Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$398,622/yr

TOTAL HEDGE (REPAIRED)

$79,866/yr

ANNUAL SAVINGS

$318,756/yr

ROLL CREDITS

$83,985

ADDITIONAL MAX LOSS

$-7,500

PORTFOLIO ACTION SUMMARY · 40 positions

9 · ROLL NOW4 · REPAIR PLAN7 · LEAPS-ONLY20 · 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).

NOT ANALYZED THIS RUN · 1 FORTRESS(ES)

ETHA · no IBKR legs for ticker

These positions are MISSING from every section below, not healthy. Reconcile the CSV or re-run.

Fortress Position Overview

FORTRESS	STOCK	LC	SP	HP	SC	BE‑SS	CC‑SS	GAP	RM	HP OTM%	STATUS	CTRS	IC	NOTIONAL	URGENCY
Main (...1299)13 fortress(es) · 4 actionable · IC $1,186,710 · notional $3,286,752
GLD → +320C −450P +330P −413C	$380.95	320	450	330	413	$456.00	$469.41	120	1.88x	13.4%	SAFE	10	$136,000	$380,950	ROLL NOW (45d)
MU (Main) → +880C −1010P +340P −1125C	$1062.07	880	1010	340	1125	$1028.60	$1039.24	670	5.51x	68.0%	SAFE	5	$74,300	$531,035	ROLL NOW (45d)
BMNR (Main) → +25C −18P +45P	$26.80	25	18	45	0	$65.83	$60.40	0	1.00x	-67.9%	ITM	50	$204,150	$134,000	REPAIR PLAN (101d)
IREN (Main) → +25C −47P +35P −60C	$40.88	25	47	35	60	$44.00	$48.66	12	1.75x	14.4%	SAFE	20	$32,000	$81,760	REPAIR PLAN (101d)
IGV +70C −115C	$111.97	70	0	0	115	$96.50	$88.92	0	1.00x	0.0%	N/A	12	$31,800	$134,358	LEAPS-ONLY
MARA (Main) +13C	$11.25	13	0	0	0	$16.75	$11.47	0	1.00x	0.0%	N/A	400	$150,000	$450,000	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$26.80	23	18	25	0	$53.26	$47.22	0	1.00x	6.7%	OK	75	$226,950	$201,000	OK
COIN (Main) +165C −240P +90P −210C	$190.11	165	240	90	210	$210.90	$214.45	150	9.93x	52.7%	SAFE	8	$13,440	$152,088	OK
COIN (Main) +500C −330P +300P −210C	$190.11	500	330	300	210	$563.00	$380.01	30	1.48x	-57.8%	ITM	25	$157,500	$475,275	OK
DELL +310C −400P +320P −585C	$579.47	310	400	320	585	$562.50	$569.74	80	1.32x	44.8%	SAFE	3	$75,750	$173,841	OK
GLXY +38C −38P +18P −25C	$22.92	38	38	18	25	$39.71	$35.56	20	10.05x	23.6%	SAFE	125	$27,625	$286,500	OK
HIMS +10C −20P +5P −32C	$29.65	10	20	5	32	$17.47	$18.64	15	4.04x	83.1%	SAFE	15	$7,395	$44,475	OK
NVDA +215C −225P +200P −250C	$241.47	215	225	200	250	$264.80	$230.23	25	1.50x	17.2%	SAFE	10	$49,800	$241,470	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,314,663
CRWV → +105C −120P +40P −100C	$90.79	105	120	40	100	$125.45	$129.72	80	4.91x	55.9%	SAFE	5	$10,225	$45,395	ROLL NOW (45d)
IREN (Neville) → +45C −65P +21P −60C	$40.88	45	65	21	60	$56.50	$58.12	44	15.67x	48.6%	SAFE	20	$6,000	$81,760	ROLL NOW (45d)
MU (Neville) → +970C −1110P +390P −1150C	$1062.07	970	1110	390	1150	$1220.00	$1225.93	720	3.88x	63.3%	SAFE	2	$50,000	$212,414	ROLL NOW (45d)
SNDK → +1200C −1380P +810P −1830C	$1682.23	1200	1380	810	1830	$1620.00	$1623.93	570	2.36x	51.8%	SAFE	1	$42,000	$168,223	ROLL NOW (45d)
