0.32	$5,840	4%	$36,650	-$15,000	D $1,550
5	14	Dec 18	100d	26.1%	$0.41	$0.47	$8,578	6%	$31,650	-$20,000	D $2,300
6	15	Dec 18	100d	20.8%	$0.58	$0.68	$12,410	9%	$26,650	-$25,000	D $3,350
▶ 7	16 PROT	Dec 18	100d	15.5%	$0.86	$0.92	$16,790	12%	$21,650	-$30,000	D $4,550
8	17	Dec 18	100d	10.2%	$1.19	$1.25	$22,812	16%	$21,650	-$30,000	D $6,200

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $19, B $1.14	$68,400/yr	$2,738/yr	SELF-FUNDING
CC at MID $21 0.7σ, B $0.50	$30,000/yr	$2,738/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($19, bid $1.14). 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, 37d

Stock: $405.33 Current HP: 330P (37d, 18.6% OTM) Current hedge: $4,439/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $71,835/yr Cost cap: 25% of CC = $17,959/yr IV: MEDIUM 24 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Nov 20 '26, 72d, 18.6% OTM) | Cost: $5,374/yr (7% of CC) | New ML: $256,000 = ML | Roll DEBIT $750 | Margin (TIMS): $9,974

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 363P (Dec 31 '26, 113d, 10.4% OTM) | Cost: $17,604/yr (25% of CC) | New ML: $223,000 ↓ $33,000 | Roll DEBIT $5,140 | Margin (TIMS): $8,578

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Nov 20	72d	18.6%	$0.94	$1.06	$5,374	7%	$256,000	=	D $750
2	330	Dec 31	113d	18.6%	$1.75	$1.87	$6,040	8%	$256,000	=	D $1,560
3	330	Dec 18	100d	18.6%	$1.49	$1.66	$6,059	8%	$256,000	=	D $1,350
4	335	Nov 20	72d	17.4%	$1.12	$1.34	$6,793	9%	$251,000	-$5,000	D $1,030
5	335	Dec 31	113d	17.4%	$2.06	$2.17	$7,009	10%	$251,000	-$5,000	D $1,860
6	335	Dec 18	100d	17.4%	$1.75	$1.93	$7,044	10%	$251,000	-$5,000	D $1,620
7	340	Nov 20	72d	16.1%	$1.34	$1.56	$7,908	11%	$246,000	-$10,000	D $1,250
8	340	Dec 18	100d	16.1%	$2.06	$2.19	$7,994	11%	$246,000	-$10,000	D $1,880
9	340	Dec 31	113d	16.1%	$2.43	$2.53	$8,172	11%	$246,000	-$10,000	D $2,220
10	345	Nov 20	72d	14.9%	$1.61	$1.72	$8,719	12%	$241,000	-$15,000	D $1,410
11	345	Dec 18	100d	14.9%	$2.43	$2.58	$9,417	13%	$241,000	-$15,000	D $2,270
12	345	Dec 31	113d	14.9%	$2.87	$2.96	$9,561	13%	$241,000	-$15,000	D $2,650
▶ 13	363 PROT	Dec 31	113d	10.4%	$5.30	$5.45	$17,604	25%	$223,000	-$33,000	D $5,140

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $417, B $7.75	$93,000/yr	$5,374/yr	SELF-FUNDING
CC at MID $417 0.4σ, B $7.75	$93,000/yr	$5,374/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($417, bid $7.75). 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, 37d

Stock: $133.39 Current HP: 90P (37d, 32.5% OTM) Current hedge: $2,959/yr Current ML: $47,850 If HP lapses: ML $137,850 (+$90,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $306,355/yr Cost cap: 25% of CC = $76,589/yr IV: HIGH 27 qualifying ⚠ ER 2026-10-28 AMC (49d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Nov 20 '26, 72d, 32.5% OTM) | Cost: $5,779/yr (2% of CC) | New ML: $47,850 = ML | Roll DEBIT $970 | Margin (TIMS): $2,715

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 110P (Dec 18 '26, 100d, 17.5% OTM) | Cost: $20,440/yr (7% of CC) | New ML: $27,850 ↓ $20,000 | Roll DEBIT $5,430 | Margin (TIMS): $2,164

