Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$312,678/yr

TOTAL HEDGE (REPAIRED)

$63,679/yr

ANNUAL SAVINGS

$248,999/yr

ROLL CREDITS

$73,365

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 $1,606,640
IREN (Joint) → +25C −47P +35P −55C	$47.64	25	47	35	55	$44.00	$50.45	12	1.75x	26.5%	SAFE	20	$32,000	$95,280	ROLL NOW (23d)
AMZN → +200C −250P +215P −275C	$248.56	200	250	215	275	$267.92	$270.11	35	1.52x	13.5%	SAFE	5	$33,960	$124,280	REPAIR PLAN (58d)
GOOG (Joint) +310C −355C	$334.84	310	0	0	355	$392.50	$347.23	0	1.00x	0.0%	N/A	5	$41,250	$167,420	LEAPS-ONLY
IBIT +75C	$47.87	75	0	0	0	$70.58	$51.22	0	1.00x	0.0%	N/A	50	$22,328	$239,350	LEAPS-ONLY
MSTR (Joint) +180C −170C	$163.41	180	0	0	170	$233.00	$167.12	0	1.00x	0.0%	N/A	10	$53,000	$163,410	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$27.52	23	18	25	0	$36.42	$24.04	0	1.00x	9.2%	OK	150	$201,300	$412,800	OK
COPX +65C −90P +68P −92C	$87.00	65	90	68	92	$93.40	$95.25	22	1.77x	21.8%	SAFE	20	$56,800	$174,000	OK
HOOD +65C −95P +80P −145C	$123.06	65	95	80	145	$114.95	$119.43	15	1.30x	35.0%	SAFE	10	$49,950	$123,060	OK
MU (Joint) +670C −800P +420P −1150C	$1070.40	670	800	420	1150	$792.36	$807.45	380	4.31x	60.8%	SAFE	1	$11,472	$107,040	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,545,000
IREN (Main) → +25C −47P +35P −55C	$47.64	25	47	35	55	$44.00	$50.45	12	1.75x	26.5%	SAFE	20	$32,000	$95,280	ROLL NOW (23d)
BMNR (Main) → +25C −18P +45P	$27.52	25	18	45	0	$65.83	$58.98	0	1.00x	-63.5%	ITM	50	$204,150	$137,600	REPAIR PLAN (114d)
IGV +70C −111C	$108.24	70	0	0	111	$96.50	$88.08	0	1.00x	0.0%	N/A	12	$31,800	$129,888	LEAPS-ONLY
MARA (Main) +13C	$13.38	13	0	0	0	$16.75	$10.87	0	1.00x	0.0%	N/A	400	$150,000	$535,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$27.52	23	18	25	0	$53.26	$46.63	0	1.00x	9.2%	OK	75	$226,950	$206,400	OK
COIN (Main) +165C −240P +90P −240C	$198.15	165	240	90	240	$210.90	$214.27	150	9.93x	54.6%	SAFE	8	$13,440	$158,520	OK
COIN (Main) +500C −330P +300P −240C	$198.15	500	330	300	240	$563.00	$364.48	30	1.48x	-51.4%	ITM	25	$157,500	$495,375	OK
DELL +310C −400P +320P −600C	$548.84	310	400	320	600	$562.50	$570.38	80	1.32x	41.7%	SAFE	3	$75,750	$164,652	OK
ETHA +13C −16P +10P	$20.20	13	16	10	0	$17.33	$17.83	6	2.39x	50.5%	SAFE	50	$21,650	$101,000	OK
GLD +320C −450P +330P −445C	$392.99	320	450	330	445	$456.00	$468.50	120	1.88x	16.0%	SAFE	10	$136,000	$392,990	OK
