Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$476,812/yr

TOTAL HEDGE (REPAIRED)

$94,255/yr

ANNUAL SAVINGS

$382,557/yr

ROLL CREDITS

$101,195

ADDITIONAL MAX LOSS

$7,000

PORTFOLIO ACTION SUMMARY · 41 positions

9 · ROLL NOW5 · 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).

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 $3,224,014
GLD → +320C −450P +330P −409C	$378.38	320	450	330	409	$456.00	$470.89	120	1.88x	12.8%	SAFE	10	$136,000	$378,380	ROLL NOW (43d)
MU (Main) → +880C −1010P +340P −1150C	$1075.72	880	1010	340	1150	$1028.60	$1040.82	670	5.51x	68.4%	SAFE	5	$74,300	$537,862	ROLL NOW (43d)
BMNR (Main) → +25C −18P +45P	$23.84	25	18	45	0	$65.83	$60.24	0	1.00x	-88.7%	ITM	50	$204,150	$119,225	REPAIR PLAN (99d)
IREN (Main) → +25C −47P +35P −49C	$37.03	25	47	35	49	$44.00	$48.42	12	1.75x	5.5%	OK	20	$32,000	$74,060	REPAIR PLAN (99d)
IGV +70C −115C	$110.00	70	0	0	115	$96.50	$87.83	0	1.00x	0.0%	N/A	12	$31,800	$131,994	LEAPS-ONLY
MARA (Main) +13C	$9.93	13	0	0	0	$16.75	$11.33	0	1.00x	0.0%	N/A	400	$150,000	$397,000	LEAPS-ONLY
AMD +410C −550P +470P −685C	$634.76	410	550	470	685	$649.20	$659.91	80	1.33x	26.0%	SAFE	2	$47,840	$126,952	OK
BMNR (Main) +23C −18P +25P	$23.84	23	18	25	0	$53.26	$47.30	0	1.00x	-4.8%	ITM	75	$226,950	$178,838	OK
COIN (Main) +165C −240P +90P −200C	$173.88	165	240	90	200	$210.90	$213.54	150	9.93x	48.2%	SAFE	8	$13,440	$139,104	OK
COIN (Main) +500C −330P +300P −200C	$173.88	500	330	300	200	$563.00	$381.06	30	1.48x	-72.5%	ITM	25	$157,500	$434,700	OK
DELL +310C −400P +320P −650C	$577.58	310	400	320	650	$562.50	$571.12	80	1.32x	44.6%	SAFE	3	$75,750	$173,274	OK
GLXY +38C −38P +18P −23C	$20.43	38	38	18	23	$39.71	$35.33	20	10.05x	14.3%	SAFE	125	$27,625	$255,375	OK
HIMS +10C −20P +5P −32C	$28.67	10	20	5	32	$17.47	$18.39	15	4.04x	82.6%	SAFE	15	$7,395	$43,005	OK
NVDA +215C −225P +200P −250C	$234.25	215	225	200	250	$264.80	$229.91	25	1.50x	14.6%	SAFE	10	$49,800	$234,245	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,304,457
CRWV → +105C −120P +40P −100C	$85.03	105	120	40	100	$125.45	$127.70	80	4.91x	53.0%	SAFE	5	$10,225	$42,515	ROLL NOW (43d)
IREN (Neville) → +45C −65P +21P −49C	$37.03	45	65	21	49	$56.50	$57.80	44	15.67x	43.3%	SAFE	20	$6,000	$74,060	ROLL NOW (43d)
MU (Neville) → +970C −1110P +390P −1150C	$1075.72	970	1110	390	1150	$1220.00	$1228.79	720	3.88x	63.7%	SAFE	2	$50,000	$215,145	ROLL NOW (43d)
SNDK → +1200C −1380P +810P −1900C	$1652.60	1200	1380	810	1900	$1620.00	$1627.09	570	2.36x	51.0%	SAFE	1	$42,000	$165,260	ROLL NOW (43d)
SPY +640C −800C	$775.03	640	0	0	800	$764.00	$703.74	0	1.00x	0.0%	N/A	12	$148,800	$930,036	LEAPS-ONLY
