Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$318,723/yr

TOTAL HEDGE (REPAIRED)

$65,309/yr

ANNUAL SAVINGS

$253,414/yr

ROLL CREDITS

$69,380

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 $1,592,934
IREN (Joint) → +25C −47P +35P −55C	$44.73	25	47	35	55	$44.00	$50.05	12	1.75x	21.8%	SAFE	20	$32,000	$89,460	ROLL NOW (21d)
AMZN → +200C −250P +215P −270C	$248.30	200	250	215	270	$267.92	$270.96	35	1.52x	13.4%	SAFE	5	$33,960	$124,150	REPAIR PLAN (56d)
GOOG (Joint) +310C −355C	$340.48	310	0	0	355	$392.50	$346.80	0	1.00x	0.0%	N/A	5	$41,250	$170,240	LEAPS-ONLY
IBIT +75C	$47.39	75	0	0	0	$70.58	$51.27	0	1.00x	0.0%	N/A	50	$22,328	$236,950	LEAPS-ONLY
MSTR (Joint) +180C −170C	$159.29	180	0	0	170	$233.00	$167.29	0	1.00x	0.0%	N/A	10	$53,000	$159,290	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$27.45	23	18	25	0	$36.42	$23.42	0	1.00x	8.9%	OK	150	$201,300	$411,750	OK
COPX +65C −90P +68P	$85.88	65	90	68	0	$93.40	$95.92	22	1.77x	20.8%	SAFE	20	$56,800	$171,760	OK
HOOD +65C −95P +80P	$119.97	65	95	80	0	$114.95	$117.99	15	1.30x	33.3%	SAFE	10	$49,950	$119,970	OK
MU (Joint) +670C −800P +420P −1150C	$1093.64	670	800	420	1150	$792.36	$808.68	380	4.31x	61.6%	SAFE	1	$11,472	$109,364	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,493,087
IREN (Main) → +25C −47P +35P −55C	$44.73	25	47	35	55	$44.00	$50.05	12	1.75x	21.8%	SAFE	20	$32,000	$89,460	ROLL NOW (21d)
BMNR (Main) → +25C −18P +45P	$27.45	25	18	45	0	$65.83	$59.38	0	1.00x	-63.9%	ITM	50	$204,150	$137,250	REPAIR PLAN (112d)
IGV +70C −111C	$107.70	70	0	0	111	$96.50	$88.08	0	1.00x	0.0%	N/A	12	$31,800	$129,240	LEAPS-ONLY
MARA (Main) +13C	$12.53	13	0	0	0	$16.75	$10.74	0	1.00x	0.0%	N/A	400	$150,000	$501,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$27.45	23	18	25	0	$53.26	$46.19	0	1.00x	8.9%	OK	75	$226,950	$205,875	OK
COIN (Main) +165C −240P +90P −240C	$195.32	165	240	90	240	$210.90	$212.34	150	9.93x	53.9%	SAFE	8	$13,440	$156,256	OK
COIN (Main) +500C −330P +300P −240C	$195.32	500	330	300	240	$563.00	$365.63	30	1.48x	-53.6%	ITM	25	$157,500	$488,300	OK
DELL +310C −400P +320P	$554.12	310	400	320	0	$562.50	$570.87	80	1.32x	42.3%	SAFE	3	$75,750	$166,236	OK
ETHA +13C −16P +10P	$20.27	13	16	10	0	$17.33	$17.62	6	2.39x	50.7%	SAFE	50	$21,650	$101,350	OK
GLD +320C −450P +330P −430C	$391.98	320	450	330	430	$456.00	$467.84	120	1.88x	15.8%	SAFE	10	$136,000	$391,975	OK
GLXY +38C −38P +18P −30C	$24.87	38	38	18	30	$39.71	$34.76	20	10.05x	29.6%	SAFE	125	$27,625	$310,875	OK