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Nov 20	72d	32.5%	$0.84	$1.14	$5,779	2%	$47,850	=	D $970
2	90	Dec 18	100d	32.5%	$1.44	$1.75	$6,388	2%	$47,850	=	D $1,580
3	92	Dec 18	100d	31.0%	$1.65	$1.99	$7,264	2%	$45,850	-$2,000	D $1,820
4	95	Nov 20	72d	28.8%	$1.30	$1.61	$8,162	3%	$42,850	-$5,000	D $1,440
5	94	Dec 18	100d	29.5%	$1.90	$2.25	$8,212	3%	$43,850	-$4,000	D $2,080
6	95	Dec 18	100d	28.8%	$2.04	$2.39	$8,724	3%	$42,850	-$5,000	D $2,220
7	96	Dec 18	100d	28.0%	$2.19	$2.54	$9,271	3%	$41,850	-$6,000	D $2,370
8	98	Dec 18	100d	26.5%	$2.51	$2.86	$10,439	3%	$39,850	-$8,000	D $2,690
9	100	Nov 20	72d	25.0%	$1.94	$2.25	$11,406	4%	$37,850	-$10,000	D $2,080
10	100	Dec 18	100d	25.0%	$2.86	$3.20	$11,680	4%	$37,850	-$10,000	D $3,030
11	102	Dec 18	100d	23.5%	$3.25	$3.60	$13,140	4%	$35,850	-$12,000	D $3,430
12	104	Dec 18	100d	22.0%	$3.65	$4.05	$14,782	5%	$33,850	-$14,000	D $3,880
▶ 13	110 PROT	Dec 18	100d	17.5%	$5.15	$5.60	$20,440	7%	$27,850	-$20,000	D $5,430

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $131, B $9.35	$112,200/yr	$5,779/yr	SELF-FUNDING
CC at MID $147 0.7σ, B $3.55	$42,600/yr	$5,779/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($131, bid $9.35). 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, 37d

Stock: $46.54 Current HP: 21P (37d, 54.9% OTM) Current hedge: $2,565/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $100,240/yr Cost cap: 25% of CC = $25,060/yr IV: HIGH 24 qualifying ⚠ ER 2026-11-05 INTRADAY (57d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Nov 20 '26, 72d, 54.9% OTM) | Cost: $3,244/yr (3% of CC) | New ML: $94,000 = ML | Roll DEBIT $620 | Margin (TIMS): $2,205

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 35P (Dec 18 '26, 100d, 24.8% OTM) | Cost: $24,090/yr (24% of CC) | New ML: $66,000 ↓ $28,000 | Roll DEBIT $6,580 | Margin (TIMS): $1,782

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	21 CHEAP	Nov 20	72d	54.9%	$0.17	$0.32	$3,244	3%	$94,000	=	D $620
2	22	Nov 20	72d	52.7%	$0.22	$0.34	$3,447	3%	$92,000	-$2,000	D $660
3	22	Dec 18	100d	52.7%	$0.42	$0.54	$3,942	4%	$92,000	-$2,000	D $1,060
4	23	Nov 20	72d	50.6%	$0.29	$0.44	$4,461	4%	$90,000	-$4,000	D $860
5	24	Nov 20	72d	48.4%	$0.39	$0.45	$4,562	5%	$88,000	-$6,000	D $880
6	25	Nov 20	72d	46.3%	$0.45	$0.58	$5,881	6%	$86,000	-$8,000	D $1,140
7	25	Dec 18	100d	46.3%	$0.75	$0.93	$6,789	7%	$86,000	-$8,000	D $1,840
8	26	Nov 20	72d	44.1%	$0.55	$0.71	$7,199	7%	$84,000	-$10,000	D $1,400
9	27	Nov 20	72d	42.0%	$0.66	$0.82	$8,314	8%	$82,000	-$12,000	D $1,620
10	27	Dec 18	100d	42.0%	$1.08	$1.20	$8,760	9%	$82,000	-$12,000	D $2,380
11	28	Nov 20	72d	39.8%	$0.80	$0.96	$9,733	10%	$80,000	-$14,000	D $1,900
12	29	Nov 20	72d	37.7%	$0.95	$1.11	$11,254	11%	$78,000	-$16,000	D $2,200
▶ 13	35 PROT	Dec 18	100d	24.8%	$3.05	$3.30	$24,090	24%	$66,000	-$28,000	D $6,580

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $1.16	$27,840/yr	$3,244/yr	SELF-FUNDING
CC at MID $55 0.7σ, B $2.00	$48,000/yr	$3,244/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $1.16). 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, 37d