SPY +640C −780C	$778.98	640	0	0	780	$764.00	$703.58	0	1.00x	0.0%	N/A	12	$148,800	$934,776	LEAPS-ONLY
CRCL +45C −65P +40P −91C	$85.00	45	65	40	91	$87.00	$90.97	25	1.60x	52.9%	SAFE	5	$21,000	$42,500	OK
GOOG (Neville) +300C −345P +310P −360C	$341.91	300	345	310	360	$373.00	$345.95	35	1.48x	9.3%	OK	15	$109,500	$512,865	OK
GOOG (Neville) +340C −405P +360P −360C	$341.91	340	405	360	360	$398.00	$386.13	45	1.88x	-5.3%	ITM	5	$25,500	$170,955	OK
INTC +85C −100P +35P −133C	$116.22	85	100	35	133	$114.00	$115.23	65	3.24x	69.9%	SAFE	5	$14,500	$58,110	OK
SPCX +150C −195P +135P −195C	$175.33	150	195	135	195	$186.00	$189.60	60	3.22x	23.0%	SAFE	5	$13,500	$87,665	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $1,106,162
AAPL → +240C −330P +285P −340C	$332.10	240	330	285	340	$334.64	$336.86	45	1.48x	14.2%	SAFE	5	$47,320	$166,050	ROLL NOW (45d)
APP → +460C −540P +185P −300C	$280.76	460	540	185	300	$588.00	$612.47	355	3.77x	34.1%	SAFE	1	$12,800	$28,076	ROLL NOW (45d)
IREN (RetireInc) → +50C −70P +23P −60C	$40.88	50	70	23	60	$63.43	$66.63	47	7.86x	43.7%	SAFE	20	$13,700	$81,760	ROLL NOW (45d)
MARA (RetireInc) +40C	$11.25	40	0	0	0	$41.04	$11.68	0	1.00x	0.0%	N/A	500	$52,000	$562,500	LEAPS-ONLY
CLSK +17C −17P +10P	$12.51	17	17	10	0	$20.74	$18.34	7	2.87x	20.0%	SAFE	25	$9,350	$31,263	OK
ENPH +45C −60P +20P	$33.35	45	60	20	0	$56.15	$58.79	40	6.48x	40.0%	SAFE	10	$7,300	$33,350	OK
MSTR (RetireInc) +125C −185P +55P −170C	$167.70	125	185	55	170	$161.00	$163.78	130	11.83x	67.2%	SAFE	4	$4,800	$67,080	OK
QCOM +190C −210P +100P −220C	$179.67	190	210	100	220	$224.00	$225.92	110	4.24x	44.3%	SAFE	5	$17,000	$89,835	OK
RKLB +115C −135P +45P −78C	$77.08	115	135	45	78	$141.55	$148.83	90	4.39x	41.6%	SAFE	6	$15,930	$46,248	OK
Joint (...1782)8 fortress(es) · 2 actionable · IC $490,588 · notional $1,477,140
AMZN → +200C −250P +215P −260C	$252.97	200	250	215	260	$267.92	$271.18	35	1.52x	15.0%	SAFE	5	$33,960	$126,485	REPAIR PLAN (45d)
IREN (Joint) → +25C −47P +35P −60C	$40.88	25	47	35	60	$44.00	$48.66	12	1.75x	14.4%	SAFE	20	$32,000	$81,760	REPAIR PLAN (101d)
GOOG (Joint) +310C −355C	$341.91	310	0	0	355	$392.50	$349.45	0	1.00x	0.0%	N/A	5	$41,250	$170,955	LEAPS-ONLY
IBIT +75C	$48.91	75	0	0	0	$70.58	$53.00	0	1.00x	0.0%	N/A	50	$22,328	$244,550	LEAPS-ONLY
MSTR (Joint) +180C −170C	$167.70	180	0	0	170	$233.00	$174.46	0	1.00x	0.0%	N/A	10	$53,000	$167,700	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$26.80	23	18	25	0	$36.42	$24.75	0	1.00x	6.7%	OK	150	$201,300	$402,000	OK
COPX +65C −90P +68P −89C	$85.08	65	90	68	89	$93.40	$96.66	22	1.77x	20.1%	SAFE	20	$56,800	$170,160	OK
HOOD +65C −95P +80P −120C	$113.53	65	95	80	120	$114.95	$118.73	15	1.30x	29.5%	SAFE	10	$49,950	$113,530	OK

