Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$312,223/yr

TOTAL HEDGE (REPAIRED)

$61,155/yr

ANNUAL SAVINGS

$251,069/yr

ROLL CREDITS

$71,660

ADDITIONAL MAX LOSS

$-30,000

PORTFOLIO ACTION SUMMARY · 42 positions

2 · ROLL NOW4 · REPAIR PLAN7 · LEAPS-ONLY29 · 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) · 6 actionable · IC $502,060 · notional $1,611,006
IREN (Joint) → +25C −47P +35P −55C	$46.18	25	47	35	55	$44.00	$49.96	12	1.75x	24.2%	SAFE	20	$32,000	$92,360	ROLL NOW (22d)
AMZN → +200C −250P +215P −270C	$249.50	200	250	215	270	$267.92	$270.84	35	1.52x	13.8%	SAFE	5	$33,960	$124,750	REPAIR PLAN (57d)
HOOD → +65C −95P +80P −126C	$120.65	65	95	80	126	$114.95	$118.25	15	1.30x	33.7%	SAFE	10	$49,950	$120,650	REPAIR PLAN (113d)
GOOG (Joint) +310C −355C	$338.18	310	0	0	355	$392.50	$347.88	0	1.00x	0.0%	N/A	5	$41,250	$169,090	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	$162.33	180	0	0	170	$233.00	$166.91	0	1.00x	0.0%	N/A	10	$53,000	$162,330	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$28.16	23	18	25	0	$36.42	$24.23	0	1.00x	11.2%	SAFE	150	$201,300	$422,400	OK
COPX +65C −90P +68P	$86.14	65	90	68	0	$93.40	$96.19	22	1.77x	21.1%	SAFE	20	$56,800	$172,280	OK
MU (Joint) +670C −800P +420P −1150C	$1077.96	670	800	420	1150	$792.36	$807.59	380	4.31x	61.0%	SAFE	1	$11,472	$107,796	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,529,491
IREN (Main) → +25C −47P +35P −55C	$46.18	25	47	35	55	$44.00	$49.96	12	1.75x	24.2%	SAFE	20	$32,000	$92,360	ROLL NOW (22d)
BMNR (Main) → +25C −18P +45P	$28.16	25	18	45	0	$65.83	$58.94	0	1.00x	-59.8%	ITM	50	$204,150	$140,800	REPAIR PLAN (113d)
IGV +70C −111C	$107.51	70	0	0	111	$96.50	$88.57	0	1.00x	0.0%	N/A	12	$31,800	$129,012	LEAPS-ONLY
MARA (Main) +13C	$12.95	13	0	0	0	$16.75	$11.09	0	1.00x	0.0%	N/A	400	$150,000	$518,000	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$28.16	23	18	25	0	$53.26	$46.75	0	1.00x	11.2%	SAFE	75	$226,950	$211,200	OK
COIN (Main) +165C −240P +90P −240C	$199.57	165	240	90	240	$210.90	$215.84	150	9.93x	54.9%	SAFE	8	$13,440	$159,656	OK
COIN (Main) +500C −330P +300P −240C	$199.57	500	330	300	240	$563.00	$361.19	30	1.48x	-50.3%	ITM	25	$157,500	$498,925	OK
DELL +310C −400P +320P	$542.26	310	400	320	0	$562.50	$570.41	80	1.32x	41.0%	SAFE	3	$75,750	$162,678	OK
ETHA +13C −16P +10P	$20.36	13	16	10	0	$17.33	$17.59	6	2.39x	50.9%	SAFE	50	$21,650	$101,800	OK
GLD +320C −450P +330P −430C	$391.75	320	450	330	430	$456.00	$468.45	120	1.88x	15.8%	SAFE	10	$136,000	$391,750	OK
GLXY +38C −38P +18P −30C	$25.30	38	38	18	30	$39.71	$34.94	20	10.05x	30.8%	SAFE	125	$27,625	$316,250	OK
HIMS +10C −20P +5P −35C	$29.34	10	20	5	35	$17.47	$19.49	15	4.04x	83.0%	SAFE	15	$7,395	$44,010	OK
MU (Main) +880C −1010P +340P −1350C	$1077.96	880	1010	340	1350	$1028.60	$1046.38	670	5.51x	68.5%	SAFE	5	$74,300	$538,980	OK
NVDA +215C −225P +200P −230C	$224.07	215	225	200	230	$264.80	$230.05	25	1.50x	10.7%	SAFE	10	$49,800	$224,070	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,213,494
AAPL → +240C −330P +285P −342C	$336.92	240	330	285	342	$334.64	$336.33	45	1.48x	15.4%	SAFE	5	$47,320	$168,460	REPAIR PLAN (57d)
MARA (RetireInc) +40C	$12.95	40	0	0	0	$41.04	$11.28	0	1.00x	0.0%	N/A	500	$52,000	$647,500	LEAPS-ONLY
APP +460C −540P +185P −370C	$311.11	460	540	185	370	$588.00	$607.59	355	3.77x	40.5%	SAFE	1	$12,800	$31,111	OK
CLSK +17C −17P +10P	$14.13	17	17	10	0	$20.74	$18.07	7	2.87x	29.3%	SAFE	25	$9,350	$35,338	OK
ENPH +45C −60P +20P	$32.67	45	60	20	0	$56.15	$58.97	40	6.48x	38.8%	SAFE	10	$7,300	$32,670	OK
IREN (RetireInc) +50C −70P +23P −48C	$46.18	50	70	23	48	$63.43	$66.54	47	7.86x	50.2%	SAFE	20	$13,700	$92,360	OK
MSTR (RetireInc) +125C −185P +55P −170C	$162.33	125	185	55	170	$161.00	$163.20	130	11.83x	66.1%	SAFE	4	$4,800	$64,932	OK