HIMS +10C −20P +5P −35C	$28.70	10	20	5	35	$17.47	$18.26	15	4.04x	82.6%	SAFE	15	$7,395	$43,050	OK
MU (Main) +880C −1010P +340P −1350C	$1093.64	880	1010	340	1350	$1028.60	$1044.78	670	5.51x	68.9%	SAFE	5	$74,300	$546,820	OK
NVDA +215C −225P +200P −230C	$225.20	215	225	200	230	$264.80	$229.78	25	1.50x	11.2%	SAFE	10	$49,800	$225,200	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,191,230
AAPL → +240C −330P +285P −342C	$335.95	240	330	285	342	$334.64	$336.31	45	1.48x	15.2%	SAFE	5	$47,320	$167,975	REPAIR PLAN (56d)
MARA (RetireInc) +40C	$12.53	40	0	0	0	$41.04	$11.23	0	1.00x	0.0%	N/A	500	$52,000	$626,500	LEAPS-ONLY
APP +460C −540P +185P −370C	$311.93	460	540	185	370	$588.00	$610.87	355	3.77x	40.7%	SAFE	1	$12,800	$31,193	OK
CLSK +17C −17P +10P	$13.91	17	17	10	0	$20.74	$18.49	7	2.87x	28.1%	SAFE	25	$9,350	$34,788	OK
ENPH +45C −60P +20P	$32.70	45	60	20	0	$56.15	$58.75	40	6.48x	38.8%	SAFE	10	$7,300	$32,700	OK
IREN (RetireInc) +50C −70P +23P	$44.73	50	70	23	0	$63.43	$66.15	47	7.86x	48.6%	SAFE	20	$13,700	$89,460	OK
MSTR (RetireInc) +125C −185P +55P −170C	$159.29	125	185	55	170	$161.00	$163.23	130	11.83x	65.5%	SAFE	4	$4,800	$63,716	OK
QCOM +190C −210P +100P −220C	$199.99	190	210	100	220	$224.00	$227.28	110	4.24x	50.0%	SAFE	5	$17,000	$99,995	OK
RKLB +115C −135P +45P −85C	$74.84	115	135	45	85	$141.55	$148.35	90	4.39x	39.9%	SAFE	6	$15,930	$44,904	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,317,418
SPY +640C −782C	$769.54	640	0	0	782	$764.00	$702.21	0	1.00x	0.0%	N/A	12	$148,800	$923,448	LEAPS-ONLY
CRCL +45C −65P +40P	$89.37	45	65	40	0	$87.00	$88.74	25	1.60x	55.2%	SAFE	5	$21,000	$44,685	OK
CRWV +105C −120P +40P −100C	$89.07	105	120	40	100	$125.45	$127.89	80	4.91x	55.1%	SAFE	5	$10,225	$44,535	OK
GOOG (Neville) +300C −345P +310P	$340.48	300	345	310	0	$373.00	$344.05	35	1.48x	9.0%	OK	15	$109,500	$510,720	OK
GOOG (Neville) +340C −405P +360P	$340.48	340	405	360	0	$398.00	$384.35	45	1.88x	-5.7%	ITM	5	$25,500	$170,240	OK
INTC +85C −100P +35P −160C	$126.02	85	100	35	160	$114.00	$116.45	65	3.24x	72.2%	SAFE	5	$14,500	$63,010	OK
IREN (Neville) +45C −65P +21P	$44.73	45	65	21	0	$56.50	$57.97	44	15.67x	53.1%	SAFE	20	$6,000	$89,460	OK
MU (Neville) +970C −1110P +390P −1250C	$1093.64	970	1110	390	1250	$1220.00	$1233.92	720	3.88x	64.3%	SAFE	2	$50,000	$218,728	OK
SNDK +1200C −1380P +810P −2200C	$1786.67	1200	1380	810	2200	$1620.00	$1630.43	570	2.36x	54.7%	SAFE	1	$42,000	$178,668	OK
SPCX +150C −195P +135P	$147.85	150	195	135	0	$186.00	$189.97	60	3.22x	8.7%	OK	5	$13,500	$73,925	OK