Main (...1299)13 fortress(es) · 4 actionable · overview rows

GLD: HP 330P Maintenance Roll-Out · exp Nov 20 '26, 45d

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: $380.95 Current HP: 330P (45d, 13.4% OTM) Current hedge: $5,678/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $26,024/yr Cost cap: 50% of CC = $13,012/yr IV: MEDIUM 19 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 73d, 13.4% OTM) | Cost: $7,000/yr (27% of CC) | New ML: $256,000 = ML | Roll DEBIT $730 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 342P (Jan 15 '27, 101d, 10.2% OTM) | Cost: $12,287/yr (47% of CC) | New ML: $244,000 ↓ $12,000 | Roll DEBIT $2,730 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	73d	13.4%	$1.34	$1.40	$7,000	27%	$256,000	=	D $730
2	330	Dec 31	86d	13.4%	$1.61	$1.76	$7,470	29%	$256,000	=	D $1,090
3	330	Jan 15	101d	13.4%	$2.05	$2.12	$7,661	29%	$256,000	=	D $1,450
4	331	Jan 15	101d	13.1%	$2.13	$2.20	$7,950	31%	$255,000	-$1,000	D $1,530
5	332	Jan 15	101d	12.8%	$2.21	$2.28	$8,240	32%	$254,000	-$2,000	D $1,610
6	335	Dec 18	73d	12.1%	$1.67	$1.72	$8,600	33%	$251,000	-$5,000	D $1,050
7	333	Jan 15	101d	12.6%	$2.27	$2.42	$8,746	34%	$253,000	-$3,000	D $1,750
8	335	Dec 31	86d	12.1%	$1.97	$2.12	$8,998	35%	$251,000	-$5,000	D $1,450
9	334	Jan 15	101d	12.3%	$2.36	$2.51	$9,071	35%	$252,000	-$4,000	D $1,840
10	335	Jan 15	101d	12.1%	$2.45	$2.60	$9,396	36%	$251,000	-$5,000	D $1,930
11	336	Jan 15	101d	11.8%	$2.55	$2.66	$9,613	37%	$250,000	-$6,000	D $1,990
12	337	Jan 15	101d	11.5%	$2.65	$2.80	$10,119	39%	$249,000	-$7,000	D $2,130
▶ 13	342 PROT	Jan 15	101d	10.2%	$3.25	$3.40	$12,287	47%	$244,000	-$12,000	D $2,730

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $469 — assignment locks a loss · $393, B $5.00	$58,065/yr	$7,000/yr	SELF-FUNDING
CC at MID $393 0.5σ, B $5.00	$58,065/yr	$7,000/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($393, bid $5.00). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Main): HP 340P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $1062.07 Current HP: 340P (45d, 68.0% OTM) Current hedge: $892/yr Current ML: $409,300 If HP lapses: ML $579,300 (+$170,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $573,929/yr Cost cap: 25% of CC = $143,482/yr IV: HIGH 128 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 360P (Dec 18 '26, 73d, 66.1% OTM) | Cost: $1,000/yr (0% of CC) | New ML: $399,300 ↓ $10,000 | Roll DEBIT $195 | Margin (TIMS): $67,576

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 970P (Jan 15 '27, 101d, 8.7% OTM) | Cost: $108,235/yr (19% of CC) | New ML: $94,300 ↓ $315,000 | Roll DEBIT $29,945 | Margin (TIMS): $23,200

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	360 CHEAP	Dec 18	73d	66.1%	$0.20	$0.40	$1,000	0%	$399,300	-$10,000	D $195
2	400	Dec 18	73d	62.3%	$0.30	$0.50	$1,250	0%	$379,300	-$30,000	D $245
3	370	Dec 18	73d	65.2%	$0.05	$0.56	$1,400	0%	$394,300	-$15,000	D $275
4	380	Dec 18	73d	64.2%	$0.08	$0.60	$1,500	0%	$389,300	-$20,000	D $295
5	340	Jan 15	101d	68.0%	$0.01	$1.00	$1,807	0%	$409,300	=	D $495
6	350	Jan 15	101d	67.0%	$0.02	$1.00	$1,807	0%	$404,300	-$5,000	D $495
7	430	Dec 18	73d	59.5%	$0.01	$0.80	$2,000	0%	$364,300	-$45,000	D $395
8	340	Dec 18	73d	68.0%	$0.04	$0.82	$2,050	0%	$409,300	=	D $405
9	410	Dec 18	73d	61.4%	$0.06	$0.85	$2,125	0%	$374,300	-$35,000	D $420
10	360	Jan 15	101d	66.1%	$0.02	$1.50	$2,710	0%	$399,300	-$10,000	D $745
11	440	Dec 18	73d	58.6%	$0.16	$1.10	$2,750	0%	$359,300	-$50,000	D $545
12	450	Jan 15	101d	57.6%	$1.02	$1.58	$2,855	0%	$354,300	-$55,000	D $785
▶ 13	970 PROT	Jan 15	101d	8.7%	$55.30	$59.90	$108,235	19%	$94,300	-$315,000	D $29,945