Stock: $104.16 Current HP: 35P (37d, 66.4% OTM) Current hedge: $247/yr Current ML: $47,000 If HP lapses: ML $64,500 (+$17,500) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $37,891/yr Cost cap: 25% of CC = $9,473/yr IV: HIGH 40 qualifying ⚠ ER 2026-10-22 AMC (43d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 100d, 66.4% OTM) | Cost: $201/yr (1% of CC) | New ML: $47,000 = ML | Roll DEBIT $50 | Margin (TIMS): $2,660

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 82P (Dec 18 '26, 100d, 20.8% OTM) | Cost: $8,578/yr (23% of CC) | New ML: $23,250 ↓ $23,750 | Roll DEBIT $2,345 | Margin (TIMS): $1,934

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	100d	66.4%	$0.06	$0.11	$201	1%	$47,000	=	D $50
2	40	Dec 18	100d	61.6%	$0.10	$0.18	$328	1%	$44,500	-$2,500	D $85
3	35	Nov 20	72d	66.4%	$0.01	$0.14	$355	1%	$47,000	=	D $65
4	43	Dec 18	100d	58.7%	$0.15	$0.20	$365	1%	$43,000	-$4,000	D $95
5	37	Nov 20	72d	64.5%	$0.01	$0.15	$380	1%	$46,000	-$1,000	D $70
6	38	Dec 18	100d	63.5%	$0.05	$0.22	$402	1%	$45,500	-$1,500	D $105
7	40	Nov 20	72d	61.6%	$0.01	$0.17	$431	1%	$44,500	-$2,500	D $80
8	42	Nov 20	72d	59.7%	$0.02	$0.20	$507	1%	$43,500	-$3,500	D $95
9	45	Nov 20	72d	56.8%	$0.06	$0.21	$532	1%	$42,000	-$5,000	D $100
10	45	Dec 18	100d	56.8%	$0.21	$0.30	$548	1%	$42,000	-$5,000	D $145
11	47	Dec 18	100d	54.9%	$0.23	$0.37	$675	2%	$41,000	-$6,000	D $180
12	47	Nov 20	72d	54.9%	$0.14	$0.27	$684	2%	$41,000	-$6,000	D $130
▶ 13	82 PROT	Dec 18	100d	20.8%	$4.50	$4.70	$8,578	23%	$23,250	-$23,750	D $2,345

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $3.20	$19,200/yr	$201/yr	SELF-FUNDING
CC at MID $115 0.6σ, B $4.30	$25,800/yr	$201/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $3.20). 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, 37d

Stock: $137.76 Current HP: 55P (37d, 60.1% OTM) Current hedge: $868/yr Current ML: $56,800 If HP lapses: ML $78,800 (+$22,000) Account: RetireInc (...7291) Contracts: 4 (400 sh) CC income: $52,342/yr Cost cap: 25% of CC = $13,085/yr IV: HIGH 24 qualifying ⚠ ER 2026-10-29 AMC (50d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 55 → 55P (Dec 18 '26, 100d, 60.1% OTM) | Cost: $1,095/yr (2% of CC) | New ML: $56,800 = ML | Roll DEBIT $260 | Margin (TIMS): $2,641

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 110P (Dec 18 '26, 100d, 20.2% OTM) | Cost: $12,410/yr (24% of CC) | New ML: $34,800 ↓ $22,000 | Roll DEBIT $3,360 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Dec 18	100d	60.1%	$0.52	$0.75	$1,095	2%	$56,800	=	D $260
2	60	Dec 18	100d	56.4%	$0.77	$0.83	$1,212	2%	$54,800	-$2,000	D $292
3	55	Nov 20	72d	60.1%	$0.19	$0.63	$1,278	2%	$56,800	=	D $212
4	60	Nov 20	72d	56.4%	$0.28	$0.74	$1,501	3%	$54,800	-$2,000	D $256
5	65	Dec 18	100d	52.8%	$0.91	$1.10	$1,606	3%	$52,800	-$4,000	D $400
6	65	Nov 20	72d	52.8%	$0.39	$0.87	$1,764	3%	$52,800	-$4,000	D $308
7	70	Nov 20	72d	49.2%	$0.68	$0.91	$1,845	4%	$50,800	-$6,000	D $324
8	75	Nov 20	72d	45.6%	$0.90	$1.00	$2,028	4%	$48,800	-$8,000	D $360
9	70	Dec 18	100d	49.2%	$1.18	$1.41	$2,059	4%	$50,800	-$6,000	D $524
10	75	Dec 18	100d	45.6%	$1.58	$1.74	$2,540	5%	$48,800	-$8,000	D $656
11	80	Nov 20	72d	41.9%	$1.18	$1.35	$2,738	5%	$46,800	-$10,000	D $500
12	80	Dec 18	100d	41.9%	$2.06	$2.16	$3,154	6%	$46,800	-$10,000	D $824
▶ 13	110 PROT	Dec 18	100d	20.2%	$8.20	$8.50	$12,410	24%	$34,800	-$22,000	D $3,360