CRCL +45C −65P +40P	$79.13	45	65	40	0	$87.00	$90.06	25	1.60x	49.4%	SAFE	5	$21,000	$39,564	OK
GOOG (Neville) +300C −345P +310P −360C	$350.03	300	345	310	360	$373.00	$346.75	35	1.48x	11.4%	SAFE	15	$109,500	$525,046	OK
GOOG (Neville) +340C −405P +360P −360C	$350.03	340	405	360	360	$398.00	$386.50	45	1.88x	-2.8%	ITM	5	$25,500	$175,015	OK
INTC +85C −100P +35P −123C	$109.81	85	100	35	123	$114.00	$115.23	65	3.24x	68.1%	SAFE	5	$14,500	$54,902	OK
SPCX +150C −195P +135P −195C	$165.82	150	195	135	195	$186.00	$189.73	60	3.22x	18.6%	SAFE	5	$13,500	$82,912	OK
Joint (...1782)8 fortress(es) · 3 actionable · IC $490,588 · notional $1,387,150
AMZN → +200C −250P +215P −275C	$258.33	200	250	215	275	$267.92	$270.70	35	1.52x	16.8%	SAFE	5	$33,960	$129,165	REPAIR PLAN (43d)
HOOD → +65C −95P +80P −120C	$105.42	65	95	80	120	$114.95	$119.35	15	1.30x	24.1%	SAFE	10	$49,950	$105,425	REPAIR PLAN (99d)
IREN (Joint) → +25C −47P +35P −49C	$37.03	25	47	35	49	$44.00	$48.42	12	1.75x	5.5%	OK	20	$32,000	$74,060	REPAIR PLAN (99d)
GOOG (Joint) +310C −355C	$350.03	310	0	0	355	$392.50	$350.23	0	1.00x	0.0%	N/A	5	$41,250	$175,015	LEAPS-ONLY
IBIT +75C	$46.32	75	0	0	0	$70.58	$52.58	0	1.00x	0.0%	N/A	50	$22,328	$231,600	LEAPS-ONLY
MSTR (Joint) +180C −200C	$148.45	180	0	0	200	$233.00	$174.36	0	1.00x	0.0%	N/A	10	$53,000	$148,450	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$23.84	23	18	25	0	$36.42	$24.79	0	1.00x	-4.8%	ITM	150	$201,300	$357,675	OK
COPX +65C −90P +68P −89C	$82.88	65	90	68	89	$93.40	$96.31	22	1.77x	18.0%	SAFE	20	$56,800	$165,760	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $1,015,143
AAPL → +240C −330P +285P −340C	$337.02	240	330	285	340	$334.64	$337.37	45	1.48x	15.4%	SAFE	5	$47,320	$168,510	ROLL NOW (43d)
APP → +460C −540P +185P −300C	$274.68	460	540	185	300	$588.00	$613.21	355	3.77x	32.6%	SAFE	1	$12,800	$27,468	ROLL NOW (43d)
IREN (RetireInc) → +50C −70P +23P −49C	$37.03	50	70	23	49	$63.43	$66.43	47	7.86x	37.9%	SAFE	20	$13,700	$74,060	ROLL NOW (43d)
MARA (RetireInc) +40C	$9.93	40	0	0	0	$41.04	$11.72	0	1.00x	0.0%	N/A	500	$52,000	$496,250	LEAPS-ONLY
CLSK +17C −17P +10P	$10.96	17	17	10	0	$20.74	$18.23	7	2.87x	8.8%	OK	25	$9,350	$27,412	OK
ENPH +45C −60P +20P	$33.00	45	60	20	0	$56.15	$59.07	40	6.48x	39.4%	SAFE	10	$7,300	$32,996	OK
MSTR (RetireInc) +125C −185P +55P −170C	$148.45	125	185	55	170	$161.00	$162.61	130	11.83x	63.0%	SAFE	4	$4,800	$59,380	OK
QCOM +190C −210P +100P −220C	$174.19	190	210	100	220	$224.00	$227.29	110	4.24x	42.6%	SAFE	5	$17,000	$87,092	OK
RKLB +115C −135P +45P −90C	$69.95	115	135	45	90	$141.55	$147.53	90	4.39x	35.7%	SAFE	6	$15,930	$41,973	OK