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1045, B $64.30	$373,355/yr	$1,000/yr	SELF-FUNDING
CC at MID $1140 0.6σ, B $28.00	$162,581/yr	$1,000/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1045, bid $64.30). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 101d

Stock: $26.80 HP: ITM Current hedge: $340,606/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $80,786/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (45d) 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	101d	10.4%	$2.64	$15.76	$78,800	$47,703	$46,980	$292,903	-6	$-30,000	N/A	N/A	0.85x	PASS
2	22	Jan 15	101d	16.0%	$2.02	$16.38	$81,900	$36,500	$58,725	$304,106	-4	$-22,500	N/A	N/A	0.89x	PASS
3	21	Jan 15	101d	21.6%	$1.49	$16.91	$84,550	$26,923	$72,277	$313,683	-3	$-15,000	N/A	N/A	0.93x	PASS
4	20	Jan 15	101d	25.4%	$1.18	$17.22	$86,100	$21,322	$65,953	$319,285	-2	$-10,000	N/A	N/A	0.95x	PASS
5	19	Jan 15	101d	29.1%	$0.93	$17.47	$87,350	$16,804	$54,208	$323,802	-1	$-5,000	N/A	N/A	0.98x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.29	$16,839/yr	$47,703/yr	DEFICIT $2,572/mo
CC at MID $30 0.7σ, B $1.00	$58,065/yr	$47,703/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $26.80 → $20.64, hedge $46,980/yr)
CC at SS income stress-adjusted	$16,839/yr	$46,980/yr	DEFICIT $2,512/mo
CC at MID income stress-adjusted	$16,839/yr	$46,980/yr	DEFICIT $2,512/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($30, bid $1.00) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,512/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Roll-Down · exp Jan 15 '27, 101d

Stock: $40.88 HP: 14.4% OTM Current hedge: $25,297/yr Baseline (roll-fwd, savings vs this): $25,297/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $66,045/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (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	30	Jan 15	101d	26.6%	$1.80	$1.50	$3,000	$13,010	$29,995	$12,287	17	$10,000	10mo	2mo	2.06x	PASS
2	32	Jan 15	101d	21.7%	$2.50	$0.80	$1,600	$18,069	$40,331	$7,228	15	$6,000	10mo	1mo	1.94x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $1.19	$27,639/yr	$13,010/yr	SELF-FUNDING
CC at MID $47 0.7σ, B $1.56	$36,232/yr	$13,010/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $40.88 → $31.88, hedge $29,995/yr)
CC at SS income stress-adjusted	$7,897/yr	$29,995/yr	DEFICIT $1,842/mo
CC at MID income stress-adjusted	$7,897/yr	$29,995/yr	DEFICIT $1,842/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $1.56) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,842/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

CRWV: HP 40P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $90.79 Current HP: 40P (45d, 55.9% OTM) Current hedge: $446/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $34,392/yr Cost cap: 25% of CC = $8,598/yr IV: HIGH 24 qualifying ⚠ ER 2026-11-11 INTRADAY (36d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 73d, 55.9% OTM) | Cost: $500/yr (1% of CC) | New ML: $50,225 = ML | Roll DEBIT $80 | Margin (TIMS): $2,305

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 70P (Dec 18 '26, 73d, 22.9% OTM) | Cost: $8,125/yr (24% of CC) | New ML: $35,225 ↓ $15,000 | Roll DEBIT $1,605 | Margin (TIMS): $2,213