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $165, B $4.30	$20,640/yr	$1,095/yr	SELF-FUNDING
CC at MID $155 0.6σ, B $6.20	$29,760/yr	$1,095/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($165, bid $4.30). 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, 37d

Stock: $176.64 Current HP: 90P (37d, 49.0% OTM) Current hedge: $2,565/yr Current ML: $77,000 If HP lapses: ML $122,000 (+$45,000) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $30,937/yr Cost cap: 25% of CC = $7,734/yr IV: HIGH 19 qualifying ⚠ ER 2026-10-29 AMC (50d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 100P (Dec 18 '26, 100d, 43.4% OTM) | Cost: $876/yr (3% of CC) | New ML: $72,000 ↓ $5,000 | Roll DEBIT $240 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 140P (Dec 18 '26, 100d, 20.7% OTM) | Cost: $7,574/yr (24% of CC) | New ML: $52,000 ↓ $25,000 | Roll DEBIT $2,075 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	100 CHEAP	Dec 18	100d	43.4%	$0.30	$0.48	$876	3%	$72,000	-$5,000	D $240
2	90	Dec 18	100d	49.0%	$0.05	$0.65	$1,186	4%	$77,000	=	D $325
3	95	Dec 18	100d	46.2%	$0.20	$0.70	$1,278	4%	$74,500	-$2,500	D $350
4	100	Nov 20	72d	43.4%	$0.04	$0.58	$1,470	5%	$72,000	-$5,000	D $290
5	105	Dec 18	100d	40.6%	$0.09	$0.86	$1,570	5%	$69,500	-$7,500	D $430
6	110	Dec 18	100d	37.7%	$0.27	$1.00	$1,825	6%	$67,000	-$10,000	D $500
7	110	Nov 20	72d	37.7%	$0.10	$0.78	$1,977	6%	$67,000	-$10,000	D $390
8	120	Nov 20	72d	32.1%	$0.50	$0.85	$2,155	7%	$62,000	-$15,000	D $425
9	115	Dec 18	100d	34.9%	$0.53	$1.25	$2,281	7%	$64,500	-$12,500	D $625
10	120	Dec 18	100d	32.1%	$0.98	$1.38	$2,518	8%	$62,000	-$15,000	D $690
11	115	Nov 20	72d	34.9%	$0.01	$1.06	$2,687	9%	$64,500	-$12,500	D $530
12	125	Nov 20	72d	29.2%	$0.74	$1.11	$2,814	9%	$59,500	-$17,500	D $555
▶ 13	140 PROT	Dec 18	100d	20.7%	$3.25	$4.15	$7,574	24%	$52,000	-$25,000	D $2,075

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $230, B $0.37	$2,220/yr	$876/yr	SELF-FUNDING
CC at MID $190 0.6σ, B $4.90	$29,400/yr	$876/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($230, bid $0.37). 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, 37d

Stock: $66.12 Current HP: 45P (37d, 31.9% OTM) Current hedge: $2,308/yr Current ML: $69,930 If HP lapses: ML $96,930 (+$27,000) Account: RetireInc (...7291) Contracts: 6 (600 sh) CC income: $30,150/yr Cost cap: 25% of CC = $7,537/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-09 INTRADAY (61d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 45 → 45P (Dec 18 '26, 100d, 31.9% OTM) | Cost: $4,687/yr (16% of CC) | New ML: $69,930 = ML | Roll DEBIT $1,134 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 47P (Dec 18 '26, 100d, 28.9% OTM) | Cost: $5,760/yr (19% of CC) | New ML: $68,730 ↓ $1,200 | Roll DEBIT $1,428 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Dec 18	100d	31.9%	$1.71	$2.14	$4,687	16%	$69,930	=	D $1,134
▶ 2	47 PROT	Dec 18	100d	28.9%	$2.06	$2.63	$5,760	19%	$68,730	-$1,200	D $1,428

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $148 — assignment locks a loss · $90, B $0.60	$4,320/yr	$4,687/yr	DEFICIT $31/mo
CC at MID $75 0.7σ, B $2.50	$18,000/yr	$4,687/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($75, bid $2.50). 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, 37d