Main (...1299)14 fortress(es) · 4 actionable · overview rows

GLD: HP 330P Maintenance Roll-Out · exp Nov 20 '26, 43d

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: $378.38 Current HP: 330P (43d, 12.8% OTM) Current hedge: $6,366/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $22,362/yr Cost cap: 50% of CC = $11,181/yr IV: MEDIUM 11 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 71d, 12.8% OTM) | Cost: $7,763/yr (35% of CC) | New ML: $256,000 = ML | Roll DEBIT $810 | Margin (TIMS): $7,999

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 336P (Jan 15 '27, 99d, 11.2% OTM) | Cost: $10,913/yr (49% of CC) | New ML: $250,000 ↓ $6,000 | Roll DEBIT $2,260 | Margin (TIMS): $7,609

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	71d	12.8%	$1.45	$1.51	$7,763	35%	$256,000	=	D $810
2	330	Jan 15	99d	12.8%	$2.20	$2.27	$8,369	37%	$256,000	=	D $1,570
3	330	Dec 31	84d	12.8%	$1.70	$2.04	$8,864	40%	$256,000	=	D $1,340
4	331	Jan 15	99d	12.5%	$2.18	$2.46	$9,070	41%	$255,000	-$1,000	D $1,760
5	332	Jan 15	99d	12.3%	$2.28	$2.55	$9,402	42%	$254,000	-$2,000	D $1,850
6	335	Dec 18	71d	11.5%	$1.80	$1.87	$9,613	43%	$251,000	-$5,000	D $1,170
7	333	Jan 15	99d	12.0%	$2.38	$2.64	$9,733	44%	$253,000	-$3,000	D $1,940
8	334	Jan 15	99d	11.7%	$2.49	$2.74	$10,102	45%	$252,000	-$4,000	D $2,040
9	335	Jan 15	99d	11.5%	$2.68	$2.85	$10,508	47%	$251,000	-$5,000	D $2,150
10	335	Dec 31	84d	11.5%	$2.11	$2.44	$10,602	47%	$251,000	-$5,000	D $1,740
▶ 11	336 PROT	Jan 15	99d	11.2%	$2.72	$2.96	$10,913	49%	$250,000	-$6,000	D $2,260

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $471 — assignment locks a loss · $390, B $5.75	$57,500/yr	$7,763/yr	SELF-FUNDING
CC at MID $390 0.5σ, B $5.75	$57,500/yr	$7,763/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($390, bid $5.75). 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, 43d

Stock: $1075.72 Current HP: 340P (43d, 68.4% OTM) Current hedge: $637/yr Current ML: $409,300 If HP lapses: ML $579,300 (+$170,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $677,497/yr Cost cap: 25% of CC = $169,374/yr IV: HIGH 130 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 380P (Dec 18 '26, 71d, 64.7% OTM) | Cost: $1,362/yr (0% of CC) | New ML: $389,300 ↓ $20,000 | Roll DEBIT $260 | Margin (TIMS): $66,990

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 980P (Jan 15 '27, 99d, 8.9% OTM) | Cost: $110,422/yr (16% of CC) | New ML: $89,300 ↓ $320,000 | Roll DEBIT $29,945 | Margin (TIMS): $23,104

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	380 CHEAP	Dec 18	71d	64.7%	$0.25	$0.53	$1,362	0%	$389,300	-$20,000	D $260
2	370	Jan 15	99d	65.6%	$0.01	$0.80	$1,475	0%	$394,300	-$15,000	D $395
3	360	Dec 18	71d	66.5%	$0.20	$0.60	$1,542	0%	$399,300	-$10,000	D $295
4	350	Jan 15	99d	67.5%	$0.31	$0.88	$1,622	0%	$404,300	-$5,000	D $435
5	420	Dec 18	71d	61.0%	$0.33	$0.65	$1,671	0%	$369,300	-$40,000	D $320
6	380	Jan 15	99d	64.7%	$0.11	$0.91	$1,678	0%	$389,300	-$20,000	D $450
7	340	Jan 15	99d	68.4%	$0.03	$1.00	$1,843	0%	$409,300	=	D $495
8	400	Jan 15	99d	62.8%	$0.50	$1.02	$1,880	0%	$379,300	-$30,000	D $505
9	400	Dec 18	71d	62.8%	$0.30	$0.80	$2,056	0%	$379,300	-$30,000	D $395
10	430	Dec 18	71d	60.0%	$0.04	$0.80	$2,056	0%	$364,300	-$45,000	D $395
11	420	Jan 15	99d	61.0%	$0.15	$1.14	$2,102	0%	$369,300	-$40,000	D $565
12	440	Dec 18	71d	59.1%	$0.03	$0.84	$2,159	0%	$359,300	-$50,000	D $415
▶ 13	980 PROT	Jan 15	99d	8.9%	$55.40	$59.90	$110,422	16%	$89,300	-$320,000	D $29,945

