Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$318,830/yr

TOTAL HEDGE (REPAIRED)

$66,629/yr

ANNUAL SAVINGS

$252,201/yr

ROLL CREDITS

$71,355

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 $1,592,013
IREN (Joint) → +25C −47P +35P −55C	$46.58	25	47	35	55	$44.00	$50.45	12	1.75x	24.9%	SAFE	20	$32,000	$93,160	ROLL NOW (22d)
AMZN → +200C −250P +215P −275C	$246.49	200	250	215	275	$267.92	$270.64	35	1.52x	12.8%	SAFE	5	$33,960	$123,245	REPAIR PLAN (57d)
GOOG (Joint) +310C −355C	$334.83	310	0	0	355	$392.50	$346.68	0	1.00x	0.0%	N/A	5	$41,250	$167,415	LEAPS-ONLY
IBIT +75C	$47.55	75	0	0	0	$70.58	$51.10	0	1.00x	0.0%	N/A	50	$22,328	$237,750	LEAPS-ONLY
MSTR (Joint) +180C −170C	$161.01	180	0	0	170	$233.00	$167.18	0	1.00x	0.0%	N/A	10	$53,000	$161,010	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$27.42	23	18	25	0	$36.42	$23.98	0	1.00x	8.8%	OK	150	$201,300	$411,300	OK
COPX +65C −90P +68P −92C	$85.97	65	90	68	92	$93.40	$96.16	22	1.77x	20.9%	SAFE	20	$56,800	$171,940	OK
HOOD +65C −95P +80P −145C	$120.28	65	95	80	145	$114.95	$118.91	15	1.30x	33.5%	SAFE	10	$49,950	$120,280	OK
MU (Joint) +670C −800P +420P −1150C	$1059.13	670	800	420	1150	$792.36	$811.05	380	4.31x	60.3%	SAFE	1	$11,472	$105,913	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,510,518
IREN (Main) → +25C −47P +35P −55C	$46.58	25	47	35	55	$44.00	$50.45	12	1.75x	24.9%	SAFE	20	$32,000	$93,160	ROLL NOW (22d)
BMNR (Main) → +25C −18P +45P	$27.42	25	18	45	0	$65.83	$58.89	0	1.00x	-64.1%	ITM	50	$204,150	$137,100	REPAIR PLAN (113d)
IGV +70C −111C	$106.75	70	0	0	111	$96.50	$87.35	0	1.00x	0.0%	N/A	12	$31,800	$128,094	LEAPS-ONLY
MARA (Main) +13C	$13.31	13	0	0	0	$16.75	$10.79	0	1.00x	0.0%	N/A	400	$150,000	$532,400	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$27.42	23	18	25	0	$53.26	$46.58	0	1.00x	8.8%	OK	75	$226,950	$205,650	OK
COIN (Main) +165C −240P +90P −240C	$195.13	165	240	90	240	$210.90	$211.96	150	9.93x	53.9%	SAFE	8	$13,440	$156,104	OK
COIN (Main) +500C −330P +300P −240C	$195.13	500	330	300	240	$563.00	$363.89	30	1.48x	-53.7%	ITM	25	$157,500	$487,825	OK
DELL +310C −400P +320P −600C	$541.70	310	400	320	600	$562.50	$570.97	80	1.32x	40.9%	SAFE	3	$75,750	$162,510	OK
ETHA +13C −16P +10P	$20.11	13	16	10	0	$17.33	$17.68	6	2.39x	50.3%	SAFE	50	$21,650	$100,550	OK
GLD +320C −450P +330P −445C	$391.62	320	450	330	445	$456.00	$468.37	120	1.88x	15.7%	SAFE	10	$136,000	$391,620	OK
GLXY +38C −38P +18P −32C	$25.75	38	38	18	32	$39.71	$35.18	20	10.05x	32.0%	SAFE	125	$27,625	$321,875	OK
