Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$389,442/yr

TOTAL HEDGE (REPAIRED)

$100,125/yr

ANNUAL SAVINGS

$289,317/yr

ROLL CREDITS

$66,525

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 $1,559,285
IREN (Joint) → +25C −47P +35P −55C	$41.19	25	47	35	55	$44.00	$50.23	12	1.75x	15.0%	SAFE	20	$32,000	$82,370	REPAIR SOON (17d)
AMZN → +200C −250P +215P −258C	$247.06	200	250	215	258	$267.92	$270.46	35	1.52x	13.0%	SAFE	5	$33,960	$123,530	REPAIR PLAN (52d)
GOOG (Joint) +310C −355C	$338.44	310	0	0	355	$392.50	$349.21	0	1.00x	0.0%	N/A	5	$41,250	$169,220	LEAPS-ONLY
IBIT +75C	$47.31	75	0	0	0	$70.58	$52.07	0	1.00x	0.0%	N/A	50	$22,328	$236,550	LEAPS-ONLY
MSTR (Joint) +180C −170C	$153.84	180	0	0	170	$233.00	$169.65	0	1.00x	0.0%	N/A	10	$53,000	$153,840	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$26.69	23	18	25	0	$36.42	$24.41	0	1.00x	6.3%	OK	150	$201,300	$400,350	OK
COPX +65C −90P +68P −90C	$85.41	65	90	68	90	$93.40	$96.28	22	1.77x	20.4%	SAFE	20	$56,800	$170,820	OK
HOOD +65C −95P +80P	$115.97	65	95	80	0	$114.95	$119.32	15	1.30x	31.0%	SAFE	10	$49,950	$115,970	OK
MU (Joint) +670C −800P +420P −1250C	$1066.35	670	800	420	1250	$792.36	$806.96	380	4.31x	60.6%	SAFE	1	$11,472	$106,635	ROLL SOON (52d)
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,385,208
IREN (Main) → +25C −47P +35P −55C	$41.19	25	47	35	55	$44.00	$50.23	12	1.75x	15.0%	SAFE	20	$32,000	$82,370	REPAIR SOON (17d)
BMNR (Main) → +25C −18P +45P	$26.69	25	18	45	0	$65.83	$59.54	0	1.00x	-68.6%	ITM	50	$204,150	$133,450	REPAIR PLAN (108d)
IGV +70C −111C	$105.17	70	0	0	111	$96.50	$88.44	0	1.00x	0.0%	N/A	12	$31,800	$126,204	LEAPS-ONLY
MARA (Main) +13C	$12.01	13	0	0	0	$16.75	$11.04	0	1.00x	0.0%	N/A	400	$150,000	$480,400	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$26.69	23	18	25	0	$53.26	$46.93	0	1.00x	6.3%	OK	75	$226,950	$200,175	OK
COIN (Main) +165C −240P +90P −240C	$189.13	165	240	90	240	$210.90	$214.53	150	9.93x	52.4%	SAFE	8	$13,440	$151,304	OK
COIN (Main) +500C −330P +300P −240C	$189.13	500	330	300	240	$563.00	$373.06	30	1.48x	-58.6%	ITM	25	$157,500	$472,825	OK
DELL +310C −400P +320P	$538.70	310	400	320	0	$562.50	$570.44	80	1.32x	40.6%	SAFE	3	$75,750	$161,610	OK
ETHA +13C −16P +10P	$20.28	13	16	10	0	$17.33	$17.73	6	2.39x	50.7%	SAFE	50	$21,650	$101,400	OK
GLD +320C −450P +330P −413C	$382.33	320	450	330	413	$456.00	$468.86	120	1.88x	13.7%	SAFE	10	$136,000	$382,330	ROLL SOON (52d)
GLXY +38C −38P +18P −26C	$23.13	38	38	18	26	$39.71	$34.94	20	10.05x	24.3%	SAFE	125	$27,625	$289,125	OK
HIMS +10C −20P +5P −32C	$28.68	10	20	5	32	$17.47	$18.88	15	4.04x	82.6%	SAFE	15	$7,395	$43,020	OK
