Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$408,553/yr

TOTAL HEDGE (REPAIRED)

$73,343/yr

ANNUAL SAVINGS

$335,210/yr

ROLL CREDITS

$85,475

ADDITIONAL MAX LOSS

$-8,000

PORTFOLIO ACTION SUMMARY · 41 positions

9 · ROLL NOW4 · REPAIR PLAN7 · LEAPS-ONLY21 · 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
Main (...1299)14 fortress(es) · 4 actionable · IC $1,234,550 · notional $3,360,540
GLD → +320C −450P +330P −413C	$382.05	320	450	330	413	$456.00	$469.14	120	1.88x	13.6%	SAFE	10	$136,000	$382,050	ROLL NOW (45d)
MU (Main) → +880C −1010P +340P −1125C	$1048.44	880	1010	340	1125	$1028.60	$1038.93	670	5.51x	67.6%	SAFE	5	$74,300	$524,220	ROLL NOW (45d)
BMNR (Main) → +25C −18P +45P	$25.96	25	18	45	0	$65.83	$60.70	0	1.00x	-73.3%	ITM	50	$204,150	$129,800	REPAIR PLAN (101d)
IREN (Main) → +25C −47P +35P −60C	$41.59	25	47	35	60	$44.00	$48.79	12	1.75x	15.8%	SAFE	20	$32,000	$83,170	REPAIR PLAN (101d)
IGV +70C −115C	$111.12	70	0	0	115	$96.50	$87.80	0	1.00x	0.0%	N/A	12	$31,800	$133,344	LEAPS-ONLY
MARA (Main) +13C	$10.99	13	0	0	0	$16.75	$11.36	0	1.00x	0.0%	N/A	400	$150,000	$439,600	LEAPS-ONLY
AMD +410C −550P +470P −685C	$650.08	410	550	470	685	$649.20	$658.62	80	1.33x	27.7%	SAFE	2	$47,840	$130,016	OK
BMNR (Main) +23C −18P +25P	$25.96	23	18	25	0	$53.26	$47.31	0	1.00x	3.7%	TIGHT	75	$226,950	$194,700	OK
COIN (Main) +165C −240P +90P −210C	$185.41	165	240	90	210	$210.90	$212.60	150	9.93x	51.5%	SAFE	8	$13,440	$148,328	OK
COIN (Main) +500C −330P +300P −210C	$185.41	500	330	300	210	$563.00	$377.50	30	1.48x	-61.8%	ITM	25	$157,500	$463,525	OK
DELL +310C −400P +320P −650C	$575.38	310	400	320	650	$562.50	$570.20	80	1.32x	44.4%	SAFE	3	$75,750	$172,612	OK
GLXY +38C −38P +18P −24C	$22.07	38	38	18	24	$39.71	$35.23	20	10.05x	20.7%	SAFE	125	$27,625	$275,875	OK
HIMS +10C −20P +5P −32C	$29.30	10	20	5	32	$17.47	$18.82	15	4.04x	82.9%	SAFE	15	$7,395	$43,950	OK
NVDA +215C −225P +200P −250C	$239.35	215	225	200	250	$264.80	$230.35	25	1.50x	16.4%	SAFE	10	$49,800	$239,350	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,315,459
CRWV → +105C −120P +40P −100C	$91.78	105	120	40	100	$125.45	$128.28	80	4.91x	56.4%	SAFE	5	$10,225	$45,890	ROLL NOW (45d)
IREN (Neville) → +45C −65P +21P −45C	$41.59	45	65	21	45	$56.50	$57.89	44	15.67x	49.5%	SAFE	20	$6,000	$83,170	ROLL NOW (45d)
MU (Neville) → +970C −1110P +390P −1150C	$1048.44	970	1110	390	1150	$1220.00	$1228.15	720	3.88x	62.8%	SAFE	2	$50,000	$209,688	ROLL NOW (45d)
SNDK → +1200C −1380P +810P −1760C	$1661.05	1200	1380	810	1760	$1620.00	$1624.91	570	2.36x	51.2%	SAFE	1	$42,000	$166,105	ROLL NOW (45d)
SPY +640C −800C	$779.48	640	0	0	800	$764.00	$703.01	0	1.00x	0.0%	N/A	12	$148,800	$935,376	LEAPS-ONLY