GLXY +38C −38P +18P −32C	$26.00	38	38	18	32	$39.71	$35.63	20	10.05x	32.7%	SAFE	125	$27,625	$325,000	OK
HIMS +10C −20P +5P −35C	$28.51	10	20	5	35	$17.47	$18.13	15	4.04x	82.5%	SAFE	15	$7,395	$42,765	OK
MU (Main) +880C −1010P +340P −1350C	$1070.40	880	1010	340	1350	$1028.60	$1046.24	670	5.51x	68.2%	SAFE	5	$74,300	$535,200	OK
NVDA +215C −225P +200P −250C	$225.13	215	225	200	250	$264.80	$228.85	25	1.50x	11.2%	SAFE	10	$49,800	$225,130	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,239,622
AAPL → +240C −330P +285P −360C	$336.37	240	330	285	360	$334.64	$336.54	45	1.48x	15.3%	SAFE	5	$47,320	$168,185	REPAIR PLAN (58d)
MARA (RetireInc) +40C	$13.38	40	0	0	0	$41.04	$11.42	0	1.00x	0.0%	N/A	500	$52,000	$669,000	LEAPS-ONLY
APP +460C −540P +185P −370C	$314.42	460	540	185	370	$588.00	$610.49	355	3.77x	41.2%	SAFE	1	$12,800	$31,442	OK
CLSK +17C −17P +10P	$14.54	17	17	10	0	$20.74	$18.42	7	2.87x	31.2%	SAFE	25	$9,350	$36,362	OK
ENPH +45C −60P +20P	$33.00	45	60	20	0	$56.15	$59.19	40	6.48x	39.4%	SAFE	10	$7,300	$33,000	OK
IREN (RetireInc) +50C −70P +23P −58C	$47.64	50	70	23	58	$63.43	$66.54	47	7.86x	51.7%	SAFE	20	$13,700	$95,280	OK
MSTR (RetireInc) +125C −185P +55P −170C	$163.41	125	185	55	170	$161.00	$163.77	130	11.83x	66.3%	SAFE	4	$4,800	$65,364	OK
QCOM +190C −210P +100P −220C	$197.15	190	210	100	220	$224.00	$226.37	110	4.24x	49.3%	SAFE	5	$17,000	$98,575	OK
RKLB +115C −135P +45P	$70.69	115	135	45	0	$141.55	$147.18	90	4.39x	36.3%	SAFE	6	$15,930	$42,414	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,306,153
SPY +640C −782C	$767.39	640	0	0	782	$764.00	$699.96	0	1.00x	0.0%	N/A	12	$148,800	$920,868	LEAPS-ONLY
CRCL +45C −65P +40P −115C	$91.98	45	65	40	115	$87.00	$90.30	25	1.60x	56.5%	SAFE	5	$21,000	$45,990	OK
CRWV +105C −120P +40P −100C	$87.74	105	120	40	100	$125.45	$129.94	80	4.91x	54.4%	SAFE	5	$10,225	$43,870	OK
GOOG (Neville) +300C −345P +310P −375C	$334.84	300	345	310	375	$373.00	$344.27	35	1.48x	7.4%	OK	15	$109,500	$502,260	OK
GOOG (Neville) +340C −405P +360P −375C	$334.84	340	405	360	375	$398.00	$384.25	45	1.88x	-7.5%	ITM	5	$25,500	$167,420	OK
INTC +85C −100P +35P −160C	$121.67	85	100	35	160	$114.00	$115.44	65	3.24x	71.2%	SAFE	5	$14,500	$60,835	OK
IREN (Neville) +45C −65P +21P −58C	$47.64	45	65	21	58	$56.50	$57.92	44	15.67x	55.9%	SAFE	20	$6,000	$95,280	OK
MU (Neville) +970C −1110P +390P −1250C	$1070.40	970	1110	390	1250	$1220.00	$1232.79	720	3.88x	63.6%	SAFE	2	$50,000	$214,080	OK