MU (Main) +880C −1010P +340P −1350C	$1066.35	880	1010	340	1350	$1028.60	$1044.13	670	5.51x	68.1%	SAFE	5	$74,300	$533,175	ROLL SOON (52d)
NVDA +215C −225P +200P −240C	$227.82	215	225	200	240	$264.80	$229.46	25	1.50x	12.2%	SAFE	10	$49,800	$227,820	OK
RetireInc (...7291)9 fortress(es) · 2 actionable · IC $180,200 · notional $1,138,805
AAPL → +240C −330P +285P −360C	$329.37	240	330	285	360	$334.64	$336.06	45	1.48x	13.5%	SAFE	5	$47,320	$164,685	REPAIR PLAN (52d)
MARA (RetireInc) +40C	$12.01	40	0	0	0	$41.04	$11.18	0	1.00x	0.0%	N/A	500	$52,000	$600,500	LEAPS-ONLY
APP +460C −540P +185P −335C	$305.90	460	540	185	335	$588.00	$610.41	355	3.77x	39.5%	SAFE	1	$12,800	$30,590	ROLL SOON (52d)
CLSK +17C −17P +10P	$13.33	17	17	10	0	$20.74	$18.23	7	2.87x	25.0%	SAFE	25	$9,350	$33,324	OK
ENPH +45C −60P +20P	$31.83	45	60	20	0	$56.15	$59.37	40	6.48x	37.2%	SAFE	10	$7,300	$31,830	OK
IREN (RetireInc) +50C −70P +23P −55C	$41.19	50	70	23	55	$63.43	$66.31	47	7.86x	44.2%	SAFE	20	$13,700	$82,370	ROLL SOON (52d)
MSTR (RetireInc) +125C −185P +55P −170C	$153.84	125	185	55	170	$161.00	$163.23	130	11.83x	64.2%	SAFE	4	$4,800	$61,536	OK
QCOM +190C −210P +100P −220C	$184.30	190	210	100	220	$224.00	$226.62	110	4.24x	45.7%	SAFE	5	$17,000	$92,150	OK
RKLB +115C −135P +45P −85C	$69.70	115	135	45	85	$141.55	$148.31	90	4.39x	35.4%	SAFE	6	$15,930	$41,820	OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,279,519
SPY +640C	$764.31	640	0	0	0	$764.00	$702.98	0	1.00x	0.0%	N/A	12	$148,800	$917,172	LEAPS-ONLY
CRCL +45C −65P +40P	$83.52	45	65	40	0	$87.00	$90.86	25	1.60x	52.1%	SAFE	5	$21,000	$41,760	OK
CRWV +105C −120P +40P −95C	$86.17	105	120	40	95	$125.45	$128.57	80	4.91x	53.6%	SAFE	5	$10,225	$43,085	ROLL SOON (52d)
GOOG (Neville) +300C −345P +310P −350C	$338.44	300	345	310	350	$373.00	$344.68	35	1.48x	8.4%	OK	15	$109,500	$507,660	OK
GOOG (Neville) +340C −405P +360P −350C	$338.44	340	405	360	350	$398.00	$384.89	45	1.88x	-6.4%	ITM	5	$25,500	$169,220	OK
INTC +85C −100P +35P −160C	$115.96	85	100	35	160	$114.00	$115.64	65	3.24x	69.8%	SAFE	5	$14,500	$57,980	OK
IREN (Neville) +45C −65P +21P −55C	$41.19	45	65	21	55	$56.50	$58.10	44	15.67x	49.0%	SAFE	20	$6,000	$82,370	ROLL SOON (52d)
MU (Neville) +970C −1110P +390P −1250C	$1066.35	970	1110	390	1250	$1220.00	$1232.30	720	3.88x	63.4%	SAFE	2	$50,000	$213,270	ROLL SOON (52d)
SNDK +1200C −1380P +810P −1850C	$1721.32	1200	1380	810	1850	$1620.00	$1628.37	570	2.36x	52.9%	SAFE	1	$42,000	$172,132	ROLL SOON (52d)
SPCX +150C −195P +135P −155C	$149.74	150	195	135	155	$186.00	$189.99	60	3.22x	9.8%	OK	5	$13,500	$74,870	OK