CRCL +45C −65P +40P −91C	$84.41	45	65	40	91	$87.00	$90.66	25	1.60x	52.6%	SAFE	5	$21,000	$42,205	OK
GOOG (Neville) +300C −345P +310P −360C	$344.97	300	345	310	360	$373.00	$345.70	35	1.48x	10.1%	SAFE	15	$109,500	$517,455	OK
GOOG (Neville) +340C −405P +360P −360C	$344.97	340	405	360	360	$398.00	$385.72	45	1.88x	-4.4%	ITM	5	$25,500	$172,485	OK
INTC +85C −100P +35P −123C	$113.30	85	100	35	123	$114.00	$115.25	65	3.24x	69.1%	SAFE	5	$14,500	$56,650	OK
SPCX +150C −195P +135P −195C	$172.87	150	195	135	195	$186.00	$189.67	60	3.22x	21.9%	SAFE	5	$13,500	$86,435	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $1,092,978
AAPL → +240C −330P +285P −340C	$334.14	240	330	285	340	$334.64	$336.89	45	1.48x	14.7%	SAFE	5	$47,320	$167,070	ROLL NOW (45d)
APP → +460C −540P +185P −300C	$279.37	460	540	185	300	$588.00	$612.88	355	3.77x	33.8%	SAFE	1	$12,800	$27,937	ROLL NOW (45d)
IREN (RetireInc) → +50C −70P +23P −45C	$41.59	50	70	23	45	$63.43	$66.26	47	7.86x	44.7%	SAFE	20	$13,700	$83,170	ROLL NOW (45d)
MARA (RetireInc) +40C	$10.99	40	0	0	0	$41.04	$11.85	0	1.00x	0.0%	N/A	500	$52,000	$549,500	LEAPS-ONLY
CLSK +17C −17P +10P	$12.21	17	17	10	0	$20.74	$18.29	7	2.87x	18.1%	SAFE	25	$9,350	$30,512	OK
ENPH +45C −60P +20P	$33.88	45	60	20	0	$56.15	$58.28	40	6.48x	41.0%	SAFE	10	$7,300	$33,880	OK
MSTR (RetireInc) +125C −185P +55P −170C	$164.43	125	185	55	170	$161.00	$163.24	130	11.83x	66.6%	SAFE	4	$4,800	$65,772	OK
QCOM +190C −210P +100P −220C	$180.74	190	210	100	220	$224.00	$227.13	110	4.24x	44.7%	SAFE	5	$17,000	$90,370	OK
RKLB +115C −135P +45P −90C	$74.61	115	135	45	90	$141.55	$147.57	90	4.39x	39.7%	SAFE	6	$15,930	$44,766	OK
Joint (...1782)8 fortress(es) · 2 actionable · IC $490,588 · notional $1,464,325
AMZN → +200C −250P +215P −275C	$256.32	200	250	215	275	$267.92	$271.23	35	1.52x	16.1%	SAFE	5	$33,960	$128,160	REPAIR PLAN (45d)
IREN (Joint) → +25C −47P +35P −60C	$41.59	25	47	35	60	$44.00	$48.79	12	1.75x	15.8%	SAFE	20	$32,000	$83,170	REPAIR PLAN (101d)
GOOG (Joint) +310C −355C	$344.97	310	0	0	355	$392.50	$349.74	0	1.00x	0.0%	N/A	5	$41,250	$172,485	LEAPS-ONLY
IBIT +75C	$48.44	75	0	0	0	$70.58	$52.91	0	1.00x	0.0%	N/A	50	$22,328	$242,200	LEAPS-ONLY
MSTR (Joint) +180C −200C	$164.43	180	0	0	200	$233.00	$172.14	0	1.00x	0.0%	N/A	10	$53,000	$164,430	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$25.96	23	18	25	0	$36.42	$24.86	0	1.00x	3.7%	TIGHT	150	$201,300	$389,400	OK
COPX +65C −90P +68P −89C	$86.26	65	90	68	89	$93.40	$96.47	22	1.77x	21.2%	SAFE	20	$56,800	$172,520	OK
HOOD +65C −95P +80P −120C	$111.96	65	95	80	120	$114.95	$120.07	15	1.30x	28.5%	SAFE	10	$49,950	$111,960	OK

