Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$303,635/yr

TOTAL HEDGE (REPAIRED)

$61,577/yr

ANNUAL SAVINGS

$242,058/yr

ROLL CREDITS

$70,335

ADDITIONAL MAX LOSS

$-30,000

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 $1,635,294
IREN (Joint) → +25C −47P +35P −55C	$48.52	25	47	35	55	$44.00	$50.64	12	1.75x	27.9%	SAFE	20	$32,000	$97,030	ROLL NOW (23d)
AMZN → +200C −250P +215P −275C	$251.50	200	250	215	275	$267.92	$270.36	35	1.52x	14.5%	SAFE	5	$33,960	$125,750	REPAIR PLAN (58d)
GOOG (Joint) +310C −355C	$342.72	310	0	0	355	$392.50	$347.26	0	1.00x	0.0%	N/A	5	$41,250	$171,360	LEAPS-ONLY
IBIT +75C	$48.53	75	0	0	0	$70.58	$51.22	0	1.00x	0.0%	N/A	50	$22,328	$242,650	LEAPS-ONLY
MSTR (Joint) +180C −170C	$167.35	180	0	0	170	$233.00	$165.05	0	1.00x	0.0%	N/A	10	$53,000	$167,350	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$28.24	23	18	25	0	$36.42	$23.69	0	1.00x	11.5%	SAFE	150	$201,300	$423,600	OK
COPX +65C −90P +68P −92C	$86.29	65	90	68	92	$93.40	$96.25	22	1.77x	21.2%	SAFE	20	$56,800	$172,580	OK
HOOD +65C −95P +80P −145C	$126.24	65	95	80	145	$114.95	$119.47	15	1.30x	36.6%	SAFE	10	$49,950	$126,240	OK
MU (Joint) +670C −800P +420P −1150C	$1087.34	670	800	420	1150	$792.36	$804.69	380	4.31x	61.4%	SAFE	1	$11,472	$108,734	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,608,327
IREN (Main) → +25C −47P +35P −55C	$48.52	25	47	35	55	$44.00	$50.64	12	1.75x	27.9%	SAFE	20	$32,000	$97,030	ROLL NOW (23d)
BMNR (Main) → +25C −18P +45P	$28.24	25	18	45	0	$65.83	$58.81	0	1.00x	-59.3%	ITM	50	$204,150	$141,200	REPAIR PLAN (114d)
IGV +70C −111C	$107.68	70	0	0	111	$96.50	$88.68	0	1.00x	0.0%	N/A	12	$31,800	$129,216	LEAPS-ONLY
MARA (Main) +13C	$13.55	13	0	0	0	$16.75	$11.06	0	1.00x	0.0%	N/A	400	$150,000	$542,000	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$28.24	23	18	25	0	$53.26	$46.36	0	1.00x	11.5%	SAFE	75	$226,950	$211,800	OK
COIN (Main) +165C −240P +90P −240C	$202.92	165	240	90	240	$210.90	$216.02	150	9.93x	55.6%	SAFE	8	$13,440	$162,336	OK
COIN (Main) +500C −330P +300P −240C	$202.92	500	330	300	240	$563.00	$367.04	30	1.48x	-47.8%	ITM	25	$157,500	$507,300	OK
DELL +310C −400P +320P	$554.20	310	400	320	0	$562.50	$570.39	80	1.32x	42.3%	SAFE	3	$75,750	$166,260	OK
ETHA +13C −16P +10P	$20.46	13	16	10	0	$17.33	$17.73	6	2.39x	51.1%	SAFE	50	$21,650	$102,300	OK
GLD +320C −450P +330P −445C	$392.82	320	450	330	445	$456.00	$468.16	120	1.88x	16.0%	SAFE	10	$136,000	$392,820	OK
GLXY +38C −38P +18P −32C	$27.10	38	38	18	32	$39.71	$34.93	20	10.05x	35.4%	SAFE	125	$27,625	$338,750	OK
