Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$293,563/yr

TOTAL HEDGE (REPAIRED)

$65,999/yr

ANNUAL SAVINGS

$227,564/yr

ROLL CREDITS

$67,720

ADDITIONAL MAX LOSS

$-32,500

PORTFOLIO ACTION SUMMARY · 42 positions

2 · ROLL NOW3 · REPAIR PLAN7 · LEAPS-ONLY30 · 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 $1,656,898
IREN (Joint) → +25C −47P +35P −55C	$48.59	25	47	35	55	$44.00	$50.52	12	1.75x	28.0%	SAFE	20	$32,000	$97,190	ROLL NOW (24d)
AMZN → +200C −250P +215P −275C	$255.36	200	250	215	275	$267.92	$270.58	35	1.52x	15.8%	SAFE	5	$33,960	$127,680	REPAIR PLAN (59d)
GOOG (Joint) +310C −355C	$348.41	310	0	0	355	$392.50	$347.62	0	1.00x	0.0%	N/A	5	$41,250	$174,205	LEAPS-ONLY
IBIT +75C	$48.87	75	0	0	0	$70.58	$51.07	0	1.00x	0.0%	N/A	50	$22,328	$244,350	LEAPS-ONLY
MSTR (Joint) +180C −170C	$168.01	180	0	0	170	$233.00	$165.99	0	1.00x	0.0%	N/A	10	$53,000	$168,010	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$28.72	23	18	25	0	$36.42	$23.76	0	1.00x	13.0%	SAFE	150	$201,300	$430,800	OK
COPX +65C −90P +68P −92C	$90.29	65	90	68	92	$93.40	$95.17	22	1.77x	24.7%	SAFE	20	$56,800	$180,580	OK
HOOD +65C −95P +80P −145C	$124.59	65	95	80	145	$114.95	$119.60	15	1.30x	35.8%	SAFE	10	$49,950	$124,590	OK
MU (Joint) +670C −800P +420P −1150C	$1094.93	670	800	420	1150	$792.36	$806.01	380	4.31x	61.6%	SAFE	1	$11,472	$109,493	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,631,967
IREN (Main) → +25C −47P +35P −55C	$48.59	25	47	35	55	$44.00	$50.52	12	1.75x	28.0%	SAFE	20	$32,000	$97,190	ROLL NOW (24d)
BMNR (Main) → +25C −18P +45P	$28.72	25	18	45	0	$65.83	$59.03	0	1.00x	-56.7%	ITM	50	$204,150	$143,600	REPAIR PLAN (115d)
IGV +70C −111C	$106.83	70	0	0	111	$96.50	$87.91	0	1.00x	0.0%	N/A	12	$31,800	$128,196	LEAPS-ONLY
MARA (Main) +13C	$13.71	13	0	0	0	$16.75	$10.89	0	1.00x	0.0%	N/A	400	$150,000	$548,400	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$28.72	23	18	25	0	$53.26	$46.42	0	1.00x	13.0%	SAFE	75	$226,950	$215,400	OK
COIN (Main) +165C −240P +90P −240C	$201.41	165	240	90	240	$210.90	$214.15	150	9.93x	55.3%	SAFE	8	$13,440	$161,128	OK
COIN (Main) +500C −330P +300P −240C	$201.41	500	330	300	240	$563.00	$363.61	30	1.48x	-48.9%	ITM	25	$157,500	$503,525	OK
DELL +310C −400P +320P	$550.31	310	400	320	0	$562.50	$571.73	80	1.32x	41.9%	SAFE	3	$75,750	$165,093	OK
ETHA +13C −16P +10P	$20.75	13	16	10	0	$17.33	$17.60	6	2.39x	51.8%	SAFE	50	$21,650	$103,750	OK
GLD +320C −450P +330P −445C	$400.47	320	450	330	445	$456.00	$468.40	120	1.88x	17.6%	SAFE	10	$136,000	$400,470	OK
GLXY +38C −38P +18P −32C	$27.37	38	38	18	32	$39.71	$35.27	20	10.05x	36.1%	SAFE	125	$27,625	$342,125	OK
HIMS +10C −20P +5P −35C	$30.65	10	20	5	35	$17.47	$18.68	15	4.04x	83.7%	SAFE	15	$7,395	$45,975	OK
MU (Main) +880C −1010P +340P −1350C	$1094.93	880	1010	340	1350	$1028.60	$1044.99	670	5.51x	68.9%	SAFE	5	$74,300	$547,465	OK
NVDA +215C −225P +200P −250C	$229.65	215	225	200	250	$264.80	$229.22	25	1.50x	12.9%	SAFE	10	$49,800	$229,650	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,267,118
AAPL → +240C −330P +285P −360C	$339.89	240	330	285	360	$334.64	$336.68	45	1.48x	16.1%	SAFE	5	$47,320	$169,945	REPAIR PLAN (59d)
MARA (RetireInc) +40C	$13.71	40	0	0	0	$41.04	$11.40	0	1.00x	0.0%	N/A	500	$52,000	$685,500	LEAPS-ONLY
APP +460C −540P +185P −370C	$329.21	460	540	185	370	$588.00	$608.84	355	3.77x	43.8%	SAFE	1	$12,800	$32,921	OK
CLSK +17C −17P +10P	$15.12	17	17	10	0	$20.74	$18.13	7	2.87x	33.9%	SAFE	25	$9,350	$37,800	OK
ENPH +45C −60P +20P	$34.49	45	60	20	0	$56.15	$58.76	40	6.48x	42.0%	SAFE	10	$7,300	$34,490	OK
IREN (RetireInc) +50C −70P +23P −58C	$48.59	50	70	23	58	$63.43	$66.61	47	7.86x	52.7%	SAFE	20	$13,700	$97,190	OK
MSTR (RetireInc) +125C −185P +55P −170C	$168.01	125	185	55	170	$161.00	$162.57	130	11.83x	67.3%	SAFE	4	$4,800	$67,204	OK
QCOM +190C −210P +100P −220C	$197.52	190	210	100	220	$224.00	$226.87	110	4.24x	49.4%	SAFE	5	$17,000	$98,760	OK
