Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$375,595/yr

TOTAL HEDGE (REPAIRED)

$96,224/yr

ANNUAL SAVINGS

$279,371/yr

ROLL CREDITS

$64,200

ADDITIONAL MAX LOSS

$-13,000

PORTFOLIO ACTION SUMMARY · 42 positions

2 · REPAIR SOON3 · 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 $1,563,448
IREN (Joint) → +25C −47P +35P −55C	$41.90	25	47	35	55	$44.00	$50.13	12	1.75x	16.5%	SAFE	20	$32,000	$83,800	REPAIR SOON (18d)
AMZN → +200C −250P +215P −258C	$245.89	200	250	215	258	$267.92	$270.22	35	1.52x	12.6%	SAFE	5	$33,960	$122,945	REPAIR PLAN (53d)
GOOG (Joint) +310C −355C	$338.89	310	0	0	355	$392.50	$348.57	0	1.00x	0.0%	N/A	5	$41,250	$169,445	LEAPS-ONLY
IBIT +75C	$47.15	75	0	0	0	$70.58	$51.75	0	1.00x	0.0%	N/A	50	$22,328	$235,750	LEAPS-ONLY
MSTR (Joint) +180C −170C	$157.04	180	0	0	170	$233.00	$168.13	0	1.00x	0.0%	N/A	10	$53,000	$157,040	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$26.80	23	18	25	0	$36.42	$24.05	0	1.00x	6.7%	OK	150	$201,300	$402,000	OK
COPX +65C −90P +68P −90C	$85.31	65	90	68	90	$93.40	$96.40	22	1.77x	20.3%	SAFE	20	$56,800	$170,620	OK
HOOD +65C −95P +80P	$116.47	65	95	80	0	$114.95	$119.59	15	1.30x	31.3%	SAFE	10	$49,950	$116,470	OK
MU (Joint) +670C −800P +420P −1250C	$1053.78	670	800	420	1250	$792.36	$805.19	380	4.31x	60.1%	SAFE	1	$11,472	$105,378	OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,394,746
IREN (Main) → +25C −47P +35P −55C	$41.90	25	47	35	55	$44.00	$50.13	12	1.75x	16.5%	SAFE	20	$32,000	$83,800	REPAIR SOON (18d)
BMNR (Main) → +25C −18P +45P	$26.80	25	18	45	0	$65.83	$59.94	0	1.00x	-67.9%	ITM	50	$204,150	$134,000	REPAIR PLAN (109d)
IGV +70C −111C	$105.47	70	0	0	111	$96.50	$88.19	0	1.00x	0.0%	N/A	12	$31,800	$126,564	LEAPS-ONLY
MARA (Main) +13C	$12.15	13	0	0	0	$16.75	$11.00	0	1.00x	0.0%	N/A	400	$150,000	$486,000	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$26.80	23	18	25	0	$53.26	$46.70	0	1.00x	6.7%	OK	75	$226,950	$201,000	OK
COIN (Main) +165C −240P +90P −240C	$192.06	165	240	90	240	$210.90	$212.16	150	9.93x	53.1%	SAFE	8	$13,440	$153,648	OK
COIN (Main) +500C −330P +300P −240C	$192.06	500	330	300	240	$563.00	$368.80	30	1.48x	-56.2%	ITM	25	$157,500	$480,150	OK
DELL +310C −400P +320P	$540.58	310	400	320	0	$562.50	$570.39	80	1.32x	40.8%	SAFE	3	$75,750	$162,174	OK
ETHA +13C −16P +10P	$20.14	13	16	10	0	$17.33	$17.50	6	2.39x	50.3%	SAFE	50	$21,650	$100,700	OK
GLD +320C −450P +330P −413C	$378.24	320	450	330	413	$456.00	$469.45	120	1.88x	12.8%	SAFE	10	$136,000	$378,240	OK
GLXY +38C −38P +18P −26C	$23.18	38	38	18	26	$39.71	$34.38	20	10.05x	24.5%	SAFE	125	$27,625	$289,750	OK
