Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$297,589/yr

TOTAL HEDGE (REPAIRED)

$56,887/yr

ANNUAL SAVINGS

$240,702/yr

ROLL CREDITS

$72,865

ADDITIONAL MAX LOSS

$-32,500

PORTFOLIO ACTION SUMMARY · 42 positions

2 · ROLL NOW2 · REPAIR PLAN7 · LEAPS-ONLY31 · 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
Joint (...1782)9 fortress(es) · 5 actionable · IC $502,060 · notional $1,649,316
IREN (Joint) → +25C −47P +35P −55C	$48.10	25	47	35	55	$44.00	$50.66	12	1.75x	27.2%	SAFE	20	$32,000	$96,200	ROLL NOW (24d)
AMZN → +200C −250P +215P −275C	$258.62	200	250	215	275	$267.92	$271.04	35	1.52x	16.9%	SAFE	5	$33,960	$129,312	REPAIR PLAN (59d)
GOOG (Joint) +310C −355C	$358.58	310	0	0	355	$392.50	$348.57	0	1.00x	0.0%	N/A	5	$41,250	$179,290	LEAPS-ONLY
IBIT +75C	$48.71	75	0	0	0	$70.58	$51.06	0	1.00x	0.0%	N/A	50	$22,328	$243,550	LEAPS-ONLY
MSTR (Joint) +180C −170C	$169.67	180	0	0	170	$233.00	$166.22	0	1.00x	0.0%	N/A	10	$53,000	$169,670	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$28.11	23	18	25	0	$36.42	$23.72	0	1.00x	11.1%	SAFE	150	$201,300	$421,650	OK
COPX +65C −90P +68P −92C	$89.11	65	90	68	92	$93.40	$95.86	22	1.77x	23.7%	SAFE	20	$56,800	$178,220	OK
HOOD +65C −95P +80P −145C	$125.06	65	95	80	145	$114.95	$119.68	15	1.30x	36.0%	SAFE	10	$49,950	$125,060	OK
MU (Joint) +670C −800P +420P −1150C	$1063.64	670	800	420	1150	$792.36	$809.86	380	4.31x	60.5%	SAFE	1	$11,472	$106,364	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,584,573
IREN (Main) → +25C −47P +35P −55C	$48.10	25	47	35	55	$44.00	$50.66	12	1.75x	27.2%	SAFE	20	$32,000	$96,200	ROLL NOW (24d)
BMNR (Main) → +25C −18P +45P	$28.11	25	18	45	0	$65.83	$58.67	0	1.00x	-60.1%	ITM	50	$204,150	$140,550	REPAIR PLAN (115d)
IGV +70C −111C	$106.78	70	0	0	111	$96.50	$87.46	0	1.00x	0.0%	N/A	12	$31,800	$128,136	LEAPS-ONLY
MARA (Main) +13C	$13.43	13	0	0	0	$16.75	$11.05	0	1.00x	0.0%	N/A	400	$150,000	$537,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$28.11	23	18	25	0	$53.26	$46.37	0	1.00x	11.1%	SAFE	75	$226,950	$210,825	OK
COIN (Main) +165C −240P +90P −240C	$200.59	165	240	90	240	$210.90	$215.36	150	9.93x	55.1%	SAFE	8	$13,440	$160,472	OK
COIN (Main) +500C −330P +300P −240C	$200.59	500	330	300	240	$563.00	$360.41	30	1.48x	-49.6%	ITM	25	$157,500	$501,475	OK
DELL +310C −400P +320P −625C	$570.00	310	400	320	625	$562.50	$571.67	80	1.32x	43.9%	SAFE	3	$75,750	$171,000	OK
ETHA +13C −16P +10P	$20.75	13	16	10	0	$17.33	$17.64	6	2.39x	51.8%	SAFE	50	$21,650	$103,750	OK
GLD +320C −450P +330P −445C	$397.66	320	450	330	445	$456.00	$468.73	120	1.88x	17.0%	SAFE	10	$136,000	$397,660	OK