SNDK +1200C −1380P +810P −2200C	$1813.00	1200	1380	810	2200	$1620.00	$1629.43	570	2.36x	55.3%	SAFE	1	$42,000	$181,300	OK
SPCX +150C −195P +135P	$148.50	150	195	135	0	$186.00	$189.70	60	3.22x	9.1%	OK	5	$13,500	$74,250	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: $248.56 HP: 13.5% OTM Current hedge: $10,226/yr Baseline (roll-fwd, savings vs this): $9,045/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $18,359/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 8 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	15.5%	$4.60	$-1.60	$-800	$7,364	$16,169	$1,681	40	$2,500	18mo	1mo	1.59x	PASS
2	205	Jan 15	114d	17.5%	$3.75	$-0.75	$-375	$6,003	$13,287	$3,042	45	$5,000	20mo	3mo	1.66x	PASS
3	205	Dec 18	86d	17.5%	$2.88	$0.12	$60	$6,112	$17,613	$2,933	45	$5,000	20mo	3mo	1.66x	PASS
4	200	Dec 18	86d	19.5%	$2.26	$0.74	$370	$4,796	$14,642	$4,249	50	$7,500	21mo	4mo	1.74x	PASS
5	210	Dec 18	86d	15.5%	$3.60	$-0.60	$-300	$7,640	$21,433	$1,405	40	$2,500	21mo	2mo	1.59x	PASS
6	200	Jan 15	114d	19.5%	$3.10	$-0.10	$-50	$4,963	$11,046	$4,082	50	$7,500	22mo	4mo	1.74x	PASS
7	195	Dec 18	86d	21.5%	$1.83	$1.17	$585	$3,883	$11,778	$5,162	55	$10,000	23mo	5mo	1.81x	PASS
8	195	Jan 15	114d	21.5%	$2.50	$0.50	$250	$4,002	$8,885	$5,043	55	$10,000	24mo	5mo	1.81x	PASS
9	175	Dec 18	86d	29.6%	$0.73	$2.27	$1,135	$1,549	$3,883	$7,496	75	$20,000	32mo	9mo	2.10x	FAIL
10	175	Jan 15	114d	29.6%	$1.10	$1.90	$950	$1,761	$2,930	$7,284	75	$20,000	33mo	9mo	2.10x	FAIL
11	180	Dec 18	86d	27.6%	$0.95	$2.05	$1,025	$2,016	$6,112	$7,029	70	$17,500	30mo	8mo	2.03x	FAIL
12	180	Jan 15	114d	27.6%	$1.44	$1.56	$780	$2,305	$4,611	$6,740	70	$17,500	31mo	8mo	2.03x	FAIL
13	185	Dec 18	86d	25.6%	$1.17	$1.83	$915	$2,483	$7,640	$6,562	65	$15,000	27mo	7mo	1.96x	FAIL
14	185	Jan 15	114d	25.6%	$1.64	$1.36	$680	$2,625	$5,763	$6,420	65	$15,000	28mo	7mo	1.96x	FAIL
15	190	Dec 18	86d	23.6%	$1.49	$1.51	$755	$3,162	$9,549	$5,883	60	$12,500	25mo	6mo	1.88x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $1.49	$8,940/yr	$7,364/yr	SELF-FUNDING
CC at MID $260 0.5σ, B $4.15	$24,900/yr	$7,364/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $248.56 → $220.53, hedge $16,169/yr)
CC at SS income stress-adjusted	$1,440/yr	$16,169/yr	DEFICIT $1,227/mo
CC at MID income stress-adjusted	$2,100/yr	$16,169/yr	DEFICIT $1,172/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($260, bid $4.15) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,172/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

