| FORTRESS | STOCK | LC | SP | HP | SC | BE‑SS | CC‑SS | GAP | RM | HP OTM% | STATUS | CTRS | IC | NOTIONAL | URGENCY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Main (...1299) | |||||||||||||||
| GLD → +320C −450P +330P −409C |
$378.32 | 320 | 450 | 330 | 409 | $456.00 | $469.88 | 120 | 1.88x | 12.8% | SAFE | 10 | $136,000 | $378,325 | ROLL NOW (43d) |
| MU (Main) → +880C −1010P +340P −1150C |
$1035.86 | 880 | 1010 | 340 | 1150 | $1028.60 | $1041.98 | 670 | 5.51x | 67.2% | SAFE | 5 | $74,300 | $517,928 | ROLL NOW (43d) |
| BMNR (Main) → +25C −18P +45P |
$24.05 | 25 | 18 | 45 | 0 | $65.83 | $60.13 | 0 | 1.00x | -87.1% | ITM | 50 | $204,150 | $120,275 | REPAIR PLAN (99d) |
| IREN (Main) → +25C −47P +35P −49C |
$35.85 | 25 | 47 | 35 | 49 | $44.00 | $48.73 | 12 | 1.75x | 2.4% | TIGHT | 20 | $32,000 | $71,700 | REPAIR PLAN (99d) |
| IGV +70C −115C |
$109.50 | 70 | 0 | 0 | 115 | $96.50 | $87.90 | 0 | 1.00x | 0.0% | N/A | 12 | $31,800 | $131,400 | LEAPS-ONLY |
| MARA (Main) +13C |
$10.03 | 13 | 0 | 0 | 0 | $16.75 | $11.41 | 0 | 1.00x | 0.0% | N/A | 400 | $150,000 | $401,200 | LEAPS-ONLY |
| AMD +410C −550P +470P |
$617.88 | 410 | 550 | 470 | 0 | $649.20 | $661.28 | 80 | 1.33x | 23.9% | SAFE | 2 | $47,840 | $123,575 | OK |
| BMNR (Main) +23C −18P +25P |
$24.05 | 23 | 18 | 25 | 0 | $53.26 | $47.49 | 0 | 1.00x | -3.9% | ITM | 75 | $226,950 | $180,412 | OK |
| COIN (Main) +165C −240P +90P −200C |
$174.74 | 165 | 240 | 90 | 200 | $210.90 | $214.85 | 150 | 9.93x | 48.5% | SAFE | 8 | $13,440 | $139,788 | OK |
| COIN (Main) +500C −330P +300P −200C |
$174.74 | 500 | 330 | 300 | 200 | $563.00 | $382.64 | 30 | 1.48x | -71.7% | ITM | 25 | $157,500 | $436,838 | OK |
| DELL +310C −400P +320P −650C |
$572.96 | 310 | 400 | 320 | 650 | $562.50 | $570.88 | 80 | 1.32x | 44.1% | SAFE | 3 | $75,750 | $171,888 | OK |
| GLXY +38C −38P +18P −23C |
$20.22 | 38 | 38 | 18 | 23 | $39.71 | $35.71 | 20 | 10.05x | 13.5% | SAFE | 125 | $27,625 | $252,764 | OK |
| HIMS +10C −20P +5P −32C |
$28.09 | 10 | 20 | 5 | 32 | $17.47 | $18.85 | 15 | 4.04x | 82.2% | SAFE | 15 | $7,395 | $42,142 | OK |
| NVDA +215C −225P +200P −250C |
$230.64 | 215 | 225 | 200 | 250 | $264.80 | $230.76 | 25 | 1.50x | 13.3% | SAFE | 10 | $49,800 | $230,640 | OK |
| Neville (...0865) | |||||||||||||||
| CRWV → +105C −120P +40P −100C |
$81.68 | 105 | 120 | 40 | 100 | $125.45 | $128.54 | 80 | 4.91x | 51.0% | SAFE | 5 | $10,225 | $40,840 | ROLL NOW (43d) |
| IREN (Neville) → +45C −65P +21P −49C |
$35.85 | 45 | 65 | 21 | 49 | $56.50 | $58.29 | 44 | 15.67x | 41.4% | SAFE | 20 | $6,000 | $71,700 | ROLL NOW (43d) |
| MU (Neville) → +970C −1110P +390P −1150C |
$1035.86 | 970 | 1110 | 390 | 1150 | $1220.00 | $1228.09 | 720 | 3.88x | 62.3% | SAFE | 2 | $50,000 | $207,171 | ROLL NOW (43d) |