GLXY +38C −38P +18P −32C	$26.64	38	38	18	32	$39.71	$35.31	20	10.05x	34.3%	SAFE	125	$27,625	$333,000	OK
HIMS +10C −20P +5P −32C	$29.91	10	20	5	32	$17.47	$19.08	15	4.04x	83.3%	SAFE	15	$7,395	$44,865	OK
MU (Main) +880C −1010P +340P −1350C	$1063.64	880	1010	340	1350	$1028.60	$1048.41	670	5.51x	68.0%	SAFE	5	$74,300	$531,820	OK
NVDA +215C −225P +200P −232C	$227.62	215	225	200	232	$264.80	$228.86	25	1.50x	12.1%	SAFE	10	$49,800	$227,620	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,372,858
SPY +640C −782C	$774.15	640	0	0	782	$764.00	$701.56	0	1.00x	0.0%	N/A	12	$148,800	$928,980	LEAPS-ONLY
CRCL +45C −65P +40P −115C	$95.57	45	65	40	115	$87.00	$90.71	25	1.60x	58.1%	SAFE	5	$21,000	$47,785	OK
CRWV +105C −120P +40P −100C	$87.51	105	120	40	100	$125.45	$128.58	80	4.91x	54.3%	SAFE	5	$10,225	$43,755	OK
GOOG (Neville) +300C −345P +310P −375C	$358.58	300	345	310	375	$373.00	$346.05	35	1.48x	13.5%	SAFE	15	$109,500	$537,870	OK
GOOG (Neville) +340C −405P +360P −375C	$358.58	340	405	360	375	$398.00	$384.02	45	1.88x	-0.4%	ITM	5	$25,500	$179,290	OK
INTC +85C −100P +35P −130C	$121.50	85	100	35	130	$114.00	$115.66	65	3.24x	71.2%	SAFE	5	$14,500	$60,748	OK
IREN (Neville) +45C −65P +21P −58C	$48.10	45	65	21	58	$56.50	$58.24	44	15.67x	56.3%	SAFE	20	$6,000	$96,200	OK
MU (Neville) +970C −1110P +390P −1250C	$1063.64	970	1110	390	1250	$1220.00	$1235.39	720	3.88x	63.3%	SAFE	2	$50,000	$212,728	OK
SNDK +1200C −1380P +810P −1950C	$1890.98	1200	1380	810	1950	$1620.00	$1632.53	570	2.36x	57.2%	SAFE	1	$42,000	$189,098	OK
SPCX +150C −195P +135P −165C	$152.81	150	195	135	165	$186.00	$189.86	60	3.22x	11.7%	SAFE	5	$13,500	$76,405	OK
RetireInc (...7291)9 fortress(es) · 1 actionable · IC $180,200 · notional $1,249,941
MARA (RetireInc) +40C	$13.43	40	0	0	0	$41.04	$11.37	0	1.00x	0.0%	N/A	500	$52,000	$671,500	LEAPS-ONLY
AAPL +240C −330P +285P −345C	$341.48	240	330	285	345	$334.64	$336.25	45	1.48x	16.5%	SAFE	5	$47,320	$170,740	OK
APP +460C −540P +185P −370C	$325.98	460	540	185	370	$588.00	$609.01	355	3.77x	43.2%	SAFE	1	$12,800	$32,598	OK
CLSK +17C −17P +10P	$14.87	17	17	10	0	$20.74	$18.29	7	2.87x	32.8%	SAFE	25	$9,350	$37,175	OK
ENPH +45C −60P +20P	$34.73	45	60	20	0	$56.15	$58.92	40	6.48x	42.4%	SAFE	10	$7,300	$34,730	OK
IREN (RetireInc) +50C −70P +23P −58C	$48.10	50	70	23	58	$63.43	$66.48	47	7.86x	52.2%	SAFE	20	$13,700	$96,200	OK
MSTR (RetireInc) +125C −185P +55P −170C	$169.67	125	185	55	170	$161.00	$164.21	130	11.83x	67.6%	SAFE	4	$4,800	$67,868	OK
QCOM +190C −210P +100P −220C	$193.60	190	210	100	220	$224.00	$227.24	110	4.24x	48.3%	SAFE	5	$17,000	$96,800	OK
RKLB +115C −135P +45P	$70.55	115	135	45	0	$141.55	$147.31	90	4.39x	36.2%	SAFE	6	$15,930	$42,330	OK

