Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$495,605/yr

TOTAL HEDGE (REPAIRED)

$96,390/yr

ANNUAL SAVINGS

$399,216/yr

ROLL CREDITS

$99,175

ADDITIONAL MAX LOSS

$4,500

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 $3,187,587
GLD → +320C −450P +330P −409C	$384.09	320	450	330	409	$456.00	$469.84	120	1.88x	14.1%	SAFE	10	$136,000	$384,090	ROLL NOW (42d)
MU (Main) → +880C −1010P +340P −1150C	$1039.82	880	1010	340	1150	$1028.60	$1041.16	670	5.51x	67.3%	SAFE	5	$74,300	$519,908	ROLL NOW (42d)
BMNR (Main) → +25C −18P +45P	$24.00	25	18	45	0	$65.83	$60.41	0	1.00x	-87.5%	ITM	50	$204,150	$119,975	REPAIR PLAN (98d)
IREN (Main) → +25C −47P +35P −49C	$35.18	25	47	35	49	$44.00	$48.10	12	1.75x	0.5%	TIGHT	20	$32,000	$70,360	REPAIR PLAN (98d)
IGV +70C −115C	$110.82	70	0	0	115	$96.50	$87.69	0	1.00x	0.0%	N/A	12	$31,800	$132,984	LEAPS-ONLY
MARA (Main) +13C	$9.64	13	0	0	0	$16.75	$11.47	0	1.00x	0.0%	N/A	400	$150,000	$385,600	LEAPS-ONLY
AMD +410C −550P +470P	$613.88	410	550	470	0	$649.20	$660.03	80	1.33x	23.4%	SAFE	2	$47,840	$122,776	OK
BMNR (Main) +23C −18P +25P	$24.00	23	18	25	0	$53.26	$47.48	0	1.00x	-4.2%	ITM	75	$226,950	$179,962	OK
COIN (Main) +165C −240P +90P −200C	$173.59	165	240	90	200	$210.90	$216.01	150	9.93x	48.2%	SAFE	8	$13,440	$138,869	OK
COIN (Main) +500C −330P +300P −200C	$173.59	500	330	300	200	$563.00	$382.02	30	1.48x	-72.8%	ITM	25	$157,500	$433,965	OK
DELL +310C −400P +320P −650C	$576.71	310	400	320	650	$562.50	$571.43	80	1.32x	44.5%	SAFE	3	$75,750	$173,013	OK
GLXY +38C −38P +18P	$20.06	38	38	18	0	$39.71	$35.16	20	10.05x	12.8%	SAFE	125	$27,625	$250,750	OK
HIMS +10C −20P +5P −32C	$29.10	10	20	5	32	$17.47	$19.03	15	4.04x	82.8%	SAFE	15	$7,395	$43,650	OK
NVDA +215C −225P +200P −250C	$231.69	215	225	200	250	$264.80	$230.63	25	1.50x	13.7%	SAFE	10	$49,800	$231,685	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,285,952
CRWV → +105C −120P +40P −100C	$82.15	105	120	40	100	$125.45	$127.84	80	4.91x	51.3%	SAFE	5	$10,225	$41,075	ROLL NOW (42d)
IREN (Neville) → +45C −65P +21P −49C	$35.18	45	65	21	49	$56.50	$57.65	44	15.67x	40.3%	SAFE	20	$6,000	$70,360	ROLL NOW (42d)
MU (Neville) → +970C −1110P +390P −1150C	$1039.82	970	1110	390	1150	$1220.00	$1229.96	720	3.88x	62.5%	SAFE	2	$50,000	$207,963	ROLL NOW (42d)
SNDK → +1200C −1380P +810P	$1620.32	1200	1380	810	0	$1620.00	$1626.08	570	2.36x	50.0%	SAFE	1	$42,000	$162,032	ROLL NOW (42d)
SPY +640C −785C	$775.74	640	0	0	785	$764.00	$703.58	0	1.00x	0.0%	N/A	12	$148,800	$930,882	LEAPS-ONLY
CRCL +45C −65P +40P	$81.79	45	65	40	0	$87.00	$92.23	25	1.60x	51.1%	SAFE	5	$21,000	$40,895	OK