RKLB +115C −135P +45P	$72.18	115	135	45	0	$141.55	$147.22	90	4.39x	37.7%	SAFE	6	$15,930	$43,308	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,361,762
SPY +640C −782C	$774.59	640	0	0	782	$764.00	$701.83	0	1.00x	0.0%	N/A	12	$148,800	$929,508	LEAPS-ONLY
CRCL +45C −65P +40P −115C	$95.13	45	65	40	115	$87.00	$91.26	25	1.60x	58.0%	SAFE	5	$21,000	$47,565	OK
CRWV +105C −120P +40P −100C	$87.10	105	120	40	100	$125.45	$128.33	80	4.91x	54.1%	SAFE	5	$10,225	$43,550	OK
GOOG (Neville) +300C −345P +310P −375C	$348.41	300	345	310	375	$373.00	$345.08	35	1.48x	11.0%	SAFE	15	$109,500	$522,615	OK
GOOG (Neville) +340C −405P +360P −375C	$348.41	340	405	360	375	$398.00	$383.32	45	1.88x	-3.3%	ITM	5	$25,500	$174,205	OK
INTC +85C −100P +35P −160C	$123.43	85	100	35	160	$114.00	$115.66	65	3.24x	71.6%	SAFE	5	$14,500	$61,715	OK
IREN (Neville) +45C −65P +21P −58C	$48.59	45	65	21	58	$56.50	$58.18	44	15.67x	56.8%	SAFE	20	$6,000	$97,190	OK
MU (Neville) +970C −1110P +390P −1250C	$1094.93	970	1110	390	1250	$1220.00	$1232.46	720	3.88x	64.4%	SAFE	2	$50,000	$218,986	OK
SNDK +1200C −1380P +810P −2200C	$1894.13	1200	1380	810	2200	$1620.00	$1632.61	570	2.36x	57.2%	SAFE	1	$42,000	$189,413	OK
SPCX +150C −195P +135P −165C	$154.03	150	195	135	165	$186.00	$189.54	60	3.22x	12.4%	SAFE	5	$13,500	$77,015	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: $255.36 HP: 15.8% OTM Current hedge: $7,671/yr Baseline (roll-fwd, savings vs this): $7,697/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $13,439/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 4 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	Jan 15	115d	17.8%	$4.00	$-1.76	$-880	$6,348	$13,251	$1,349	40	$2,500	22mo	2mo	1.59x	PASS
2	205	Dec 18	87d	19.7%	$2.40	$-0.16	$-80	$5,034	$14,369	$2,662	45	$5,000	23mo	4mo	1.66x	PASS
3	205	Jan 15	115d	19.7%	$3.20	$-0.96	$-480	$5,078	$10,871	$2,618	45	$5,000	23mo	4mo	1.66x	PASS
4	210	Dec 18	87d	17.8%	$3.05	$-0.81	$-405	$6,398	$17,516	$1,299	40	$2,500	23mo	2mo	1.59x	PASS
5	180	Dec 18	87d	29.5%	$0.80	$1.44	$720	$1,678	$5,034	$6,019	70	$17,500	35mo	11mo	2.03x	FAIL
6	180	Jan 15	115d	29.5%	$1.20	$1.04	$520	$1,904	$3,809	$5,792	70	$17,500	36mo	11mo	2.03x	FAIL
7	185	Dec 18	87d	27.6%	$1.02	$1.22	$610	$2,140	$6,398	$5,557	65	$15,000	32mo	9mo	1.96x	FAIL
8	185	Jan 15	115d	27.6%	$1.39	$0.85	$425	$2,206	$4,840	$5,491	65	$15,000	33mo	10mo	1.96x	FAIL
9	190	Dec 18	87d	25.6%	$1.30	$0.94	$470	$2,727	$7,866	$4,970	60	$12,500	30mo	8mo	1.88x	FAIL
10	190	Jan 15	115d	25.6%	$1.87	$0.37	$185	$2,968	$5,951	$4,729	60	$12,500	32mo	8mo	1.88x	FAIL
11	195	Dec 18	87d	23.6%	$1.59	$0.65	$325	$3,335	$9,335	$4,361	55	$10,000	28mo	7mo	1.81x	FAIL
12	195	Jan 15	115d	23.6%	$2.20	$0.04	$20	$3,491	$7,062	$4,205	55	$10,000	29mo	7mo	1.81x	FAIL
13	200	Dec 18	87d	21.7%	$1.93	$0.31	$155	$4,049	$11,852	$3,648	50	$7,500	25mo	5mo	1.74x	FAIL
14	200	Jan 15	115d	21.7%	$2.68	$-0.44	$-220	$4,253	$8,966	$3,444	50	$7,500	26mo	5mo	1.74x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $2.55	$14,806/yr	$6,348/yr	SELF-FUNDING
CC at MID $270 0.7σ, B $3.70	$21,484/yr	$6,348/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $255.36 → $226.23, hedge $13,251/yr)
CC at SS income stress-adjusted	$697/yr	$13,251/yr	DEFICIT $1,046/mo
CC at MID income stress-adjusted	$1,103/yr	$13,251/yr	DEFICIT $1,012/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($270, bid $3.70) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,012/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: $48.59 Current HP: 35P (24d, 28.0% OTM) Current hedge: $10,950/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $92,027/yr Cost cap: 25% of CC = $23,007/yr IV: HIGH 3 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, 28.0% OTM) | Cost: $19,361/yr (21% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,520 | Margin (TIMS): $1,764