Main (...1299)14 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: $382.05 Current HP: 330P (45d, 13.6% OTM) Current hedge: $5,191/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $21,734/yr Cost cap: 50% of CC = $10,867/yr IV: MEDIUM 17 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 73d, 13.6% OTM) | Cost: $6,600/yr (30% of CC) | New ML: $256,000 = ML | Roll DEBIT $720 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 340P (Dec 18 '26, 73d, 11.0% OTM) | Cost: $10,100/yr (46% of CC) | New ML: $246,000 ↓ $10,000 | Roll DEBIT $1,420 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	73d	13.6%	$1.26	$1.32	$6,600	30%	$256,000	=	D $720
2	330	Dec 31	86d	13.6%	$1.52	$1.64	$6,960	32%	$256,000	=	D $1,040
3	330	Jan 15	101d	13.6%	$1.95	$2.03	$7,336	34%	$256,000	=	D $1,430
4	331	Jan 15	101d	13.4%	$2.03	$2.11	$7,625	35%	$255,000	-$1,000	D $1,510
5	332	Jan 15	101d	13.1%	$2.11	$2.19	$7,914	36%	$254,000	-$2,000	D $1,590
6	335	Dec 18	73d	12.3%	$1.57	$1.63	$8,150	37%	$251,000	-$5,000	D $1,030
7	333	Jan 15	101d	12.8%	$2.19	$2.27	$8,203	38%	$253,000	-$3,000	D $1,670
8	335	Dec 31	86d	12.3%	$1.87	$1.99	$8,446	39%	$251,000	-$5,000	D $1,390
9	334	Jan 15	101d	12.6%	$2.25	$2.36	$8,529	39%	$252,000	-$4,000	D $1,760
10	335	Jan 15	101d	12.3%	$2.35	$2.46	$8,890	41%	$251,000	-$5,000	D $1,860
11	336	Jan 15	101d	12.1%	$2.44	$2.55	$9,215	42%	$250,000	-$6,000	D $1,950
12	337	Jan 15	101d	11.8%	$2.54	$2.67	$9,649	44%	$249,000	-$7,000	D $2,070
▶ 13	340 PROT	Dec 18	73d	11.0%	$1.99	$2.02	$10,100	46%	$246,000	-$10,000	D $1,420

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $469 — assignment locks a loss · $394, B $5.15	$59,806/yr	$6,600/yr	SELF-FUNDING
CC at MID $394 0.5σ, B $5.15	$59,806/yr	$6,600/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($394, bid $5.15). 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: $1048.44 Current HP: 340P (45d, 67.6% 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: $453,804/yr Cost cap: 25% of CC = $113,451/yr IV: HIGH 126 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 370P (Dec 18 '26, 73d, 64.7% OTM) | Cost: $875/yr (0% of CC) | New ML: $394,300 ↓ $15,000 | Roll DEBIT $170 | Margin (TIMS): $65,539

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 960P (Jan 15 '27, 101d, 8.4% OTM) | Cost: $103,718/yr (23% of CC) | New ML: $99,300 ↓ $310,000 | Roll DEBIT $28,695 | Margin (TIMS): $22,602