| SNDK → +1200C −1380P +810P −1660C |
$1599.18 | 1200 | 1380 | 810 | 1660 | $1620.00 | $1627.74 | 570 | 2.36x | 49.3% | SAFE | 1 | $42,000 | $159,918 | ROLL NOW (43d) |
| SPY +640C −785C |
$773.65 | 640 | 0 | 0 | 785 | $764.00 | $703.76 | 0 | 1.00x | 0.0% | N/A | 12 | $148,800 | $928,380 | LEAPS-ONLY |
| CRCL +45C −65P +40P |
$80.93 | 45 | 65 | 40 | 0 | $87.00 | $92.52 | 25 | 1.60x | 50.6% | SAFE | 5 | $21,000 | $40,465 | OK |
| GOOG (Neville) +300C −345P +310P −360C |
$344.59 | 300 | 345 | 310 | 360 | $373.00 | $346.12 | 35 | 1.48x | 10.0% | SAFE | 15 | $109,500 | $516,885 | OK |
| GOOG (Neville) +340C −405P +360P −360C |
$344.59 | 340 | 405 | 360 | 360 | $398.00 | $386.34 | 45 | 1.88x | -4.5% | ITM | 5 | $25,500 | $172,295 | OK |
| INTC +85C −100P +35P −114C |
$106.85 | 85 | 100 | 35 | 114 | $114.00 | $115.76 | 65 | 3.24x | 67.2% | SAFE | 5 | $14,500 | $53,425 | OK |
| SPCX +150C −195P +135P −195C |
$161.22 | 150 | 195 | 135 | 195 | $186.00 | $189.52 | 60 | 3.22x | 16.3% | SAFE | 5 | $13,500 | $80,608 | OK |
| Joint (...1782) | |||||||||||||||
| AMZN → +200C −250P +215P −262C |
$254.93 | 200 | 250 | 215 | 262 | $267.92 | $271.15 | 35 | 1.52x | 15.7% | SAFE | 5 | $33,960 | $127,465 | REPAIR PLAN (43d) |
| HOOD → +65C −95P +80P −120C |
$107.84 | 65 | 95 | 80 | 120 | $114.95 | $119.80 | 15 | 1.30x | 25.8% | SAFE | 10 | $49,950 | $107,840 | REPAIR PLAN (99d) |
| IREN (Joint) → +25C −47P +35P −49C |
$35.85 | 25 | 47 | 35 | 49 | $44.00 | $48.73 | 12 | 1.75x | 2.4% | TIGHT | 20 | $32,000 | $71,700 | REPAIR PLAN (99d) |
| GOOG (Joint) +310C −355C |
$344.59 | 310 | 0 | 0 | 355 | $392.50 | $350.02 | 0 | 1.00x | 0.0% | N/A | 5 | $41,250 | $172,295 | LEAPS-ONLY |
| IBIT +75C |
$46.24 | 75 | 0 | 0 | 0 | $70.58 | $52.77 | 0 | 1.00x | 0.0% | N/A | 50 | $22,328 | $231,225 | LEAPS-ONLY |
| MSTR (Joint) +180C −200C |
$151.57 | 180 | 0 | 0 | 200 | $233.00 | $175.24 | 0 | 1.00x | 0.0% | N/A | 10 | $53,000 | $151,570 | LEAPS-ONLY |
| BMNR (Joint) +23C −18P +25P |
$24.05 | 23 | 18 | 25 | 0 | $36.42 | $25.08 | 0 | 1.00x | -3.9% | ITM | 150 | $201,300 | $360,825 | OK |
| COPX +65C −90P +68P −89C |
$82.20 | 65 | 90 | 68 | 89 | $93.40 | $96.68 | 22 | 1.77x | 17.3% | SAFE | 20 | $56,800 | $164,400 | OK |
| RetireInc (...7291) | |||||||||||||||
| AAPL → +240C −330P +285P −350C |
$341.33 | 240 | 330 | 285 | 350 | $334.64 | $337.87 | 45 | 1.48x | 16.5% | SAFE | 5 | $47,320 | $170,666 | ROLL NOW (43d) |
| APP → +460C −540P +185P −300C |
$279.31 | 460 | 540 | 185 | 300 | $588.00 | $614.26 | 355 | 3.77x | 33.8% | SAFE | 1 | $12,800 | $27,930 | ROLL NOW (43d) |
| IREN (RetireInc) → +50C −70P +23P −49C |
$35.85 | 50 | 70 | 23 | 49 | $63.43 | $66.76 | 47 | 7.86x | 35.8% | SAFE | 20 | $13,700 | $71,700 | ROLL NOW (43d) |