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	73d	55.9%	$0.02	$0.20	$500	1%	$50,225	=	D $80
2	45	Dec 18	73d	50.4%	$0.17	$0.27	$675	2%	$47,725	-$2,500	D $115
3	40	Jan 15	101d	55.9%	$0.06	$0.40	$723	2%	$50,225	=	D $180
4	42	Dec 18	73d	53.2%	$0.04	$0.31	$775	2%	$48,975	-$1,250	D $135
5	42	Jan 15	101d	53.2%	$0.22	$0.52	$940	3%	$48,975	-$1,250	D $240
6	45	Jan 15	101d	50.4%	$0.32	$0.53	$958	3%	$47,725	-$2,500	D $245
7	50	Dec 18	73d	44.9%	$0.44	$0.47	$1,175	3%	$45,225	-$5,000	D $215
8	48	Dec 18	73d	47.7%	$0.18	$0.52	$1,300	4%	$46,475	-$3,750	D $240
9	48	Jan 15	101d	47.7%	$0.46	$0.84	$1,518	4%	$46,475	-$3,750	D $400
10	50	Jan 15	101d	44.9%	$0.68	$1.04	$1,879	5%	$45,225	-$5,000	D $500
11	55	Dec 18	73d	39.4%	$0.74	$0.79	$1,975	6%	$42,725	-$7,500	D $375
12	52	Jan 15	101d	42.2%	$0.85	$1.32	$2,385	7%	$43,975	-$6,250	D $640
▶ 13	70 PROT	Dec 18	73d	22.9%	$3.00	$3.25	$8,125	24%	$35,225	-$15,000	D $1,605

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $130, B $0.63	$3,658/yr	$500/yr	SELF-FUNDING
CC at MID $105 0.8σ, B $3.05	$17,710/yr	$500/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($130, bid $0.63). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $40.88 Current HP: 21P (45d, 48.6% OTM) Current hedge: $1,460/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $66,045/yr Cost cap: 25% of CC = $16,511/yr IV: HIGH 9 qualifying ⚠ ER 2026-11-05 INTRADAY (30d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 22P (Dec 18 '26, 73d, 46.2% OTM) | Cost: $2,800/yr (4% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $440 | Margin (TIMS): $2,068

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 31P (Dec 18 '26, 73d, 24.2% OTM) | Cost: $15,700/yr (24% of CC) | New ML: $74,000 ↓ $20,000 | Roll DEBIT $3,020 | Margin (TIMS): $1,634

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	73d	46.2%	$0.14	$0.28	$2,800	4%	$92,000	-$2,000	D $440
2	22	Jan 15	101d	46.2%	$0.24	$0.59	$4,264	6%	$92,000	-$2,000	D $1,060
3	25	Dec 18	73d	38.8%	$0.27	$0.47	$4,700	7%	$86,000	-$8,000	D $820
4	25	Jan 15	101d	38.8%	$0.61	$0.93	$6,722	10%	$86,000	-$8,000	D $1,740
5	27	Dec 18	73d	34.0%	$0.59	$0.80	$8,000	12%	$82,000	-$12,000	D $1,480
6	27	Jan 15	101d	34.0%	$0.81	$1.25	$9,035	14%	$82,000	-$12,000	D $2,380
7	30	Dec 18	73d	26.6%	$0.99	$1.19	$11,900	18%	$76,000	-$18,000	D $2,260
8	30	Jan 15	101d	26.6%	$1.66	$1.80	$13,010	20%	$76,000	-$18,000	D $3,480
▶ 9	31 PROT	Dec 18	73d	24.2%	$1.22	$1.57	$15,700	24%	$74,000	-$20,000	D $3,020

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $60, B $0.34	$7,897/yr	$2,800/yr	SELF-FUNDING
CC at MID $47 0.7σ, B $1.56	$36,232/yr	$2,800/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.34). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Neville): HP 390P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $1062.07 Current HP: 390P (45d, 63.3% OTM) Current hedge: $730/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $69,823/yr Cost cap: 25% of CC = $17,456/yr IV: HIGH 94 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 73d, 62.3% OTM) | Cost: $500/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $98 | Margin (TIMS): $57,496

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 860P (Dec 18 '26, 73d, 19.0% OTM) | Cost: $17,000/yr (24% of CC) | New ML: $100,000 ↓ $94,000 | Roll DEBIT $3,398 | Margin (TIMS): $21,421