HIMS +10C −20P +5P −32C	$28.68	10	20	5	32	$17.47	$18.76	15	4.04x	82.6%	SAFE	15	$7,395	$43,020	OK
MU (Main) +880C −1010P +340P −1350C	$1053.78	880	1010	340	1350	$1028.60	$1041.85	670	5.51x	67.7%	SAFE	5	$74,300	$526,890	OK
NVDA +215C −225P +200P −240C	$228.81	215	225	200	240	$264.80	$229.32	25	1.50x	12.6%	SAFE	10	$49,800	$228,810	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,155,724
AAPL → +240C −330P +285P −360C	$338.68	240	330	285	360	$334.64	$335.77	45	1.48x	15.8%	SAFE	5	$47,320	$169,340	REPAIR PLAN (53d)
MARA (RetireInc) +40C	$12.15	40	0	0	0	$41.04	$11.28	0	1.00x	0.0%	N/A	500	$52,000	$607,500	LEAPS-ONLY
APP +460C −540P +185P −335C	$307.33	460	540	185	335	$588.00	$608.22	355	3.77x	39.8%	SAFE	1	$12,800	$30,733	OK
CLSK +17C −17P +10P	$13.45	17	17	10	0	$20.74	$18.40	7	2.87x	25.6%	SAFE	25	$9,350	$33,616	OK
ENPH +45C −60P +20P	$31.00	45	60	20	0	$56.15	$58.42	40	6.48x	35.5%	SAFE	10	$7,300	$31,000	OK
IREN (RetireInc) +50C −70P +23P −55C	$41.90	50	70	23	55	$63.43	$66.25	47	7.86x	45.1%	SAFE	20	$13,700	$83,800	OK
MSTR (RetireInc) +125C −185P +55P −170C	$157.04	125	185	55	170	$161.00	$162.40	130	11.83x	65.0%	SAFE	4	$4,800	$62,816	OK
QCOM +190C −210P +100P −220C	$187.39	190	210	100	220	$224.00	$226.92	110	4.24x	46.6%	SAFE	5	$17,000	$93,695	OK
RKLB +115C −135P +45P −85C	$72.04	115	135	45	85	$141.55	$147.47	90	4.39x	37.5%	SAFE	6	$15,930	$43,224	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,278,747
SPY +640C −770C	$765.27	640	0	0	770	$764.00	$702.14	0	1.00x	0.0%	N/A	12	$148,800	$918,324	LEAPS-ONLY
CRCL +45C −65P +40P	$86.02	45	65	40	0	$87.00	$90.63	25	1.60x	53.5%	SAFE	5	$21,000	$43,010	OK
CRWV +105C −120P +40P −95C	$85.50	105	120	40	95	$125.45	$128.41	80	4.91x	53.2%	SAFE	5	$10,225	$42,750	OK
GOOG (Neville) +300C −345P +310P −350C	$338.89	300	345	310	350	$373.00	$345.42	35	1.48x	8.5%	OK	15	$109,500	$508,335	OK
GOOG (Neville) +340C −405P +360P −350C	$338.89	340	405	360	350	$398.00	$385.09	45	1.88x	-6.2%	ITM	5	$25,500	$169,445	OK
INTC +85C −100P +35P −160C	$115.92	85	100	35	160	$114.00	$116.00	65	3.24x	69.8%	SAFE	5	$14,500	$57,960	OK
IREN (Neville) +45C −65P +21P −55C	$41.90	45	65	21	55	$56.50	$57.63	44	15.67x	49.9%	SAFE	20	$6,000	$83,800	OK
MU (Neville) +970C −1110P +390P −1250C	$1053.78	970	1110	390	1250	$1220.00	$1232.00	720	3.88x	63.0%	SAFE	2	$50,000	$210,756	OK
SNDK +1200C −1380P +810P −1850C	$1714.37	1200	1380	810	1850	$1620.00	$1632.16	570	2.36x	52.8%	SAFE	1	$42,000	$171,437	OK
SPCX +150C −195P +135P −155C	$145.86	150	195	135	155	$186.00	$190.02	60	3.22x	7.4%	OK	5	$13,500	$72,930	OK