| MARA (RetireInc) +40C |
$10.03 | 40 | 0 | 0 | 0 | $41.04 | $12.03 | 0 | 1.00x | 0.0% | N/A | 500 | $52,000 | $501,500 | LEAPS-ONLY |
| CLSK +17C −17P +10P |
$10.73 | 17 | 17 | 10 | 0 | $20.74 | $18.46 | 7 | 2.87x | 6.8% | OK | 25 | $9,350 | $26,838 | OK |
| ENPH +45C −60P +20P |
$32.88 | 45 | 60 | 20 | 0 | $56.15 | $58.28 | 40 | 6.48x | 39.2% | SAFE | 10 | $7,300 | $32,885 | OK |
| MSTR (RetireInc) +125C −185P +55P −170C |
$151.57 | 125 | 185 | 55 | 170 | $161.00 | $163.79 | 130 | 11.83x | 63.7% | SAFE | 4 | $4,800 | $60,628 | OK |
| QCOM +190C −210P +100P −220C |
$175.32 | 190 | 210 | 100 | 220 | $224.00 | $228.66 | 110 | 4.24x | 43.0% | SAFE | 5 | $17,000 | $87,660 | OK |
| RKLB +115C −135P +45P −90C |
$68.63 | 115 | 135 | 45 | 90 | $141.55 | $148.33 | 90 | 4.39x | 34.4% | SAFE | 6 | $15,930 | $41,177 | OK |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 330 CHEAP | Dec 18 | 71d | 12.8% | $1.40 | $1.47 | $7,557 | 33% | $256,000 | = | D $790 |
| 2 | 330 | Dec 31 | 84d | 12.8% | $1.72 | $1.85 | $8,039 | 35% | $256,000 | = | D $1,170 |
| 3 | 330 | Jan 15 | 99d | 12.8% | $2.14 | $2.24 | $8,259 | 36% | $256,000 | = | D $1,560 |
| 4 | 331 | Jan 15 | 99d | 12.5% | $2.21 | $2.33 | $8,590 | 37% | $255,000 | -$1,000 | D $1,650 |
| 5 | 332 | Jan 15 | 99d | 12.2% | $2.31 | $2.42 | $8,922 | 39% | $254,000 | -$2,000 | D $1,740 |
| 6 | 333 | Jan 15 | 99d | 12.0% | $2.40 | $2.51 | $9,254 | 40% | $253,000 | -$3,000 | D $1,830 |
| 7 | 335 | Dec 18 | 71d | 11.5% | $1.74 | $1.81 | $9,305 | 40% | $251,000 | -$5,000 | D $1,130 |
| 8 | 334 | Jan 15 | 99d | 11.7% | $2.50 | $2.61 | $9,623 | 42% | $252,000 | -$4,000 | D $1,930 |
| 9 | 335 | Dec 31 | 84d | 11.5% | $2.13 | $2.25 | $9,777 | 43% | $251,000 | -$5,000 | D $1,570 |
| 10 | 335 | Jan 15 | 99d | 11.5% | $2.60 | $2.72 | $10,028 | 44% | $251,000 | -$5,000 | D $2,040 |
| 11 | 336 | Jan 15 | 99d | 11.2% | $2.71 | $2.83 | $10,434 | 45% | $250,000 | -$6,000 | D $2,150 |
| 12 | 337 | Jan 15 | 99d | 10.9% | $2.83 | $2.93 | $10,803 | 47% | $249,000 | -$7,000 | D $2,250 |
| ▶ 13 | 338 PROT | Jan 15 | 99d | 10.7% | $2.95 | $3.05 | $11,245 | 49% | $248,000 | -$8,000 | D $2,370 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $470 — assignment locks a loss · $390, B $5.80 | $58,000/yr | $7,557/yr | SELF-FUNDING |
| CC at MID $390 0.5σ, B $5.80 | $58,000/yr | $7,557/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 350 CHEAP | Jan 15 | 99d | 66.2% | $0.31 | $0.51 | $940 | 0% | $404,300 | -$5,000 | D $250 |
| 2 | 380 | Dec 18 | 71d | 63.3% | $0.30 | $0.52 | $1,337 | 0% | $389,300 | -$20,000 | D $255 |
| 3 | 400 | Dec 18 | 71d | 61.4% | $0.45 | $0.55 | $1,414 | 0% | $379,300 | -$30,000 | D $270 |