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1055, B $71.85	$359,250/yr	$1,362/yr	SELF-FUNDING
CC at MID $1150 0.5σ, B $34.15	$170,750/yr	$1,362/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1055, bid $71.85). 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, 99d

Stock: $23.84 HP: ITM Current hedge: $393,573/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $60,973/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (43d) 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	21	Jan 15	99d	11.9%	$1.97	$19.23	$96,150	$36,316	$40,463	$357,258	-3	$-15,000	N/A	N/A	0.93x	PASS
2	20	Jan 15	99d	16.1%	$1.55	$19.65	$98,250	$28,573	$45,994	$365,000	-2	$-10,000	N/A	N/A	0.95x	PASS
3	19	Jan 15	99d	20.3%	$1.28	$19.92	$99,600	$23,596	$52,446	$369,977	-1	$-5,000	N/A	N/A	0.98x	PASS
4	18	Jan 15	99d	24.5%	$0.93	$20.27	$101,350	$17,144	$60,741	$376,429	0	$0	N/A	N/A	1.00x	PASS
5	17	Jan 15	99d	28.7%	$0.79	$20.41	$102,050	$14,563	$47,929	$379,010	1	$5,000	0mo	0mo	1.02x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $34, B $0.17	$8,500/yr	$36,316/yr	DEFICIT $2,318/mo
CC at MID $28 0.7σ, B $0.68	$34,000/yr	$36,316/yr	DEFICIT $193/mo
AT 23% DRAWDOWN (stock $23.84 → $18.27, hedge $40,463/yr)
CC at SS income stress-adjusted	$8,500/yr	$40,463/yr	DEFICIT $2,664/mo
CC at MID income stress-adjusted	$8,500/yr	$40,463/yr	DEFICIT $2,664/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 2026-10-08 21:45). Fight plans cover uncovered deep-drawdown fortresses; a covered or shallow slice deliberately has none.

IREN (Main): HP 35P Roll-Down · exp Jan 15 '27, 99d

Stock: $37.03 HP: 5.5% OTM Current hedge: $33,919/yr Baseline (roll-fwd, savings vs this): $33,919/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $59,321/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 3 PASS ⚠ ER 2026-11-05 INTRADAY (28d) 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	99d	13.6%	$3.20	$1.25	$2,500	$23,596	$26,029	$10,323	15	$6,000	7mo	1mo	1.94x	PASS
2	30	Jan 15	99d	19.0%	$2.39	$2.06	$4,120	$17,623	$33,772	$16,296	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	99d	27.1%	$1.49	$2.96	$5,920	$10,987	$28,389	$22,932	20	$16,000	8mo	2mo	2.25x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.76	$15,200/yr	$23,596/yr	DEFICIT $700/mo
CC at MID $43 0.7σ, B $1.62	$32,400/yr	$23,596/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $37.03 → $28.93, hedge $26,029/yr)
CC at SS income stress-adjusted	$5,400/yr	$26,029/yr	DEFICIT $1,719/mo
CC at MID income stress-adjusted	$5,400/yr	$26,029/yr	DEFICIT $1,719/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($43, bid $1.62) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,719/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

CRWV: HP 40P Maintenance Roll-Out · exp Nov 20 '26, 43d

Stock: $85.03 Current HP: 40P (43d, 53.0% OTM) Current hedge: $467/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $30,689/yr Cost cap: 25% of CC = $7,672/yr IV: HIGH 20 qualifying ⚠ ER 2026-11-11 INTRADAY (34d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 71d, 53.0% OTM) | Cost: $514/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $80 | Margin (TIMS): $2,180

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 65P (Jan 15 '27, 99d, 23.6% OTM) | Cost: $6,452/yr (21% of CC) | New ML: $37,725 ↓ $12,500 | Roll DEBIT $1,730 | Margin (TIMS): $2,101