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	73d	62.3%	$0.30	$0.50	$500	1%	$192,000	-$2,000	D $98
2	430	Dec 18	73d	59.5%	$0.01	$0.80	$800	1%	$186,000	-$8,000	D $158
3	410	Dec 18	73d	61.4%	$0.06	$0.85	$850	1%	$190,000	-$4,000	D $168
4	440	Dec 18	73d	58.6%	$0.16	$1.10	$1,100	2%	$184,000	-$10,000	D $218
5	450	Jan 15	101d	57.6%	$1.02	$1.58	$1,142	2%	$182,000	-$12,000	D $314
6	390	Jan 15	101d	63.3%	$0.15	$1.65	$1,193	2%	$194,000	=	D $328
7	390	Dec 18	73d	63.3%	$0.01	$1.22	$1,220	2%	$194,000	=	D $242
8	400	Jan 15	101d	62.3%	$0.19	$1.69	$1,221	2%	$192,000	-$2,000	D $336
9	410	Jan 15	101d	61.4%	$0.21	$1.71	$1,236	2%	$190,000	-$4,000	D $340
10	420	Jan 15	101d	60.5%	$0.25	$1.75	$1,265	2%	$188,000	-$6,000	D $348
11	480	Dec 18	73d	54.8%	$0.51	$1.27	$1,270	2%	$176,000	-$18,000	D $252
12	460	Jan 15	101d	56.7%	$1.02	$1.76	$1,272	2%	$180,000	-$14,000	D $350
▶ 13	860 PROT	Dec 18	73d	19.0%	$15.55	$17.00	$17,000	24%	$100,000	-$94,000	D $3,398

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,226 — assignment locks a loss · $1140, B $28.00	$65,032/yr	$500/yr	SELF-FUNDING
CC at MID $1140 0.6σ, B $28.00	$65,032/yr	$500/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1140, bid $28.00). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

SNDK: HP 810P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $1682.23 Current HP: 810P (45d, 51.8% OTM) Current hedge: $2,028/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $222,870/yr Cost cap: 25% of CC = $55,718/yr IV: HIGH 144 qualifying ⚠ ER 2026-10-29 AMC (23d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 880P (Dec 18 '26, 73d, 47.7% OTM) | Cost: $1,600/yr (1% of CC) | New ML: $92,000 ↓ $7,000 | Roll DEBIT $320 | Margin (TIMS): $86,163

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 101d, 18.0% OTM) | Cost: $25,695/yr (12% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $7,110 | Margin (TIMS): $43,815

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	880 CHEAP	Dec 18	73d	47.7%	$1.30	$3.20	$1,600	1%	$92,000	-$7,000	D $320
2	840	Jan 15	101d	50.1%	$2.40	$5.00	$1,807	1%	$96,000	-$3,000	D $500
3	850	Jan 15	101d	49.5%	$3.30	$5.30	$1,915	1%	$95,000	-$4,000	D $530
4	860	Jan 15	101d	48.9%	$3.50	$5.40	$1,951	1%	$94,000	-$5,000	D $540
5	810	Jan 15	101d	51.8%	$0.05	$5.60	$2,024	1%	$99,000	=	D $560
6	870	Jan 15	101d	48.3%	$3.70	$5.70	$2,060	1%	$93,000	-$6,000	D $570
7	820	Jan 15	101d	51.3%	$0.70	$5.80	$2,096	1%	$98,000	-$1,000	D $580
8	830	Jan 15	101d	50.7%	$0.95	$5.90	$2,132	1%	$97,000	-$2,000	D $590
9	880	Jan 15	101d	47.7%	$2.60	$5.90	$2,132	1%	$92,000	-$7,000	D $590
10	890	Jan 15	101d	47.1%	$4.20	$6.10	$2,204	1%	$91,000	-$8,000	D $610
11	900	Jan 15	101d	46.5%	$3.00	$6.40	$2,313	1%	$90,000	-$9,000	D $640
12	930	Jan 15	101d	44.7%	$4.20	$6.50	$2,349	1%	$87,000	-$12,000	D $650
▶ 13	1380 PROT	Jan 15	101d	18.0%	$65.70	$71.10	$25,695	12%	$42,000	-$57,000	D $7,110