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

Stock: $41.19 HP: 15.0% OTM Current hedge: $21,471/yr Baseline (roll-fwd, savings vs this): $27,037/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $63,255/yr IV: HIGH OTM floor: 8% Stress: 21% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (37d) 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	108d	22.3%	$2.79	$-2.37	$-4,740	$18,858	$41,231	$8,179	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	108d	27.2%	$2.14	$-1.72	$-3,440	$14,465	$30,417	$12,572	17	$10,000	10mo	2mo	2.06x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $0.92	$21,368/yr	$18,858/yr	SELF-FUNDING
CC at MID $47 0.6σ, B $1.62	$37,626/yr	$18,858/yr	SELF-FUNDING
AT 21% DRAWDOWN (stock $41.19 → $32.39, hedge $41,231/yr)
CC at SS income stress-adjusted	$9,987/yr	$41,231/yr	DEFICIT $2,604/mo
CC at MID income stress-adjusted	$9,987/yr	$41,231/yr	DEFICIT $2,604/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $1.62) in NORMAL markets. Self-funds today.
In 21% drawdown, even MID is short ~$2,604/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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: $247.06 HP: 13.0% OTM Current hedge: $11,055/yr Baseline (roll-fwd, savings vs this): $9,378/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $25,279/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	15.0%	$4.50	$-1.54	$-770	$7,604	$17,067	$1,774	40	$2,500	17mo	1mo	1.59x	PASS
2	205	Jan 15	108d	17.0%	$3.65	$-0.69	$-345	$6,168	$14,025	$3,211	45	$5,000	19mo	2mo	1.66x	PASS
3	205	Dec 18	80d	17.0%	$2.80	$0.16	$80	$6,388	$18,934	$2,991	45	$5,000	20mo	2mo	1.66x	PASS
4	200	Jan 15	108d	19.0%	$2.94	$0.02	$10	$4,968	$11,491	$4,410	50	$7,500	20mo	3mo	1.74x	PASS
5	200	Dec 18	80d	19.0%	$2.30	$0.66	$330	$5,247	$15,512	$4,132	50	$7,500	22mo	3mo	1.74x	PASS
6	195	Dec 18	80d	21.1%	$1.75	$1.21	$605	$3,992	$12,547	$5,386	55	$10,000	22mo	4mo	1.81x	PASS
7	195	Jan 15	108d	21.1%	$2.39	$0.57	$285	$4,039	$9,294	$5,340	55	$10,000	22mo	4mo	1.81x	PASS
8	210	Dec 18	80d	15.0%	$3.55	$-0.59	$-295	$8,098	$23,041	$1,280	40	$2,500	23mo	1mo	1.59x	PASS
9	175	Dec 18	80d	29.2%	$0.70	$2.26	$1,130	$1,597	$5,247	$7,782	75	$20,000	31mo	7mo	2.10x	FAIL
10	175	Jan 15	108d	29.2%	$1.02	$1.94	$970	$1,724	$3,887	$7,655	75	$20,000	31mo	7mo	2.10x	FAIL
11	180	Dec 18	80d	27.1%	$0.87	$2.09	$1,045	$1,985	$6,388	$7,394	70	$17,500	28mo	6mo	2.03x	FAIL
12	180	Jan 15	108d	27.1%	$1.27	$1.69	$845	$2,146	$4,731	$7,232	70	$17,500	29mo	6mo	2.03x	FAIL
13	185	Dec 18	80d	25.1%	$1.22	$1.74	$870	$2,783	$8,098	$6,595	65	$15,000	27mo	6mo	1.96x	FAIL
14	185	Jan 15	108d	25.1%	$1.68	$1.28	$640	$2,839	$5,999	$6,540	65	$15,000	28mo	6mo	1.96x	FAIL
15	190	Dec 18	80d	23.1%	$1.38	$1.58	$790	$3,148	$10,038	$6,230	60	$12,500	24mo	5mo	1.88x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $3.00	$17,419/yr	$7,604/yr	SELF-FUNDING
CC at MID $265 0.6σ, B $4.95	$28,742/yr	$7,604/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $247.06 → $218.79, hedge $17,067/yr)
CC at SS income stress-adjusted	$4,355/yr	$17,067/yr	DEFICIT $1,059/mo
CC at MID income stress-adjusted	$4,355/yr	$17,067/yr	DEFICIT $1,059/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($265, bid $4.95) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$1,059/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, 17d

Stock: $41.19 HP: 15.0% OTM Current hedge: $21,471/yr Baseline (roll-fwd, savings vs this): $27,037/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $63,255/yr IV: HIGH OTM floor: 8% Stress: 21% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (37d) 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	108d	22.3%	$2.79	$-2.37	$-4,740	$18,858	$41,231	$8,179	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	108d	27.2%	$2.14	$-1.72	$-3,440	$14,465	$30,417	$12,572	17	$10,000	10mo	2mo	2.06x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $51, B $0.92	$21,368/yr	$18,858/yr	SELF-FUNDING
CC at MID $47 0.6σ, B $1.62	$37,626/yr	$18,858/yr	SELF-FUNDING
AT 21% DRAWDOWN (stock $41.19 → $32.39, hedge $41,231/yr)
CC at SS income stress-adjusted	$9,987/yr	$41,231/yr	DEFICIT $2,604/mo
CC at MID income stress-adjusted	$9,987/yr	$41,231/yr	DEFICIT $2,604/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $1.62) in NORMAL markets. Self-funds today.
In 21% drawdown, even MID is short ~$2,604/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 108d