HIMS +10C −20P +5P −35C	$30.23	10	20	5	35	$17.47	$18.15	15	4.04x	83.5%	SAFE	15	$7,395	$45,345	OK
MU (Main) +880C −1010P +340P −1350C	$1087.34	880	1010	340	1350	$1028.60	$1044.57	670	5.51x	68.7%	SAFE	5	$74,300	$543,670	OK
NVDA +215C −225P +200P −250C	$228.30	215	225	200	250	$264.80	$229.19	25	1.50x	12.4%	SAFE	10	$49,800	$228,300	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,255,240
AAPL → +240C −330P +285P −360C	$338.42	240	330	285	360	$334.64	$337.22	45	1.48x	15.8%	SAFE	5	$47,320	$169,210	REPAIR PLAN (58d)
MARA (RetireInc) +40C	$13.55	40	0	0	0	$41.04	$11.43	0	1.00x	0.0%	N/A	500	$52,000	$677,500	LEAPS-ONLY
APP +460C −540P +185P −370C	$310.76	460	540	185	370	$588.00	$612.01	355	3.77x	40.5%	SAFE	1	$12,800	$31,076	OK
CLSK +17C −17P +10P	$14.99	17	17	10	0	$20.74	$18.04	7	2.87x	33.3%	SAFE	25	$9,350	$37,483	OK
ENPH +45C −60P +20P	$34.12	45	60	20	0	$56.15	$58.70	40	6.48x	41.4%	SAFE	10	$7,300	$34,120	OK
IREN (RetireInc) +50C −70P +23P −58C	$48.52	50	70	23	58	$63.43	$66.55	47	7.86x	52.6%	SAFE	20	$13,700	$97,030	OK
MSTR (RetireInc) +125C −185P +55P −170C	$167.35	125	185	55	170	$161.00	$163.31	130	11.83x	67.1%	SAFE	4	$4,800	$66,940	OK
QCOM +190C −210P +100P −220C	$196.40	190	210	100	220	$224.00	$225.78	110	4.24x	49.1%	SAFE	5	$17,000	$98,200	OK
RKLB +115C −135P +45P	$72.80	115	135	45	0	$141.55	$148.02	90	4.39x	38.2%	SAFE	6	$15,930	$43,680	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,339,894
SPY +640C −782C	$771.25	640	0	0	782	$764.00	$701.63	0	1.00x	0.0%	N/A	12	$148,800	$925,500	LEAPS-ONLY
CRCL +45C −65P +40P −115C	$95.85	45	65	40	115	$87.00	$91.63	25	1.60x	58.3%	SAFE	5	$21,000	$47,925	OK
CRWV +105C −120P +40P −100C	$87.90	105	120	40	100	$125.45	$128.34	80	4.91x	54.5%	SAFE	5	$10,225	$43,950	OK
GOOG (Neville) +300C −345P +310P −375C	$342.72	300	345	310	375	$373.00	$344.70	35	1.48x	9.5%	OK	15	$109,500	$514,080	OK
GOOG (Neville) +340C −405P +360P −375C	$342.72	340	405	360	375	$398.00	$383.97	45	1.88x	-5.0%	ITM	5	$25,500	$171,360	OK
INTC +85C −100P +35P −160C	$121.34	85	100	35	160	$114.00	$115.33	65	3.24x	71.2%	SAFE	5	$14,500	$60,670	OK
IREN (Neville) +45C −65P +21P −58C	$48.52	45	65	21	58	$56.50	$58.21	44	15.67x	56.7%	SAFE	20	$6,000	$97,030	OK
MU (Neville) +970C −1110P +390P −1250C	$1087.34	970	1110	390	1250	$1220.00	$1232.84	720	3.88x	64.1%	SAFE	2	$50,000	$217,468	OK
SNDK +1200C −1380P +810P −2200C	$1850.51	1200	1380	810	2200	$1620.00	$1627.44	570	2.36x	56.2%	SAFE	1	$42,000	$185,050	OK
SPCX +150C −195P +135P −165C	$153.72	150	195	135	165	$186.00	$189.70	60	3.22x	12.2%	SAFE	5	$13,500	$76,860	OK