| 4 | 370 | Jan 15 | 99d | 64.3% | $0.36 | $0.77 | $1,419 | 0% | $394,300 | -$15,000 | D $380 |
| 5 | 360 | Dec 18 | 71d | 65.2% | $0.34 | $0.57 | $1,465 | 0% | $399,300 | -$10,000 | D $280 |
| 6 | 340 | Jan 15 | 99d | 67.2% | $0.03 | $0.82 | $1,512 | 0% | $409,300 | = | D $405 |
| 7 | 410 | Dec 18 | 71d | 60.4% | $0.27 | $0.60 | $1,542 | 0% | $374,300 | -$35,000 | D $295 |
| 8 | 420 | Dec 18 | 71d | 59.5% | $0.30 | $0.65 | $1,671 | 0% | $369,300 | -$40,000 | D $320 |
| 9 | 380 | Jan 15 | 99d | 63.3% | $0.40 | $0.93 | $1,714 | 0% | $389,300 | -$20,000 | D $460 |
| 10 | 360 | Jan 15 | 99d | 65.2% | $0.60 | $1.06 | $1,954 | 1% | $399,300 | -$10,000 | D $525 |
| 11 | 390 | Jan 15 | 99d | 62.3% | $0.43 | $1.08 | $1,991 | 1% | $384,300 | -$25,000 | D $535 |
| 12 | 430 | Dec 18 | 71d | 58.5% | $0.45 | $0.80 | $2,056 | 1% | $364,300 | -$45,000 | D $395 |
| ▶ 13 | 920 PROT | Jan 15 | 99d | 11.2% | $45.10 | $49.40 | $91,066 | 23% | $119,300 | -$290,000 | D $24,695 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $1045, B $56.40 | $282,000/yr | $940/yr | SELF-FUNDING |
| CC at MID $1115 0.5σ, B $32.55 | $162,750/yr | $940/yr | SELF-FUNDING |
| # | 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 | 12.7% | $1.85 | $19.05 | $95,250 | $34,104 | $46,178 | $369,609 | -3 | $-15,000 | N/A | N/A | 0.93x | PASS |
| 2 | 20 | Jan 15 | 99d | 16.9% | $1.50 | $19.40 | $97,000 | $27,652 | $50,787 | $376,061 | -2 | $-10,000 | N/A | N/A | 0.95x | PASS |
| 3 | 19 | Jan 15 | 99d | 21.0% | $1.16 | $19.74 | $98,700 | $21,384 | $57,239 | $382,328 | -1 | $-5,000 | N/A | N/A | 0.98x | PASS |
| 4 | 18 | Jan 15 | 99d | 25.2% | $0.91 | $19.99 | $99,950 | $16,775 | $60,833 | $386,937 | 0 | $0 | N/A | N/A | 1.00x | PASS |
| 5 | 17 | Jan 15 | 99d | 29.3% | $0.78 | $20.12 | $100,600 | $14,379 | $46,086 | $389,333 | 1 | $5,000 | 0mo | 0mo | 1.02x | PASS |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.12 | $6,000/yr | $34,104/yr | DEFICIT $2,342/mo |
| CC at MID $28 0.7σ, B $0.84 | $42,000/yr | $34,104/yr | SELF-FUNDING |
| AT 23% DRAWDOWN (stock $24.05 → $18.43, hedge $46,178/yr) | |||
| CC at SS income stress-adjusted | $6,000/yr | $46,178/yr | DEFICIT $3,348/mo |
| CC at MID income stress-adjusted | $6,000/yr | $46,178/yr | DEFICIT $3,348/mo |
| # | 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 | 10.7% | $3.65 | $1.10 | $2,200 | $26,914 | $22,490 | $11,061 | 15 | $6,000 | 7mo | 1mo | 1.94x | PASS |
| 2 | 30 | Jan 15 | 99d | 16.3% | $2.78 | $1.97 | $3,940 | $20,499 | $27,283 | $17,476 | 17 | $10,000 | 7mo | 2mo | 2.06x | PASS |
| 3 | 27 | Jan 15 | 99d | 24.7% | $1.81 | $2.94 | $5,880 | $13,346 | $32,444 | $24,628 | 20 | $16,000 | 8mo | 2mo | 2.25x | PASS |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $49, B $0.55 | $11,000/yr | $26,914/yr | DEFICIT $1,326/mo |
