Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$496,250/yr

TOTAL HEDGE (REPAIRED)

$92,430/yr

ANNUAL SAVINGS

$403,821/yr

ROLL CREDITS

$99,200

ADDITIONAL MAX LOSS

$2,000

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 $3,198,875
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)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,271,686
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)8 fortress(es) · 3 actionable · IC $490,588 · notional $1,387,320
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)9 fortress(es) · 3 actionable · IC $180,200 · notional $1,020,984
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

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: $378.32 Current HP: 330P (43d, 12.8% OTM) Current hedge: $6,027/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $22,994/yr Cost cap: 50% of CC = $11,497/yr IV: MEDIUM 13 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 71d, 12.8% OTM) | Cost: $7,557/yr (33% of CC) | New ML: $256,000 = ML | Roll DEBIT $790 | Margin (TIMS): $7,339

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 338P (Jan 15 '27, 99d, 10.7% OTM) | Cost: $11,245/yr (49% of CC) | New ML: $248,000 ↓ $8,000 | Roll DEBIT $2,370 | Margin (TIMS): $6,820

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($390, bid $5.80). 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: $1035.86 Current HP: 340P (43d, 67.2% 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: $389,710/yr Cost cap: 25% of CC = $97,428/yr IV: HIGH 118 qualifying ⚠ ER 2026-12-23 INTRADAY (76d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 350P (Jan 15 '27, 99d, 66.2% OTM) | Cost: $940/yr (0% of CC) | New ML: $404,300 ↓ $5,000 | Roll DEBIT $250 | Margin (TIMS): $63,966

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 920P (Jan 15 '27, 99d, 11.2% OTM) | Cost: $91,066/yr (23% of CC) | New ML: $119,300 ↓ $290,000 | Roll DEBIT $24,695 | Margin (TIMS): $23,845

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1045, bid $56.40). 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: $24.05 HP: ITM Current hedge: $403,712/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $64,941/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	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

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

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

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($28, bid $0.84) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$3,348/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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

Stock: $35.85 HP: 2.4% OTM Current hedge: $37,975/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $55,612/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	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

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

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

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($42, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,541/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: $81.68 Current HP: 40P (43d, 51.0% OTM) Current hedge: $382/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $31,218/yr Cost cap: 25% of CC = $7,804/yr IV: HIGH 18 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, 51.0% OTM) | Cost: $514/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $75 | Margin (TIMS): $2,113

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Jan 15 '27, 99d, 23.5% OTM) | Cost: $6,636/yr (21% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,775 | Margin (TIMS): $2,033

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($100, bid $2.62). 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: $35.85 Current HP: 21P (43d, 41.4% OTM) Current hedge: $3,395/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $55,612/yr Cost cap: 25% of CC = $13,903/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, 38.6% OTM) | Cost: $4,627/yr (8% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $720 | Margin (TIMS): $1,793

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Jan 15 '27, 99d, 24.7% OTM) | Cost: $13,346/yr (24% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $3,440 | Margin (TIMS): $1,524

#	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

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 $0.20	$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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($42, bid $1.50). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

MU (Neville): HP 390P Maintenance Roll-Out · exp Nov 20 '26, 43d

Stock: $1035.86 Current HP: 390P (43d, 62.3% 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: $81,472/yr Cost cap: 25% of CC = $20,368/yr IV: HIGH 93 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 71d, 61.4% OTM) | Cost: $565/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $108 | Margin (TIMS): $46,354

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 850P (Dec 18 '26, 71d, 17.9% OTM) | Cost: $19,278/yr (24% of CC) | New ML: $102,000 ↓ $92,000 | Roll DEBIT $3,748 | Margin (TIMS): $19,551

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1115, bid $32.55). 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: $1599.18 Current HP: 810P (43d, 49.3% OTM) Current hedge: $2,631/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $141,027/yr Cost cap: 25% of CC = $35,257/yr IV: HIGH 112 qualifying ⚠ ER 2026-10-29 AMC (21d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 850P (Dec 18 '26, 71d, 46.8% OTM) | Cost: $2,005/yr (1% of CC) | New ML: $95,000 ↓ $4,000 | Roll DEBIT $390 | Margin (TIMS): $71,769

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 99d, 13.7% OTM) | Cost: $34,915/yr (25% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $9,470 | Margin (TIMS): $31,931

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1630, bid $113.70). 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: $254.93 HP: 15.7% OTM Current hedge: $7,003/yr Baseline (roll-fwd, savings vs this): $6,913/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $16,609/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 5 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	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

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

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

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($275, bid $5.30) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$491/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

HOOD: HP 80P Roll-Down · exp Jan 15 '27, 99d (no viable candidates)

Stock: $107.84 Current HP: 80P (99d, 25.8% OTM) Current hedge: $9,586/yr Gap: 15 Account: Joint (...1782) Contracts: 10 (1,000 sh) IV: HIGH

No HP candidates passed all filters. Reasons:

10 candidate(s) priced

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

Stock: $35.85 HP: 2.4% OTM Current hedge: $37,975/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $55,612/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	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

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

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

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($42, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,541/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: $341.33 Current HP: 285P (43d, 16.5% OTM) Current hedge: $3,226/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $86,511/yr Cost cap: 25% of CC = $21,628/yr IV: MEDIUM 10 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, 16.5% OTM) | Cost: $4,164/yr (5% of CC) | New ML: $69,820 = ML | Roll DEBIT $465 | Margin (TIMS): $6,024

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 305P (Jan 15 '27, 99d, 10.6% OTM) | Cost: $8,848/yr (10% of CC) | New ML: $59,820 ↓ $10,000 | Roll DEBIT $2,055 | Margin (TIMS): $5,100

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $12.15). 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: $279.31 Current HP: 185P (43d, 33.8% OTM) Current hedge: $1,358/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $15,611/yr Cost cap: 25% of CC = $3,903/yr IV: HIGH 9 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, 33.8% OTM) | Cost: $1,696/yr (11% of CC) | New ML: $48,300 = ML | Roll DEBIT $230 | Margin (TIMS): $9,311

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Dec 18 '26, 71d, 24.8% OTM) | Cost: $3,393/yr (22% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $560 | Margin (TIMS): $8,847

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($370, bid $2.25). 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: $35.85 Current HP: 23P (43d, 35.8% OTM) Current hedge: $5,093/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $55,612/yr Cost cap: 25% of CC = $13,903/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, 30.3% OTM) | Cost: $9,254/yr (17% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,400 | Margin (TIMS): $1,650

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 27P (Jan 15 '27, 99d, 24.7% OTM) | Cost: $13,346/yr (24% of CC) | New ML: $99,700 ↓ $8,000 | Roll DEBIT $3,220 | Margin (TIMS): $1,547

#	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

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

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

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($42, bid $1.50). 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).