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1650, B $138.30	$160,606/yr	$1,600/yr	SELF-FUNDING
CC at MID $1745 0.2σ, B $96.30	$111,832/yr	$1,600/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1650, bid $138.30). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AAPL: HP 285P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $332.10 Current HP: 285P (45d, 14.2% OTM) Current hedge: $4,704/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $32,896/yr Cost cap: 25% of CC = $8,224/yr IV: MEDIUM 4 qualifying ⚠ ER 2026-10-29 AMC (23d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 285 → 285P (Dec 18 '26, 73d, 14.2% OTM) | Cost: $5,625/yr (17% of CC) | New ML: $69,820 = ML | Roll DEBIT $605 | Margin (TIMS): $5,832

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 290P (Dec 18 '26, 73d, 12.7% OTM) | Cost: $6,875/yr (21% of CC) | New ML: $67,320 ↓ $2,500 | Roll DEBIT $855 | Margin (TIMS): $5,599

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	73d	14.2%	$2.04	$2.25	$5,625	17%	$69,820	=	D $605
2	285	Jan 15	101d	14.2%	$3.05	$3.25	$5,873	18%	$69,820	=	D $1,105
▶ 3	290 PROT	Dec 18	73d	12.7%	$2.56	$2.75	$6,875	21%	$67,320	-$2,500	D $855
4	290	Jan 15	101d	12.7%	$3.65	$3.85	$6,957	21%	$67,320	-$2,500	D $1,405

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $6.80	$39,484/yr	$5,625/yr	SELF-FUNDING
CC at MID $350 0.7σ, B $3.65	$21,194/yr	$5,625/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $6.80). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

APP: HP 185P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $280.76 Current HP: 185P (45d, 34.1% OTM) Current hedge: $1,744/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $18,003/yr Cost cap: 25% of CC = $4,501/yr IV: HIGH 10 qualifying ⚠ ER 2026-11-04 INTRADAY (29d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Dec 18 '26, 73d, 34.1% OTM) | Cost: $1,700/yr (9% of CC) | New ML: $48,300 = ML | Roll DEBIT $265 | Margin (TIMS): $9,595

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Jan 15 '27, 101d, 25.2% OTM) | Cost: $3,614/yr (20% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $925 | Margin (TIMS): $8,940

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	73d	34.1%	$2.10	$3.40	$1,700	9%	$48,300	=	D $265
2	185	Jan 15	101d	34.1%	$3.50	$5.50	$1,988	11%	$48,300	=	D $475
3	190	Jan 15	101d	32.3%	$4.20	$6.20	$2,241	12%	$47,800	-$500	D $545
4	190	Dec 18	73d	32.3%	$2.30	$4.50	$2,250	12%	$47,800	-$500	D $375
5	195	Dec 18	73d	30.5%	$3.00	$5.00	$2,500	14%	$47,300	-$1,000	D $425
6	195	Jan 15	101d	30.5%	$4.90	$7.00	$2,530	14%	$47,300	-$1,000	D $625
7	200	Jan 15	101d	28.8%	$5.70	$7.90	$2,855	16%	$46,800	-$1,500	D $715
8	200	Dec 18	73d	28.8%	$3.50	$5.90	$2,950	16%	$46,800	-$1,500	D $515
▶ 9	210 PROT	Jan 15	101d	25.2%	$7.70	$10.00	$3,614	20%	$45,800	-$2,500	D $925
10	210	Dec 18	73d	25.2%	$5.00	$7.70	$3,850	21%	$45,800	-$2,500	D $695

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $612 — assignment locks a loss · $375, B $2.20	$2,555/yr	$1,700/yr	SELF-FUNDING
CC at MID $320 0.7σ, B $9.70	$11,265/yr	$1,700/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($375, bid $2.20). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Nov 20 '26, 45d

Stock: $40.88 Current HP: 23P (45d, 43.7% OTM) Current hedge: $2,758/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $66,045/yr Cost cap: 25% of CC = $16,511/yr IV: HIGH 7 qualifying ⚠ ER 2026-11-05 INTRADAY (30d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 25P (Dec 18 '26, 73d, 38.8% OTM) | Cost: $4,700/yr (7% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $840 | Margin (TIMS): $1,991

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 31P (Dec 18 '26, 73d, 24.2% OTM) | Cost: $15,700/yr (24% of CC) | New ML: $91,700 ↓ $16,000 | Roll DEBIT $3,040 | Margin (TIMS): $1,646