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	71d	53.0%	$0.03	$0.20	$514	2%	$50,225	=	D $80
2	45	Dec 18	71d	47.1%	$0.17	$0.29	$745	2%	$47,725	-$2,500	D $125
3	40	Jan 15	99d	53.0%	$0.17	$0.44	$811	3%	$50,225	=	D $200
4	42	Dec 18	71d	50.0%	$0.09	$0.34	$874	3%	$48,975	-$1,250	D $150
5	48	Dec 18	71d	44.1%	$0.34	$0.40	$1,028	3%	$46,475	-$3,750	D $180
6	42	Jan 15	99d	50.0%	$0.25	$0.56	$1,032	3%	$48,975	-$1,250	D $260
7	45	Jan 15	99d	47.1%	$0.36	$0.71	$1,309	4%	$47,725	-$2,500	D $335
8	48	Jan 15	99d	44.1%	$0.51	$0.72	$1,327	4%	$46,475	-$3,750	D $340
9	50	Dec 18	71d	41.2%	$0.34	$0.54	$1,388	5%	$45,225	-$5,000	D $250
10	50	Jan 15	99d	41.2%	$0.71	$1.05	$1,936	6%	$45,225	-$5,000	D $505
11	55	Dec 18	71d	35.3%	$0.88	$0.95	$2,442	8%	$42,725	-$7,500	D $455
12	52	Jan 15	99d	38.3%	$0.94	$1.38	$2,544	8%	$43,975	-$6,250	D $670
▶ 13	65 PROT	Jan 15	99d	23.6%	$3.30	$3.50	$6,452	21%	$37,725	-$12,500	D $1,730

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $128 — assignment locks a loss · $115, B $1.46	$7,300/yr	$514/yr	SELF-FUNDING
CC at MID $98 0.6σ, B $3.85	$19,250/yr	$514/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($115, bid $1.46). 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, 43d

Stock: $37.03 Current HP: 21P (43d, 43.3% OTM) Current hedge: $2,547/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $59,321/yr Cost cap: 25% of CC = $14,830/yr IV: HIGH 6 qualifying ⚠ ER 2026-11-05 INTRADAY (28d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 22P (Dec 18 '26, 71d, 40.6% OTM) | Cost: $4,113/yr (7% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $700 | Margin (TIMS): $1,860

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Dec 18 '26, 71d, 27.1% OTM) | Cost: $10,796/yr (18% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $2,000 | Margin (TIMS): $1,584

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	71d	40.6%	$0.17	$0.40	$4,113	7%	$92,000	-$2,000	D $700
2	22	Jan 15	99d	40.6%	$0.53	$0.69	$5,088	9%	$92,000	-$2,000	D $1,280
3	25	Dec 18	71d	32.5%	$0.53	$0.66	$6,786	11%	$86,000	-$8,000	D $1,220
4	25	Jan 15	99d	32.5%	$0.75	$1.22	$8,996	15%	$86,000	-$8,000	D $2,340
▶ 5	27 PROT	Dec 18	71d	27.1%	$0.77	$1.05	$10,796	18%	$82,000	-$12,000	D $2,000
6	27	Jan 15	99d	27.1%	$1.40	$1.49	$10,987	19%	$82,000	-$12,000	D $2,880

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $55, B $0.27	$5,400/yr	$4,113/yr	SELF-FUNDING
CC at MID $43 0.7σ, B $1.62	$32,400/yr	$4,113/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($55, bid $0.27). 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, 43d

Stock: $1075.72 Current HP: 390P (43d, 63.7% OTM) Current hedge: $764/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $86,247/yr Cost cap: 25% of CC = $21,562/yr IV: HIGH 100 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 420P (Dec 18 '26, 71d, 61.0% OTM) | Cost: $668/yr (1% of CC) | New ML: $188,000 ↓ $6,000 | Roll DEBIT $128 | Margin (TIMS): $60,664

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 880P (Dec 18 '26, 71d, 18.2% OTM) | Cost: $19,227/yr (22% of CC) | New ML: $96,000 ↓ $98,000 | Roll DEBIT $3,738 | Margin (TIMS): $24,339

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	420 CHEAP	Dec 18	71d	61.0%	$0.33	$0.65	$668	1%	$188,000	-$6,000	D $128
2	400	Jan 15	99d	62.8%	$0.50	$1.02	$752	1%	$192,000	-$2,000	D $202
3	400	Dec 18	71d	62.8%	$0.30	$0.80	$823	1%	$192,000	-$2,000	D $158
4	430	Dec 18	71d	60.0%	$0.04	$0.80	$823	1%	$186,000	-$8,000	D $158
5	420	Jan 15	99d	61.0%	$0.15	$1.14	$841	1%	$188,000	-$6,000	D $226
6	440	Dec 18	71d	59.1%	$0.03	$0.84	$864	1%	$184,000	-$10,000	D $166
7	410	Dec 18	71d	61.9%	$0.17	$0.85	$874	1%	$190,000	-$4,000	D $168
8	430	Jan 15	99d	60.0%	$0.50	$1.21	$892	1%	$186,000	-$8,000	D $240
9	440	Jan 15	99d	59.1%	$0.55	$1.28	$944	1%	$184,000	-$10,000	D $254
10	450	Jan 15	99d	58.2%	$0.81	$1.36	$1,003	1%	$182,000	-$12,000	D $270
11	390	Dec 18	71d	63.7%	$0.21	$0.99	$1,018	1%	$194,000	=	D $196
12	470	Jan 15	99d	56.3%	$1.10	$1.46	$1,077	1%	$178,000	-$16,000	D $290
▶ 13	880 PROT	Dec 18	71d	18.2%	$16.85	$18.70	$19,227	22%	$96,000	-$98,000	D $3,738