IREN (Joint): HP 35P Roll-Down · exp Oct 16 '26, 18d

Stock: $41.90 HP: 16.5% OTM Current hedge: $19,872/yr Baseline (roll-fwd, savings vs this): $26,454/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $73,944/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (38d) 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	32	Jan 15	109d	23.6%	$2.77	$-2.36	$-4,720	$18,551	$39,179	$7,903	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	109d	28.4%	$2.10	$-1.69	$-3,380	$14,064	$29,133	$12,390	17	$10,000	10mo	1mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.21	$27,225/yr	$18,551/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.53	$34,425/yr	$18,551/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $41.90 → $32.78, hedge $39,179/yr)
CC at SS income stress-adjusted	$10,350/yr	$39,179/yr	DEFICIT $2,402/mo
CC at MID income stress-adjusted	$10,350/yr	$39,179/yr	DEFICIT $2,402/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.53) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,402/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 53d

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: $245.89 HP: 12.6% OTM Current hedge: $11,191/yr Baseline (roll-fwd, savings vs this): $9,292/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $22,691/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 8 PASS ⚠ ER 2026-10-29 AMC (31d) 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	109d	14.6%	$4.55	$-1.55	$-775	$7,618	$17,162	$1,674	40	$2,500	18mo	1mo	1.59x	PASS
2	205	Jan 15	109d	16.6%	$3.70	$-0.70	$-350	$6,195	$14,064	$3,097	45	$5,000	19mo	2mo	1.66x	PASS
3	205	Dec 18	81d	16.6%	$2.80	$0.20	$100	$6,309	$18,926	$2,984	45	$5,000	20mo	2mo	1.66x	PASS
4	200	Dec 18	81d	18.7%	$2.20	$0.80	$400	$4,957	$15,434	$4,336	50	$7,500	21mo	3mo	1.74x	PASS
5	200	Jan 15	109d	18.7%	$2.97	$0.03	$15	$4,973	$11,469	$4,320	50	$7,500	21mo	3mo	1.74x	PASS
6	195	Dec 18	81d	20.7%	$1.75	$1.25	$625	$3,943	$12,505	$5,350	55	$10,000	22mo	4mo	1.81x	PASS
7	195	Jan 15	109d	20.7%	$2.41	$0.59	$295	$4,035	$9,292	$5,257	55	$10,000	23mo	4mo	1.81x	PASS
8	210	Dec 18	81d	14.6%	$3.55	$-0.55	$-275	$7,998	$23,094	$1,294	40	$2,500	23mo	1mo	1.59x	PASS
9	175	Dec 18	81d	28.8%	$0.74	$2.26	$1,130	$1,667	$3,943	$7,625	75	$20,000	31mo	8mo	2.10x	FAIL
10	175	Jan 15	109d	28.8%	$1.03	$1.97	$985	$1,725	$2,930	$7,568	75	$20,000	32mo	8mo	2.10x	FAIL
11	180	Dec 18	81d	26.8%	$0.91	$2.09	$1,045	$2,050	$6,309	$7,242	70	$17,500	29mo	7mo	2.03x	FAIL
12	180	Jan 15	109d	26.8%	$1.28	$1.72	$860	$2,143	$4,688	$7,149	70	$17,500	29mo	7mo	2.03x	FAIL
13	185	Dec 18	81d	24.8%	$1.11	$1.89	$945	$2,501	$7,998	$6,792	65	$15,000	27mo	6mo	1.96x	FAIL
14	185	Jan 15	109d	24.8%	$1.59	$1.41	$705	$2,662	$5,944	$6,630	65	$15,000	27mo	6mo	1.96x	FAIL
15	190	Dec 18	81d	22.7%	$1.38	$1.62	$810	$3,109	$10,026	$6,183	60	$12,500	24mo	5mo	1.88x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $2.72	$15,300/yr	$7,618/yr	SELF-FUNDING
CC at MID $265 0.7σ, B $4.75	$26,719/yr	$7,618/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $245.89 → $218.50, hedge $17,162/yr)
CC at SS income stress-adjusted	$3,938/yr	$17,162/yr	DEFICIT $1,102/mo
CC at MID income stress-adjusted	$3,938/yr	$17,162/yr	DEFICIT $1,102/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $4.75) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,102/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

Main (...1299)14 fortress(es) · 4 actionable · overview rows

IREN (Main): HP 35P Roll-Down · exp Oct 16 '26, 18d

Stock: $41.90 HP: 16.5% OTM Current hedge: $19,872/yr Baseline (roll-fwd, savings vs this): $26,454/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $73,944/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (38d) 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	32	Jan 15	109d	23.6%	$2.77	$-2.36	$-4,720	$18,551	$39,179	$7,903	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	109d	28.4%	$2.10	$-1.69	$-3,380	$14,064	$29,133	$12,390	17	$10,000	10mo	1mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.21	$27,225/yr	$18,551/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.53	$34,425/yr	$18,551/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $41.90 → $32.78, hedge $39,179/yr)
CC at SS income stress-adjusted	$10,350/yr	$39,179/yr	DEFICIT $2,402/mo
CC at MID income stress-adjusted	$10,350/yr	$39,179/yr	DEFICIT $2,402/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.53) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,402/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 109d