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 56d

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: $248.30 HP: 13.4% OTM Current hedge: $9,940/yr Baseline (roll-fwd, savings vs this): $8,881/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $16,832/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 6 PASS ⚠ ER 2026-10-29 AMC (34d) 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	112d	15.4%	$4.40	$-1.54	$-770	$7,170	$15,969	$1,711	40	$2,500	18mo	2mo	1.59x	PASS
2	205	Jan 15	112d	17.4%	$3.60	$-0.74	$-370	$5,866	$13,199	$3,015	45	$5,000	20mo	3mo	1.66x	PASS
3	210	Dec 18	84d	15.4%	$3.40	$-0.54	$-270	$7,387	$21,292	$1,494	40	$2,500	20mo	2mo	1.59x	PASS
4	205	Dec 18	84d	17.4%	$2.77	$0.09	$45	$6,018	$17,598	$2,862	45	$5,000	21mo	3mo	1.66x	PASS
5	200	Dec 18	84d	19.5%	$2.14	$0.72	$360	$4,649	$14,339	$4,231	50	$7,500	21mo	4mo	1.74x	PASS
6	200	Jan 15	112d	19.5%	$2.89	$-0.03	$-15	$4,709	$10,754	$4,171	50	$7,500	22mo	4mo	1.74x	PASS
7	175	Dec 18	84d	29.5%	$0.80	$2.06	$1,030	$1,738	$3,932	$7,142	75	$20,000	34mo	10mo	2.10x	FAIL
8	175	Jan 15	112d	29.5%	$1.11	$1.75	$875	$1,809	$2,949	$7,072	75	$20,000	34mo	10mo	2.10x	FAIL
9	180	Dec 18	84d	27.5%	$0.95	$1.91	$955	$2,064	$6,018	$6,817	70	$17,500	31mo	9mo	2.03x	FAIL
10	180	Jan 15	112d	27.5%	$1.30	$1.56	$780	$2,118	$4,514	$6,762	70	$17,500	31mo	9mo	2.03x	FAIL
11	185	Dec 18	84d	25.5%	$1.13	$1.73	$865	$2,455	$7,387	$6,426	65	$15,000	28mo	8mo	1.96x	FAIL
12	185	Jan 15	112d	25.5%	$1.66	$1.20	$600	$2,705	$5,540	$6,176	65	$15,000	29mo	8mo	1.96x	FAIL
13	190	Dec 18	84d	23.5%	$1.47	$1.39	$695	$3,194	$9,342	$5,687	60	$12,500	26mo	7mo	1.88x	FAIL
14	190	Jan 15	112d	23.5%	$2.01	$0.85	$425	$3,275	$7,007	$5,605	60	$12,500	27mo	7mo	1.88x	FAIL
15	195	Dec 18	84d	21.5%	$1.81	$1.05	$525	$3,932	$11,624	$4,948	55	$10,000	24mo	6mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.60	$18,514/yr	$7,170/yr	SELF-FUNDING
CC at MID $270 0.7σ, B $4.60	$23,657/yr	$7,170/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $248.30 → $220.56, hedge $15,969/yr)
CC at SS income stress-adjusted	$3,446/yr	$15,969/yr	DEFICIT $1,044/mo
CC at MID income stress-adjusted	$3,446/yr	$15,969/yr	DEFICIT $1,044/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($270, bid $4.60) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,044/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 21d

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: $44.73 Current HP: 35P (21d, 21.8% OTM) Current hedge: $12,167/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $81,707/yr Cost cap: 50% of CC = $40,854/yr IV: HIGH 9 qualifying ⚠ ER 2026-11-05 INTRADAY (41d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 112d, 21.8% OTM) | Cost: $22,487/yr (28% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,300 | Margin (TIMS): $1,558