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	370 CHEAP	Dec 18	73d	64.7%	$0.13	$0.35	$875	0%	$394,300	-$15,000	D $170
2	360	Dec 18	73d	65.7%	$0.27	$0.40	$1,000	0%	$399,300	-$10,000	D $195
3	400	Dec 18	73d	61.8%	$0.39	$0.50	$1,250	0%	$379,300	-$30,000	D $245
4	370	Jan 15	101d	64.7%	$0.25	$0.77	$1,391	0%	$394,300	-$15,000	D $380
5	350	Jan 15	101d	66.6%	$0.12	$0.80	$1,446	0%	$404,300	-$5,000	D $395
6	380	Jan 15	101d	63.8%	$0.36	$0.82	$1,482	0%	$389,300	-$20,000	D $405
7	380	Dec 18	73d	63.8%	$0.25	$0.60	$1,500	0%	$389,300	-$20,000	D $295
8	420	Dec 18	73d	59.9%	$0.14	$0.60	$1,500	0%	$369,300	-$40,000	D $295
9	390	Jan 15	101d	62.8%	$0.36	$0.87	$1,572	0%	$384,300	-$25,000	D $430
10	390	Dec 18	73d	62.8%	$0.23	$0.64	$1,600	0%	$384,300	-$25,000	D $315
11	430	Dec 18	73d	59.0%	$0.11	$0.67	$1,675	0%	$364,300	-$45,000	D $330
12	340	Dec 18	73d	67.6%	$0.19	$0.68	$1,700	0%	$409,300	=	D $335
▶ 13	960 PROT	Jan 15	101d	8.4%	$55.20	$57.40	$103,718	23%	$99,300	-$310,000	D $28,695

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1040, B $58.30	$338,516/yr	$875/yr	SELF-FUNDING
CC at MID $1125 0.6σ, B $25.85	$150,097/yr	$875/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1040, bid $58.30). 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: $25.96 HP: ITM Current hedge: $354,158/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $76,329/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 4 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	22	Jan 15	101d	13.3%	$2.00	$16.60	$83,000	$36,139	$47,161	$318,020	-4	$-22,500	N/A	N/A	0.89x	PASS
2	21	Jan 15	101d	19.1%	$1.45	$17.15	$85,750	$26,200	$59,809	$327,958	-3	$-15,000	N/A	N/A	0.93x	PASS
3	20	Jan 15	101d	23.0%	$1.20	$17.40	$87,000	$21,683	$66,134	$332,475	-2	$-10,000	N/A	N/A	0.95x	PASS
4	19	Jan 15	101d	26.8%	$0.93	$17.67	$88,350	$16,804	$56,918	$337,354	-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 $61 — assignment locks a loss · $35, B $0.30	$17,419/yr	$36,139/yr	DEFICIT $1,560/mo
CC at MID $30 0.7σ, B $0.92	$53,419/yr	$36,139/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $25.96 → $20.04, hedge $47,161/yr)
CC at SS income stress-adjusted	$17,419/yr	$47,161/yr	DEFICIT $2,478/mo
CC at MID income stress-adjusted	$17,419/yr	$47,161/yr	DEFICIT $2,478/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($30, bid $0.92) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,478/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: $41.59 HP: 15.8% OTM Current hedge: $23,851/yr Baseline (roll-fwd, savings vs this): $23,851/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $64,049/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	32	Jan 15	101d	23.0%	$2.20	$0.80	$1,600	$15,901	$41,198	$7,950	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	101d	27.9%	$1.65	$1.35	$2,700	$11,926	$29,995	$11,926	17	$10,000	10mo	2mo	2.06x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $1.36	$31,587/yr	$15,901/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.50	$34,839/yr	$15,901/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $41.59 → $32.41, hedge $41,198/yr)
CC at SS income stress-adjusted	$7,897/yr	$41,198/yr	DEFICIT $2,775/mo
CC at MID income stress-adjusted	$7,897/yr	$41,198/yr	DEFICIT $2,775/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,775/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: $91.78 Current HP: 40P (45d, 56.4% OTM) Current hedge: $243/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $35,296/yr Cost cap: 25% of CC = $8,824/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, 56.4% OTM) | Cost: $475/yr (1% of CC) | New ML: $50,225 = ML | Roll DEBIT $75 | Margin (TIMS): $2,285

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 70P (Jan 15 '27, 101d, 23.7% OTM) | Cost: $7,318/yr (21% of CC) | New ML: $35,225 ↓ $15,000 | Roll DEBIT $2,005 | Margin (TIMS): $2,196

