GENERATED2026-10-02 21:50
FORTRESS REPAIRHP Roll-Down Analysis
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$315,464/yr
TOTAL HEDGE (REPAIRED)
$54,750/yr
ANNUAL SAVINGS
$260,714/yr
ROLL CREDITS
$70,750
ADDITIONAL MAX LOSS
$-35,000
PORTFOLIO ACTION SUMMARY · 41 positions
2 · ROLL IMMEDIATELY1 · REPAIR PLAN7 · LEAPS-ONLY31 · 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

FORTRESSSTOCKLCSPHPSC BE‑SS CC‑SS GAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
Joint (...1782)8 fortress(es) · 4 actionable · IC $490,588 · notional $1,501,740
IREN (Joint) →
+25C −47P +35P
$42.98 2547 350 $44.00 $50.45 121.75x 18.6% SAFE 20 $32,000$85,960 ROLL IMMEDIATELY (14d)
GOOG (Joint)
+310C −355C
$341.56 3100 0355 $392.50 $350.48 01.00x 0.0% N/A 5 $41,250$170,780 LEAPS-ONLY
IBIT
+75C
$49.23 750 00 $70.58 $52.48 01.00x 0.0% N/A 50 $22,328$246,150 LEAPS-ONLY
MSTR (Joint)
+180C −170C
$168.62 1800 0170 $233.00 $170.16 01.00x 0.0% N/A 10 $53,000$168,620 LEAPS-ONLY
AMZN
+200C −250P +215P
$252.20 200250 2150 $267.92 $270.72 351.52x 14.8% SAFE 5 $33,960$126,100 ROLL SOON (49d)
BMNR (Joint)
+23C −18P +25P
$27.70 2318 250 $36.42 $24.16 01.00x 9.7% OK 150 $201,300$415,500 OK
COPX
+65C −90P +68P
$85.65 6590 680 $93.40 $96.52 221.77x 20.6% SAFE 20 $56,800$171,300 OK
HOOD
+65C −95P +80P
$117.33 6595 800 $114.95 $118.61 151.30x 31.8% SAFE 10 $49,950$117,330 OK
Main (...1299)14 fortress(es) · 4 actionable · IC $1,208,360 · notional $3,481,924
IREN (Main) →
+25C −47P +35P
$42.98 2547 350 $44.00 $50.45 121.75x 18.6% SAFE 20 $32,000$85,960 ROLL IMMEDIATELY (14d)
BMNR (Main) →
+25C −18P +45P
$27.70 2518 450 $65.83 $60.02 01.00x -62.5% ITM 50 $204,150$138,500 REPAIR PLAN (105d)
IGV
+70C −111C
$109.10 700 0111 $96.50 $88.30 01.00x 0.0% N/A 12 $31,800$130,920 LEAPS-ONLY
MARA (Main)
+13C
$12.07 130 00 $16.75 $11.26 01.00x 0.0% N/A 400 $150,000$482,800 LEAPS-ONLY
BMNR (Main)
+23C −18P +25P
$27.70 2318 250 $53.26 $46.76 01.00x 9.7% OK 75 $226,950$207,750 OK
COIN (Main)
+165C −240P +90P −215C
$196.19 165240 90215 $210.90 $212.61 1509.93x 54.1% SAFE 8 $13,440$156,952 OK
COIN (Main)
+500C −330P +300P −215C
$196.19 500330 300215 $563.00 $375.17 301.48x -52.9% ITM 25 $157,500$490,475 OK
DELL
+310C −400P +320P
$553.59 310400 3200 $562.50 $571.06 801.32x 42.2% SAFE 3 $75,750$166,077 OK
ETHA
+13C −16P +10P
$20.82 1316 100 $17.33 $17.81 62.39x 52.0% SAFE 50 $21,650$104,100 OK
GLD
+320C −450P +330P −413C
$384.15 320450 330413 $456.00 $469.66 1201.88x 14.1% SAFE 10 $136,000$384,150 ROLL SOON (49d)
GLXY
+38C −38P +18P
$24.43 3838 180 $39.71 $35.64 2010.05x 28.4% SAFE 125 $27,625$305,375 OK
HIMS
+10C −20P +5P
$30.17 1020 50 $17.47 $18.90 154.04x 83.4% SAFE 15 $7,395$45,255 OK
MU (Main)
+880C −1010P +340P −1125C
$1093.48 8801010 3401125 $1028.60 $1042.84 6705.51x 68.9% SAFE 5 $74,300$546,740 ROLL SOON (49d)
NVDA
+215C −225P +200P −240C
$236.87 215225 200240 $264.80 $230.01 251.50x 15.6% SAFE 10 $49,800$236,870 OK
Neville (...0865)10 fortress(es) · 1 actionable · IC $441,025 · notional $2,316,256
SPY
+640C
$771.43 6400 00 $764.00 $703.85 01.00x 0.0% N/A 12 $148,800$925,716 LEAPS-ONLY
CRCL
+45C −65P +40P
$87.81 4565 400 $87.00 $91.84 251.60x 54.4% SAFE 5 $21,000$43,905 OK
CRWV
+105C −120P +40P
$90.25 105120 400 $125.45 $128.00 804.91x 55.7% SAFE 5 $10,225$45,125 ROLL SOON (49d)
GOOG (Neville)
+300C −345P +310P −360C
$341.56 300345 310360 $373.00 $346.76 351.48x 9.2% OK 15 $109,500$512,340 OK
GOOG (Neville)
+340C −405P +360P −360C
$341.56 340405 360360 $398.00 $385.69 451.88x -5.4% ITM 5 $25,500$170,780 OK
INTC
+85C −100P +35P −138C
$123.43 85100 35138 $114.00 $115.39 653.24x 71.6% SAFE 5 $14,500$61,715 OK
IREN (Neville)
+45C −65P +21P
$42.98 4565 210 $56.50 $58.25 4415.67x 51.1% SAFE 20 $6,000$85,960 ROLL SOON (49d)
MU (Neville)
+970C −1110P +390P −1125C
$1093.48 9701110 3901125 $1220.00 $1230.54 7203.88x 64.3% SAFE 2 $50,000$218,696 ROLL SOON (49d)
SNDK
+1200C −1380P +810P
$1744.14 12001380 8100 $1620.00 $1628.07 5702.36x 53.6% SAFE 1 $42,000$174,414 ROLL SOON (49d)
SPCX
+150C −195P +135P
$155.21 150195 1350 $186.00 $189.65 603.22x 13.0% SAFE 5 $13,500$77,605 OK
RetireInc (...7291)9 fortress(es) · 1 actionable · IC $180,200 · notional $1,155,128
MARA (RetireInc)
+40C
$12.07 400 00 $41.04 $11.81 01.00x 0.0% N/A 500 $52,000$603,500 LEAPS-ONLY
AAPL
+240C −330P +285P
$331.19 240330 2850 $334.64 $336.55 451.48x 13.9% SAFE 5 $47,320$165,595 ROLL SOON (49d)
APP
+460C −540P +185P
$273.25 460540 1850 $588.00 $613.57 3553.77x 32.3% SAFE 1 $12,800$27,325 ROLL SOON (49d)
CLSK
+17C −17P +10P
$13.29 1717 100 $20.74 $18.45 72.87x 24.8% SAFE 25 $9,350$33,225 OK
ENPH
+45C −60P +20P
$33.98 4560 200 $56.15 $59.28 406.48x 41.1% SAFE 10 $7,300$33,980 OK
IREN (RetireInc)
+50C −70P +23P
$42.98 5070 230 $63.43 $66.93 477.86x 46.5% SAFE 20 $13,700$85,960 ROLL SOON (49d)
MSTR (RetireInc)
+125C −185P +55P −170C
$168.62 125185 55170 $161.00 $163.43 13011.83x 67.4% SAFE 4 $4,800$67,448 OK
QCOM
+190C −210P +100P −220C
$186.91 190210 100220 $224.00 $228.32 1104.24x 46.5% SAFE 5 $17,000$93,455 OK
RKLB
+115C −135P +45P −79C
$74.40 115135 4579 $141.55 $148.59 904.39x 39.5% SAFE 6 $15,930$44,640 OK
Joint (...1782)8 fortress(es) · 4 actionable · overview rows