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 40P (Jan 15 '27, 112d, 10.6% OTM) | Cost: $36,174/yr (44% of CC) | New ML: $46,000 ↓ $10,000 | Roll DEBIT $10,500 | Margin (TIMS): $1,324

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	112d	21.8%	$3.00	$3.45	$22,487	28%	$56,000	=	D $6,300
2	35	Dec 18	84d	21.8%	$2.34	$2.67	$23,204	28%	$56,000	=	D $4,740
3	36	Dec 18	84d	19.5%	$2.54	$2.99	$25,985	32%	$54,000	-$2,000	D $5,380
4	37	Jan 15	112d	17.3%	$4.00	$4.30	$28,027	34%	$52,000	-$4,000	D $8,000
5	37	Dec 18	84d	17.3%	$2.89	$3.40	$29,548	36%	$52,000	-$4,000	D $6,200
6	38	Dec 18	84d	15.0%	$3.40	$3.80	$33,024	40%	$50,000	-$6,000	D $7,000
▶ 7	40 PROT	Jan 15	112d	10.6%	$5.20	$5.55	$36,174	44%	$46,000	-$10,000	D $10,500
8	39	Dec 18	84d	12.8%	$3.65	$4.20	$36,500	45%	$48,000	-$8,000	D $7,800
9	40	Dec 18	84d	10.6%	$4.40	$4.65	$40,411	49%	$46,000	-$10,000	D $8,700

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $2.09	$42,994/yr	$22,487/yr	SELF-FUNDING
CC at MID $52 0.7σ, B $1.86	$38,263/yr	$22,487/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $2.09). 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, 112d

Stock: $27.45 HP: ITM Current hedge: $303,895/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $104,250/yr IV: HIGH OTM floor: 8% Stress: 25% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (56d) 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	112d	8.9%	$3.30	$14.10	$70,500	$53,772	$46,440	$250,123	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	112d	12.6%	$2.74	$14.66	$73,300	$44,647	$48,884	$259,248	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	112d	18.0%	$2.25	$15.15	$75,750	$36,663	$59,475	$267,232	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	112d	23.5%	$1.81	$15.59	$77,950	$29,493	$71,696	$274,402	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	112d	27.1%	$1.34	$16.06	$80,300	$21,835	$70,882	$282,060	-2	$-10,000	N/A	N/A	0.95x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $35, B $0.67	$34,457/yr	$53,772/yr	DEFICIT $1,610/mo
CC at MID $32 0.7σ, B $1.07	$55,029/yr	$53,772/yr	SELF-FUNDING
AT 25% DRAWDOWN (stock $27.45 → $20.72, hedge $46,440/yr)
CC at SS income stress-adjusted	$34,457/yr	$46,440/yr	DEFICIT $999/mo
CC at MID income stress-adjusted	$34,457/yr	$46,440/yr	DEFICIT $999/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($32, bid $1.07) in NORMAL markets. Self-funds today.
In 25% drawdown, even MID is short ~$999/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 21d

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: $44.73 Current HP: 35P (21d, 21.8% OTM) Current hedge: $12,167/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $81,707/yr Cost cap: 50% of CC = $40,854/yr IV: HIGH 9 qualifying ⚠ ER 2026-11-05 INTRADAY (41d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 112d, 21.8% OTM) | Cost: $22,487/yr (28% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,300 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	112d	21.8%	$3.00	$3.45	$22,487	28%	$56,000	=	D $6,300
2	35	Dec 18	84d	21.8%	$2.34	$2.67	$23,204	28%	$56,000	=	D $4,740
3	36	Dec 18	84d	19.5%	$2.54	$2.99	$25,985	32%	$54,000	-$2,000	D $5,380
4	37	Jan 15	112d	17.3%	$4.00	$4.30	$28,027	34%	$52,000	-$4,000	D $8,000
5	37	Dec 18	84d	17.3%	$2.89	$3.40	$29,548	36%	$52,000	-$4,000	D $6,200
6	38	Dec 18	84d	15.0%	$3.40	$3.80	$33,024	40%	$50,000	-$6,000	D $7,000
▶ 7	40 PROT	Jan 15	112d	10.6%	$5.20	$5.55	$36,174	44%	$46,000	-$10,000	D $10,500
8	39	Dec 18	84d	12.8%	$3.65	$4.20	$36,500	45%	$48,000	-$8,000	D $7,800
9	40	Dec 18	84d	10.6%	$4.40	$4.65	$40,411	49%	$46,000	-$10,000	D $8,700