| CC at MID $42 0.7σ, B $1.50 | $30,000/yr | $26,914/yr | SELF-FUNDING |
| AT 22% DRAWDOWN (stock $35.85 → $27.86, hedge $22,490/yr) | |||
| CC at SS income stress-adjusted | $4,000/yr | $22,490/yr | DEFICIT $1,541/mo |
| CC at MID income stress-adjusted | $4,000/yr | $22,490/yr | DEFICIT $1,541/mo |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 40 CHEAP | Dec 18 | 71d | 51.0% | $0.14 | $0.20 | $514 | 2% | $50,225 | = | D $75 |
| 2 | 40 | Jan 15 | 99d | 51.0% | $0.23 | $0.45 | $830 | 3% | $50,225 | = | D $200 |
| 3 | 42 | Dec 18 | 71d | 48.0% | $0.22 | $0.33 | $848 | 3% | $48,975 | -$1,250 | D $140 |
| 4 | 45 | Dec 18 | 71d | 44.9% | $0.32 | $0.40 | $1,028 | 3% | $47,725 | -$2,500 | D $175 |
| 5 | 42 | Jan 15 | 99d | 48.0% | $0.44 | $0.61 | $1,124 | 4% | $48,975 | -$1,250 | D $280 |
| 6 | 48 | Dec 18 | 71d | 41.8% | $0.44 | $0.55 | $1,414 | 5% | $46,475 | -$3,750 | D $250 |
| 7 | 45 | Jan 15 | 99d | 44.9% | $0.59 | $0.78 | $1,438 | 5% | $47,725 | -$2,500 | D $365 |
| 8 | 48 | Jan 15 | 99d | 41.8% | $0.76 | $1.01 | $1,862 | 6% | $46,475 | -$3,750 | D $480 |
| 9 | 50 | Dec 18 | 71d | 38.8% | $0.66 | $0.77 | $1,979 | 6% | $45,225 | -$5,000 | D $360 |
| 10 | 50 | Jan 15 | 99d | 38.8% | $1.04 | $1.26 | $2,323 | 7% | $45,225 | -$5,000 | D $605 |
| 11 | 52 | Jan 15 | 99d | 35.7% | $1.27 | $1.64 | $3,023 | 10% | $43,975 | -$6,250 | D $795 |
| 12 | 55 | Dec 18 | 71d | 32.7% | $1.26 | $1.32 | $3,393 | 11% | $42,725 | -$7,500 | D $635 |
| ▶ 13 | 62 PROT | Jan 15 | 99d | 23.5% | $3.40 | $3.60 | $6,636 | 21% | $38,975 | -$11,250 | D $1,775 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $129 — assignment locks a loss · $100, B $2.62 | $13,100/yr | $514/yr | SELF-FUNDING |
| CC at MID $95 0.7σ, B $3.45 | $17,250/yr | $514/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 22 CHEAP | Dec 18 | 71d | 38.6% | $0.40 | $0.45 | $4,627 | 8% | $92,000 | -$2,000 | D $720 |
| 2 | 22 | Jan 15 | 99d | 38.6% | $0.62 | $0.70 | $5,162 | 9% | $92,000 | -$2,000 | D $1,220 |
| 3 | 25 | Dec 18 | 71d | 30.3% | $0.82 | $0.90 | $9,254 | 17% | $86,000 | -$8,000 | D $1,620 |
| 4 | 25 | Jan 15 | 99d | 30.3% | $1.21 | $1.29 | $9,512 | 17% | $86,000 | -$8,000 | D $2,400 |
| ▶ 5 | 27 PROT | Jan 15 | 99d | 24.7% | $1.69 | $1.81 | $13,346 | 24% | $82,000 | -$12,000 | D $3,440 |
| 6 | 27 | Dec 18 | 71d | 24.7% | $1.18 | $1.31 | $13,469 | 24% | $82,000 | -$12,000 | D $2,440 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $58 — assignment locks a loss · $55, B $0.20 | $4,000/yr | $4,627/yr | DEFICIT $52/mo |
| CC at MID $42 0.7σ, B $1.50 | $30,000/yr | $4,627/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 400 CHEAP | Dec 18 | 71d | 61.4% | $0.45 | $0.55 | $565 | 1% | $192,000 | -$2,000 | D $108 |