IREN (Joint): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 14d

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: $42.98 Current HP: 35P (14d, 18.6% OTM) Current hedge: $11,471/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $64,736/yr Cost cap: 50% of CC = $32,368/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (34d) inside new HP tenor
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 105d, 18.6% OTM) | Cost: $23,290/yr (36% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,320 | Margin (TIMS): $1,383
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 37P (Jan 15 '27, 105d, 13.9% OTM) | Cost: $30,243/yr (47% of CC) | New ML: $52,000 ↓ $4,000 | Roll DEBIT $8,320 | Margin (TIMS): $1,294
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Jan 15 105d 18.6% $3.10 $3.35 $23,290 36% $56,000 = D $6,320
2 35 Dec 18 77d 18.6% $2.40 $2.53 $23,986 37% $56,000 = D $4,680
3 36 Dec 18 77d 16.2% $2.65 $3.10 $29,390 45% $54,000 -$2,000 D $5,820
▶ 4 37 PROT Jan 15 105d 13.9% $3.90 $4.35 $30,243 47% $52,000 -$4,000 D $8,320
POST-REPAIR SUSTAINABILITY CC chain Nov 06 (35d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $51, B $1.66 $34,149/yr $23,290/yr SELF-FUNDING
CC at MID $50 0.7σ, B $1.92 $39,497/yr $23,290/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($51, bid $1.66). 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, 105d