RELAXED PASS — no candidate met the standard constraints. Widened cost cap 25% → 50% of CC to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $47.64 Current HP: 35P (23d, 26.5% OTM) Current hedge: $9,204/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $75,621/yr Cost cap: 50% of CC = $37,811/yr IV: HIGH 11 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, 26.5% OTM) | Cost: $19,523/yr (26% of CC) | New ML: $56,000 = ML | Roll DEBIT $4,080 | Margin (TIMS): $1,698

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 42P (Jan 15 '27, 114d, 11.8% OTM) | Cost: $37,140/yr (49% of CC) | New ML: $42,000 ↓ $14,000 | Roll DEBIT $11,080 | Margin (TIMS): $1,432

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	86d	26.5%	$2.15	$2.30	$19,523	26%	$56,000	=	D $4,080
2	35	Jan 15	114d	26.5%	$2.93	$3.05	$19,531	26%	$56,000	=	D $5,580
3	36	Dec 18	86d	24.4%	$2.47	$2.59	$21,985	29%	$54,000	-$2,000	D $4,660
4	37	Jan 15	114d	22.3%	$3.65	$3.75	$24,013	32%	$52,000	-$4,000	D $6,980
5	37	Dec 18	86d	22.3%	$2.72	$2.92	$24,786	33%	$52,000	-$4,000	D $5,320
6	38	Dec 18	86d	20.2%	$3.05	$3.25	$27,587	36%	$50,000	-$6,000	D $5,980
7	39	Dec 18	86d	18.1%	$3.40	$3.60	$30,558	40%	$48,000	-$8,000	D $6,680
8	40	Jan 15	114d	16.0%	$4.80	$4.90	$31,377	41%	$46,000	-$10,000	D $9,280
9	40	Dec 18	86d	16.0%	$3.80	$4.00	$33,953	45%	$46,000	-$10,000	D $7,480
▶ 10	42 PROT	Jan 15	114d	11.8%	$5.70	$5.80	$37,140	49%	$42,000	-$14,000	D $11,080
11	41	Dec 18	86d	13.9%	$4.25	$4.40	$37,349	49%	$44,000	-$12,000	D $8,280

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.00	$72,000/yr	$19,523/yr	SELF-FUNDING
CC at MID $55 0.7σ, B $1.81	$43,440/yr	$19,523/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.00). 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: $27.52 HP: ITM Current hedge: $297,763/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $116,698/yr IV: HIGH OTM floor: 8% Stress: 24% 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	9.2%	$3.25	$14.90	$74,500	$52,029	$45,145	$245,735	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	114d	12.8%	$2.94	$15.21	$76,050	$47,066	$49,947	$250,697	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	114d	18.2%	$2.16	$15.99	$79,950	$34,579	$59,553	$263,184	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	114d	23.7%	$1.80	$16.35	$81,750	$28,816	$71,559	$268,947	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	114d	27.3%	$1.40	$16.75	$83,750	$22,412	$60,033	$275,351	-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 $0.28	$16,800/yr	$52,029/yr	DEFICIT $2,936/mo
CC at MID $31 0.6σ, B $1.07	$64,200/yr	$52,029/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $27.52 → $20.81, hedge $45,145/yr)
CC at SS income stress-adjusted	$16,800/yr	$45,145/yr	DEFICIT $2,362/mo
CC at MID income stress-adjusted	$16,800/yr	$45,145/yr	DEFICIT $2,362/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($31, bid $1.07) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$2,362/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

RELAXED PASS — no candidate met the standard constraints. Widened cost cap 25% → 50% of CC to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $47.64 Current HP: 35P (23d, 26.5% OTM) Current hedge: $9,204/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $75,621/yr Cost cap: 50% of CC = $37,811/yr IV: HIGH 11 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, 26.5% OTM) | Cost: $19,523/yr (26% of CC) | New ML: $56,000 = ML | Roll DEBIT $4,080 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Dec 18	86d	26.5%	$2.15	$2.30	$19,523	26%	$56,000	=	D $4,080
2	35	Jan 15	114d	26.5%	$2.93	$3.05	$19,531	26%	$56,000	=	D $5,580
3	36	Dec 18	86d	24.4%	$2.47	$2.59	$21,985	29%	$54,000	-$2,000	D $4,660
4	37	Jan 15	114d	22.3%	$3.65	$3.75	$24,013	32%	$52,000	-$4,000	D $6,980
5	37	Dec 18	86d	22.3%	$2.72	$2.92	$24,786	33%	$52,000	-$4,000	D $5,320
6	38	Dec 18	86d	20.2%	$3.05	$3.25	$27,587	36%	$50,000	-$6,000	D $5,980
7	39	Dec 18	86d	18.1%	$3.40	$3.60	$30,558	40%	$48,000	-$8,000	D $6,680
8	40	Jan 15	114d	16.0%	$4.80	$4.90	$31,377	41%	$46,000	-$10,000	D $9,280
9	40	Dec 18	86d	16.0%	$3.80	$4.00	$33,953	45%	$46,000	-$10,000	D $7,480
▶ 10	42 PROT	Jan 15	114d	11.8%	$5.70	$5.80	$37,140	49%	$42,000	-$14,000	D $11,080
11	41	Dec 18	86d	13.9%	$4.25	$4.40	$37,349	49%	$44,000	-$12,000	D $8,280