QCOM +190C −210P +100P −220C	$194.12	190	210	100	220	$224.00	$226.30	110	4.24x	48.5%	SAFE	5	$17,000	$97,060	OK
RKLB +115C −135P +45P −85C	$73.44	115	135	45	85	$141.55	$147.91	90	4.39x	38.7%	SAFE	6	$15,930	$44,064	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,309,521
SPY +640C −782C	$767.75	640	0	0	782	$764.00	$701.86	0	1.00x	0.0%	N/A	12	$148,800	$921,306	LEAPS-ONLY
CRCL +45C −65P +40P −96C	$93.06	45	65	40	96	$87.00	$89.98	25	1.60x	57.0%	SAFE	5	$21,000	$46,530	OK
CRWV +105C −120P +40P −100C	$90.29	105	120	40	100	$125.45	$127.89	80	4.91x	55.7%	SAFE	5	$10,225	$45,145	OK
GOOG (Neville) +300C −345P +310P −342C	$338.18	300	345	310	342	$373.00	$344.94	35	1.48x	8.3%	OK	15	$109,500	$507,270	OK
GOOG (Neville) +340C −405P +360P −342C	$338.18	340	405	360	342	$398.00	$384.87	45	1.88x	-6.5%	ITM	5	$25,500	$169,090	OK
INTC +85C −100P +35P −160C	$127.17	85	100	35	160	$114.00	$115.44	65	3.24x	72.5%	SAFE	5	$14,500	$63,585	OK
IREN (Neville) +45C −65P +21P −48C	$46.18	45	65	21	48	$56.50	$58.10	44	15.67x	54.5%	SAFE	20	$6,000	$92,360	OK
MU (Neville) +970C −1110P +390P −1250C	$1077.96	970	1110	390	1250	$1220.00	$1234.47	720	3.88x	63.8%	SAFE	2	$50,000	$215,592	OK
SNDK +1200C −1380P +810P −2200C	$1749.68	1200	1380	810	2200	$1620.00	$1628.35	570	2.36x	53.7%	SAFE	1	$42,000	$174,968	OK
SPCX +150C −195P +135P	$147.35	150	195	135	0	$186.00	$189.54	60	3.22x	8.4%	OK	5	$13,500	$73,675	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: $249.50 HP: 13.8% OTM Current hedge: $9,765/yr Baseline (roll-fwd, savings vs this): $8,640/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $18,122/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 5 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	15.8%	$4.30	$-1.53	$-765	$6,945	$15,504	$1,696	40	$2,500	18mo	2mo	1.59x	PASS
2	205	Dec 18	85d	17.8%	$2.68	$0.09	$45	$5,754	$16,962	$2,886	45	$5,000	21mo	3mo	1.66x	PASS
3	205	Jan 15	113d	17.8%	$3.60	$-0.83	$-415	$5,814	$12,759	$2,826	45	$5,000	21mo	3mo	1.66x	PASS
4	200	Dec 18	85d	19.8%	$2.13	$0.64	$320	$4,573	$13,741	$4,067	50	$7,500	22mo	4mo	1.74x	PASS
5	200	Jan 15	113d	19.8%	$2.85	$-0.08	$-40	$4,603	$10,336	$4,038	50	$7,500	22mo	4mo	1.74x	PASS
6	175	Dec 18	85d	29.9%	$0.71	$2.06	$1,030	$1,524	$3,757	$7,116	75	$20,000	34mo	10mo	2.10x	FAIL
7	175	Jan 15	113d	29.9%	$1.06	$1.71	$855	$1,712	$2,826	$6,929	75	$20,000	35mo	10mo	2.10x	FAIL
8	180	Dec 18	85d	27.9%	$0.89	$1.88	$940	$1,911	$5,754	$6,730	70	$17,500	31mo	8mo	2.03x	FAIL
9	180	Jan 15	113d	27.9%	$1.26	$1.51	$755	$2,035	$4,328	$6,606	70	$17,500	32mo	8mo	2.03x	FAIL
10	185	Dec 18	85d	25.9%	$1.15	$1.62	$810	$2,469	$7,407	$6,171	65	$15,000	29mo	7mo	1.96x	FAIL
11	185	Jan 15	113d	25.9%	$1.59	$1.18	$590	$2,568	$5,572	$6,073	65	$15,000	30mo	7mo	1.96x	FAIL
12	190	Jan 15	113d	23.8%	$1.88	$0.89	$445	$3,036	$6,783	$5,604	60	$12,500	27mo	6mo	1.88x	FAIL
13	190	Dec 18	85d	23.8%	$1.43	$1.34	$670	$3,070	$9,018	$5,570	60	$12,500	27mo	6mo	1.88x	FAIL
14	195	Jan 15	113d	21.8%	$2.30	$0.47	$235	$3,715	$8,398	$4,926	55	$10,000	24mo	5mo	1.81x	FAIL
15	195	Dec 18	85d	21.8%	$1.75	$1.02	$510	$3,757	$11,165	$4,883	55	$10,000	25mo	5mo	1.81x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $4.00	$20,000/yr	$6,945/yr	SELF-FUNDING
CC at MID $270 0.7σ, B $5.05	$25,250/yr	$6,945/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $249.50 → $221.45, hedge $15,504/yr)
CC at SS income stress-adjusted	$2,850/yr	$15,504/yr	DEFICIT $1,055/mo
CC at MID income stress-adjusted	$3,800/yr	$15,504/yr	DEFICIT $975/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($270, bid $5.05) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$975/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