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	73d	56.4%	$0.09	$0.19	$475	1%	$50,225	=	D $75
2	40	Jan 15	101d	56.4%	$0.21	$0.30	$542	2%	$50,225	=	D $130
3	45	Dec 18	73d	51.0%	$0.19	$0.28	$700	2%	$47,725	-$2,500	D $120
4	45	Jan 15	101d	51.0%	$0.29	$0.44	$795	2%	$47,725	-$2,500	D $200
5	42	Jan 15	101d	53.7%	$0.23	$0.50	$903	3%	$48,975	-$1,250	D $230
6	48	Dec 18	73d	48.2%	$0.29	$0.39	$975	3%	$46,475	-$3,750	D $175
7	42	Dec 18	73d	53.7%	$0.09	$0.41	$1,025	3%	$48,975	-$1,250	D $185
8	50	Dec 18	73d	45.5%	$0.39	$0.47	$1,175	3%	$45,225	-$5,000	D $215
9	48	Jan 15	101d	48.2%	$0.52	$0.80	$1,446	4%	$46,475	-$3,750	D $380
10	50	Jan 15	101d	45.5%	$0.68	$0.95	$1,717	5%	$45,225	-$5,000	D $455
11	52	Jan 15	101d	42.8%	$0.88	$0.99	$1,789	5%	$43,975	-$6,250	D $475
12	55	Jan 15	101d	40.1%	$1.13	$1.22	$2,204	6%	$42,725	-$7,500	D $590
▶ 13	70 PROT	Jan 15	101d	23.7%	$3.75	$4.05	$7,318	21%	$35,225	-$15,000	D $2,005

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $130, B $0.65	$3,774/yr	$475/yr	SELF-FUNDING
CC at MID $105 0.7σ, B $3.40	$19,742/yr	$475/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($130, bid $0.65). 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: $41.59 Current HP: 21P (45d, 49.5% OTM) Current hedge: $2,109/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $53,477/yr Cost cap: 25% of CC = $13,369/yr IV: HIGH 8 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, 47.1% OTM) | Cost: $2,500/yr (5% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $420 | Margin (TIMS): $2,096

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 30P (Dec 18 '26, 73d, 27.9% OTM) | Cost: $11,300/yr (21% of CC) | New ML: $76,000 ↓ $18,000 | Roll DEBIT $2,180 | Margin (TIMS): $1,741

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	73d	47.1%	$0.20	$0.25	$2,500	5%	$92,000	-$2,000	D $420
2	22	Jan 15	101d	47.1%	$0.30	$0.48	$3,469	6%	$92,000	-$2,000	D $880
3	25	Dec 18	73d	39.9%	$0.38	$0.43	$4,300	8%	$86,000	-$8,000	D $780
4	25	Jan 15	101d	39.9%	$0.65	$0.80	$5,782	11%	$86,000	-$8,000	D $1,520
5	27	Dec 18	73d	35.1%	$0.55	$0.82	$8,200	15%	$82,000	-$12,000	D $1,560
6	27	Jan 15	101d	35.1%	$0.84	$1.31	$9,468	18%	$82,000	-$12,000	D $2,540
▶ 7	30 PROT	Dec 18	73d	27.9%	$0.97	$1.13	$11,300	21%	$76,000	-$18,000	D $2,180
8	30	Jan 15	101d	27.9%	$1.50	$1.65	$11,926	22%	$76,000	-$18,000	D $3,220

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $58, B $0.35	$8,129/yr	$2,500/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.50	$34,839/yr	$2,500/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($58, bid $0.35). 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: $1048.44 Current HP: 390P (45d, 62.8% 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: $69,361/yr Cost cap: 25% of CC = $17,340/yr IV: HIGH 93 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 73d, 61.8% OTM) | Cost: $500/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $98 | Margin (TIMS): $54,089

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 850P (Dec 18 '26, 73d, 18.9% OTM) | Cost: $15,500/yr (22% of CC) | New ML: $102,000 ↓ $92,000 | Roll DEBIT $3,098 | Margin (TIMS): $18,989

