Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$37,486/yr

TOTAL HEDGE (REPAIRED)

$0/yr

ANNUAL SAVINGS

$37,486/yr

ROLL CREDITS

ADDITIONAL MAX LOSS

PORTFOLIO ACTION SUMMARY · 42 positions

5 · ROLL NOW2 · REPAIR PLAN7 · LEAPS-ONLY28 · OK

Click any ticker row below to jump to its analysis section.

What do these actions mean? (legend)

NO HEDGE — No HP leg at all — naked synthetic long, no catastrophic protection.

ROLL IMMEDIATELY — Healthy fortress, HP expires ≤14d — roll the hedge out NOW (theta cliff).

REPAIR NOW — Structurally bad (HP ITM/tight or costly) AND ≤14d — roll HP DOWN today.

REPAIR SOON — Structurally bad AND ≤35d — roll HP DOWN this week.

ROLL NOW — Healthy fortress, HP ≤45d — roll the hedge OUT (maintain/raise strike).

REPAIR PLAN — Structurally bad but >35d runway — plan the roll-down, no rush.

LEAPS-ONLY — CSV-declared SP=0/HP=0 — intentional LC-only structure, no hedge to roll.

OK — Healthy structure with ample HP runway — no action.

REPAIR = roll HP down to a cheaper OTM strike (structure is hurting). ROLL = roll HP out/up to a later expiry (structure is healthy, hedge just expiring).