GOOG (Neville) +300C −345P +310P −360C	$349.03	300	345	310	360	$373.00	$347.16	35	1.48x	11.2%	SAFE	15	$109,500	$523,545	OK
GOOG (Neville) +340C −405P +360P −360C	$349.03	340	405	360	360	$398.00	$386.93	45	1.88x	-3.1%	ITM	5	$25,500	$174,515	OK
INTC +85C −100P +35P −114C	$105.74	85	100	35	114	$114.00	$114.76	65	3.24x	66.9%	SAFE	5	$14,500	$52,870	OK
SPCX +150C −195P +135P −195C	$163.63	150	195	135	195	$186.00	$189.78	60	3.22x	17.5%	SAFE	5	$13,500	$81,815	OK
Joint (...1782)8 fortress(es) · 3 actionable · IC $490,588 · notional $1,397,430
AMZN → +200C −250P +215P −262C	$257.81	200	250	215	262	$267.92	$270.89	35	1.52x	16.6%	SAFE	5	$33,960	$128,905	ROLL NOW (42d)
HOOD → +65C −95P +80P −120C	$107.50	65	95	80	120	$114.95	$119.47	15	1.30x	25.6%	SAFE	10	$49,950	$107,495	REPAIR PLAN (98d)
IREN (Joint) → +25C −47P +35P −49C	$35.18	25	47	35	49	$44.00	$48.10	12	1.75x	0.5%	TIGHT	20	$32,000	$70,360	REPAIR PLAN (98d)
GOOG (Joint) +310C −355C	$349.03	310	0	0	355	$392.50	$350.69	0	1.00x	0.0%	N/A	5	$41,250	$174,515	LEAPS-ONLY
IBIT +75C	$46.76	75	0	0	0	$70.58	$52.70	0	1.00x	0.0%	N/A	50	$22,328	$233,800	LEAPS-ONLY
MSTR (Joint) +180C −200C	$151.75	180	0	0	200	$233.00	$175.52	0	1.00x	0.0%	N/A	10	$53,000	$151,750	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$24.00	23	18	25	0	$36.42	$25.07	0	1.00x	-4.2%	ITM	150	$201,300	$359,925	OK
COPX +65C −90P +68P	$85.34	65	90	68	0	$93.40	$96.10	22	1.77x	20.3%	SAFE	20	$56,800	$170,680	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $992,229
APP → +460C −540P +185P	$280.95	460	540	185	0	$588.00	$613.43	355	3.77x	34.2%	SAFE	1	$12,800	$28,096	ROLL NOW (42d)
IREN (RetireInc) → +50C −70P +23P −49C	$35.18	50	70	23	49	$63.43	$66.35	47	7.86x	34.6%	SAFE	20	$13,700	$70,360	ROLL NOW (42d)
AAPL → +240C −330P +285P −350C	$332.17	240	330	285	350	$334.64	$337.95	45	1.48x	14.2%	SAFE	5	$47,320	$166,085	REPAIR PLAN (42d)
MARA (RetireInc) +40C	$9.64	40	0	0	0	$41.04	$11.70	0	1.00x	0.0%	N/A	500	$52,000	$482,000	LEAPS-ONLY
CLSK +17C −17P +10P	$10.41	17	17	10	0	$20.74	$18.51	7	2.87x	3.9%	TIGHT	25	$9,350	$26,025	OK
ENPH +45C −60P +20P	$32.45	45	60	20	0	$56.15	$58.54	40	6.48x	38.4%	SAFE	10	$7,300	$32,450	OK
MSTR (RetireInc) +125C −185P +55P −170C	$151.75	125	185	55	170	$161.00	$162.55	130	11.83x	63.8%	SAFE	4	$4,800	$60,700	OK
QCOM +190C −210P +100P −220C	$172.13	190	210	100	220	$224.00	$225.94	110	4.24x	41.9%	SAFE	5	$17,000	$86,068	OK
RKLB +115C −135P +45P −90C	$67.41	115	135	45	90	$141.55	$148.22	90	4.39x	33.2%	SAFE	6	$15,930	$40,446	OK