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,229 — assignment locks a loss · $1150, B $34.15	$68,300/yr	$668/yr	SELF-FUNDING
CC at MID $1150 0.5σ, B $34.15	$68,300/yr	$668/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1150, bid $34.15). 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, 43d

Stock: $1652.60 Current HP: 810P (43d, 51.0% OTM) Current hedge: $2,547/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $199,018/yr Cost cap: 25% of CC = $49,755/yr IV: HIGH 136 qualifying ⚠ ER 2026-10-29 AMC (21d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 840P (Jan 15 '27, 99d, 49.2% OTM) | Cost: $2,065/yr (1% of CC) | New ML: $96,000 ↓ $3,000 | Roll DEBIT $560 | Margin (TIMS): $89,082

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 99d, 16.5% OTM) | Cost: $29,347/yr (15% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $7,960 | Margin (TIMS): $43,528

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	840 CHEAP	Jan 15	99d	49.2%	$2.50	$5.60	$2,065	1%	$96,000	-$3,000	D $560
2	900	Jan 15	99d	45.5%	$3.20	$6.00	$2,212	1%	$90,000	-$9,000	D $600
3	850	Jan 15	99d	48.6%	$2.60	$6.10	$2,249	1%	$95,000	-$4,000	D $610
4	850	Dec 18	71d	48.6%	$1.95	$4.50	$2,313	1%	$95,000	-$4,000	D $450
5	810	Jan 15	99d	51.0%	$0.10	$6.40	$2,360	1%	$99,000	=	D $640
6	830	Jan 15	99d	49.8%	$1.40	$6.70	$2,470	1%	$97,000	-$2,000	D $670
7	820	Jan 15	99d	50.4%	$0.05	$6.80	$2,507	1%	$98,000	-$1,000	D $680
8	870	Dec 18	71d	47.4%	$0.05	$4.90	$2,519	1%	$93,000	-$6,000	D $490
9	830	Dec 18	71d	49.8%	$0.05	$5.20	$2,673	1%	$97,000	-$2,000	D $520
10	900	Dec 18	71d	45.5%	$1.00	$5.30	$2,725	1%	$90,000	-$9,000	D $530
11	930	Dec 18	71d	43.7%	$1.45	$5.30	$2,725	1%	$87,000	-$12,000	D $530
12	890	Jan 15	99d	46.1%	$3.00	$7.40	$2,728	1%	$91,000	-$8,000	D $740
▶ 13	1380 PROT	Jan 15	99d	16.5%	$74.40	$79.60	$29,347	15%	$42,000	-$57,000	D $7,960

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1630, B $140.10	$140,100/yr	$2,065/yr	SELF-FUNDING
CC at MID $1715 0.2σ, B $103.90	$103,900/yr	$2,065/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1630, bid $140.10). 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, 43d

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: $258.33 HP: 16.8% OTM Current hedge: $5,815/yr Baseline (roll-fwd, savings vs this): $6,195/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $21,357/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-10-29 AMC (21d) 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	205	Jan 15	99d	20.6%	$2.23	$-0.93	$-465	$4,111	$8,848	$2,084	45	$5,000	29mo	3mo	1.66x	PASS
2	210	Jan 15	99d	18.7%	$2.80	$-1.50	$-750	$5,162	$13,734	$1,033	40	$2,500	29mo	1mo	1.59x	PASS
3	200	Jan 15	99d	22.6%	$1.84	$-0.54	$-270	$3,392	$7,097	$2,803	50	$7,500	32mo	4mo	1.74x	PASS
4	195	Jan 15	99d	24.5%	$1.55	$-0.25	$-125	$2,857	$5,622	$3,337	55	$10,000	36mo	5mo	1.81x	PASS
5	185	Jan 15	99d	28.4%	$1.10	$0.20	$100	$2,028	$3,503	$4,167	65	$15,000	43mo	7mo	1.96x	FAIL
6	190	Jan 15	99d	26.5%	$1.26	$0.04	$20	$2,323	$4,443	$3,872	60	$12,500	39mo	6mo	1.88x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $6.45	$32,250/yr	$4,111/yr	SELF-FUNDING
CC at MID $280 0.7σ, B $5.00	$25,000/yr	$4,111/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $258.33 → $228.17, hedge $8,848/yr)
CC at SS income stress-adjusted	$5,100/yr	$8,848/yr	DEFICIT $312/mo
CC at MID income stress-adjusted	$3,350/yr	$8,848/yr	DEFICIT $458/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($280, bid $5.00) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$458/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