Stock: $46.54 Current HP: 23P (37d, 50.6% OTM) Current hedge: $2,959/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $100,240/yr Cost cap: 25% of CC = $25,060/yr IV: HIGH 21 qualifying ⚠ ER 2026-11-05 INTRADAY (57d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 23P (Nov 20 '26, 72d, 50.6% OTM) | Cost: $4,461/yr (4% of CC) | New ML: $107,700 = ML | Roll DEBIT $820 | Margin (TIMS): $3,176

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 35P (Dec 18 '26, 100d, 24.8% OTM) | Cost: $24,090/yr (24% of CC) | New ML: $83,700 ↓ $24,000 | Roll DEBIT $6,540 | Margin (TIMS): $2,255

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Nov 20	72d	50.6%	$0.29	$0.44	$4,461	4%	$107,700	=	D $820
2	24	Nov 20	72d	48.4%	$0.39	$0.45	$4,562	5%	$105,700	-$2,000	D $840
3	25	Nov 20	72d	46.3%	$0.45	$0.58	$5,881	6%	$103,700	-$4,000	D $1,100
4	25	Dec 18	100d	46.3%	$0.75	$0.93	$6,789	7%	$103,700	-$4,000	D $1,800
5	26	Nov 20	72d	44.1%	$0.55	$0.71	$7,199	7%	$101,700	-$6,000	D $1,360
6	27	Nov 20	72d	42.0%	$0.66	$0.82	$8,314	8%	$99,700	-$8,000	D $1,580
7	27	Dec 18	100d	42.0%	$1.08	$1.20	$8,760	9%	$99,700	-$8,000	D $2,340
8	28	Nov 20	72d	39.8%	$0.80	$0.96	$9,733	10%	$97,700	-$10,000	D $1,860
9	29	Nov 20	72d	37.7%	$0.95	$1.11	$11,254	11%	$95,700	-$12,000	D $2,160
10	30	Nov 20	72d	35.5%	$1.12	$1.28	$12,978	13%	$93,700	-$14,000	D $2,500
11	30	Dec 18	100d	35.5%	$1.67	$1.85	$13,505	13%	$93,700	-$14,000	D $3,640
12	31	Nov 20	72d	33.4%	$1.31	$1.42	$14,397	14%	$91,700	-$16,000	D $2,780
▶ 13	35 PROT	Dec 18	100d	24.8%	$3.05	$3.30	$24,090	24%	$83,700	-$24,000	D $6,540

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $70, B $0.45	$10,800/yr	$4,461/yr	SELF-FUNDING
CC at MID $55 0.7σ, B $2.00	$48,000/yr	$4,461/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($70, bid $0.45). 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, 37d

Stock: $99.48 Current HP: 40P (37d, 59.8% OTM) Current hedge: $493/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $50,468/yr Cost cap: 25% of CC = $12,617/yr IV: HIGH 24 qualifying ⚠ ER 2026-11-11 INTRADAY (63d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Nov 20 '26, 72d, 59.8% OTM) | Cost: $760/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $145 | Margin (TIMS): $2,840

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 75P (Dec 18 '26, 100d, 24.6% OTM) | Cost: $11,132/yr (22% of CC) | New ML: $32,725 ↓ $17,500 | Roll DEBIT $3,045 | Margin (TIMS): $2,659

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Nov 20	72d	59.8%	$0.18	$0.30	$760	2%	$50,225	=	D $145
2	40	Dec 18	100d	59.8%	$0.40	$0.49	$894	2%	$50,225	=	D $240
3	42	Nov 20	72d	57.3%	$0.23	$0.40	$1,014	2%	$48,975	-$1,250	D $195
4	45	Nov 20	72d	54.8%	$0.34	$0.45	$1,141	2%	$47,725	-$2,500	D $220
5	42	Dec 18	100d	57.3%	$0.45	$0.64	$1,168	2%	$48,975	-$1,250	D $315
6	48	Nov 20	72d	52.3%	$0.47	$0.53	$1,343	3%	$46,475	-$3,750	D $260
7	45	Dec 18	100d	54.8%	$0.66	$0.77	$1,405	3%	$47,725	-$2,500	D $380
8	50	Nov 20	72d	49.7%	$0.57	$0.69	$1,749	3%	$45,225	-$5,000	D $340
9	48	Dec 18	100d	52.3%	$0.75	$0.97	$1,770	4%	$46,475	-$3,750	D $480
10	50	Dec 18	100d	49.7%	$1.04	$1.15	$2,099	4%	$45,225	-$5,000	D $570
11	55	Nov 20	72d	44.7%	$0.90	$1.12	$2,839	6%	$42,725	-$7,500	D $555
12	55	Dec 18	100d	44.7%	$1.50	$1.73	$3,157	6%	$42,725	-$7,500	D $860
▶ 13	75 PROT	Dec 18	100d	24.6%	$5.70	$6.10	$11,132	22%	$32,725	-$17,500	D $3,045