HIMS +10C −20P +5P −35C	$27.55	10	20	5	35	$17.47	$18.69	15	4.04x	81.9%	SAFE	15	$7,395	$41,325	OK
MU (Main) +880C −1010P +340P −1350C	$1059.13	880	1010	340	1350	$1028.60	$1048.53	670	5.51x	67.9%	SAFE	5	$74,300	$529,565	OK
NVDA +215C −225P +200P −250C	$222.74	215	225	200	250	$264.80	$230.27	25	1.50x	10.2%	SAFE	10	$49,800	$222,740	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,229,064
AAPL → +240C −330P +285P −360C	$334.85	240	330	285	360	$334.64	$336.43	45	1.48x	14.9%	SAFE	5	$47,320	$167,425	REPAIR PLAN (57d)
MARA (RetireInc) +40C	$13.31	40	0	0	0	$41.04	$11.39	0	1.00x	0.0%	N/A	500	$52,000	$665,500	LEAPS-ONLY
APP +460C −540P +185P −370C	$310.52	460	540	185	370	$588.00	$605.85	355	3.77x	40.4%	SAFE	1	$12,800	$31,052	OK
CLSK +17C −17P +10P	$14.49	17	17	10	0	$20.74	$18.00	7	2.87x	31.0%	SAFE	25	$9,350	$36,225	OK
ENPH +45C −60P +20P	$32.04	45	60	20	0	$56.15	$58.89	40	6.48x	37.6%	SAFE	10	$7,300	$32,040	OK
IREN (RetireInc) +50C −70P +23P −58C	$46.58	50	70	23	58	$63.43	$66.44	47	7.86x	50.6%	SAFE	20	$13,700	$93,160	OK
MSTR (RetireInc) +125C −185P +55P −170C	$161.01	125	185	55	170	$161.00	$162.42	130	11.83x	65.8%	SAFE	4	$4,800	$64,404	OK
QCOM +190C −210P +100P −220C	$194.84	190	210	100	220	$224.00	$227.07	110	4.24x	48.7%	SAFE	5	$17,000	$97,420	OK
RKLB +115C −135P +45P	$69.73	115	135	45	0	$141.55	$147.97	90	4.39x	35.5%	SAFE	6	$15,930	$41,838	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,298,633
SPY +640C −782C	$765.22	640	0	0	782	$764.00	$701.89	0	1.00x	0.0%	N/A	12	$148,800	$918,264	LEAPS-ONLY
CRCL +45C −65P +40P −115C	$91.25	45	65	40	115	$87.00	$90.85	25	1.60x	56.2%	SAFE	5	$21,000	$45,625	OK
CRWV +105C −120P +40P −100C	$88.14	105	120	40	100	$125.45	$128.60	80	4.91x	54.6%	SAFE	5	$10,225	$44,070	OK
GOOG (Neville) +300C −345P +310P −375C	$334.83	300	345	310	375	$373.00	$344.86	35	1.48x	7.4%	OK	15	$109,500	$502,245	OK
GOOG (Neville) +340C −405P +360P −375C	$334.83	340	405	360	375	$398.00	$383.90	45	1.88x	-7.5%	ITM	5	$25,500	$167,415	OK
INTC +85C −100P +35P −160C	$125.71	85	100	35	160	$114.00	$117.04	65	3.24x	72.2%	SAFE	5	$14,500	$62,855	OK
IREN (Neville) +45C −65P +21P −58C	$46.58	45	65	21	58	$56.50	$58.37	44	15.67x	54.9%	SAFE	20	$6,000	$93,160	OK
MU (Neville) +970C −1110P +390P −1250C	$1059.13	970	1110	390	1250	$1220.00	$1233.97	720	3.88x	63.2%	SAFE	2	$50,000	$211,826	OK
SNDK +1200C −1380P +810P −2200C	$1797.53	1200	1380	810	2200	$1620.00	$1626.10	570	2.36x	54.9%	SAFE	1	$42,000	$179,753	OK
SPCX +150C −195P +135P	$146.84	150	195	135	0	$186.00	$189.26	60	3.22x	8.1%	OK	5	$13,500	$73,420	OK