| 2 | 410 | Dec 18 | 71d | 60.4% | $0.27 | $0.60 | $617 | 1% | $190,000 | -$4,000 | D $118 |
| 3 | 420 | Dec 18 | 71d | 59.5% | $0.30 | $0.65 | $668 | 1% | $188,000 | -$6,000 | D $128 |
| 4 | 390 | Jan 15 | 99d | 62.3% | $0.43 | $1.08 | $796 | 1% | $194,000 | = | D $214 |
| 5 | 430 | Dec 18 | 71d | 58.5% | $0.45 | $0.80 | $823 | 1% | $186,000 | -$8,000 | D $158 |
| 6 | 450 | Dec 18 | 71d | 56.6% | $0.46 | $0.80 | $823 | 1% | $182,000 | -$12,000 | D $158 |
| 7 | 400 | Jan 15 | 99d | 61.4% | $0.50 | $1.15 | $848 | 1% | $192,000 | -$2,000 | D $228 |
| 8 | 440 | Dec 18 | 71d | 57.5% | $0.39 | $0.84 | $864 | 1% | $184,000 | -$10,000 | D $166 |
| 9 | 420 | Jan 15 | 99d | 59.5% | $0.47 | $1.24 | $914 | 1% | $188,000 | -$6,000 | D $246 |
| 10 | 450 | Jan 15 | 99d | 56.6% | $0.80 | $1.24 | $914 | 1% | $182,000 | -$12,000 | D $246 |
| 11 | 440 | Jan 15 | 99d | 57.5% | $0.62 | $1.26 | $929 | 1% | $184,000 | -$10,000 | D $250 |
| 12 | 410 | Jan 15 | 99d | 60.4% | $0.39 | $1.29 | $951 | 1% | $190,000 | -$4,000 | D $256 |
| ▶ 13 | 850 PROT | Dec 18 | 71d | 17.9% | $17.45 | $18.75 | $19,278 | 24% | $102,000 | -$92,000 | D $3,748 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $1,228 — assignment locks a loss · $1115, B $32.55 | $65,100/yr | $565/yr | SELF-FUNDING |
| CC at MID $1115 0.5σ, B $32.55 | $65,100/yr | $565/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 850 CHEAP | Dec 18 | 71d | 46.8% | $1.60 | $3.90 | $2,005 | 1% | $95,000 | -$4,000 | D $390 |
| 2 | 840 | Jan 15 | 99d | 47.5% | $2.55 | $5.80 | $2,138 | 2% | $96,000 | -$3,000 | D $580 |
| 3 | 850 | Jan 15 | 99d | 46.8% | $3.90 | $6.40 | $2,360 | 2% | $95,000 | -$4,000 | D $640 |
| 4 | 810 | Jan 15 | 99d | 49.3% | $0.15 | $6.50 | $2,396 | 2% | $99,000 | = | D $650 |
| 5 | 810 | Dec 18 | 71d | 49.3% | $0.35 | $4.80 | $2,468 | 2% | $99,000 | = | D $480 |
| 6 | 840 | Dec 18 | 71d | 47.5% | $0.05 | $4.90 | $2,519 | 2% | $96,000 | -$3,000 | D $490 |
| 7 | 820 | Jan 15 | 99d | 48.7% | $0.10 | $7.00 | $2,581 | 2% | $98,000 | -$1,000 | D $700 |
| 8 | 860 | Jan 15 | 99d | 46.2% | $3.30 | $7.20 | $2,655 | 2% | $94,000 | -$5,000 | D $720 |
| 9 | 900 | Dec 18 | 71d | 43.7% | $2.35 | $5.30 | $2,725 | 2% | $90,000 | -$9,000 | D $530 |
| 10 | 890 | Dec 18 | 71d | 44.3% | $1.45 | $5.50 | $2,827 | 2% | $91,000 | -$8,000 | D $550 |
| 11 | 910 | Dec 18 | 71d | 43.1% | $2.65 | $5.50 | $2,827 | 2% | $89,000 | -$10,000 | D $550 |
| 12 | 870 | Jan 15 | 99d | 45.6% | $3.70 | $7.80 | $2,876 | 2% | $93,000 | -$6,000 | D $780 |
| ▶ 13 | 1380 PROT | Jan 15 | 99d | 13.7% | $92.20 | $94.70 | $34,915 | 25% | $42,000 | -$57,000 | D $9,470 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $1630, B $113.70 | $113,700/yr | $2,005/yr | SELF-FUNDING |