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 59d

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

Stock: $258.62 HP: 16.9% OTM Current hedge: $7,176/yr Baseline (roll-fwd, savings vs this): $7,379/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $19,070/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-10-29 AMC (37d) 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	87d	18.8%	$2.91	$-0.77	$-385	$6,104	$19,614	$1,275	40	$2,500	24mo	1mo	1.59x	PASS
2	210	Jan 15	115d	18.8%	$3.85	$-1.71	$-855	$6,110	$14,838	$1,270	40	$2,500	24mo	1mo	1.59x	PASS
3	185	Dec 18	87d	28.5%	$1.09	$1.05	$525	$2,286	$6,104	$5,093	65	$15,000	35mo	7mo	1.96x	FAIL
4	185	Jan 15	115d	28.5%	$1.54	$0.60	$300	$2,444	$4,618	$4,935	65	$15,000	36mo	7mo	1.96x	FAIL
5	190	Dec 18	87d	26.5%	$1.32	$0.82	$410	$2,769	$7,447	$4,610	60	$12,500	33mo	6mo	1.88x	FAIL
6	190	Jan 15	115d	26.5%	$1.80	$0.34	$170	$2,857	$5,634	$4,523	60	$12,500	33mo	6mo	1.88x	FAIL
7	195	Dec 18	87d	24.6%	$1.50	$0.64	$320	$3,147	$9,020	$4,233	55	$10,000	28mo	5mo	1.81x	FAIL
8	195	Jan 15	115d	24.6%	$2.10	$0.04	$20	$3,333	$6,824	$4,047	55	$10,000	30mo	5mo	1.81x	FAIL
9	200	Dec 18	87d	22.7%	$1.86	$0.28	$140	$3,902	$11,118	$3,478	50	$7,500	26mo	4mo	1.74x	FAIL
10	200	Jan 15	115d	22.7%	$2.62	$-0.48	$-240	$4,158	$8,411	$3,222	50	$7,500	28mo	4mo	1.74x	FAIL
11	205	Dec 18	87d	20.7%	$2.36	$-0.22	$-110	$4,951	$13,530	$2,429	45	$5,000	25mo	3mo	1.66x	FAIL
12	205	Jan 15	115d	20.7%	$3.25	$-1.11	$-555	$5,158	$10,236	$2,222	45	$5,000	27mo	3mo	1.66x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.55	$20,613/yr	$6,104/yr	SELF-FUNDING
CC at MID $275 0.7σ, B $3.55	$20,613/yr	$6,104/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $258.63 → $228.47, hedge $19,614/yr)
CC at SS income stress-adjusted	$929/yr	$19,614/yr	DEFICIT $1,557/mo
CC at MID income stress-adjusted	$929/yr	$19,614/yr	DEFICIT $1,557/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $3.55) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$1,557/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 24d

Stock: $48.10 Current HP: 35P (24d, 27.2% OTM) Current hedge: $11,254/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $89,964/yr Cost cap: 25% of CC = $22,491/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-05 INTRADAY (44d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 115d, 27.2% OTM) | Cost: $20,313/yr (23% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,700 | Margin (TIMS): $1,749

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP PROT	Jan 15	115d	27.2%	$2.98	$3.20	$20,313	23%	$56,000	=	D $5,700
2	35	Dec 18	87d	27.2%	$2.27	$2.44	$20,474	23%	$56,000	=	D $4,180

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.40	$78,968/yr	$20,313/yr	SELF-FUNDING
CC at MID $56 0.7σ, B $2.04	$47,381/yr	$20,313/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.40). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

Main (...1299)14 fortress(es) · 4 actionable · overview rows

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 115d

Stock: $28.11 HP: ITM Current hedge: $290,413/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $111,907/yr IV: HIGH OTM floor: 8% Stress: 25% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (59d) 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	25	Jan 15	115d	11.1%	$3.20	$14.65	$73,250	$50,783	$55,702	$239,630	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	115d	14.6%	$2.99	$14.86	$74,300	$47,450	$55,702	$242,963	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	115d	20.0%	$2.36	$15.49	$77,450	$37,452	$67,604	$252,961	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	115d	25.3%	$1.86	$15.99	$79,950	$29,517	$77,761	$260,896	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	115d	28.9%	$1.56	$16.29	$81,450	$24,757	$69,033	$265,657	-2	$-10,000	N/A	N/A	0.95x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $39, B $0.30	$17,419/yr	$50,783/yr	DEFICIT $2,780/mo
CC at MID $32 0.6σ, B $1.20	$69,677/yr	$50,783/yr	SELF-FUNDING
AT 25% DRAWDOWN (stock $28.11 → $21.11, hedge $55,702/yr)
CC at SS income stress-adjusted	$17,419/yr	$55,702/yr	DEFICIT $3,190/mo
CC at MID income stress-adjusted	$17,419/yr	$55,702/yr	DEFICIT $3,190/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($32, bid $1.20) in NORMAL markets. Self-funds today.
In 25% drawdown, even MID is short ~$3,190/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 24d

Stock: $48.10 Current HP: 35P (24d, 27.2% OTM) Current hedge: $11,254/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $89,964/yr Cost cap: 25% of CC = $22,491/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-05 INTRADAY (44d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 115d, 27.2% OTM) | Cost: $20,313/yr (23% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,700 | Margin: n/a (RTH)

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP PROT	Jan 15	115d	27.2%	$2.98	$3.20	$20,313	23%	$56,000	=	D $5,700
2	35	Dec 18	87d	27.2%	$2.27	$2.44	$20,474	23%	$56,000	=	D $4,180

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.40	$78,968/yr	$20,313/yr	SELF-FUNDING
CC at MID $56 0.7σ, B $2.04	$47,381/yr	$20,313/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.40). 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).