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	73d	61.8%	$0.39	$0.50	$500	1%	$192,000	-$2,000	D $98
2	420	Dec 18	73d	59.9%	$0.14	$0.60	$600	1%	$188,000	-$6,000	D $118
3	390	Jan 15	101d	62.8%	$0.36	$0.87	$629	1%	$194,000	=	D $172
4	390	Dec 18	73d	62.8%	$0.23	$0.64	$640	1%	$194,000	=	D $126
5	430	Dec 18	73d	59.0%	$0.11	$0.67	$670	1%	$186,000	-$8,000	D $132
6	410	Jan 15	101d	60.9%	$0.46	$1.08	$781	1%	$190,000	-$4,000	D $214
7	400	Jan 15	101d	61.8%	$0.50	$1.10	$795	1%	$192,000	-$2,000	D $218
8	410	Dec 18	73d	60.9%	$0.11	$0.85	$850	1%	$190,000	-$4,000	D $168
9	420	Jan 15	101d	59.9%	$0.53	$1.18	$853	1%	$188,000	-$6,000	D $234
10	440	Dec 18	73d	58.0%	$0.31	$0.88	$880	1%	$184,000	-$10,000	D $174
11	450	Dec 18	73d	57.1%	$0.46	$0.89	$890	1%	$182,000	-$12,000	D $176
12	430	Jan 15	101d	59.0%	$0.82	$1.24	$896	1%	$186,000	-$8,000	D $246
▶ 13	850 PROT	Dec 18	73d	18.9%	$14.70	$15.50	$15,500	22%	$102,000	-$92,000	D $3,098

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,228 — assignment locks a loss · $1125, B $25.85	$60,039/yr	$500/yr	SELF-FUNDING
CC at MID $1125 0.6σ, B $25.85	$60,039/yr	$500/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1125, bid $25.85). 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: $1661.05 Current HP: 810P (45d, 51.2% OTM) Current hedge: $2,190/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $192,223/yr Cost cap: 25% of CC = $48,056/yr IV: HIGH 138 qualifying ⚠ ER 2026-10-29 AMC (23d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 810P (Dec 18 '26, 73d, 51.2% OTM) | Cost: $1,025/yr (1% of CC) | New ML: $99,000 = ML | Roll DEBIT $205 | Margin (TIMS): $88,475

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 101d, 16.9% OTM) | Cost: $27,285/yr (14% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $7,550 | Margin (TIMS): $39,914

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	810 CHEAP	Dec 18	73d	51.2%	$0.65	$2.05	$1,025	1%	$99,000	=	D $205
2	850	Dec 18	73d	48.8%	$1.60	$2.20	$1,100	1%	$95,000	-$4,000	D $220
3	820	Dec 18	73d	50.6%	$0.25	$2.40	$1,200	1%	$98,000	-$1,000	D $240
4	840	Jan 15	101d	49.4%	$2.00	$3.80	$1,373	1%	$96,000	-$3,000	D $380
5	860	Dec 18	73d	48.2%	$1.00	$3.00	$1,500	1%	$94,000	-$5,000	D $300
6	880	Dec 18	73d	47.0%	$1.15	$3.00	$1,500	1%	$92,000	-$7,000	D $300
7	890	Dec 18	73d	46.4%	$1.80	$3.30	$1,650	1%	$91,000	-$8,000	D $330
8	850	Jan 15	101d	48.8%	$2.65	$4.80	$1,735	1%	$95,000	-$4,000	D $480
9	870	Dec 18	73d	47.6%	$1.25	$3.50	$1,750	1%	$93,000	-$6,000	D $350
10	820	Jan 15	101d	50.6%	$0.05	$5.10	$1,843	1%	$98,000	-$1,000	D $510
11	900	Jan 15	101d	45.8%	$4.40	$5.10	$1,843	1%	$90,000	-$9,000	D $510
12	860	Jan 15	101d	48.2%	$2.65	$5.20	$1,879	1%	$94,000	-$5,000	D $520
▶ 13	1380 PROT	Jan 15	101d	16.9%	$70.10	$75.50	$27,285	14%	$42,000	-$57,000	D $7,550