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $130, B $2.23	$13,380/yr	$760/yr	SELF-FUNDING
CC at MID $115 0.7σ, B $4.60	$27,600/yr	$760/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($130, bid $2.23). 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, 37d

Stock: $649.09 Current HP: 330P (37d, 49.2% OTM) Current hedge: $296/yr Current ML: $117,900 If HP lapses: ML $216,900 (+$99,000) Account: Main (...1299) Contracts: 3 (300 sh) CC income: $314,241/yr Cost cap: 25% of CC = $78,560/yr IV: HIGH 78 qualifying ⚠ ER 2026-10-28 AMC (49d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 100d, 49.2% OTM) | Cost: $602/yr (0% of CC) | New ML: $117,900 = ML | Roll DEBIT $165 | Margin (TIMS): $11,953

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 595P (Dec 18 '26, 100d, 8.3% OTM) | Cost: $34,602/yr (11% of CC) | New ML: $38,400 ↓ $79,500 | Roll DEBIT $9,480 | Margin (TIMS): $6,372

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	100d	49.2%	$0.24	$0.55	$602	0%	$117,900	=	D $165
2	330	Nov 20	72d	49.2%	$0.14	$0.40	$608	0%	$117,900	=	D $120
3	340	Nov 20	72d	47.6%	$0.17	$0.44	$669	0%	$114,900	-$3,000	D $132
4	340	Dec 18	100d	47.6%	$0.31	$0.62	$679	0%	$114,900	-$3,000	D $186
5	350	Dec 18	100d	46.1%	$0.45	$0.63	$690	0%	$111,900	-$6,000	D $189
6	350	Nov 20	72d	46.1%	$0.21	$0.48	$730	0%	$111,900	-$6,000	D $144
7	360	Dec 18	100d	44.5%	$0.54	$0.72	$788	0%	$108,900	-$9,000	D $216
8	360	Nov 20	72d	44.5%	$0.24	$0.54	$821	0%	$108,900	-$9,000	D $162
9	370	Dec 18	100d	43.0%	$0.59	$0.85	$931	0%	$105,900	-$12,000	D $255
10	370	Nov 20	72d	43.0%	$0.31	$0.62	$943	0%	$105,900	-$12,000	D $186
11	380	Nov 20	72d	41.5%	$0.39	$0.67	$1,019	0%	$102,900	-$15,000	D $201
12	380	Dec 18	100d	41.5%	$0.79	$1.04	$1,139	0%	$102,900	-$15,000	D $312
▶ 13	595 PROT	Dec 18	100d	8.3%	$30.65	$31.60	$34,602	11%	$38,400	-$79,500	D $9,480

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $640, B $33.60	$120,960/yr	$602/yr	SELF-FUNDING
CC at MID $695 0.6σ, B $13.40	$48,240/yr	$602/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($640, bid $33.60). 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, 37d

Stock: $37.76 Current HP: 20P (37d, 47.0% OTM) Current hedge: $3,453/yr Current ML: $47,300 If HP lapses: ML $67,300 (+$20,000) Account: RetireInc (...7291) Contracts: 10 (1,000 sh) CC income: $22,480/yr Cost cap: 25% of CC = $5,620/yr IV: HIGH 5 qualifying ⚠ ER 2026-10-27 AMC (48d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 20 → 20P (Dec 18 '26, 100d, 47.0% OTM) | Cost: $1,204/yr (5% of CC) | New ML: $47,300 = ML | Roll DEBIT $330 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 20 → 25P (Nov 20 '26, 72d, 33.8% OTM) | Cost: $3,042/yr (14% of CC) | New ML: $42,300 ↓ $5,000 | Roll DEBIT $600 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	20 CHEAP	Dec 18	100d	47.0%	$0.15	$0.33	$1,204	5%	$47,300	=	D $330
2	22	Nov 20	72d	40.4%	$0.11	$0.36	$1,825	8%	$44,800	-$2,500	D $360
3	22	Dec 18	100d	40.4%	$0.26	$0.52	$1,898	8%	$44,800	-$2,500	D $520
▶ 4	25 PROT	Nov 20	72d	33.8%	$0.39	$0.60	$3,042	14%	$42,300	-$5,000	D $600
5	25	Dec 18	100d	33.8%	$0.58	$1.00	$3,650	16%	$42,300	-$5,000	D $1,000