Fortress Position Overview

FORTRESS	STOCK	LC	SP	HP	SC	BE‑SS	CC‑SS	GAP	RM	HP OTM%	STATUS	CTRS	IC	NOTIONAL	URGENCY
RetireInc (...7291)9 fortress(es) · 6 actionable · IC $150,280 · notional $1,134,646
DELL → +340C −390P +150P −550C	$553.00	340	390	150	550	$398.00	$404.86	240	5.14x	72.9%	SAFE	3	$17,400	$165,900	ROLL NOW (37d)
IREN (RetireInc) → +50C −70P +23P −60C	$46.17	50	70	23	60	$63.43	$66.80	47	7.86x	50.2%	SAFE	20	$13,700	$92,340	ROLL NOW (37d)
MSTR (RetireInc) → +125C −185P +55P −170C	$136.57	125	185	55	170	$161.00	$165.06	130	11.83x	59.7%	SAFE	4	$4,800	$54,628	ROLL NOW (37d)
QCOM → +190C −210P +90P −220C	$175.87	190	210	90	220	$224.00	$224.88	120	4.53x	48.8%	SAFE	5	$17,000	$87,935	ROLL NOW (37d)
RKLB → +115C −135P +45P	$63.98	115	135	45	0	$141.55	$148.09	90	4.39x	29.7%	SAFE	6	$15,930	$38,388	ROLL NOW (37d)
MARA (RetireInc) +40C	$11.88	40	0	0	0	$41.04	$11.23	0	1.00x	0.0%	N/A	500	$52,000	$594,000	LEAPS-ONLY
APP +460C −540P +185P −332C	$310.00	460	540	185	332	$588.00	$613.80	355	3.77x	40.3%	SAFE	1	$12,800	$31,000	OK
CLSK +17C −17P +10P	$13.40	17	17	10	0	$20.74	$18.11	7	2.87x	25.4%	SAFE	25	$9,350	$33,505	OK
ENPH +45C −60P +20P	$36.95	45	60	20	0	$56.15	$58.51	40	6.48x	45.9%	SAFE	10	$7,300	$36,950	OK
Joint (...1782)8 fortress(es) · 4 actionable · IC $452,110 · notional $1,411,001
IREN (Joint) → +25C −47P +35P −55C	$46.17	25	47	35	55	$44.00	$50.58	12	1.75x	24.2%	SAFE	20	$32,000	$92,340	REPAIR PLAN (37d)
GOOG (Joint) +310C −365C	$327.96	310	0	0	365	$392.50	$347.93	0	1.00x	0.0%	N/A	5	$41,250	$163,980	LEAPS-ONLY
IBIT +75C	$44.78	75	0	0	0	$70.58	$48.94	0	1.00x	0.0%	N/A	50	$22,328	$223,900	LEAPS-ONLY
MSTR (Joint) +180C −170C	$136.57	180	0	0	170	$233.00	$161.54	0	1.00x	0.0%	N/A	10	$53,000	$136,570	LEAPS-ONLY
AMZN +200C −250P +215P	$252.18	200	250	215	0	$267.92	$270.98	35	1.52x	14.7%	SAFE	5	$33,960	$126,090	OK
BMNR (Joint) +23C −18P +25P	$24.95	23	18	25	0	$36.42	$23.29	0	1.00x	-0.2%	ITM	150	$201,300	$374,250	OK
COPX +65C −90P +68P −100C	$95.22	65	90	68	100	$93.40	$94.87	22	1.77x	28.6%	SAFE	20	$56,800	$190,440	OK
MU (Joint) +670C −800P +420P −1100C	$1034.31	670	800	420	1100	$792.36	$812.58	380	4.31x	59.4%	SAFE	1	$11,472	$103,431	OK
Main (...1299)15 fortress(es) · 3 actionable · IC $1,182,360 · notional $3,532,084
IREN (Main) → +25C −47P +35P −55C	$46.17	25	47	35	55	$44.00	$50.58	12	1.75x	24.2%	SAFE	20	$32,000	$92,340	REPAIR PLAN (37d)
IGV +70C −111C	$102.76	70	0	0	111	$96.50	$88.43	0	1.00x	0.0%	N/A	12	$31,800	$123,312	LEAPS-ONLY
MARA (Main) +13C	$11.88	13	0	0	0	$16.75	$10.92	0	1.00x	0.0%	N/A	400	$150,000	$475,200	LEAPS-ONLY
BMNR (Main) +25C −18P +45P	$24.95	25	18	45	0	$65.83	$57.62	0	1.00x	-80.4%	ITM	50	$204,150	$124,750	OK
BMNR (Main) +23C −18P +25P	$24.95	23	18	25	0	$53.26	$45.98	0	1.00x	-0.2%	ITM	75	$226,950	$187,125	OK
COIN (Main) +165C −240P +90P −220C	$179.98	165	240	90	220	$210.90	$214.65	150	9.93x	50.0%	SAFE	8	$13,440	$143,984	OK
COIN (Main) +500C −330P +300P −220C	$179.98	500	330	300	220	$563.00	$352.19	30	1.48x	-66.7%	ITM	25	$157,500	$449,950	OK
ETHA +13C −16P +10P	$18.91	13	16	10	0	$17.33	$17.75	6	2.39x	47.1%	SAFE	50	$21,650	$94,550	OK
GLD +320C −450P +330P −470C	$405.44	320	450	330	470	$456.00	$470.07	120	1.88x	18.6%	SAFE	10	$136,000	$405,440	OK
GLXY +38C −38P +18P −30C	$26.09	38	38	18	30	$39.71	$34.57	20	10.05x	32.9%	SAFE	125	$27,625	$326,125	OK
HIMS +10C −20P +5P	$27.46	10	20	5	0	$17.47	$18.73	15	4.04x	81.8%	SAFE	15	$7,395	$41,190	OK
META +480C −650P +330P −665C	$644.21	480	650	330	665	$601.50	$606.06	320	5.38x	48.8%	SAFE	3	$21,900	$193,263	OK
MU (Main) +880C −1010P +340P −1210C	$1034.31	880	1010	340	1210	$1028.60	$1050.99	670	5.51x	67.1%	SAFE	5	$74,300	$517,155	OK
NOW +80C −110P +90P −140C	$133.25	80	110	90	140	$108.93	$113.69	20	1.72x	32.5%	SAFE	10	$27,850	$133,250	OK
NVDA +215C −225P +200P	$224.45	215	225	200	0	$264.80	$228.77	25	1.50x	10.9%	SAFE	10	$49,800	$224,450	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $433,989 · notional $2,331,850
SPY +640C	$763.53	640	0	0	0	$764.00	$704.26	0	1.00x	0.0%	N/A	12	$148,800	$916,236	LEAPS-ONLY
AMD +420C −490P +350P −580C	$520.89	420	490	350	580	$489.91	$500.11	140	3.01x	32.8%	SAFE	2	$13,964	$104,178	OK
CRWV +105C −120P +40P −125C	$99.13	105	120	40	125	$125.45	$128.29	80	4.91x	59.6%	SAFE	5	$10,225	$49,565	OK
GOOG (Neville) +300C −345P +310P −365C	$327.96	300	345	310	365	$373.00	$345.79	35	1.48x	5.5%	OK	15	$109,500	$491,940	OK
GOOG (Neville) +340C −405P +360P −365C	$327.96	340	405	360	365	$398.00	$384.22	45	1.88x	-9.8%	ITM	5	$25,500	$163,980	OK
INTC +85C −100P +35P −116C	$105.55	85	100	35	116	$114.00	$116.29	65	3.24x	66.8%	SAFE	5	$14,500	$52,775	OK
IREN (Neville) +45C −65P +21P −60C	$46.17	45	65	21	60	$56.50	$58.13	44	15.67x	54.5%	SAFE	20	$6,000	$92,340	OK
MU (Neville) +970C −1110P +390P −1250C	$1034.31	970	1110	390	1250	$1220.00	$1241.91	720	3.88x	62.3%	SAFE	2	$50,000	$206,862	OK
SNDK +1200C −1380P +810P −1950C	$1789.44	1200	1380	810	1950	$1620.00	$1640.33	570	2.36x	54.7%	SAFE	1	$42,000	$178,944	OK
SPCX +150C −195P +135P −160C	$150.06	150	195	135	160	$186.00	$188.93	60	3.22x	10.0%	SAFE	5	$13,500	$75,030	OK