Stock: $27.70 HP: ITM Current hedge: $315,464/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $78,321/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (49d) inside new HP tenor
RECOMMENDED: Roll HP 45 → 25 (Jan 15, 105d) | Save $260,714/yr | Payback N/A hedge only, N/A w/income (gate: 12mo (1.0yr)) | HP moves to 9.7% OTM | RM 1.00x → 0.83x | Margin (TIMS): $326
#NEW HPEXPIRYDTEOTM%ASK ROLL CR/SHROLL TOTALHEDGE/YRSTRESS/YRSAVED/YR GAPML+PAYBACKPB+INCNEW RM
1 25 Jan 15 105d 9.7% $3.15 $14.15 $70,750 $54,750 $48,667 $260,714 -7 $-35,000 N/A N/A 0.83x PASS
2 24 Jan 15 105d 13.4% $2.70 $14.60 $73,000 $46,929 $58,226 $268,536 -6 $-30,000 N/A N/A 0.85x PASS
3 22 Jan 15 105d 18.8% $2.02 $15.28 $76,400 $35,110 $67,786 $280,355 -4 $-22,500 N/A N/A 0.89x PASS
4 21 Jan 15 105d 24.2% $1.47 $15.83 $79,150 $25,550 $72,131 $289,914 -3 $-15,000 N/A N/A 0.93x PASS
5 20 Jan 15 105d 27.8% $1.31 $15.99 $79,950 $22,769 $63,440 $292,695 -2 $-10,000 N/A N/A 0.95x PASS
POST-REPAIR SUSTAINABILITY CC chain Nov 06 (35d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.60 $30,857/yr $54,750/yr DEFICIT $1,991/mo
CC at MID $32 0.7σ, B $1.06 $54,514/yr $54,750/yr DEFICIT $20/mo
AT 23% DRAWDOWN (stock $27.70 → $21.26, hedge $48,667/yr)
CC at SS income stress-adjusted $30,857/yr $48,667/yr DEFICIT $1,484/mo
CC at MID income stress-adjusted $30,857/yr $48,667/yr DEFICIT $1,484/mo
NOT SELF-FUNDING Requires ongoing capital even at MID
CC WRITING STRATEGY
NO SAFE CC STRATEGY at the current chain. Hedge bleeds even at MID strike. Either restructure (deeper-OTM HP, smaller position) or commit to ongoing capital subsidy.
FIGHT no published plan for this fortress (seam as of 2026-10-02 21:47). Fight plans cover uncovered deep-drawdown fortresses; a covered or shallow slice deliberately has none.

IREN (Main): HP 35P Maintenance Roll-Out · exp Oct 16 '26, 14d

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: $42.98 Current HP: 35P (14d, 18.6% OTM) Current hedge: $11,471/yr Current ML: $56,000 If HP lapses: ML $126,000 (+$70,000) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $64,736/yr Cost cap: 50% of CC = $32,368/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (34d) inside new HP tenor
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Jan 15 '27, 105d, 18.6% OTM) | Cost: $23,290/yr (36% of CC) | New ML: $56,000 = ML | Roll DEBIT $6,320 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 37P (Jan 15 '27, 105d, 13.9% OTM) | Cost: $30,243/yr (47% of CC) | New ML: $52,000 ↓ $4,000 | Roll DEBIT $8,320 | Margin: n/a (RTH)
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Jan 15 105d 18.6% $3.10 $3.35 $23,290 36% $56,000 = D $6,320
2 35 Dec 18 77d 18.6% $2.40 $2.53 $23,986 37% $56,000 = D $4,680
3 36 Dec 18 77d 16.2% $2.65 $3.10 $29,390 45% $54,000 -$2,000 D $5,820
▶ 4 37 PROT Jan 15 105d 13.9% $3.90 $4.35 $30,243 47% $52,000 -$4,000 D $8,320
POST-REPAIR SUSTAINABILITY CC chain Nov 06 (35d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $51, B $1.66 $34,149/yr $23,290/yr SELF-FUNDING
CC at MID $50 0.7σ, B $1.92 $39,497/yr $23,290/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($51, bid $1.66). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

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).