Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$330,169/yr

TOTAL HEDGE (REPAIRED)

$66,241/yr

ANNUAL SAVINGS

$263,928/yr

ROLL CREDITS

$73,130

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 $1,575,981
IREN (Joint) → +25C −47P +35P −55C	$42.08	25	47	35	55	$44.00	$50.48	12	1.75x	16.8%	SAFE	20	$32,000	$84,160	ROLL NOW (17d)
AMZN → +200C −250P +215P −258C	$245.96	200	250	215	258	$267.92	$270.28	35	1.52x	12.6%	SAFE	5	$33,960	$122,980	REPAIR PLAN (52d)
GOOG (Joint) +310C −355C	$337.37	310	0	0	355	$392.50	$347.65	0	1.00x	0.0%	N/A	5	$41,250	$168,685	LEAPS-ONLY
IBIT +75C	$47.61	75	0	0	0	$70.58	$51.76	0	1.00x	0.0%	N/A	50	$22,328	$238,050	LEAPS-ONLY
MSTR (Joint) +180C −170C	$157.63	180	0	0	170	$233.00	$168.20	0	1.00x	0.0%	N/A	10	$53,000	$157,630	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$27.27	23	18	25	0	$36.42	$23.95	0	1.00x	8.3%	OK	150	$201,300	$409,050	OK
COPX +65C −90P +68P −90C	$85.31	65	90	68	90	$93.40	$96.44	22	1.77x	20.3%	SAFE	20	$56,800	$170,620	OK
HOOD +65C −95P +80P	$118.09	65	95	80	0	$114.95	$119.20	15	1.30x	32.3%	SAFE	10	$49,950	$118,090	OK
MU (Joint) +670C −800P +420P −1250C	$1067.16	670	800	420	1250	$792.36	$807.92	380	4.31x	60.6%	SAFE	1	$11,472	$106,716	ROLL SOON (52d)
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,427,981
IREN (Main) → +25C −47P +35P −55C	$42.08	25	47	35	55	$44.00	$50.48	12	1.75x	16.8%	SAFE	20	$32,000	$84,160	ROLL NOW (17d)
BMNR (Main) → +25C −18P +45P	$27.27	25	18	45	0	$65.83	$59.30	0	1.00x	-65.0%	ITM	50	$204,150	$136,350	REPAIR PLAN (108d)
IGV +70C −111C	$104.18	70	0	0	111	$96.50	$87.58	0	1.00x	0.0%	N/A	12	$31,800	$125,016	LEAPS-ONLY
MARA (Main) +13C	$12.23	13	0	0	0	$16.75	$11.12	0	1.00x	0.0%	N/A	400	$150,000	$489,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$27.27	23	18	25	0	$53.26	$46.60	0	1.00x	8.3%	OK	75	$226,950	$204,525	OK
COIN (Main) +165C −240P +90P −240C	$193.10	165	240	90	240	$210.90	$212.72	150	9.93x	53.4%	SAFE	8	$13,440	$154,480	OK
COIN (Main) +500C −330P +300P −240C	$193.10	500	330	300	240	$563.00	$368.43	30	1.48x	-55.4%	ITM	25	$157,500	$482,750	OK
DELL +310C −400P +320P	$543.75	310	400	320	0	$562.50	$570.69	80	1.32x	41.1%	SAFE	3	$75,750	$163,125	OK
ETHA +13C −16P +10P	$20.54	13	16	10	0	$17.33	$17.60	6	2.39x	51.3%	SAFE	50	$21,650	$102,700	OK
GLD +320C −450P +330P −413C	$381.06	320	450	330	413	$456.00	$469.22	120	1.88x	13.4%	SAFE	10	$136,000	$381,060	ROLL SOON (52d)
GLXY +38C −38P +18P −26C	$23.73	38	38	18	26	$39.71	$35.18	20	10.05x	26.3%	SAFE	125	$27,625	$296,625	OK
HIMS +10C −20P +5P −32C	$29.48	10	20	5	32	$17.47	$18.85	15	4.04x	83.0%	SAFE	15	$7,395	$44,220	OK