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $2.09	$42,994/yr	$22,487/yr	SELF-FUNDING
CC at MID $52 0.7σ, B $1.86	$38,263/yr	$22,487/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $2.09). 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, 56d

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: $335.95 HP: 15.2% OTM Current hedge: $4,888/yr Baseline (roll-fwd, savings vs this): $5,345/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $50,025/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 1 PASS ⚠ ER 2026-10-29 AMC (34d) 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	84d	16.7%	$2.01	$-0.70	$-350	$4,367	$13,470	$978	50	$2,500	31mo	1mo	1.53x	PASS
2	240	Dec 18	84d	28.6%	$0.49	$0.82	$410	$1,065	$2,564	$4,280	90	$22,500	63mo	5mo	1.95x	FAIL
3	240	Jan 15	112d	28.6%	$0.76	$0.55	$275	$1,238	$1,923	$4,106	90	$22,500	66mo	5mo	1.95x	FAIL
4	245	Dec 18	84d	27.1%	$0.63	$0.68	$340	$1,369	$3,020	$3,976	85	$20,000	60mo	4mo	1.90x	FAIL
5	245	Jan 15	112d	27.1%	$0.90	$0.41	$205	$1,467	$2,265	$3,878	85	$20,000	62mo	4mo	1.90x	FAIL
6	250	Dec 18	84d	25.6%	$0.71	$0.60	$300	$1,543	$4,367	$3,802	80	$17,500	55mo	4mo	1.85x	FAIL
7	250	Jan 15	112d	25.6%	$0.98	$0.33	$165	$1,597	$3,275	$3,748	80	$17,500	56mo	4mo	1.85x	FAIL
8	255	Dec 18	84d	24.1%	$0.85	$0.46	$230	$1,847	$5,345	$3,498	75	$15,000	51mo	3mo	1.79x	FAIL
9	255	Jan 15	112d	24.1%	$1.27	$0.04	$20	$2,069	$4,008	$3,275	75	$15,000	55mo	3mo	1.79x	FAIL
10	260	Dec 18	84d	22.6%	$1.04	$0.27	$135	$2,260	$6,387	$3,085	70	$12,500	49mo	3mo	1.74x	FAIL
11	260	Jan 15	112d	22.6%	$1.45	$-0.14	$-70	$2,363	$4,791	$2,982	70	$12,500	50mo	3mo	1.74x	FAIL
12	265	Dec 18	84d	21.1%	$1.18	$0.13	$65	$2,564	$7,713	$2,781	65	$10,000	43mo	2mo	1.69x	FAIL
13	265	Jan 15	112d	21.1%	$1.76	$-0.45	$-225	$2,868	$5,785	$2,477	65	$10,000	48mo	2mo	1.69x	FAIL
14	270	Dec 18	84d	19.6%	$1.39	$-0.08	$-40	$3,020	$9,234	$2,325	60	$7,500	39mo	2mo	1.63x	FAIL
15	270	Jan 15	112d	19.6%	$2.04	$-0.73	$-365	$3,324	$6,925	$2,021	60	$7,500	45mo	2mo	1.63x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.15	$47,057/yr	$4,367/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $3.95	$20,314/yr	$4,367/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $335.95 → $302.36, hedge $13,470/yr)
CC at SS income stress-adjusted	$3,240/yr	$13,470/yr	DEFICIT $853/mo
CC at MID income stress-adjusted	$771/yr	$13,470/yr	DEFICIT $1,058/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $3.95) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,058/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).