Stock: $26.69 HP: ITM Current hedge: $329,514/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $90,220/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	24	Jan 15	108d	10.1%	$2.93	$15.42	$77,100	$49,512	$44,611	$280,002	-6	$-30,000	N/A	N/A	0.85x	PASS
2	22	Jan 15	108d	15.7%	$2.25	$16.10	$80,500	$38,021	$53,905	$291,493	-4	$-22,500	N/A	N/A	0.89x	PASS
3	21	Jan 15	108d	21.3%	$1.72	$16.63	$83,150	$29,065	$64,889	$300,449	-3	$-15,000	N/A	N/A	0.93x	PASS
4	20	Jan 15	108d	25.1%	$1.39	$16.96	$84,800	$23,488	$67,593	$306,025	-2	$-10,000	N/A	N/A	0.95x	PASS
5	19	Jan 15	108d	28.8%	$1.15	$17.20	$86,000	$19,433	$57,454	$310,081	-1	$-5,000	N/A	N/A	0.98x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.47	$27,290/yr	$49,512/yr	DEFICIT $1,852/mo
CC at MID $31 0.7σ, B $0.96	$55,742/yr	$49,512/yr	SELF-FUNDING
AT 24% DRAWDOWN (stock $26.69 → $20.23, hedge $44,611/yr)
CC at SS income stress-adjusted	$27,290/yr	$44,611/yr	DEFICIT $1,443/mo
CC at MID income stress-adjusted	$27,290/yr	$44,611/yr	DEFICIT $1,443/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($31, bid $0.96) in NORMAL markets. Self-funds today.
In 24% drawdown, even MID is short ~$1,443/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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: $329.37 HP: 13.5% OTM Current hedge: $5,931/yr Baseline (roll-fwd, savings vs this): $6,456/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $27,392/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 6 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	15.0%	$2.32	$-0.65	$-325	$5,292	$16,995	$1,163	50	$2,500	26mo	1mo	1.53x	PASS
2	275	Dec 18	80d	16.5%	$1.90	$-0.23	$-115	$4,334	$14,030	$2,122	55	$5,000	28mo	2mo	1.58x	PASS
3	280	Jan 15	108d	15.0%	$3.25	$-1.58	$-790	$5,492	$12,589	$964	50	$2,500	31mo	1mo	1.53x	PASS
4	275	Jan 15	108d	16.5%	$2.68	$-1.01	$-505	$4,529	$10,392	$1,927	55	$5,000	31mo	2mo	1.58x	PASS
5	270	Dec 18	80d	18.0%	$1.57	$0.10	$50	$3,582	$11,520	$2,874	60	$7,500	31mo	3mo	1.63x	PASS
6	270	Jan 15	108d	18.0%	$2.28	$-0.61	$-305	$3,853	$8,534	$2,603	60	$7,500	35mo	3mo	1.63x	PASS
7	235	Dec 18	80d	28.7%	$0.46	$1.21	$605	$1,049	$2,738	$5,407	95	$25,000	55mo	9mo	2.00x	FAIL
8	235	Jan 15	108d	28.7%	$0.67	$1.00	$500	$1,132	$2,028	$5,324	95	$25,000	56mo	9mo	2.00x	FAIL
9	240	Dec 18	80d	27.1%	$0.53	$1.14	$570	$1,209	$3,148	$5,247	90	$22,500	51mo	8mo	1.95x	FAIL
10	240	Jan 15	108d	27.1%	$0.83	$0.84	$420	$1,403	$2,332	$5,053	90	$22,500	53mo	8mo	1.95x	FAIL
11	245	Dec 18	80d	25.6%	$0.66	$1.01	$505	$1,506	$3,582	$4,950	85	$20,000	48mo	7mo	1.90x	FAIL
12	250	Dec 18	80d	24.1%	$0.73	$0.94	$470	$1,665	$5,292	$4,791	80	$17,500	44mo	7mo	1.85x	FAIL
13	245	Jan 15	108d	25.6%	$1.00	$0.67	$335	$1,690	$2,653	$4,766	85	$20,000	50mo	7mo	1.90x	FAIL
14	250	Jan 15	108d	24.1%	$1.07	$0.60	$300	$1,808	$3,920	$4,648	80	$17,500	45mo	7mo	1.85x	FAIL
15	255	Dec 18	80d	22.6%	$0.99	$0.68	$340	$2,258	$6,456	$4,198	75	$15,000	43mo	6mo	1.79x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $5.80	$33,677/yr	$5,292/yr	SELF-FUNDING
CC at MID $345 0.6σ, B $4.20	$24,387/yr	$5,292/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $329.37 → $296.43, hedge $16,995/yr)
CC at SS income stress-adjusted	$1,742/yr	$16,995/yr	DEFICIT $1,271/mo
CC at MID income stress-adjusted	$871/yr	$16,995/yr	DEFICIT $1,344/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($345, bid $4.20) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$1,344/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).