HOOD: HP 80P Roll-Down · exp Jan 15 '27, 113d (no viable candidates)

Stock: $120.65 Current HP: 80P (113d, 33.7% OTM) Current hedge: $0/yr Gap: 0 Account: Joint (...1782) Contracts: 10 (1,000 sh) IV: MEDIUM

No HP candidates passed all filters. Reasons:

No candidate puts were priced for the roll-down DTE window. Try --hp-min-dte 60 or extend --hp-max-dte.

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: $46.18 Current HP: 35P (22d, 24.2% OTM) Current hedge: $11,282/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $60,596/yr Cost cap: 50% of CC = $30,298/yr IV: HIGH 6 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, 24.2% OTM) | Cost: $20,673/yr (34% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,860 | Margin (TIMS): $1,643

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 38P (Dec 18 '26, 85d, 17.7% OTM) | Cost: $29,629/yr (49% of CC) | New ML: $50,000 ↓ $6,000 | Roll DEBIT $6,360 | Margin (TIMS): $1,476

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	113d	24.2%	$3.10	$3.20	$20,673	34%	$56,000	=	D $5,860
2	35	Dec 18	85d	24.2%	$2.32	$2.43	$20,869	34%	$56,000	=	D $4,320
3	36	Dec 18	85d	22.0%	$2.35	$2.75	$23,618	39%	$54,000	-$2,000	D $4,960
4	37	Jan 15	113d	19.9%	$3.80	$3.90	$25,195	42%	$52,000	-$4,000	D $7,260
5	37	Dec 18	85d	19.9%	$2.75	$3.10	$26,624	44%	$52,000	-$4,000	D $5,660
▶ 6	38 PROT	Dec 18	85d	17.7%	$3.20	$3.45	$29,629	49%	$50,000	-$6,000	D $6,360

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $50, B $3.00	$60,000/yr	$20,673/yr	SELF-FUNDING
CC at MID $54 0.7σ, B $1.97	$39,400/yr	$20,673/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($50, 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, 113d