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	73d	38.8%	$0.27	$0.47	$4,700	7%	$103,700	-$4,000	D $840
2	25	Jan 15	101d	38.8%	$0.61	$0.93	$6,722	10%	$103,700	-$4,000	D $1,760
3	27	Dec 18	73d	34.0%	$0.59	$0.80	$8,000	12%	$99,700	-$8,000	D $1,500
4	27	Jan 15	101d	34.0%	$0.81	$1.25	$9,035	14%	$99,700	-$8,000	D $2,400
5	30	Dec 18	73d	26.6%	$0.99	$1.19	$11,900	18%	$93,700	-$14,000	D $2,280
6	30	Jan 15	101d	26.6%	$1.66	$1.80	$13,010	20%	$93,700	-$14,000	D $3,500
▶ 7	31 PROT	Dec 18	73d	24.2%	$1.22	$1.57	$15,700	24%	$91,700	-$16,000	D $3,040

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $67 — assignment locks a loss · $60, B $0.34	$7,897/yr	$4,700/yr	SELF-FUNDING
CC at MID $47 0.7σ, B $1.56	$36,232/yr	$4,700/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($60, bid $0.34). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 45d

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: $252.97 HP: 15.0% OTM Current hedge: $7,422/yr Baseline (roll-fwd, savings vs this): $7,589/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $19,218/yr IV: MEDIUM OTM floor: 10% Stress: 11% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-10-29 AMC (23d) 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	101d	17.0%	$3.40	$-1.63	$-815	$6,144	$13,552	$1,446	40	$2,500	21mo	1mo	1.59x	PASS
2	205	Jan 15	101d	19.0%	$2.80	$-1.03	$-515	$5,059	$10,932	$2,530	45	$5,000	24mo	3mo	1.66x	PASS
3	180	Jan 15	101d	28.8%	$1.07	$0.70	$350	$1,933	$3,632	$5,656	70	$17,500	37mo	8mo	2.03x	FAIL
4	185	Jan 15	101d	26.9%	$1.28	$0.49	$245	$2,313	$4,282	$5,276	65	$15,000	34mo	7mo	1.96x	FAIL
5	190	Jan 15	101d	24.9%	$1.55	$0.22	$110	$2,801	$5,692	$4,788	60	$12,500	31mo	6mo	1.88x	FAIL
6	195	Jan 15	101d	22.9%	$1.85	$-0.08	$-40	$3,343	$7,137	$4,246	55	$10,000	28mo	5mo	1.81x	FAIL
7	200	Jan 15	101d	20.9%	$2.22	$-0.45	$-225	$4,011	$8,764	$3,578	50	$7,500	25mo	4mo	1.74x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $4.20	$24,387/yr	$6,144/yr	SELF-FUNDING
CC at MID $270 0.6σ, B $5.50	$31,935/yr	$6,144/yr	SELF-FUNDING
AT 11% DRAWDOWN (stock $252.97 → $224.12, hedge $13,552/yr)
CC at SS income stress-adjusted	$2,671/yr	$13,552/yr	DEFICIT $907/mo
CC at MID income stress-adjusted	$4,065/yr	$13,552/yr	DEFICIT $791/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($270, bid $5.50) in NORMAL markets. Self-funds today.
In 11% drawdown, even MID is short ~$791/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Jan 15 '27, 101d

Stock: $40.88 HP: 14.4% OTM Current hedge: $25,297/yr Baseline (roll-fwd, savings vs this): $25,297/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $66,045/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (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	30	Jan 15	101d	26.6%	$1.80	$1.50	$3,000	$13,010	$29,995	$12,287	17	$10,000	10mo	2mo	2.06x	PASS
2	32	Jan 15	101d	21.7%	$2.50	$0.80	$1,600	$18,069	$40,331	$7,228	15	$6,000	10mo	1mo	1.94x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (31d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $1.19	$27,639/yr	$13,010/yr	SELF-FUNDING
CC at MID $47 0.7σ, B $1.56	$36,232/yr	$13,010/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $40.88 → $31.88, hedge $29,995/yr)
CC at SS income stress-adjusted	$7,897/yr	$29,995/yr	DEFICIT $1,842/mo
CC at MID income stress-adjusted	$7,897/yr	$29,995/yr	DEFICIT $1,842/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($47, bid $1.56) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,842/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).