MU (Main) +880C −1010P +340P −1350C	$1067.16	880	1010	340	1350	$1028.60	$1045.18	670	5.51x	68.1%	SAFE	5	$74,300	$533,580	ROLL SOON (52d)
NVDA +215C −225P +200P −240C	$230.19	215	225	200	240	$264.80	$228.83	25	1.50x	13.1%	SAFE	10	$49,800	$230,190	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,157,850
AAPL → +240C −330P +285P −360C	$332.87	240	330	285	360	$334.64	$336.02	45	1.48x	14.4%	SAFE	5	$47,320	$166,435	REPAIR PLAN (52d)
MARA (RetireInc) +40C	$12.23	40	0	0	0	$41.04	$11.27	0	1.00x	0.0%	N/A	500	$52,000	$611,500	LEAPS-ONLY
APP +460C −540P +185P −335C	$307.27	460	540	185	335	$588.00	$608.61	355	3.77x	39.8%	SAFE	1	$12,800	$30,727	ROLL SOON (52d)
CLSK +17C −17P +10P	$13.55	17	17	10	0	$20.74	$18.43	7	2.87x	26.2%	SAFE	25	$9,350	$33,875	OK
ENPH +45C −60P +20P	$31.09	45	60	20	0	$56.15	$59.15	40	6.48x	35.7%	SAFE	10	$7,300	$31,090	OK
IREN (RetireInc) +50C −70P +23P −55C	$42.08	50	70	23	55	$63.43	$66.48	47	7.86x	45.3%	SAFE	20	$13,700	$84,160	ROLL SOON (52d)
MSTR (RetireInc) +125C −185P +55P −170C	$157.63	125	185	55	170	$161.00	$162.62	130	11.83x	65.1%	SAFE	4	$4,800	$63,052	OK
QCOM +190C −210P +100P −220C	$187.79	190	210	100	220	$224.00	$225.83	110	4.24x	46.7%	SAFE	5	$17,000	$93,895	OK
RKLB +115C −135P +45P −85C	$71.86	115	135	45	85	$141.55	$147.24	90	4.39x	37.4%	SAFE	6	$15,930	$43,116	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,279,191
SPY +640C	$764.77	640	0	0	0	$764.00	$702.35	0	1.00x	0.0%	N/A	12	$148,800	$917,730	LEAPS-ONLY
CRCL +45C −65P +40P	$86.22	45	65	40	0	$87.00	$90.30	25	1.60x	53.6%	SAFE	5	$21,000	$43,110	OK
CRWV +105C −120P +40P −95C	$87.33	105	120	40	95	$125.45	$128.66	80	4.91x	54.2%	SAFE	5	$10,225	$43,665	ROLL SOON (52d)
GOOG (Neville) +300C −345P +310P −350C	$337.37	300	345	310	350	$373.00	$345.79	35	1.48x	8.1%	OK	15	$109,500	$506,055	OK
GOOG (Neville) +340C −405P +360P −350C	$337.37	340	405	360	350	$398.00	$384.38	45	1.88x	-6.7%	ITM	5	$25,500	$168,685	OK
INTC +85C −100P +35P −160C	$115.67	85	100	35	160	$114.00	$115.91	65	3.24x	69.7%	SAFE	5	$14,500	$57,835	OK
IREN (Neville) +45C −65P +21P −55C	$42.08	45	65	21	55	$56.50	$58.06	44	15.67x	50.1%	SAFE	20	$6,000	$84,160	ROLL SOON (52d)
MU (Neville) +970C −1110P +390P −1250C	$1067.16	970	1110	390	1250	$1220.00	$1233.14	720	3.88x	63.5%	SAFE	2	$50,000	$213,432	ROLL SOON (52d)
SNDK +1200C −1380P +810P −1850C	$1713.09	1200	1380	810	1850	$1620.00	$1629.12	570	2.36x	52.7%	SAFE	1	$42,000	$171,309	ROLL SOON (52d)
SPCX +150C −195P +135P −155C	$146.42	150	195	135	155	$186.00	$190.11	60	3.22x	7.8%	OK	5	$13,500	$73,210	OK