Stock: $26.80 HP: ITM Current hedge: $320,631/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $91,671/yr IV: HIGH OTM floor: 8% Stress: 24% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (53d) 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	24	Jan 15	109d	10.4%	$2.85	$14.95	$74,750	$47,718	$43,532	$272,913	-6	$-30,000	N/A	N/A	0.85x	PASS
2	22	Jan 15	109d	16.0%	$2.25	$15.55	$77,750	$37,672	$52,741	$282,959	-4	$-22,500	N/A	N/A	0.89x	PASS
3	21	Jan 15	109d	21.6%	$1.70	$16.10	$80,500	$28,463	$63,624	$292,167	-3	$-15,000	N/A	N/A	0.93x	PASS
4	20	Jan 15	109d	25.4%	$1.36	$16.44	$82,200	$22,771	$66,972	$297,860	-2	$-10,000	N/A	N/A	0.95x	PASS
5	19	Jan 15	109d	29.1%	$1.13	$16.67	$83,350	$18,920	$56,089	$301,711	-1	$-5,000	N/A	N/A	0.98x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.45	$25,312/yr	$47,718/yr	DEFICIT $1,867/mo
CC at MID $31 0.7σ, B $1.00	$56,250/yr	$47,718/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $26.80 → $20.34, hedge $43,532/yr)
CC at SS income stress-adjusted	$25,312/yr	$43,532/yr	DEFICIT $1,518/mo
CC at MID income stress-adjusted	$25,312/yr	$43,532/yr	DEFICIT $1,518/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($31, bid $1.00) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$1,518/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AAPL: HP 285P Roll-Down · exp Nov 20 '26, 53d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 5.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $338.68 HP: 15.8% OTM Current hedge: $4,029/yr Baseline (roll-fwd, savings vs this): $4,596/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $62,916/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 11 PASS ⚠ ER 2026-10-29 AMC (31d) 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	81d	17.3%	$1.68	$-0.67	$-335	$3,785	$12,167	$811	50	$2,500	37mo	0mo	1.53x	PASS
2	275	Dec 18	81d	18.8%	$1.40	$-0.39	$-195	$3,154	$10,139	$1,442	55	$5,000	42mo	1mo	1.58x	PASS
3	270	Dec 18	81d	20.3%	$1.16	$-0.15	$-75	$2,614	$8,336	$1,983	60	$7,500	45mo	1mo	1.63x	PASS
4	275	Jan 15	109d	18.8%	$2.00	$-0.99	$-495	$3,349	$7,534	$1,248	55	$5,000	48mo	1mo	1.58x	PASS
5	265	Dec 18	81d	21.8%	$0.97	$0.04	$20	$2,185	$6,872	$2,411	65	$10,000	50mo	2mo	1.69x	PASS
6	270	Jan 15	109d	20.3%	$1.70	$-0.69	$-345	$2,846	$6,195	$1,750	60	$7,500	51mo	1mo	1.63x	PASS
7	265	Jan 15	109d	21.8%	$1.39	$-0.38	$-190	$2,327	$5,107	$2,269	65	$10,000	53mo	2mo	1.69x	PASS
8	280	Jan 15	109d	17.3%	$2.42	$-1.41	$-705	$4,052	$9,041	$544	50	$2,500	55mo	0mo	1.53x	PASS
9	260	Dec 18	81d	23.2%	$0.84	$0.17	$85	$1,893	$5,768	$2,704	70	$12,500	55mo	2mo	1.74x	PASS
10	260	Jan 15	109d	23.2%	$1.17	$-0.16	$-80	$1,959	$4,286	$2,637	70	$12,500	57mo	2mo	1.74x	PASS
11	255	Dec 18	81d	24.7%	$0.69	$0.32	$160	$1,555	$4,596	$3,042	75	$15,000	59mo	3mo	1.79x	PASS
12	240	Jan 15	109d	29.1%	$0.59	$0.42	$210	$988	$1,624	$3,608	90	$22,500	75mo	4mo	1.95x	FAIL
13	240	Dec 18	81d	29.1%	$0.45	$0.56	$280	$1,014	$2,185	$3,582	90	$22,500	75mo	4mo	1.95x	FAIL
14	245	Dec 18	81d	27.7%	$0.50	$0.51	$255	$1,127	$2,614	$3,470	85	$20,000	69mo	4mo	1.90x	FAIL
15	250	Dec 18	81d	26.2%	$0.60	$0.41	$205	$1,352	$3,785	$3,244	80	$17,500	65mo	3mo	1.85x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $10.00	$56,250/yr	$3,785/yr	SELF-FUNDING
CC at MID $355 0.6σ, B $4.15	$23,344/yr	$3,785/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $338.68 → $304.81, hedge $12,167/yr)
CC at SS income stress-adjusted	$3,375/yr	$12,167/yr	DEFICIT $733/mo
CC at MID income stress-adjusted	$337/yr	$12,167/yr	DEFICIT $986/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($355, bid $4.15) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$986/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).