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

GLD: HP 330P Maintenance Roll-Out · exp Nov 20 '26, 42d

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: $384.09 Current HP: 330P (42d, 14.1% OTM) Current hedge: $4,606/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $24,611/yr Cost cap: 50% of CC = $12,305/yr IV: MEDIUM 24 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 70d, 14.1% OTM) | Cost: $6,205/yr (25% of CC) | New ML: $256,000 = ML | Roll DEBIT $700 | Margin (TIMS): $9,754

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 345P (Dec 18 '26, 70d, 10.2% OTM) | Cost: $11,576/yr (47% of CC) | New ML: $241,000 ↓ $15,000 | Roll DEBIT $1,730 | Margin (TIMS): $8,765

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	70d	14.1%	$1.10	$1.19	$6,205	25%	$256,000	=	D $700
2	330	Jan 15	98d	14.1%	$1.76	$1.84	$6,853	28%	$256,000	=	D $1,350
3	330	Dec 31	83d	14.1%	$1.39	$1.56	$6,860	28%	$256,000	=	D $1,070
4	331	Jan 15	98d	13.8%	$1.83	$1.91	$7,114	29%	$255,000	-$1,000	D $1,420
5	332	Jan 15	98d	13.6%	$1.90	$1.98	$7,374	30%	$254,000	-$2,000	D $1,490
6	335	Dec 18	70d	12.8%	$1.37	$1.43	$7,456	30%	$251,000	-$5,000	D $940
7	333	Jan 15	98d	13.3%	$1.97	$2.06	$7,672	31%	$253,000	-$3,000	D $1,570
8	334	Jan 15	98d	13.0%	$2.05	$2.14	$7,970	32%	$252,000	-$4,000	D $1,650
9	335	Dec 31	83d	12.8%	$1.68	$1.83	$8,048	33%	$251,000	-$5,000	D $1,340
10	335	Jan 15	98d	12.8%	$2.13	$2.22	$8,268	34%	$251,000	-$5,000	D $1,730
11	336	Jan 15	98d	12.5%	$2.14	$2.31	$8,604	35%	$250,000	-$6,000	D $1,820
12	337	Jan 15	98d	12.3%	$2.24	$2.40	$8,939	36%	$249,000	-$7,000	D $1,910
▶ 13	345 PROT	Dec 18	70d	10.2%	$2.13	$2.22	$11,576	47%	$241,000	-$15,000	D $1,730

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $396, B $5.60	$57,600/yr	$6,205/yr	SELF-FUNDING
CC at MID $396 0.5σ, B $5.60	$57,600/yr	$6,205/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($396, bid $5.60). 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, 42d

Stock: $1039.82 Current HP: 340P (42d, 67.3% OTM) Current hedge: $565/yr Current ML: $409,300 If HP lapses: ML $579,300 (+$170,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $398,571/yr Cost cap: 25% of CC = $99,643/yr IV: HIGH 121 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 400P (Dec 18 '26, 70d, 61.5% OTM) | Cost: $1,434/yr (0% of CC) | New ML: $379,300 ↓ $30,000 | Roll DEBIT $265 | Margin (TIMS): $60,835

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 940P (Jan 15 '27, 98d, 9.6% OTM) | Cost: $99,071/yr (25% of CC) | New ML: $109,300 ↓ $300,000 | Roll DEBIT $26,590 | Margin (TIMS): $21,343