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 52d

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: $245.96 HP: 12.6% OTM Current hedge: $10,880/yr Baseline (roll-fwd, savings vs this): $9,294/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $22,324/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 8 PASS ⚠ ER 2026-10-29 AMC (30d) 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	108d	14.6%	$4.50	$-1.52	$-760	$7,604	$17,236	$1,690	40	$2,500	18mo	1mo	1.59x	PASS
2	205	Jan 15	108d	16.7%	$3.60	$-0.62	$-310	$6,083	$14,194	$3,211	45	$5,000	19mo	2mo	1.66x	PASS
3	205	Dec 18	80d	16.7%	$2.73	$0.25	$125	$6,228	$19,162	$3,066	45	$5,000	20mo	2mo	1.66x	PASS
4	200	Dec 18	80d	18.7%	$2.18	$0.80	$400	$4,973	$15,627	$4,321	50	$7,500	21mo	3mo	1.74x	PASS
5	200	Jan 15	108d	18.7%	$2.96	$0.02	$10	$5,002	$11,575	$4,292	50	$7,500	21mo	3mo	1.74x	PASS
6	195	Dec 18	80d	20.7%	$1.77	$1.21	$605	$4,038	$12,547	$5,256	55	$10,000	23mo	4mo	1.81x	PASS
7	210	Dec 18	80d	14.6%	$3.50	$-0.52	$-260	$7,984	$23,269	$1,310	40	$2,500	23mo	1mo	1.59x	PASS
8	195	Jan 15	108d	20.7%	$2.44	$0.54	$270	$4,123	$9,294	$5,171	55	$10,000	23mo	4mo	1.81x	PASS
9	175	Dec 18	80d	28.9%	$0.72	$2.26	$1,130	$1,642	$4,038	$7,651	75	$20,000	31mo	8mo	2.10x	FAIL
10	175	Jan 15	108d	28.9%	$1.03	$1.95	$975	$1,741	$2,991	$7,553	75	$20,000	32mo	8mo	2.10x	FAIL
11	180	Jan 15	108d	26.8%	$1.31	$1.67	$835	$2,214	$4,613	$7,080	70	$17,500	30mo	7mo	2.03x	FAIL
12	180	Dec 18	80d	26.8%	$0.98	$2.00	$1,000	$2,236	$6,228	$7,058	70	$17,500	30mo	7mo	2.03x	FAIL
13	185	Dec 18	80d	24.8%	$1.09	$1.89	$945	$2,487	$7,984	$6,807	65	$15,000	26mo	6mo	1.96x	FAIL
14	185	Jan 15	108d	24.8%	$1.67	$1.31	$655	$2,822	$5,914	$6,472	65	$15,000	28mo	6mo	1.96x	FAIL
15	190	Dec 18	80d	22.8%	$1.48	$1.50	$750	$3,376	$10,038	$5,918	60	$12,500	25mo	5mo	1.88x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $2.77	$16,084/yr	$7,604/yr	SELF-FUNDING
CC at MID $265 0.7σ, B $4.70	$27,290/yr	$7,604/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $245.96 → $218.46, hedge $17,236/yr)
CC at SS income stress-adjusted	$3,774/yr	$17,236/yr	DEFICIT $1,122/mo
CC at MID income stress-adjusted	$3,774/yr	$17,236/yr	DEFICIT $1,122/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $4.70) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,122/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 17d

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: $42.08 Current HP: 35P (17d, 16.8% OTM) Current hedge: $17,606/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $66,812/yr Cost cap: 50% of CC = $33,406/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (37d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 108d, 16.8% OTM) | Cost: $26,361/yr (39% of CC) | New ML: $56,000 = ML | Roll DEBIT $7,020 | Margin (TIMS): $1,468

PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 37P (Jan 15 '27, 108d, 12.1% OTM) | Cost: $31,769/yr (48% of CC) | New ML: $52,000 ↓ $4,000 | Roll DEBIT $8,620 | Margin (TIMS): $1,369

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	108d	16.8%	$3.40	$3.90	$26,361	39%	$56,000	=	D $7,020
2	35	Dec 18	80d	16.8%	$2.72	$3.05	$27,831	42%	$56,000	=	D $5,320
3	36	Dec 18	80d	14.4%	$3.15	$3.40	$31,025	46%	$54,000	-$2,000	D $6,020
▶ 4	37 PROT	Jan 15	108d	12.1%	$4.35	$4.70	$31,769	48%	$52,000	-$4,000	D $8,620

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.17	$27,174/yr	$26,361/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.73	$40,181/yr	$26,361/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $1.17). 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, 108d

Stock: $27.27 HP: ITM Current hedge: $314,306/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $106,376/yr IV: HIGH OTM floor: 8% Stress: 24% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (52d) 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	108d	8.3%	$3.20	$14.85	$74,250	$54,074	$44,273	$260,231	-7	$-35,000	N/A	N/A	0.83x	PASS
2	24	Jan 15	108d	12.0%	$2.84	$15.21	$76,050	$47,991	$51,032	$266,315	-6	$-30,000	N/A	N/A	0.85x	PASS
3	22	Jan 15	108d	17.5%	$2.11	$15.94	$79,700	$35,655	$57,792	$278,650	-4	$-22,500	N/A	N/A	0.89x	PASS
4	21	Jan 15	108d	23.0%	$1.61	$16.44	$82,200	$27,206	$70,465	$287,100	-3	$-15,000	N/A	N/A	0.93x	PASS
5	20	Jan 15	108d	26.7%	$1.30	$16.75	$83,750	$21,968	$63,368	$292,338	-2	$-10,000	N/A	N/A	0.95x	PASS

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $59 — assignment locks a loss · $35, B $0.41	$23,806/yr	$54,074/yr	DEFICIT $2,522/mo
CC at MID $31 0.6σ, B $1.02	$59,226/yr	$54,074/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $27.27 → $20.67, hedge $44,273/yr)
CC at SS income stress-adjusted	$23,806/yr	$44,273/yr	DEFICIT $1,706/mo
CC at MID income stress-adjusted	$23,806/yr	$44,273/yr	DEFICIT $1,706/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($31, bid $1.02) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$1,706/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 17d