MSTR (RetireInc): HP 55P Maintenance Roll-Out · exp Oct 16 '26, 37d

Stock: $136.57 Current HP: 55P (37d, 59.7% 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: $47,257/yr Cost cap: 25% of CC = $11,814/yr IV: HIGH 22 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, 59.7% OTM) | Cost: $1,095/yr (2% of CC) | New ML: $56,800 = ML | Roll DEBIT $260 | Margin (TIMS): $4,238

PROTECTIVE PICK (lowest ML within cost cap): HP 55 → 105P (Dec 18 '26, 100d, 23.1% OTM) | Cost: $10,658/yr (23% of CC) | New ML: $36,800 ↓ $20,000 | Roll DEBIT $2,880 | Margin (TIMS): $1,728

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	55 CHEAP	Dec 18	100d	59.7%	$0.58	$0.75	$1,095	2%	$56,800	=	D $260
2	55	Nov 20	72d	59.7%	$0.20	$0.63	$1,278	3%	$56,800	=	D $212
3	60	Dec 18	100d	56.1%	$0.72	$0.92	$1,343	3%	$54,800	-$2,000	D $328
4	60	Nov 20	72d	56.1%	$0.29	$0.74	$1,501	3%	$54,800	-$2,000	D $256
5	65	Dec 18	100d	52.4%	$0.98	$1.14	$1,664	4%	$52,800	-$4,000	D $416
6	65	Nov 20	72d	52.4%	$0.41	$0.87	$1,764	4%	$52,800	-$4,000	D $308
7	70	Nov 20	72d	48.7%	$0.73	$0.94	$1,906	4%	$50,800	-$6,000	D $336
8	70	Dec 18	100d	48.7%	$1.24	$1.42	$2,073	4%	$50,800	-$6,000	D $528
9	75	Nov 20	72d	45.1%	$1.00	$1.11	$2,251	5%	$48,800	-$8,000	D $404
10	75	Dec 18	100d	45.1%	$1.59	$1.76	$2,570	5%	$48,800	-$8,000	D $664
11	80	Nov 20	72d	41.4%	$1.28	$1.42	$2,879	6%	$46,800	-$10,000	D $528
12	80	Dec 18	100d	41.4%	$2.05	$2.24	$3,270	7%	$46,800	-$10,000	D $856
▶ 13	105 PROT	Dec 18	100d	23.1%	$6.95	$7.30	$10,658	23%	$36,800	-$20,000	D $2,880

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $165 — assignment locks a loss · $165, B $4.10	$19,680/yr	$1,095/yr	SELF-FUNDING
CC at MID $155 0.6σ, B $5.95	$28,560/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 $4.10). 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, 37d