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1630, B $132.70	$154,103/yr	$1,025/yr	SELF-FUNDING
CC at MID $1725 0.2σ, B $91.60	$106,374/yr	$1,025/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1630, bid $132.70). 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: $334.14 Current HP: 285P (45d, 14.7% OTM) Current hedge: $4,177/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $40,537/yr Cost cap: 25% of CC = $10,134/yr IV: MEDIUM 8 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, 14.7% OTM) | Cost: $5,200/yr (13% of CC) | New ML: $69,820 = ML | Roll DEBIT $560 | Margin (TIMS): $5,891

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 300P (Jan 15 '27, 101d, 10.2% OTM) | Cost: $9,486/yr (23% of CC) | New ML: $62,320 ↓ $7,500 | Roll DEBIT $2,145 | Margin (TIMS): $5,126

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	73d	14.7%	$1.95	$2.08	$5,200	13%	$69,820	=	D $560
2	285	Jan 15	101d	14.7%	$2.82	$3.05	$5,511	14%	$69,820	=	D $1,045
3	290	Dec 18	73d	13.2%	$2.36	$2.51	$6,275	15%	$67,320	-$2,500	D $775
4	290	Jan 15	101d	13.2%	$3.50	$3.65	$6,595	16%	$67,320	-$2,500	D $1,345
5	295	Jan 15	101d	11.7%	$4.15	$4.35	$7,860	19%	$64,820	-$5,000	D $1,695
6	295	Dec 18	73d	11.7%	$2.99	$3.15	$7,875	19%	$64,820	-$5,000	D $1,095
▶ 7	300 PROT	Jan 15	101d	10.2%	$5.00	$5.25	$9,486	23%	$62,320	-$7,500	D $2,145
8	300	Dec 18	73d	10.2%	$3.65	$3.80	$9,500	23%	$62,320	-$7,500	D $1,420

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $7.50	$43,548/yr	$5,200/yr	SELF-FUNDING
CC at MID $350 0.6σ, B $4.30	$24,968/yr	$5,200/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $7.50). 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: $279.37 Current HP: 185P (45d, 33.8% OTM) Current hedge: $1,217/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $14,963/yr Cost cap: 25% of CC = $3,741/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 (Jan 15 '27, 101d, 33.8% OTM) | Cost: $1,662/yr (11% of CC) | New ML: $48,300 = ML | Roll DEBIT $395 | Margin (TIMS): $9,586

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Jan 15 '27, 101d, 24.8% OTM) | Cost: $3,397/yr (23% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $875 | Margin (TIMS): $9,010

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Jan 15	101d	33.8%	$3.10	$4.60	$1,662	11%	$48,300	=	D $395
2	185	Dec 18	73d	33.8%	$1.95	$3.70	$1,850	12%	$48,300	=	D $305
3	190	Dec 18	73d	32.0%	$2.35	$4.20	$2,100	14%	$47,800	-$500	D $355
4	190	Jan 15	101d	32.0%	$4.10	$5.90	$2,132	14%	$47,800	-$500	D $525
5	195	Dec 18	73d	30.2%	$3.00	$4.60	$2,300	15%	$47,300	-$1,000	D $395
6	200	Dec 18	73d	28.4%	$4.00	$5.00	$2,500	17%	$46,800	-$1,500	D $435
7	200	Jan 15	101d	28.4%	$5.60	$7.00	$2,530	17%	$46,800	-$1,500	D $635
8	195	Jan 15	101d	30.2%	$4.40	$7.20	$2,602	17%	$47,300	-$1,000	D $655
▶ 9	210 PROT	Jan 15	101d	24.8%	$7.20	$9.40	$3,397	23%	$45,800	-$2,500	D $875
10	210	Dec 18	73d	24.8%	$4.50	$6.90	$3,450	23%	$45,800	-$2,500	D $625

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $613 — assignment locks a loss · $370, B $1.65	$1,916/yr	$1,662/yr	SELF-FUNDING
CC at MID $315 0.6σ, B $8.00	$9,290/yr	$1,662/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($370, bid $1.65). 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: $41.59 Current HP: 23P (45d, 44.7% 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: $53,477/yr Cost cap: 25% of CC = $13,369/yr IV: HIGH 6 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, 39.9% OTM) | Cost: $4,300/yr (8% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $700 | Margin (TIMS): $2,022