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	70d	61.5%	$0.34	$0.55	$1,434	0%	$379,300	-$30,000	D $265
2	370	Jan 15	98d	64.4%	$0.01	$0.80	$1,490	0%	$394,300	-$15,000	D $390
3	410	Dec 18	70d	60.6%	$0.13	$0.59	$1,538	0%	$374,300	-$35,000	D $285
4	360	Dec 18	70d	65.4%	$0.24	$0.60	$1,564	0%	$399,300	-$10,000	D $290
5	380	Dec 18	70d	63.5%	$0.18	$0.60	$1,564	0%	$389,300	-$20,000	D $290
6	420	Dec 18	70d	59.6%	$0.16	$0.65	$1,695	0%	$369,300	-$40,000	D $315
7	350	Jan 15	98d	66.3%	$0.30	$0.99	$1,844	0%	$404,300	-$5,000	D $485
8	340	Jan 15	98d	67.3%	$0.07	$1.00	$1,862	0%	$409,300	=	D $490
9	430	Dec 18	70d	58.6%	$0.05	$0.80	$2,086	1%	$364,300	-$45,000	D $390
10	440	Dec 18	70d	57.7%	$0.01	$0.84	$2,190	1%	$359,300	-$50,000	D $410
11	360	Jan 15	98d	65.4%	$0.07	$1.20	$2,235	1%	$399,300	-$10,000	D $590
12	350	Dec 18	70d	66.3%	$0.26	$0.90	$2,346	1%	$404,300	-$5,000	D $440
▶ 13	940 PROT	Jan 15	98d	9.6%	$50.60	$53.20	$99,071	25%	$109,300	-$300,000	D $26,590

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1045, B $56.95	$292,886/yr	$1,434/yr	SELF-FUNDING
CC at MID $1115 0.5σ, B $31.20	$160,457/yr	$1,434/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1045, bid $56.95). 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, 98d

Stock: $24.00 HP: ITM Current hedge: $400,383/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $59,732/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (42d) 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	98d	12.5%	$1.88	$18.87	$94,350	$35,010	$43,670	$365,372	-3	$-15,000	N/A	N/A	0.93x	PASS
2	20	Jan 15	98d	16.6%	$1.68	$19.07	$95,350	$31,286	$49,256	$369,097	-2	$-10,000	N/A	N/A	0.95x	PASS
3	19	Jan 15	98d	20.8%	$1.30	$19.45	$97,250	$24,209	$55,774	$376,173	-1	$-5,000	N/A	N/A	0.98x	PASS
4	18	Jan 15	98d	25.0%	$0.99	$19.76	$98,800	$18,436	$63,223	$381,946	0	$0	N/A	N/A	1.00x	PASS
5	17	Jan 15	98d	29.2%	$0.73	$20.02	$100,100	$13,594	$49,536	$386,788	1	$5,000	0mo	0mo	1.02x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.06	$3,086/yr	$35,010/yr	DEFICIT $2,660/mo
CC at MID $28 0.7σ, B $0.71	$36,514/yr	$35,010/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $24.00 → $18.37, hedge $43,670/yr)
CC at SS income stress-adjusted	$3,086/yr	$43,670/yr	DEFICIT $3,382/mo
CC at MID income stress-adjusted	$3,086/yr	$43,670/yr	DEFICIT $3,382/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($28, bid $0.71) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$3,382/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Roll-Down · exp Jan 15 '27, 98d

Stock: $35.18 HP: 0.5% OTM Current hedge: $40,224/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $60,279/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-11-05 INTRADAY (27d) 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	98d	9.0%	$3.90	$1.30	$2,600	$29,051	$20,336	$11,173	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	98d	14.7%	$3.00	$2.20	$4,400	$22,347	$24,433	$17,878	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	98d	23.3%	$1.90	$3.30	$6,600	$14,153	$34,638	$26,071	20	$16,000	7mo	2mo	2.25x	PASS
4	25	Jan 15	98d	28.9%	$1.50	$3.70	$7,400	$11,173	$23,464	$29,051	22	$20,000	8mo	3mo	2.38x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.54	$11,109/yr	$29,051/yr	DEFICIT $1,495/mo
CC at MID $41 0.7σ, B $1.49	$30,651/yr	$29,051/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.18 → $27.33, hedge $20,336/yr)
CC at SS income stress-adjusted	$4,731/yr	$20,336/yr	DEFICIT $1,300/mo
CC at MID income stress-adjusted	$7,200/yr	$20,336/yr	DEFICIT $1,095/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.49) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,095/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