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.00	$72,000/yr	$19,523/yr	SELF-FUNDING
CC at MID $55 0.7σ, B $1.81	$43,440/yr	$19,523/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.00). 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: $336.37 HP: 15.3% OTM Current hedge: $4,688/yr Baseline (roll-fwd, savings vs this): $5,178/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $50,505/yr IV: MEDIUM OTM floor: 10% Stress: 10% 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	16.8%	$2.02	$-0.67	$-335	$4,287	$13,263	$891	50	$2,500	34mo	1mo	1.53x	PASS
2	240	Dec 18	86d	28.6%	$0.57	$0.78	$390	$1,210	$2,504	$3,968	90	$22,500	68mo	5mo	1.95x	FAIL
3	240	Jan 15	114d	28.6%	$0.76	$0.59	$295	$1,217	$1,889	$3,961	90	$22,500	68mo	5mo	1.95x	FAIL
4	245	Dec 18	86d	27.2%	$0.62	$0.73	$365	$1,316	$3,056	$3,862	85	$20,000	62mo	4mo	1.90x	FAIL
5	245	Jan 15	114d	27.2%	$0.90	$0.45	$225	$1,441	$2,305	$3,737	85	$20,000	64mo	4mo	1.90x	FAIL
6	250	Dec 18	86d	25.7%	$0.73	$0.62	$310	$1,549	$4,287	$3,629	80	$17,500	58mo	4mo	1.85x	FAIL
7	250	Jan 15	114d	25.7%	$1.06	$0.29	$145	$1,697	$3,234	$3,481	80	$17,500	60mo	4mo	1.85x	FAIL
8	255	Dec 18	86d	24.2%	$0.88	$0.47	$235	$1,867	$5,178	$3,310	75	$15,000	54mo	3mo	1.79x	FAIL
9	260	Dec 18	86d	22.7%	$1.00	$0.35	$175	$2,122	$6,303	$3,056	70	$12,500	49mo	3mo	1.74x	FAIL
10	255	Jan 15	114d	24.2%	$1.34	$0.01	$5	$2,145	$3,906	$3,033	75	$15,000	59mo	3mo	1.79x	FAIL
11	260	Jan 15	114d	22.7%	$1.43	$-0.08	$-40	$2,289	$4,755	$2,889	70	$12,500	52mo	3mo	1.74x	FAIL
12	265	Dec 18	86d	21.2%	$1.18	$0.17	$85	$2,504	$7,640	$2,674	65	$10,000	45mo	2mo	1.69x	FAIL
13	265	Jan 15	114d	21.2%	$1.70	$-0.35	$-175	$2,721	$5,763	$2,456	65	$10,000	49mo	2mo	1.69x	FAIL
14	270	Dec 18	86d	19.7%	$1.44	$-0.09	$-45	$3,056	$9,231	$2,122	60	$7,500	42mo	2mo	1.63x	FAIL
15	270	Jan 15	114d	19.7%	$2.05	$-0.70	$-350	$3,282	$6,964	$1,896	60	$7,500	47mo	2mo	1.63x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $7.30	$43,800/yr	$4,287/yr	SELF-FUNDING
CC at MID $350 0.6σ, B $3.70	$22,200/yr	$4,287/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $336.37 → $302.73, hedge $13,263/yr)
CC at SS income stress-adjusted	$1,800/yr	$13,263/yr	DEFICIT $955/mo
CC at MID income stress-adjusted	$660/yr	$13,263/yr	DEFICIT $1,050/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($350, bid $3.70) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,050/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).