| CC at MID $1665 0.2σ, B $99.40 | $99,400/yr | $2,005/yr | SELF-FUNDING |
| # | 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 | 19.6% | $2.44 | $-0.90 | $-450 | $4,498 | $10,139 | $2,415 | 45 | $5,000 | 25mo | 3mo | 1.66x | PASS |
| 2 | 210 | Jan 15 | 99d | 17.6% | $3.10 | $-1.56 | $-780 | $5,715 | $15,669 | $1,198 | 40 | $2,500 | 25mo | 2mo | 1.59x | PASS |
| 3 | 200 | Jan 15 | 99d | 21.5% | $1.99 | $-0.45 | $-225 | $3,668 | $8,203 | $3,244 | 50 | $7,500 | 28mo | 5mo | 1.74x | PASS |
| 4 | 195 | Jan 15 | 99d | 23.5% | $1.59 | $-0.05 | $-25 | $2,931 | $6,452 | $3,982 | 55 | $10,000 | 30mo | 6mo | 1.81x | PASS |
| 5 | 190 | Jan 15 | 99d | 25.5% | $1.29 | $0.25 | $125 | $2,378 | $5,254 | $4,535 | 60 | $12,500 | 33mo | 7mo | 1.88x | PASS |
| 6 | 180 | Jan 15 | 99d | 29.4% | $0.88 | $0.66 | $330 | $1,622 | $3,152 | $5,291 | 70 | $17,500 | 40mo | 10mo | 2.03x | FAIL |
| 7 | 185 | Jan 15 | 99d | 27.4% | $1.09 | $0.45 | $225 | $2,009 | $4,056 | $4,904 | 65 | $15,000 | 37mo | 8mo | 1.96x | FAIL |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $275, B $5.30 | $26,500/yr | $4,498/yr | SELF-FUNDING |
| CC at MID $275 0.7σ, B $5.30 | $26,500/yr | $4,498/yr | SELF-FUNDING |
| AT 12% DRAWDOWN (stock $254.93 → $225.08, hedge $10,139/yr) | |||
| CC at SS income stress-adjusted | $4,250/yr | $10,139/yr | DEFICIT $491/mo |
| CC at MID income stress-adjusted | $4,250/yr | $10,139/yr | DEFICIT $491/mo |
| # | 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 | 10.7% | $3.65 | $1.10 | $2,200 | $26,914 | $22,490 | $11,061 | 15 | $6,000 | 7mo | 1mo | 1.94x | PASS |
| 2 | 30 | Jan 15 | 99d | 16.3% | $2.78 | $1.97 | $3,940 | $20,499 | $27,283 | $17,476 | 17 | $10,000 | 7mo | 2mo | 2.06x | PASS |
| 3 | 27 | Jan 15 | 99d | 24.7% | $1.81 | $2.94 | $5,880 | $13,346 | $32,444 | $24,628 | 20 | $16,000 | 8mo | 2mo | 2.25x | PASS |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $49, B $0.55 | $11,000/yr | $26,914/yr | DEFICIT $1,326/mo |
| CC at MID $42 0.7σ, B $1.50 | $30,000/yr | $26,914/yr | SELF-FUNDING |
| AT 22% DRAWDOWN (stock $35.85 → $27.86, hedge $22,490/yr) | |||
| CC at SS income stress-adjusted | $4,000/yr | $22,490/yr | DEFICIT $1,541/mo |
| CC at MID income stress-adjusted | $4,000/yr | $22,490/yr | DEFICIT $1,541/mo |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 285 CHEAP | Dec 18 | 71d | 16.5% | $1.42 | $1.62 | $4,164 | 5% | $69,820 | = | D $465 |
| 2 | 285 | Jan 15 | 99d | 16.5% | $2.19 | $2.37 | $4,369 | 5% | $69,820 | = | D $840 |
| 3 | 290 | Dec 18 | 71d | 15.0% | $1.75 | $1.85 | $4,755 | 5% | $67,320 | -$2,500 | D $580 |
| 4 | 290 | Jan 15 | 99d | 15.0% | $2.62 | $2.90 | $5,346 | 6% | $67,320 | -$2,500 | D $1,105 |