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $55, B $0.01	$120/yr	$1,204/yr	DEFICIT $90/mo
CC at MID $42 0.6σ, B $1.36	$16,320/yr	$1,204/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($42, bid $1.36). 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, 37d

Stock: $1019.74 Current HP: 320P (37d, 68.6% OTM) Current hedge: $1,085/yr Current ML: $419,300 If HP lapses: ML $579,300 (+$160,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $392,608/yr Cost cap: 25% of CC = $98,152/yr IV: HIGH 103 qualifying ⚠ ER 2026-09-30 AMC (21d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 340P (Nov 20 '26, 72d, 66.7% OTM) | Cost: $1,521/yr (0% of CC) | New ML: $409,300 ↓ $10,000 | Roll DEBIT $285 | Margin (TIMS): $21,920

PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 830P (Dec 18 '26, 100d, 18.6% OTM) | Cost: $94,535/yr (24% of CC) | New ML: $164,300 ↓ $255,000 | Roll DEBIT $25,885 | Margin (TIMS): $11,857

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	340 CHEAP	Nov 20	72d	66.7%	$0.02	$0.60	$1,521	0%	$409,300	-$10,000	D $285
2	330	Dec 18	100d	67.6%	$0.75	$0.90	$1,642	0%	$414,300	-$5,000	D $435
3	350	Nov 20	72d	65.7%	$0.16	$0.70	$1,774	0%	$404,300	-$15,000	D $335
4	360	Dec 18	100d	64.7%	$0.86	$1.15	$2,099	1%	$399,300	-$20,000	D $560
5	350	Dec 18	100d	65.7%	$0.70	$1.21	$2,208	1%	$404,300	-$15,000	D $590
6	390	Nov 20	72d	61.8%	$0.55	$0.90	$2,281	1%	$384,300	-$35,000	D $435
7	380	Nov 20	72d	62.7%	$0.22	$1.05	$2,661	1%	$389,300	-$30,000	D $510
8	370	Dec 18	100d	63.7%	$0.91	$1.54	$2,810	1%	$394,300	-$25,000	D $755
9	340	Dec 18	100d	66.7%	$0.10	$1.62	$2,956	1%	$409,300	-$10,000	D $795
10	360	Nov 20	72d	64.7%	$0.24	$1.17	$2,966	1%	$399,300	-$20,000	D $570
11	410	Nov 20	72d	59.8%	$0.58	$1.17	$2,966	1%	$374,300	-$45,000	D $570
12	330	Nov 20	72d	67.6%	$0.03	$1.21	$3,067	1%	$414,300	-$5,000	D $590
▶ 13	830 PROT	Dec 18	100d	18.6%	$47.10	$51.80	$94,535	24%	$164,300	-$255,000	D $25,885

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1055, B $62.85	$377,100/yr	$1,521/yr	SELF-FUNDING
CC at MID $1095 0.4σ, B $49.00	$294,000/yr	$1,521/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1055, bid $62.85). 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, 37d

Stock: $1019.74 Current HP: 370P (37d, 63.7% OTM) Current hedge: $789/yr Current ML: $198,000 If HP lapses: ML $272,000 (+$74,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $135,424/yr Cost cap: 25% of CC = $33,856/yr IV: HIGH 88 qualifying ⚠ ER 2026-09-30 AMC (21d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 370 → 390P (Nov 20 '26, 72d, 61.8% OTM) | Cost: $912/yr (1% of CC) | New ML: $194,000 ↓ $4,000 | Roll DEBIT $174 | Margin (TIMS): $28,636

PROTECTIVE PICK (lowest ML within cost cap): HP 370 → 810P (Dec 18 '26, 100d, 20.6% OTM) | Cost: $32,704/yr (24% of CC) | New ML: $110,000 ↓ $88,000 | Roll DEBIT $8,954 | Margin (TIMS): $18,919