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 58d

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: $251.50 HP: 14.5% OTM Current hedge: $9,062/yr Baseline (roll-fwd, savings vs this): $8,405/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $23,922/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 6 PASS ⚠ ER 2026-10-29 AMC (36d) 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	114d	16.5%	$4.30	$-1.65	$-825	$6,884	$14,808	$1,521	40	$2,500	20mo	1mo	1.59x	PASS
2	210	Dec 18	86d	16.5%	$3.30	$-0.65	$-325	$7,003	$19,629	$1,402	40	$2,500	21mo	1mo	1.59x	PASS
3	200	Dec 18	86d	20.5%	$2.07	$0.58	$290	$4,393	$13,157	$4,012	50	$7,500	22mo	3mo	1.74x	PASS
4	205	Dec 18	86d	18.5%	$2.72	$-0.07	$-35	$5,772	$16,128	$2,633	45	$5,000	23mo	2mo	1.66x	PASS
5	205	Jan 15	114d	18.5%	$3.65	$-1.00	$-500	$5,843	$12,167	$2,561	45	$5,000	23mo	2mo	1.66x	PASS
6	200	Jan 15	114d	20.5%	$2.89	$-0.24	$-120	$4,627	$9,925	$3,778	50	$7,500	24mo	3mo	1.74x	PASS
7	180	Dec 18	86d	28.4%	$0.87	$1.78	$890	$1,846	$5,772	$6,558	70	$17,500	32mo	7mo	2.03x	FAIL
8	180	Jan 15	114d	28.4%	$1.38	$1.27	$635	$2,209	$4,354	$6,195	70	$17,500	34mo	7mo	2.03x	FAIL
9	185	Dec 18	86d	26.4%	$1.08	$1.57	$785	$2,292	$7,003	$6,113	65	$15,000	29mo	6mo	1.96x	FAIL
10	185	Jan 15	114d	26.4%	$1.66	$0.99	$495	$2,657	$5,283	$5,747	65	$15,000	31mo	6mo	1.96x	FAIL
11	190	Dec 18	86d	24.5%	$1.33	$1.32	$660	$2,822	$8,701	$5,582	60	$12,500	27mo	5mo	1.88x	FAIL
12	190	Jan 15	114d	24.5%	$2.02	$0.63	$315	$3,234	$6,564	$5,171	60	$12,500	29mo	5mo	1.88x	FAIL
13	195	Jan 15	114d	22.5%	$2.34	$0.31	$155	$3,746	$8,084	$4,659	55	$10,000	26mo	4mo	1.81x	FAIL
14	195	Dec 18	86d	22.5%	$1.78	$0.87	$435	$3,777	$10,717	$4,627	55	$10,000	26mo	4mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $1.95	$11,700/yr	$6,884/yr	SELF-FUNDING
CC at MID $265 0.6σ, B $3.90	$23,400/yr	$6,884/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $251.50 → $223.05, hedge $14,808/yr)
CC at SS income stress-adjusted	$1,140/yr	$14,808/yr	DEFICIT $1,139/mo
CC at MID income stress-adjusted	$1,860/yr	$14,808/yr	DEFICIT $1,079/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $3.90) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,079/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 23d

Stock: $48.52 Current HP: 35P (23d, 27.9% OTM) Current hedge: $10,474/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $92,398/yr Cost cap: 25% of CC = $23,099/yr IV: HIGH 3 qualifying ⚠ ER 2026-11-05 INTRADAY (43d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 86d, 27.9% OTM) | Cost: $19,693/yr (21% of CC) | New ML: $56,000 = ML | Roll DEBIT $4,080 | Margin (TIMS): $1,747

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 36P (Dec 18 '26, 86d, 25.8% OTM) | Cost: $22,155/yr (24% of CC) | New ML: $54,000 ↓ $2,000 | Roll DEBIT $4,660 | Margin (TIMS): $1,702

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	86d	27.9%	$2.10	$2.32	$19,693	21%	$56,000	=	D $4,080
2	35	Jan 15	114d	27.9%	$2.83	$3.10	$19,851	21%	$56,000	=	D $5,640
▶ 3	36 PROT	Dec 18	86d	25.8%	$2.38	$2.61	$22,155	24%	$54,000	-$2,000	D $4,660

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.35	$80,400/yr	$19,693/yr	SELF-FUNDING
CC at MID $56 0.7σ, B $1.92	$46,080/yr	$19,693/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.35). 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, 114d

Stock: $28.24 HP: ITM Current hedge: $289,759/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $115,777/yr IV: HIGH OTM floor: 8% Stress: 25% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (58d) 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	114d	11.5%	$3.15	$14.30	$71,500	$50,428	$52,669	$239,331	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	114d	15.0%	$2.68	$14.77	$73,850	$42,904	$56,671	$246,855	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	114d	20.3%	$2.12	$15.33	$76,650	$33,939	$67,077	$255,820	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	114d	25.6%	$1.65	$15.80	$79,000	$26,414	$76,042	$263,344	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	114d	29.2%	$1.31	$16.14	$80,700	$20,971	$67,237	$268,787	-2	$-10,000	N/A	N/A	0.95x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $39, B $0.32	$19,200/yr	$50,428/yr	DEFICIT $2,602/mo
CC at MID $32 0.6σ, B $1.13	$67,800/yr	$50,428/yr	SELF-FUNDING
AT 25% DRAWDOWN (stock $28.24 → $21.25, hedge $52,669/yr)
CC at SS income stress-adjusted	$19,200/yr	$52,669/yr	DEFICIT $2,789/mo
CC at MID income stress-adjusted	$19,200/yr	$52,669/yr	DEFICIT $2,789/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($32, bid $1.13) in NORMAL markets. Self-funds today.
In 25% drawdown, even MID is short ~$2,789/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 23d