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 30P (Dec 18 '26, 73d, 27.9% OTM) | Cost: $11,300/yr (21% of CC) | New ML: $93,700 ↓ $14,000 | Roll DEBIT $2,100 | Margin (TIMS): $1,751

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	73d	39.9%	$0.38	$0.43	$4,300	8%	$103,700	-$4,000	D $700
2	25	Jan 15	101d	39.9%	$0.65	$0.80	$5,782	11%	$103,700	-$4,000	D $1,440
3	27	Dec 18	73d	35.1%	$0.55	$0.82	$8,200	15%	$99,700	-$8,000	D $1,480
4	27	Jan 15	101d	35.1%	$0.84	$1.31	$9,468	18%	$99,700	-$8,000	D $2,460
▶ 5	30 PROT	Dec 18	73d	27.9%	$0.97	$1.13	$11,300	21%	$93,700	-$14,000	D $2,100
6	30	Jan 15	101d	27.9%	$1.50	$1.65	$11,926	22%	$93,700	-$14,000	D $3,140

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $66 — assignment locks a loss · $60, B $0.34	$7,897/yr	$4,300/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.50	$34,839/yr	$4,300/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 → 3.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $256.32 HP: 16.1% OTM Current hedge: $6,692/yr Baseline (roll-fwd, savings vs this): $6,600/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $24,331/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 5 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	18.1%	$2.99	$-1.45	$-725	$5,403	$11,835	$1,197	40	$2,500	25mo	1mo	1.59x	PASS
2	205	Jan 15	101d	20.0%	$2.35	$-0.81	$-405	$4,246	$9,486	$2,354	45	$5,000	25mo	2mo	1.66x	PASS
3	200	Jan 15	101d	22.0%	$1.98	$-0.44	$-220	$3,578	$7,589	$3,022	50	$7,500	30mo	3mo	1.74x	PASS
4	195	Jan 15	101d	23.9%	$1.61	$-0.07	$-35	$2,909	$6,144	$3,691	55	$10,000	33mo	4mo	1.81x	PASS
5	190	Jan 15	101d	25.9%	$1.27	$0.27	$135	$2,295	$4,770	$4,305	60	$12,500	35mo	5mo	1.88x	PASS
6	180	Jan 15	101d	29.8%	$0.87	$0.67	$335	$1,572	$2,981	$5,028	70	$17,500	42mo	7mo	2.03x	FAIL
7	185	Jan 15	101d	27.8%	$1.14	$0.40	$200	$2,060	$3,795	$4,540	65	$15,000	40mo	6mo	1.96x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $5.10	$29,613/yr	$5,403/yr	SELF-FUNDING
CC at MID $275 0.6σ, B $5.10	$29,613/yr	$5,403/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $256.32 → $226.77, hedge $11,835/yr)
CC at SS income stress-adjusted	$3,310/yr	$11,835/yr	DEFICIT $710/mo
CC at MID income stress-adjusted	$3,310/yr	$11,835/yr	DEFICIT $710/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $5.10) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$710/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: $41.59 HP: 15.8% OTM Current hedge: $23,851/yr Baseline (roll-fwd, savings vs this): $23,851/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $64,049/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	32	Jan 15	101d	23.0%	$2.20	$0.80	$1,600	$15,901	$41,198	$7,950	15	$6,000	9mo	1mo	1.94x	PASS
2	30	Jan 15	101d	27.9%	$1.65	$1.35	$2,700	$11,926	$29,995	$11,926	17	$10,000	10mo	2mo	2.06x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $1.36	$31,587/yr	$15,901/yr	SELF-FUNDING
CC at MID $48 0.7σ, B $1.50	$34,839/yr	$15,901/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $41.59 → $32.41, hedge $41,198/yr)
CC at SS income stress-adjusted	$7,897/yr	$41,198/yr	DEFICIT $2,775/mo
CC at MID income stress-adjusted	$7,897/yr	$41,198/yr	DEFICIT $2,775/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($48, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,775/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).