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	390 CHEAP	Nov 20	72d	61.8%	$0.55	$0.90	$912	1%	$194,000	-$4,000	D $174
2	380	Nov 20	72d	62.7%	$0.22	$1.05	$1,065	1%	$196,000	-$2,000	D $204
3	370	Dec 18	100d	63.7%	$0.91	$1.54	$1,124	1%	$198,000	=	D $302
4	410	Nov 20	72d	59.8%	$0.58	$1.17	$1,186	1%	$190,000	-$8,000	D $228
5	400	Dec 18	100d	60.8%	$1.21	$1.70	$1,241	1%	$192,000	-$6,000	D $334
6	410	Dec 18	100d	59.8%	$1.21	$1.70	$1,241	1%	$190,000	-$8,000	D $334
7	380	Dec 18	100d	62.7%	$1.00	$1.81	$1,321	1%	$196,000	-$2,000	D $356
8	420	Dec 18	100d	58.8%	$1.34	$1.89	$1,380	1%	$188,000	-$10,000	D $372
9	430	Dec 18	100d	57.8%	$1.56	$1.94	$1,416	1%	$186,000	-$12,000	D $382
10	390	Dec 18	100d	61.8%	$1.13	$2.01	$1,467	1%	$194,000	-$4,000	D $396
11	400	Nov 20	72d	60.8%	$0.44	$1.49	$1,511	1%	$192,000	-$6,000	D $292
12	430	Nov 20	72d	57.8%	$0.68	$1.57	$1,592	1%	$186,000	-$12,000	D $308
▶ 13	810 PROT	Dec 18	100d	20.6%	$41.30	$44.80	$32,704	24%	$110,000	-$88,000	D $8,954

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,242 — assignment locks a loss · $1095, B $49.00	$117,600/yr	$912/yr	SELF-FUNDING
CC at MID $1095 0.4σ, B $49.00	$117,600/yr	$912/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1095, bid $49.00). 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, 37d

Stock: $559.09 Current HP: 150P (37d, 73.2% OTM) Current hedge: $2,012/yr Current ML: $89,400 If HP lapses: ML $134,400 (+$45,000) Account: RetireInc (...7291) Contracts: 3 (300 sh) CC income: $930,811/yr Cost cap: 25% of CC = $232,703/yr IV: HIGH 70 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 165P (Nov 20 '26, 72d, 70.5% OTM) | Cost: $198/yr (0% of CC) | New ML: $84,900 ↓ $4,500 | Roll DEBIT $39 | Margin (TIMS): $36,874

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 390P (Nov 20 '26, 72d, 30.2% OTM) | Cost: $14,372/yr (2% of CC) | New ML: $17,400 ↓ $72,000 | Roll DEBIT $2,835 | Margin (TIMS): $19,984

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	165 CHEAP	Nov 20	72d	70.5%	$0.04	$0.13	$198	0%	$84,900	-$4,500	D $39
2	190	Nov 20	72d	66.0%	$0.01	$0.14	$213	0%	$77,400	-$12,000	D $42
3	150	Dec 18	100d	73.2%	$0.01	$0.22	$241	0%	$89,400	=	D $66
4	195	Nov 20	72d	65.1%	$0.02	$0.19	$289	0%	$75,900	-$13,500	D $57
5	200	Nov 20	72d	64.2%	$0.01	$0.19	$289	0%	$74,400	-$15,000	D $57
6	150	Nov 20	72d	73.2%	$0.01	$0.20	$304	0%	$89,400	=	D $60
7	195	Dec 18	100d	65.1%	$0.09	$0.79	$865	0%	$75,900	-$13,500	D $237
8	210	Nov 20	72d	62.4%	$0.01	$0.62	$943	0%	$71,400	-$18,000	D $186
9	200	Dec 18	100d	64.2%	$0.20	$0.95	$1,040	0%	$74,400	-$15,000	D $285
10	220	Nov 20	72d	60.7%	$0.07	$0.73	$1,110	0%	$68,400	-$21,000	D $219
11	210	Dec 18	100d	62.4%	$0.05	$1.14	$1,248	0%	$71,400	-$18,000	D $342
12	240	Nov 20	72d	57.1%	$0.28	$0.91	$1,384	0%	$62,400	-$27,000	D $273
▶ 13	390 PROT	Nov 20	72d	30.2%	$7.80	$9.45	$14,372	2%	$17,400	-$72,000	D $2,835

POST-REPAIR SUSTAINABILITY CC chain Oct 09 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $550, B $47.10	$169,560/yr	$198/yr	SELF-FUNDING
CC at MID $630 0.6σ, B $17.80	$64,080/yr	$198/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($550, bid $47.10). 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).