Stock: $48.52 Current HP: 35P (23d, 27.9% OTM) Current hedge: $10,474/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $92,398/yr Cost cap: 25% of CC = $23,099/yr IV: HIGH 3 qualifying ⚠ ER 2026-11-05 INTRADAY (43d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Dec 18 '26, 86d, 27.9% OTM) | Cost: $19,693/yr (21% of CC) | New ML: $56,000 = ML | Roll DEBIT $4,080 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 36P (Dec 18 '26, 86d, 25.8% OTM) | Cost: $22,155/yr (24% of CC) | New ML: $54,000 ↓ $2,000 | Roll DEBIT $4,660 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	86d	27.9%	$2.10	$2.32	$19,693	21%	$56,000	=	D $4,080
2	35	Jan 15	114d	27.9%	$2.83	$3.10	$19,851	21%	$56,000	=	D $5,640
▶ 3	36 PROT	Dec 18	86d	25.8%	$2.38	$2.61	$22,155	24%	$54,000	-$2,000	D $4,660

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.35	$80,400/yr	$19,693/yr	SELF-FUNDING
CC at MID $56 0.7σ, B $1.92	$46,080/yr	$19,693/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.35). 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, 58d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 3.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $338.42 HP: 15.8% OTM Current hedge: $4,814/yr Baseline (roll-fwd, savings vs this): $5,135/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $64,282/yr IV: MEDIUM OTM floor: 10% Stress: 15% DD Payback gate: 12mo (1.0yr) 1 PASS ⚠ ER 2026-10-29 AMC (36d) 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	280	Dec 18	86d	17.3%	$2.01	$-0.68	$-340	$4,265	$25,359	$870	50	$2,500	34mo	0mo	1.53x	PASS
2	240	Dec 18	86d	29.1%	$0.59	$0.74	$370	$1,252	$4,265	$3,883	90	$22,500	70mo	4mo	1.95x	FAIL
3	240	Jan 15	114d	29.1%	$0.88	$0.45	$225	$1,409	$3,218	$3,727	90	$22,500	72mo	4mo	1.95x	FAIL
4	245	Dec 18	86d	27.6%	$0.71	$0.62	$310	$1,507	$6,197	$3,629	85	$20,000	66mo	4mo	1.90x	FAIL
5	250	Dec 18	86d	26.1%	$0.78	$0.55	$275	$1,655	$7,427	$3,480	80	$17,500	60mo	3mo	1.85x	FAIL
6	245	Jan 15	114d	27.6%	$1.07	$0.26	$130	$1,713	$4,675	$3,423	85	$20,000	70mo	4mo	1.90x	FAIL
7	250	Jan 15	114d	26.1%	$1.12	$0.21	$105	$1,793	$5,603	$3,342	80	$17,500	63mo	3mo	1.85x	FAIL
8	255	Dec 18	86d	24.6%	$0.91	$0.42	$210	$1,931	$8,701	$3,204	75	$15,000	56mo	3mo	1.79x	FAIL
9	255	Jan 15	114d	24.6%	$1.29	$0.04	$20	$2,065	$6,564	$3,070	75	$15,000	59mo	3mo	1.79x	FAIL
10	260	Dec 18	86d	23.2%	$1.11	$0.22	$110	$2,356	$10,717	$2,780	70	$12,500	54mo	2mo	1.74x	FAIL
11	260	Jan 15	114d	23.2%	$1.49	$-0.16	$-80	$2,385	$8,084	$2,750	70	$12,500	55mo	2mo	1.74x	FAIL
12	265	Dec 18	86d	21.7%	$1.26	$0.07	$35	$2,674	$12,839	$2,462	65	$10,000	49mo	2mo	1.69x	FAIL
13	265	Jan 15	114d	21.7%	$1.74	$-0.41	$-205	$2,786	$9,685	$2,350	65	$10,000	51mo	2mo	1.69x	FAIL
14	270	Dec 18	86d	20.2%	$1.40	$-0.07	$-35	$2,971	$18,250	$2,165	60	$7,500	42mo	1mo	1.63x	FAIL
15	270	Jan 15	114d	20.2%	$2.04	$-0.71	$-355	$3,266	$13,768	$1,870	60	$7,500	48mo	1mo	1.63x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 23 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $8.65	$51,900/yr	$4,265/yr	SELF-FUNDING
CC at MID $355 0.8σ, B $3.00	$18,000/yr	$4,265/yr	SELF-FUNDING
AT 15% DRAWDOWN (stock $338.42 → $287.66, hedge $25,359/yr)
CC at SS income stress-adjusted	$240/yr	$25,359/yr	DEFICIT $2,093/mo
CC at MID income stress-adjusted	$240/yr	$25,359/yr	DEFICIT $2,093/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $3.00) in NORMAL markets. Self-funds today.
In 15% drawdown, even MID is short ~$2,093/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).