Stock: $175.87 Current HP: 90P (37d, 48.8% OTM) Current hedge: $8,681/yr Current ML: $77,000 If HP lapses: ML $122,000 (+$45,000) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $39,914/yr Cost cap: 25% of CC = $9,978/yr IV: HIGH 21 qualifying ⚠ ER 2026-10-29 AMC (50d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 90 → 90P (Dec 18 '26, 100d, 48.8% OTM) | Cost: $1,186/yr (3% of CC) | New ML: $77,000 = ML | Roll DEBIT $325 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 90 → 145P (Dec 18 '26, 100d, 17.6% OTM) | Cost: $9,490/yr (24% of CC) | New ML: $49,500 ↓ $27,500 | Roll DEBIT $2,600 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	90 CHEAP	Dec 18	100d	48.8%	$0.05	$0.65	$1,186	3%	$77,000	=	D $325
2	95	Dec 18	100d	46.0%	$0.20	$0.70	$1,278	3%	$74,500	-$2,500	D $350
3	100	Dec 18	100d	43.1%	$0.30	$0.70	$1,278	3%	$72,000	-$5,000	D $350
4	105	Dec 18	100d	40.3%	$0.10	$0.77	$1,405	4%	$69,500	-$7,500	D $385
5	100	Nov 20	72d	43.1%	$0.05	$0.58	$1,470	4%	$72,000	-$5,000	D $290
6	110	Dec 18	100d	37.5%	$0.61	$0.91	$1,661	4%	$67,000	-$10,000	D $455
7	110	Nov 20	72d	37.5%	$0.10	$0.77	$1,952	5%	$67,000	-$10,000	D $385
8	120	Nov 20	72d	31.8%	$0.56	$0.85	$2,155	5%	$62,000	-$15,000	D $425
9	115	Dec 18	100d	34.6%	$0.82	$1.28	$2,336	6%	$64,500	-$12,500	D $640
10	120	Dec 18	100d	31.8%	$1.13	$1.45	$2,646	7%	$62,000	-$15,000	D $725
11	115	Nov 20	72d	34.6%	$0.40	$1.06	$2,687	7%	$64,500	-$12,500	D $530
12	125	Nov 20	72d	28.9%	$0.90	$1.11	$2,814	7%	$59,500	-$17,500	D $555
▶ 13	145 PROT	Dec 18	100d	17.6%	$4.80	$5.20	$9,490	24%	$49,500	-$27,500	D $2,600

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $225, B $0.60	$3,600/yr	$1,186/yr	SELF-FUNDING
CC at MID $190 0.6σ, B $4.50	$27,000/yr	$1,186/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($225, 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, 37d

Stock: $63.98 Current HP: 45P (37d, 29.7% OTM) Current hedge: $3,255/yr Current ML: $69,930 If HP lapses: ML $96,930 (+$27,000) Account: RetireInc (...7291) Contracts: 6 (600 sh) CC income: $27,747/yr Cost cap: 25% of CC = $6,937/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, 29.7% OTM) | Cost: $5,037/yr (18% of CC) | New ML: $69,930 = ML | Roll DEBIT $1,206 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 45 → 47P (Dec 18 '26, 100d, 26.5% OTM) | Cost: $6,132/yr (22% of CC) | New ML: $68,730 ↓ $1,200 | Roll DEBIT $1,506 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	45 CHEAP	Dec 18	100d	29.7%	$1.88	$2.30	$5,037	18%	$69,930	=	D $1,206
▶ 2	47 PROT	Dec 18	100d	26.5%	$2.50	$2.80	$6,132	22%	$68,730	-$1,200	D $1,506

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 $0.42	$3,024/yr	$5,037/yr	DEFICIT $168/mo
CC at MID $72 0.6σ, B $2.39	$17,208/yr	$5,037/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($72, bid $2.39). 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: $46.17 Current HP: 23P (37d, 50.2% OTM) Current hedge: $2,565/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $92,438/yr Cost cap: 25% of CC = $23,109/yr IV: HIGH 19 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, 50.2% OTM) | Cost: $3,954/yr (4% of CC) | New ML: $107,700 = ML | Roll DEBIT $680 | Margin (TIMS): $3,121

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 34P (Dec 18 '26, 100d, 26.4% OTM) | Cost: $22,265/yr (24% of CC) | New ML: $85,700 ↓ $22,000 | Roll DEBIT $6,000 | Margin (TIMS): $2,275

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	23 CHEAP	Nov 20	72d	50.2%	$0.33	$0.39	$3,954	4%	$107,700	=	D $680
2	24	Nov 20	72d	48.0%	$0.41	$0.45	$4,562	5%	$105,700	-$2,000	D $800
3	25	Nov 20	72d	45.9%	$0.45	$0.58	$5,881	6%	$103,700	-$4,000	D $1,060
4	25	Dec 18	100d	45.9%	$0.78	$0.88	$6,424	7%	$103,700	-$4,000	D $1,660
5	26	Nov 20	72d	43.7%	$0.55	$0.70	$7,097	8%	$101,700	-$6,000	D $1,300
6	27	Nov 20	72d	41.5%	$0.70	$0.77	$7,807	8%	$99,700	-$8,000	D $1,440
7	27	Dec 18	100d	41.5%	$1.10	$1.20	$8,760	9%	$99,700	-$8,000	D $2,300
8	28	Nov 20	72d	39.4%	$0.83	$0.96	$9,733	11%	$97,700	-$10,000	D $1,820
9	29	Nov 20	72d	37.2%	$0.99	$1.07	$10,849	12%	$95,700	-$12,000	D $2,040
10	30	Nov 20	72d	35.0%	$1.16	$1.23	$12,471	13%	$93,700	-$14,000	D $2,360
11	30	Dec 18	100d	35.0%	$1.68	$1.82	$13,286	14%	$93,700	-$14,000	D $3,540
12	31	Nov 20	72d	32.9%	$1.32	$1.45	$14,701	16%	$91,700	-$16,000	D $2,800
▶ 13	34 PROT	Dec 18	100d	26.4%	$2.79	$3.05	$22,265	24%	$85,700	-$22,000	D $6,000

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $70, B $0.45	$10,800/yr	$3,954/yr	SELF-FUNDING
CC at MID $53 0.6σ, B $2.27	$54,480/yr	$3,954/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.