HOOD: HP 80P Roll-Down · exp Jan 15 '27, 99d

Stock: $105.42 HP: 24.1% OTM Current hedge: $9,586/yr Baseline (roll-fwd, savings vs this): $8,945/yr SS: $114.95 (unchanged) Account: Joint (...1782) Contracts: 10 (1,000 sh) CC income: $40,261/yr IV: HIGH OTM floor: 8% Stress: 17% DD Payback gate: 12mo (1.0yr) 1 PASS ⚠ ER 2026-10-27 AMC (19d) 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	75	Jan 15	99d	28.9%	$1.80	$0.51	$510	$6,636	$14,747	$2,309	20	$5,000	26mo	1mo	1.40x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $120, B $3.40	$34,000/yr	$6,636/yr	SELF-FUNDING
CC at MID $119 0.7σ, B $3.65	$36,500/yr	$6,636/yr	SELF-FUNDING
AT 17% DRAWDOWN (stock $105.42 → $87.77, hedge $14,747/yr)
CC at SS income stress-adjusted	$28,100/yr	$14,747/yr	SELF-FUNDING
CC at MID income stress-adjusted	$28,100/yr	$14,747/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($120, bid $3.40). Conservative far-OTM strike covers the hedge in BOTH normal and 17% drawdown — minimal assignment risk.

IREN (Joint): HP 35P Roll-Down · exp Jan 15 '27, 99d

Stock: $37.03 HP: 5.5% OTM Current hedge: $33,919/yr Baseline (roll-fwd, savings vs this): $33,919/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $59,321/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 3 PASS ⚠ ER 2026-11-05 INTRADAY (28d) 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	99d	13.6%	$3.20	$1.25	$2,500	$23,596	$26,029	$10,323	15	$6,000	7mo	1mo	1.94x	PASS
2	30	Jan 15	99d	19.0%	$2.39	$2.06	$4,120	$17,623	$33,772	$16,296	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	99d	27.1%	$1.49	$2.96	$5,920	$10,987	$28,389	$22,932	20	$16,000	8mo	2mo	2.25x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.76	$15,200/yr	$23,596/yr	DEFICIT $700/mo
CC at MID $43 0.7σ, B $1.62	$32,400/yr	$23,596/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $37.03 → $28.93, hedge $26,029/yr)
CC at SS income stress-adjusted	$5,400/yr	$26,029/yr	DEFICIT $1,719/mo
CC at MID income stress-adjusted	$5,400/yr	$26,029/yr	DEFICIT $1,719/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($43, bid $1.62) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,719/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AAPL: HP 285P Maintenance Roll-Out · exp Nov 20 '26, 43d

Stock: $337.02 Current HP: 285P (43d, 15.4% OTM) Current hedge: $4,244/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $58,477/yr Cost cap: 25% of CC = $14,619/yr IV: MEDIUM 8 qualifying ⚠ ER 2026-11-02 INTRADAY (25d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 285 → 285P (Dec 18 '26, 71d, 15.4% OTM) | Cost: $4,935/yr (8% of CC) | New ML: $69,820 = ML | Roll DEBIT $530 | Margin (TIMS): $5,978

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 300P (Jan 15 '27, 99d, 11.0% OTM) | Cost: $8,756/yr (15% of CC) | New ML: $62,320 ↓ $7,500 | Roll DEBIT $1,945 | Margin (TIMS): $5,255