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 57d

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: $246.49 HP: 12.8% OTM Current hedge: $11,046/yr Baseline (roll-fwd, savings vs this): $9,690/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $20,976/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 9 PASS ⚠ ER 2026-10-29 AMC (35d) 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	113d	14.8%	$4.95	$-1.65	$-825	$7,994	$17,362	$1,696	40	$2,500	18mo	1mo	1.59x	PASS
2	205	Jan 15	113d	16.8%	$4.10	$-0.80	$-400	$6,622	$14,455	$3,069	45	$5,000	20mo	2mo	1.66x	PASS
3	210	Dec 18	85d	14.8%	$3.80	$-0.50	$-250	$8,159	$23,081	$1,531	40	$2,500	20mo	1mo	1.59x	PASS
4	200	Jan 15	113d	18.9%	$3.20	$0.10	$50	$5,168	$11,790	$4,522	50	$7,500	20mo	4mo	1.74x	PASS
5	200	Dec 18	85d	18.9%	$2.41	$0.89	$445	$5,174	$15,674	$4,516	50	$7,500	20mo	4mo	1.74x	PASS
6	205	Dec 18	85d	16.8%	$3.15	$0.15	$75	$6,763	$19,216	$2,927	45	$5,000	20mo	3mo	1.66x	PASS
7	195	Dec 18	85d	20.9%	$2.01	$1.29	$645	$4,316	$12,882	$5,375	55	$10,000	22mo	5mo	1.81x	PASS
8	195	Jan 15	113d	20.9%	$2.77	$0.53	$265	$4,474	$9,690	$5,217	55	$10,000	23mo	5mo	1.81x	PASS
9	190	Dec 18	85d	22.9%	$1.60	$1.70	$850	$3,435	$10,306	$6,255	60	$12,500	24mo	6mo	1.88x	PASS
10	175	Dec 18	85d	29.0%	$0.87	$2.43	$1,215	$1,868	$4,316	$7,822	75	$20,000	31mo	8mo	2.10x	FAIL
11	175	Jan 15	113d	29.0%	$1.22	$2.08	$1,040	$1,970	$3,246	$7,720	75	$20,000	31mo	8mo	2.10x	FAIL
12	180	Dec 18	85d	27.0%	$1.00	$2.30	$1,150	$2,147	$6,763	$7,543	70	$17,500	28mo	7mo	2.03x	FAIL
13	180	Jan 15	113d	27.0%	$1.52	$1.78	$890	$2,455	$5,087	$7,235	70	$17,500	29mo	7mo	2.03x	FAIL
14	185	Dec 18	85d	24.9%	$1.34	$1.96	$980	$2,877	$8,159	$6,813	65	$15,000	26mo	6mo	1.96x	FAIL
15	185	Jan 15	113d	24.9%	$1.83	$1.47	$735	$2,956	$6,137	$6,735	65	$15,000	27mo	6mo	1.96x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.50	$17,500/yr	$7,994/yr	SELF-FUNDING
CC at MID $265 0.6σ, B $5.60	$28,000/yr	$7,994/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $246.49 → $218.78, hedge $17,362/yr)
CC at SS income stress-adjusted	$3,750/yr	$17,362/yr	DEFICIT $1,134/mo
CC at MID income stress-adjusted	$4,750/yr	$17,362/yr	DEFICIT $1,051/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $5.60) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,051/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 22d

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: $46.58 Current HP: 35P (22d, 24.9% OTM) Current hedge: $12,277/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $58,954/yr Cost cap: 50% of CC = $29,477/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (42d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 113d, 24.9% OTM) | Cost: $21,319/yr (36% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,000 | Margin (TIMS): $1,656

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 37P (Jan 15 '27, 113d, 20.6% OTM) | Cost: $28,425/yr (48% of CC) | New ML: $52,000 ↓ $4,000 | Roll DEBIT $8,200 | Margin (TIMS): $1,574

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	113d	24.9%	$2.96	$3.30	$21,319	36%	$56,000	=	D $6,000
2	36	Dec 18	85d	22.7%	$2.55	$2.84	$24,391	41%	$54,000	-$2,000	D $5,080
3	35	Dec 18	85d	24.9%	$2.16	$2.85	$24,476	42%	$56,000	=	D $5,100
▶ 4	37 PROT	Jan 15	113d	20.6%	$3.70	$4.40	$28,425	48%	$52,000	-$4,000	D $8,200

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.05	$61,000/yr	$21,319/yr	SELF-FUNDING
CC at MID $54 0.6σ, B $2.25	$45,000/yr	$21,319/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.05). 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, 113d

Stock: $27.42 HP: ITM Current hedge: $302,821/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $104,272/yr IV: HIGH OTM floor: 8% Stress: 25% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (57d) 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	113d	8.8%	$3.35	$14.50	$72,500	$54,104	$47,967	$248,717	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	113d	12.5%	$2.95	$14.90	$74,500	$47,644	$52,004	$255,177	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	113d	17.9%	$2.25	$15.60	$78,000	$36,338	$60,080	$266,482	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	113d	23.4%	$1.81	$16.04	$80,200	$29,232	$73,000	$273,588	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	113d	27.1%	$1.45	$16.40	$82,000	$23,418	$71,869	$279,403	-2	$-10,000	N/A	N/A	0.95x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $35, B $0.67	$33,500/yr	$54,104/yr	DEFICIT $1,717/mo
CC at MID $32 0.7σ, B $0.60	$30,000/yr	$54,104/yr	DEFICIT $2,009/mo
AT 25% DRAWDOWN (stock $27.42 → $20.65, hedge $47,967/yr)
CC at SS income stress-adjusted	$33,500/yr	$47,967/yr	DEFICIT $1,206/mo
CC at MID income stress-adjusted	$33,500/yr	$47,967/yr	DEFICIT $1,206/mo

NOT SELF-FUNDING Requires ongoing capital even at MID

CC WRITING STRATEGY

NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.