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: $42.08 Current HP: 35P (17d, 16.8% OTM) Current hedge: $17,606/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $66,812/yr Cost cap: 50% of CC = $33,406/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (37d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 108d, 16.8% OTM) | Cost: $26,361/yr (39% of CC) | New ML: $56,000 = ML | Roll DEBIT $7,020 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	35 CHEAP	Jan 15	108d	16.8%	$3.40	$3.90	$26,361	39%	$56,000	=	D $7,020
2	35	Dec 18	80d	16.8%	$2.72	$3.05	$27,831	42%	$56,000	=	D $5,320
3	36	Dec 18	80d	14.4%	$3.15	$3.40	$31,025	46%	$54,000	-$2,000	D $6,020
▶ 4	37 PROT	Jan 15	108d	12.1%	$4.35	$4.70	$31,769	48%	$52,000	-$4,000	D $8,620

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $1.17	$27,174/yr	$26,361/yr	SELF-FUNDING
CC at MID $48 0.6σ, B $1.73	$40,181/yr	$26,361/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($51, bid $1.17). 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, 52d

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: $332.87 HP: 14.4% OTM Current hedge: $4,984/yr Baseline (roll-fwd, savings vs this): $5,658/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $38,492/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 3 PASS ⚠ ER 2026-10-29 AMC (30d) 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	80d	15.9%	$2.00	$-0.72	$-360	$4,562	$14,486	$1,095	50	$2,500	27mo	1mo	1.53x	PASS
2	275	Dec 18	80d	17.4%	$1.65	$-0.37	$-185	$3,764	$12,091	$1,893	55	$5,000	32mo	1mo	1.58x	PASS
3	270	Dec 18	80d	18.9%	$1.36	$-0.08	$-40	$3,102	$9,923	$2,555	60	$7,500	35mo	2mo	1.63x	PASS
4	235	Dec 18	80d	29.4%	$0.46	$0.82	$410	$1,049	$2,350	$4,608	95	$25,000	65mo	7mo	2.00x	FAIL
5	235	Jan 15	108d	29.4%	$0.67	$0.61	$305	$1,132	$1,741	$4,525	95	$25,000	66mo	7mo	2.00x	FAIL
6	240	Jan 15	108d	27.9%	$0.73	$0.55	$275	$1,234	$1,960	$4,424	90	$22,500	61mo	6mo	1.95x	FAIL
7	240	Dec 18	80d	27.9%	$0.58	$0.70	$350	$1,323	$2,646	$4,334	90	$22,500	62mo	6mo	1.95x	FAIL
8	245	Dec 18	80d	26.4%	$0.63	$0.65	$325	$1,437	$3,102	$4,220	85	$20,000	57mo	6mo	1.90x	FAIL
9	245	Jan 15	108d	26.4%	$0.87	$0.41	$205	$1,470	$2,298	$4,187	85	$20,000	57mo	6mo	1.90x	FAIL
10	250	Jan 15	108d	24.9%	$0.94	$0.34	$170	$1,588	$3,380	$4,069	80	$17,500	52mo	5mo	1.85x	FAIL
11	250	Dec 18	80d	24.9%	$0.71	$0.57	$285	$1,620	$4,562	$4,038	80	$17,500	52mo	5mo	1.85x	FAIL
12	255	Jan 15	108d	23.4%	$1.12	$0.16	$80	$1,893	$4,191	$3,765	75	$15,000	48mo	4mo	1.79x	FAIL
13	255	Dec 18	80d	23.4%	$0.84	$0.44	$220	$1,916	$5,658	$3,741	75	$15,000	48mo	4mo	1.79x	FAIL
14	260	Dec 18	80d	21.9%	$1.03	$0.25	$125	$2,350	$6,684	$3,308	70	$12,500	45mo	4mo	1.74x	FAIL
15	260	Jan 15	108d	21.9%	$1.40	$-0.12	$-60	$2,366	$4,951	$3,292	70	$12,500	46mo	4mo	1.74x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Oct 30 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $7.15	$41,516/yr	$4,562/yr	SELF-FUNDING
CC at MID $350 0.7σ, B $3.90	$22,645/yr	$4,562/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $332.87 → $299.58, hedge $14,486/yr)
CC at SS income stress-adjusted	$1,974/yr	$14,486/yr	DEFICIT $1,043/mo
CC at MID income stress-adjusted	$1,103/yr	$14,486/yr	DEFICIT $1,115/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($350, bid $3.90) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,115/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).