CRWV: HP 40P Maintenance Roll-Out · exp Nov 20 '26, 42d

Stock: $82.15 Current HP: 40P (42d, 51.3% OTM) Current hedge: $521/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $28,045/yr Cost cap: 25% of CC = $7,011/yr IV: HIGH 18 qualifying ⚠ ER 2026-11-11 INTRADAY (33d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 70d, 51.3% OTM) | Cost: $521/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $70 | Margin (TIMS): $2,108

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Jan 15 '27, 98d, 23.9% OTM) | Cost: $6,425/yr (23% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,695 | Margin (TIMS): $2,054

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	70d	51.3%	$0.10	$0.20	$521	2%	$50,225	=	D $70
2	42	Dec 18	70d	48.3%	$0.17	$0.30	$782	3%	$48,975	-$1,250	D $120
3	40	Jan 15	98d	51.3%	$0.22	$0.45	$838	3%	$50,225	=	D $195
4	45	Dec 18	70d	45.2%	$0.27	$0.40	$1,043	4%	$47,725	-$2,500	D $170
5	42	Jan 15	98d	48.3%	$0.33	$0.64	$1,192	4%	$48,975	-$1,250	D $290
6	48	Dec 18	70d	42.2%	$0.40	$0.54	$1,408	5%	$46,475	-$3,750	D $240
7	45	Jan 15	98d	45.2%	$0.47	$0.80	$1,490	5%	$47,725	-$2,500	D $370
8	50	Dec 18	70d	39.1%	$0.57	$0.71	$1,851	7%	$45,225	-$5,000	D $325
9	48	Jan 15	98d	42.2%	$0.65	$1.03	$1,918	7%	$46,475	-$3,750	D $485
10	50	Jan 15	98d	39.1%	$0.88	$1.30	$2,421	9%	$45,225	-$5,000	D $620
11	52	Jan 15	98d	36.1%	$1.17	$1.62	$3,017	11%	$43,975	-$6,250	D $780
12	55	Dec 18	70d	33.0%	$1.09	$1.21	$3,155	11%	$42,725	-$7,500	D $575
▶ 13	62 PROT	Jan 15	98d	23.9%	$3.10	$3.45	$6,425	23%	$38,975	-$11,250	D $1,695

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $128 — assignment locks a loss · $100, B $2.52	$12,960/yr	$521/yr	SELF-FUNDING
CC at MID $95 0.7σ, B $3.50	$18,000/yr	$521/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($100, bid $2.52). 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, 42d

Stock: $35.18 Current HP: 21P (42d, 40.3% OTM) Current hedge: $3,476/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $60,279/yr Cost cap: 25% of CC = $15,070/yr IV: HIGH 6 qualifying ⚠ ER 2026-11-05 INTRADAY (27d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 22P (Dec 18 '26, 70d, 37.5% OTM) | Cost: $5,214/yr (9% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $780 | Margin (TIMS): $1,757

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Jan 15 '27, 98d, 23.3% OTM) | Cost: $14,153/yr (23% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $3,580 | Margin (TIMS): $1,480

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	70d	37.5%	$0.41	$0.50	$5,214	9%	$92,000	-$2,000	D $780
2	22	Jan 15	98d	37.5%	$0.53	$0.81	$6,034	10%	$92,000	-$2,000	D $1,400
3	25	Dec 18	70d	28.9%	$0.84	$0.92	$9,594	16%	$86,000	-$8,000	D $1,620
4	25	Jan 15	98d	28.9%	$1.28	$1.50	$11,173	19%	$86,000	-$8,000	D $2,780
▶ 5	27 PROT	Jan 15	98d	23.3%	$1.75	$1.90	$14,153	23%	$82,000	-$12,000	D $3,580
6	27	Dec 18	70d	23.3%	$1.31	$1.40	$14,600	24%	$82,000	-$12,000	D $2,580