FIGHT no published plan for this fortress (seam as of 2026-09-24 21:44). Fight plans cover uncovered deep-drawdown fortresses; a covered or shallow slice deliberately has none.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 22d

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: $46.58 Current HP: 35P (22d, 24.9% OTM) Current hedge: $12,277/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $58,954/yr Cost cap: 50% of CC = $29,477/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (42d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 113d, 24.9% OTM) | Cost: $21,319/yr (36% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,000 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	113d	24.9%	$2.96	$3.30	$21,319	36%	$56,000	=	D $6,000
2	36	Dec 18	85d	22.7%	$2.55	$2.84	$24,391	41%	$54,000	-$2,000	D $5,080
3	35	Dec 18	85d	24.9%	$2.16	$2.85	$24,476	42%	$56,000	=	D $5,100
▶ 4	37 PROT	Jan 15	113d	20.6%	$3.70	$4.40	$28,425	48%	$52,000	-$4,000	D $8,200

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $3.05	$61,000/yr	$21,319/yr	SELF-FUNDING
CC at MID $54 0.6σ, B $2.25	$45,000/yr	$21,319/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $3.05). 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, 57d

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: $334.85 HP: 14.9% OTM Current hedge: $4,963/yr Baseline (roll-fwd, savings vs this): $5,539/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $47,169/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-10-29 AMC (35d) 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	85d	16.4%	$2.11	$-0.64	$-320	$4,530	$13,956	$1,009	50	$2,500	30mo	1mo	1.53x	PASS
2	275	Dec 18	85d	17.9%	$1.74	$-0.27	$-135	$3,736	$11,487	$1,804	55	$5,000	33mo	1mo	1.58x	PASS
3	235	Dec 18	85d	29.8%	$0.47	$1.00	$500	$1,009	$2,319	$4,530	95	$25,000	66mo	6mo	2.00x	FAIL
4	240	Dec 18	85d	28.3%	$0.55	$0.92	$460	$1,181	$2,770	$4,359	90	$22,500	62mo	5mo	1.95x	FAIL
5	240	Jan 15	113d	28.3%	$0.76	$0.71	$355	$1,227	$2,083	$4,312	90	$22,500	63mo	5mo	1.95x	FAIL
6	235	Jan 15	113d	29.8%	$0.79	$0.68	$340	$1,276	$1,744	$4,264	95	$25,000	70mo	6mo	2.00x	FAIL
7	245	Jan 15	113d	26.8%	$0.89	$0.58	$290	$1,437	$2,326	$4,102	85	$20,000	59mo	5mo	1.90x	FAIL
8	245	Dec 18	85d	26.8%	$0.67	$0.80	$400	$1,439	$3,092	$4,101	85	$20,000	59mo	5mo	1.90x	FAIL
9	250	Dec 18	85d	25.3%	$0.73	$0.74	$370	$1,567	$4,530	$3,972	80	$17,500	53mo	4mo	1.85x	FAIL
10	250	Jan 15	113d	25.3%	$1.05	$0.42	$210	$1,696	$3,408	$3,844	80	$17,500	55mo	4mo	1.85x	FAIL
11	255	Dec 18	85d	23.8%	$0.96	$0.51	$255	$2,061	$5,539	$3,478	75	$15,000	52mo	4mo	1.79x	FAIL
12	255	Jan 15	113d	23.8%	$1.33	$0.14	$70	$2,148	$4,167	$3,391	75	$15,000	53mo	4mo	1.79x	FAIL
13	260	Dec 18	85d	22.4%	$1.08	$0.39	$195	$2,319	$6,549	$3,221	70	$12,500	47mo	3mo	1.74x	FAIL
14	260	Jan 15	113d	22.4%	$1.55	$-0.08	$-40	$2,503	$4,926	$3,036	70	$12,500	49mo	3mo	1.74x	FAIL
15	265	Dec 18	85d	20.9%	$1.29	$0.18	$90	$2,770	$8,159	$2,770	65	$10,000	43mo	2mo	1.69x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.15	$45,750/yr	$4,530/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $4.05	$20,250/yr	$4,530/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $334.85 → $301.37, hedge $13,956/yr)
CC at SS income stress-adjusted	$3,600/yr	$13,956/yr	DEFICIT $863/mo
CC at MID income stress-adjusted	$950/yr	$13,956/yr	DEFICIT $1,084/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $4.05) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,084/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).