Stock: $28.16 HP: ITM Current hedge: $297,976/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $105,523/yr IV: HIGH OTM floor: 8% Stress: 24% 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	11.2%	$3.10	$14.55	$72,750	$50,066	$50,228	$247,909	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	113d	14.8%	$2.65	$15.00	$75,000	$42,799	$55,073	$255,177	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	113d	20.1%	$2.07	$15.58	$77,900	$33,431	$65,571	$264,544	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	113d	25.4%	$1.57	$16.08	$80,400	$25,356	$75,100	$272,619	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	113d	29.0%	$1.34	$16.31	$81,550	$21,642	$58,142	$276,334	-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 $0.83	$41,500/yr	$50,066/yr	DEFICIT $714/mo
CC at MID $33 0.7σ, B $1.05	$52,500/yr	$50,066/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $28.16 → $21.30, hedge $50,228/yr)
CC at SS income stress-adjusted	$41,500/yr	$50,228/yr	DEFICIT $727/mo
CC at MID income stress-adjusted	$41,500/yr	$50,228/yr	DEFICIT $727/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($33, bid $1.05) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$727/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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: $46.18 Current HP: 35P (22d, 24.2% OTM) Current hedge: $11,282/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $60,596/yr Cost cap: 50% of CC = $30,298/yr IV: HIGH 6 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, 24.2% OTM) | Cost: $20,673/yr (34% of CC) | New ML: $56,000 = ML | Roll DEBIT $5,860 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 38P (Dec 18 '26, 85d, 17.7% OTM) | Cost: $29,629/yr (49% of CC) | New ML: $50,000 ↓ $6,000 | Roll DEBIT $6,360 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	113d	24.2%	$3.10	$3.20	$20,673	34%	$56,000	=	D $5,860
2	35	Dec 18	85d	24.2%	$2.32	$2.43	$20,869	34%	$56,000	=	D $4,320
3	36	Dec 18	85d	22.0%	$2.35	$2.75	$23,618	39%	$54,000	-$2,000	D $4,960
4	37	Jan 15	113d	19.9%	$3.80	$3.90	$25,195	42%	$52,000	-$4,000	D $7,260
5	37	Dec 18	85d	19.9%	$2.75	$3.10	$26,624	44%	$52,000	-$4,000	D $5,660
▶ 6	38 PROT	Dec 18	85d	17.7%	$3.20	$3.45	$29,629	49%	$50,000	-$6,000	D $6,360

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $50, B $3.00	$60,000/yr	$20,673/yr	SELF-FUNDING
CC at MID $54 0.7σ, B $1.97	$39,400/yr	$20,673/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($50, 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, 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: $336.92 HP: 15.4% OTM Current hedge: $4,482/yr Baseline (roll-fwd, savings vs this): $5,089/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $55,042/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 1 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	16.9%	$1.93	$-0.65	$-325	$4,144	$12,990	$945	50	$2,500	32mo	1mo	1.53x	PASS
2	240	Dec 18	85d	28.8%	$0.48	$0.80	$400	$1,031	$2,362	$4,058	90	$22,500	67mo	5mo	1.95x	FAIL
3	240	Jan 15	113d	28.8%	$0.70	$0.58	$290	$1,131	$1,777	$3,958	90	$22,500	68mo	5mo	1.95x	FAIL
4	245	Dec 18	85d	27.3%	$0.56	$0.72	$360	$1,202	$2,920	$3,886	85	$20,000	62mo	4mo	1.90x	FAIL
5	250	Dec 18	85d	25.8%	$0.67	$0.61	$305	$1,439	$4,144	$3,650	80	$17,500	58mo	4mo	1.85x	FAIL
6	245	Jan 15	113d	27.3%	$0.91	$0.37	$185	$1,470	$2,196	$3,619	85	$20,000	66mo	4mo	1.90x	FAIL
7	250	Jan 15	113d	25.8%	$0.99	$0.29	$145	$1,599	$3,117	$3,490	80	$17,500	60mo	4mo	1.85x	FAIL
8	255	Dec 18	85d	24.3%	$0.78	$0.50	$250	$1,675	$5,089	$3,414	75	$15,000	53mo	3mo	1.79x	FAIL
9	255	Jan 15	113d	24.3%	$1.21	$0.07	$35	$1,954	$3,828	$3,134	75	$15,000	57mo	3mo	1.79x	FAIL
10	260	Dec 18	85d	22.8%	$0.92	$0.36	$180	$1,975	$6,098	$3,113	70	$12,500	48mo	3mo	1.74x	FAIL
11	260	Jan 15	113d	22.8%	$1.46	$-0.18	$-90	$2,358	$4,587	$2,731	70	$12,500	55mo	3mo	1.74x	FAIL
12	265	Dec 18	85d	21.3%	$1.10	$0.18	$90	$2,362	$7,622	$2,727	65	$10,000	44mo	2mo	1.69x	FAIL
13	265	Jan 15	113d	21.3%	$1.74	$-0.46	$-230	$2,810	$5,733	$2,278	65	$10,000	53mo	2mo	1.69x	FAIL
14	270	Dec 18	85d	19.9%	$1.36	$-0.08	$-40	$2,920	$8,910	$2,169	60	$7,500	42mo	2mo	1.63x	FAIL
15	270	Jan 15	113d	19.9%	$1.94	$-0.66	$-330	$3,133	$6,702	$1,955	60	$7,500	46mo	2mo	1.63x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.95	$49,750/yr	$4,144/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $4.35	$21,750/yr	$4,144/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $336.92 → $303.23, hedge $12,990/yr)
CC at SS income stress-adjusted	$3,350/yr	$12,990/yr	DEFICIT $803/mo
CC at MID income stress-adjusted	$600/yr	$12,990/yr	DEFICIT $1,032/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $4.35) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,032/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).