DELL: HP 150P Maintenance Roll-Out · exp Oct 16 '26, 37d

Stock: $553.00 Current HP: 150P (37d, 72.9% OTM) Current hedge: $6,304/yr Current ML: $89,400 If HP lapses: ML $134,400 (+$45,000) Account: RetireInc (...7291) Contracts: 3 (300 sh) CC income: $921,027/yr Cost cap: 25% of CC = $230,257/yr IV: HIGH 69 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 150 → 150P (Nov 20 '26, 72d, 72.9% OTM) | Cost: $152/yr (0% of CC) | New ML: $89,400 = ML | Roll DEBIT $30 | Margin (TIMS): $37,054

PROTECTIVE PICK (lowest ML within cost cap): HP 150 → 390P (Nov 20 '26, 72d, 29.5% OTM) | Cost: $14,068/yr (2% of CC) | New ML: $17,400 ↓ $72,000 | Roll DEBIT $2,775 | Margin (TIMS): $19,731

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	150 CHEAP	Nov 20	72d	72.9%	$0.01	$0.10	$152	0%	$89,400	=	D $30
2	165	Nov 20	72d	70.2%	$0.04	$0.13	$198	0%	$84,900	-$4,500	D $39
3	150	Dec 18	100d	72.9%	$0.03	$0.22	$241	0%	$89,400	=	D $66
4	195	Nov 20	72d	64.7%	$0.02	$0.17	$259	0%	$75,900	-$13,500	D $51
5	165	Dec 18	100d	70.2%	$0.05	$0.83	$909	0%	$84,900	-$4,500	D $249
6	200	Nov 20	72d	63.8%	$0.01	$0.63	$958	0%	$74,400	-$15,000	D $189
7	160	Dec 18	100d	71.1%	$0.04	$0.89	$975	0%	$86,400	-$3,000	D $267
8	195	Dec 18	100d	64.7%	$0.09	$0.96	$1,051	0%	$75,900	-$13,500	D $288
9	200	Dec 18	100d	63.8%	$0.20	$0.97	$1,062	0%	$74,400	-$15,000	D $291
10	220	Nov 20	72d	60.2%	$0.08	$0.73	$1,110	0%	$68,400	-$21,000	D $219
11	220	Dec 18	100d	60.2%	$0.60	$1.08	$1,183	0%	$68,400	-$21,000	D $324
12	270	Nov 20	72d	51.2%	$0.29	$0.90	$1,369	0%	$53,400	-$36,000	D $270
▶ 13	390 PROT	Nov 20	72d	29.5%	$7.80	$9.25	$14,068	2%	$17,400	-$72,000	D $2,775

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $545, B $46.65	$167,940/yr	$152/yr	SELF-FUNDING
CC at MID $620 0.6σ, B $18.55	$66,780/yr	$152/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($545, bid $46.65). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

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

Stock: $46.17 HP: 24.2% OTM Current hedge: $18,743/yr Roll-fwd baseline: $24,455/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $69,569/yr IV: HIGH OTM floor: 8% Stress: 25% 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	28.5%	$2.72	$-1.81	$-3,620	$19,856	$45,625	$-1,113	14	$4,000	N/A	1mo	1.88x	FAIL
2	34	Dec 18	100d	26.4%	$3.05	$-2.14	$-4,280	$22,265	$53,655	$-3,522	13	$2,000	N/A	0mo	1.81x	FAIL

Main (...1299)15 fortress(es) · 3 actionable · overview rows

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

Stock: $46.17 HP: 24.2% OTM Current hedge: $18,743/yr Roll-fwd baseline: $24,455/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $69,569/yr IV: HIGH OTM floor: 8% Stress: 25% 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	28.5%	$2.72	$-1.81	$-3,620	$19,856	$45,625	$-1,113	14	$4,000	N/A	1mo	1.88x	FAIL
2	34	Dec 18	100d	26.4%	$3.05	$-2.14	$-4,280	$22,265	$53,655	$-3,522	13	$2,000	N/A	0mo	1.81x	FAIL

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).