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 36P (Dec 18 '26, 87d, 25.9% OTM) | Cost: $21,648/yr (24% of CC) | New ML: $54,000 ↓ $2,000 | Roll DEBIT $4,580 | Margin (TIMS): $1,710

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	115d	28.0%	$2.97	$3.05	$19,361	21%	$56,000	=	D $5,520
2	35	Dec 18	87d	28.0%	$2.10	$2.32	$19,467	21%	$56,000	=	D $4,060
▶ 3	36 PROT	Dec 18	87d	25.9%	$2.38	$2.58	$21,648	24%	$54,000	-$2,000	D $4,580

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.45	$80,129/yr	$19,361/yr	SELF-FUNDING
CC at MID $56 0.6σ, B $2.03	$47,148/yr	$19,361/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.45). 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: $28.72 HP: ITM Current hedge: $281,685/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $102,966/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	26	Jan 15	115d	9.5%	$3.55	$13.75	$68,750	$56,337	$56,654	$225,348	-8	$-40,000	N/A	N/A	0.80x	PASS
2	25	Jan 15	115d	13.0%	$3.05	$14.25	$71,250	$48,402	$61,415	$233,283	-7	$-35,000	N/A	N/A	0.83x	PASS
3	24	Jan 15	115d	16.4%	$2.63	$14.67	$73,350	$41,737	$61,415	$239,948	-6	$-30,000	N/A	N/A	0.85x	PASS
4	22	Jan 15	115d	21.7%	$2.04	$15.26	$76,300	$32,374	$71,730	$249,311	-4	$-22,500	N/A	N/A	0.89x	PASS
5	21	Jan 15	115d	26.9%	$1.55	$15.75	$78,750	$24,598	$73,000	$257,087	-3	$-15,000	N/A	N/A	0.93x	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 $0.42	$24,387/yr	$56,337/yr	DEFICIT $2,662/mo
CC at MID $33 0.7σ, B $1.10	$63,871/yr	$56,337/yr	SELF-FUNDING
AT 25% DRAWDOWN (stock $28.72 → $21.67, hedge $56,654/yr)
CC at SS income stress-adjusted	$24,387/yr	$56,654/yr	DEFICIT $2,689/mo
CC at MID income stress-adjusted	$24,387/yr	$56,654/yr	DEFICIT $2,689/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($33, bid $1.10) in NORMAL markets. Self-funds today.
In 25% drawdown, even MID is short ~$2,689/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: $48.59 Current HP: 35P (24d, 28.0% OTM) Current hedge: $10,950/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $92,027/yr Cost cap: 25% of CC = $23,007/yr IV: HIGH 3 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, 28.0% OTM) | Cost: $19,361/yr (21% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,520 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 36P (Dec 18 '26, 87d, 25.9% OTM) | Cost: $21,648/yr (24% of CC) | New ML: $54,000 ↓ $2,000 | Roll DEBIT $4,580 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	115d	28.0%	$2.97	$3.05	$19,361	21%	$56,000	=	D $5,520
2	35	Dec 18	87d	28.0%	$2.10	$2.32	$19,467	21%	$56,000	=	D $4,060
▶ 3	36 PROT	Dec 18	87d	25.9%	$2.38	$2.58	$21,648	24%	$54,000	-$2,000	D $4,580