| 5 | 295 | Dec 18 | 71d | 13.6% | $2.19 | $2.30 | $5,912 | 7% | $64,820 | -$5,000 | D $805 |
| 6 | 295 | Jan 15 | 99d | 13.6% | $3.25 | $3.45 | $6,360 | 7% | $64,820 | -$5,000 | D $1,380 |
| 7 | 300 | Dec 18 | 71d | 12.1% | $2.71 | $2.85 | $7,326 | 8% | $62,320 | -$7,500 | D $1,080 |
| 8 | 300 | Jan 15 | 99d | 12.1% | $3.90 | $4.00 | $7,374 | 9% | $62,320 | -$7,500 | D $1,655 |
| ▶ 9 | 305 PROT | Jan 15 | 99d | 10.6% | $4.60 | $4.80 | $8,848 | 10% | $59,820 | -$10,000 | D $2,055 |
| 10 | 305 | Dec 18 | 71d | 10.6% | $3.30 | $3.60 | $9,254 | 11% | $59,820 | -$10,000 | D $1,455 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS $340, B $12.15 | $60,750/yr | $4,164/yr | SELF-FUNDING |
| CC at MID $360 0.7σ, B $4.20 | $21,000/yr | $4,164/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 185 CHEAP | Dec 18 | 71d | 33.8% | $2.20 | $3.30 | $1,696 | 11% | $48,300 | = | D $230 |
| 2 | 190 | Dec 18 | 71d | 32.0% | $2.10 | $3.70 | $1,902 | 12% | $47,800 | -$500 | D $270 |
| 3 | 185 | Jan 15 | 99d | 33.8% | $3.90 | $5.30 | $1,954 | 13% | $48,300 | = | D $430 |
| 4 | 190 | Jan 15 | 99d | 32.0% | $3.30 | $5.50 | $2,028 | 13% | $47,800 | -$500 | D $450 |
| 5 | 195 | Dec 18 | 71d | 30.2% | $3.20 | $4.50 | $2,313 | 15% | $47,300 | -$1,000 | D $350 |
| 6 | 195 | Jan 15 | 99d | 30.2% | $4.50 | $6.30 | $2,323 | 15% | $47,300 | -$1,000 | D $530 |
| 7 | 200 | Dec 18 | 71d | 28.4% | $4.00 | $4.70 | $2,416 | 15% | $46,800 | -$1,500 | D $370 |
| 8 | 200 | Jan 15 | 99d | 28.4% | $5.20 | $8.00 | $2,949 | 19% | $46,800 | -$1,500 | D $700 |
| ▶ 9 | 210 PROT | Dec 18 | 71d | 24.8% | $5.30 | $6.60 | $3,393 | 22% | $45,800 | -$2,500 | D $560 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $614 — assignment locks a loss · $370, B $2.25 | $2,250/yr | $1,696/yr | SELF-FUNDING |
| CC at MID $320 0.6σ, B $11.40 | $11,400/yr | $1,696/yr | SELF-FUNDING |
| # | NEW HP | EXPIRY | DTE | OTM% | BID | ASK | HEDGE/YR | %CC | NEW ML | ΔML | ROLL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ▶ 1 | 25 CHEAP | Dec 18 | 71d | 30.3% | $0.82 | $0.90 | $9,254 | 17% | $103,700 | -$4,000 | D $1,400 |
| 2 | 25 | Jan 15 | 99d | 30.3% | $1.21 | $1.29 | $9,512 | 17% | $103,700 | -$4,000 | D $2,180 |
| ▶ 3 | 27 PROT | Jan 15 | 99d | 24.7% | $1.69 | $1.81 | $13,346 | 24% | $99,700 | -$8,000 | D $3,220 |
| 4 | 27 | Dec 18 | 71d | 24.7% | $1.18 | $1.31 | $13,469 | 24% | $99,700 | -$8,000 | D $2,220 |
| SCENARIO | CC INCOME | HEDGE COST | VERDICT |
|---|---|---|---|
| CC at SS BELOW SS $67 — assignment locks a loss · $55, B $0.20 | $4,000/yr | $9,254/yr | DEFICIT $438/mo |
| CC at MID $42 0.7σ, B $1.50 | $30,000/yr | $9,254/yr | SELF-FUNDING |
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).