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	71d	15.4%	$1.71	$1.92	$4,935	8%	$69,820	=	D $530
2	285	Jan 15	99d	15.4%	$2.53	$2.82	$5,198	9%	$69,820	=	D $980
3	290	Dec 18	71d	14.0%	$2.10	$2.33	$5,989	10%	$67,320	-$2,500	D $735
4	290	Jan 15	99d	14.0%	$3.10	$3.25	$5,991	10%	$67,320	-$2,500	D $1,195
5	295	Dec 18	71d	12.5%	$2.65	$2.84	$7,300	12%	$64,820	-$5,000	D $990
6	295	Jan 15	99d	12.5%	$3.70	$4.00	$7,374	13%	$64,820	-$5,000	D $1,570
▶ 7	300 PROT	Jan 15	99d	11.0%	$4.50	$4.75	$8,756	15%	$62,320	-$7,500	D $1,945
8	300	Dec 18	71d	11.0%	$3.20	$3.45	$8,868	15%	$62,320	-$7,500	D $1,295

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.95	$49,750/yr	$4,935/yr	SELF-FUNDING
CC at MID $355 0.6σ, B $4.50	$22,500/yr	$4,935/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $9.95). 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, 43d

Stock: $274.68 Current HP: 185P (43d, 32.6% OTM) Current hedge: $1,401/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $16,087/yr Cost cap: 25% of CC = $4,022/yr IV: HIGH 10 qualifying ⚠ ER 2026-11-04 INTRADAY (27d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Dec 18 '26, 71d, 32.6% OTM) | Cost: $1,799/yr (11% of CC) | New ML: $48,300 = ML | Roll DEBIT $230 | Margin (TIMS): $9,227

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Jan 15 '27, 99d, 23.5% OTM) | Cost: $3,650/yr (23% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $870 | Margin (TIMS): $8,590

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	71d	32.6%	$2.45	$3.50	$1,799	11%	$48,300	=	D $230
2	185	Jan 15	99d	32.6%	$3.50	$5.30	$1,954	12%	$48,300	=	D $410
3	190	Dec 18	71d	30.8%	$3.00	$4.00	$2,056	13%	$47,800	-$500	D $280
4	190	Jan 15	99d	30.8%	$4.20	$6.00	$2,212	14%	$47,800	-$500	D $480
5	195	Jan 15	99d	29.0%	$5.00	$6.60	$2,433	15%	$47,300	-$1,000	D $540
6	195	Dec 18	71d	29.0%	$3.00	$4.80	$2,468	15%	$47,300	-$1,000	D $360
7	200	Dec 18	71d	27.2%	$4.60	$5.30	$2,725	17%	$46,800	-$1,500	D $410
8	200	Jan 15	99d	27.2%	$6.40	$7.80	$2,876	18%	$46,800	-$1,500	D $660
▶ 9	210 PROT	Jan 15	99d	23.5%	$8.60	$9.90	$3,650	23%	$45,800	-$2,500	D $870
10	210	Dec 18	71d	23.5%	$5.30	$7.20	$3,701	23%	$45,800	-$2,500	D $600

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $613 — assignment locks a loss · $365, B $2.90	$2,900/yr	$1,799/yr	SELF-FUNDING
CC at MID $315 0.7σ, B $10.40	$10,400/yr	$1,799/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($365, bid $2.90). 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, 43d

Stock: $37.03 Current HP: 23P (43d, 37.9% OTM) Current hedge: $3,735/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $59,321/yr Cost cap: 25% of CC = $14,830/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (28d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 25P (Dec 18 '26, 71d, 32.5% OTM) | Cost: $6,786/yr (11% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,100 | Margin (TIMS): $1,710

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 27P (Dec 18 '26, 71d, 27.1% OTM) | Cost: $10,796/yr (18% of CC) | New ML: $99,700 ↓ $8,000 | Roll DEBIT $1,880 | Margin (TIMS): $1,582

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	71d	32.5%	$0.53	$0.66	$6,786	11%	$103,700	-$4,000	D $1,100
2	25	Jan 15	99d	32.5%	$0.75	$1.22	$8,996	15%	$103,700	-$4,000	D $2,220
▶ 3	27 PROT	Dec 18	71d	27.1%	$0.77	$1.05	$10,796	18%	$99,700	-$8,000	D $1,880
4	27	Jan 15	99d	27.1%	$1.40	$1.49	$10,987	19%	$99,700	-$8,000	D $2,760

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (36d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $66 — assignment locks a loss · $55, B $0.27	$5,400/yr	$6,786/yr	DEFICIT $115/mo
CC at MID $43 0.7σ, B $1.62	$32,400/yr	$6,786/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($43, bid $1.62). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

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).