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.45	$80,129/yr	$19,361/yr	SELF-FUNDING
CC at MID $56 0.6σ, B $2.03	$47,148/yr	$19,361/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.45). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AAPL: HP 285P 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 → 5.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $339.89 HP: 16.1% OTM Current hedge: $4,207/yr Baseline (roll-fwd, savings vs this): $4,762/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $73,083/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 9 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	275	Dec 18	87d	19.1%	$1.58	$-0.30	$-150	$3,314	$10,069	$1,447	55	$5,000	41mo	1mo	1.58x	PASS
2	270	Dec 18	87d	20.6%	$1.34	$-0.06	$-30	$2,811	$8,181	$1,951	60	$7,500	46mo	1mo	1.63x	PASS
3	280	Dec 18	87d	17.6%	$1.98	$-0.70	$-350	$4,153	$11,747	$608	50	$2,500	49mo	0mo	1.53x	PASS
4	265	Dec 18	87d	22.0%	$1.12	$0.16	$80	$2,349	$7,027	$2,412	65	$10,000	50mo	2mo	1.69x	PASS
5	280	Jan 15	115d	17.6%	$2.63	$-1.35	$-675	$4,174	$8,887	$588	50	$2,500	51mo	0mo	1.53x	PASS
6	275	Jan 15	115d	19.1%	$2.28	$-1.00	$-500	$3,618	$7,617	$1,144	55	$5,000	52mo	1mo	1.58x	PASS
7	270	Jan 15	115d	20.6%	$1.93	$-0.65	$-325	$3,063	$6,189	$1,699	60	$7,500	53mo	1mo	1.63x	PASS
8	265	Jan 15	115d	22.0%	$1.62	$-0.34	$-170	$2,571	$5,316	$2,191	65	$10,000	55mo	2mo	1.69x	PASS
9	260	Dec 18	87d	23.5%	$1.01	$0.27	$135	$2,119	$5,790	$2,643	70	$12,500	57mo	2mo	1.74x	PASS
10	240	Dec 18	87d	29.4%	$0.54	$0.74	$370	$1,133	$2,349	$3,629	90	$22,500	74mo	4mo	1.95x	FAIL
11	245	Dec 18	87d	27.9%	$0.62	$0.66	$330	$1,301	$2,811	$3,461	85	$20,000	69mo	3mo	1.90x	FAIL
12	240	Jan 15	115d	29.4%	$0.88	$0.40	$200	$1,397	$1,777	$3,365	90	$22,500	80mo	4mo	1.95x	FAIL
13	245	Jan 15	115d	27.9%	$0.90	$0.38	$190	$1,428	$2,127	$3,334	85	$20,000	72mo	3mo	1.90x	FAIL
14	250	Dec 18	87d	26.4%	$0.72	$0.56	$280	$1,510	$4,153	$3,251	80	$17,500	65mo	3mo	1.85x	FAIL
15	250	Jan 15	115d	26.4%	$1.02	$0.26	$130	$1,619	$3,142	$3,143	80	$17,500	67mo	3mo	1.85x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.35	$54,290/yr	$3,314/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $3.45	$20,032/yr	$3,314/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $339.89 → $305.90, hedge $10,069/yr)
CC at SS income stress-adjusted	$1,974/yr	$10,069/yr	DEFICIT $675/mo
CC at MID income stress-adjusted	$406/yr	$10,069/yr	DEFICIT $805/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $3.45) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$805/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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).