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $55, B $0.23	$4,731/yr	$5,214/yr	DEFICIT $40/mo
CC at MID $41 0.7σ, B $1.49	$30,651/yr	$5,214/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.49). 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, 42d

Stock: $1039.82 Current HP: 390P (42d, 62.5% OTM) Current hedge: $782/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $80,143/yr Cost cap: 25% of CC = $20,036/yr IV: HIGH 93 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 70d, 61.5% OTM) | Cost: $574/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $104 | Margin (TIMS): $48,075

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 850P (Dec 18 '26, 70d, 18.3% OTM) | Cost: $18,667/yr (23% of CC) | New ML: $102,000 ↓ $92,000 | Roll DEBIT $3,574 | Margin (TIMS): $20,255

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	70d	61.5%	$0.34	$0.55	$574	1%	$192,000	-$2,000	D $104
2	410	Dec 18	70d	60.6%	$0.13	$0.59	$615	1%	$190,000	-$4,000	D $112
3	420	Dec 18	70d	59.6%	$0.16	$0.65	$678	1%	$188,000	-$6,000	D $124
4	430	Dec 18	70d	58.6%	$0.05	$0.80	$834	1%	$186,000	-$8,000	D $154
5	440	Dec 18	70d	57.7%	$0.01	$0.84	$876	1%	$184,000	-$10,000	D $162
6	450	Jan 15	98d	56.7%	$0.93	$1.29	$961	1%	$182,000	-$12,000	D $252
7	490	Dec 18	70d	52.9%	$0.56	$1.00	$1,043	1%	$174,000	-$20,000	D $194
8	390	Dec 18	70d	62.5%	$0.13	$1.05	$1,095	1%	$194,000	=	D $204
9	390	Jan 15	98d	62.5%	$0.48	$1.50	$1,117	1%	$194,000	=	D $294
10	400	Jan 15	98d	61.5%	$0.50	$1.50	$1,117	1%	$192,000	-$2,000	D $294
11	410	Jan 15	98d	60.6%	$0.03	$1.50	$1,117	1%	$190,000	-$4,000	D $294
12	420	Jan 15	98d	59.6%	$0.47	$1.50	$1,117	1%	$188,000	-$6,000	D $294
▶ 13	850 PROT	Dec 18	70d	18.3%	$16.35	$17.90	$18,667	23%	$102,000	-$92,000	D $3,574

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,230 — assignment locks a loss · $1115, B $31.20	$64,183/yr	$574/yr	SELF-FUNDING
CC at MID $1115 0.5σ, B $31.20	$64,183/yr	$574/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1115, bid $31.20). 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, 42d

Stock: $1620.32 Current HP: 810P (42d, 50.0% OTM) Current hedge: $3,563/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $166,286/yr Cost cap: 25% of CC = $41,571/yr IV: HIGH 124 qualifying ⚠ ER 2026-10-29 AMC (20d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 840P (Jan 15 '27, 98d, 48.2% OTM) | Cost: $2,235/yr (1% of CC) | New ML: $96,000 ↓ $3,000 | Roll DEBIT $600 | Margin (TIMS): $76,985

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 98d, 14.8% OTM) | Cost: $32,105/yr (19% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $8,620 | Margin (TIMS): $33,266

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	840 CHEAP	Jan 15	98d	48.2%	$2.50	$6.00	$2,235	1%	$96,000	-$3,000	D $600
2	850	Jan 15	98d	47.5%	$3.60	$6.00	$2,235	1%	$95,000	-$4,000	D $600
3	820	Jan 15	98d	49.4%	$1.00	$6.50	$2,421	1%	$98,000	-$1,000	D $650
4	820	Dec 18	70d	49.4%	$0.05	$4.90	$2,555	2%	$98,000	-$1,000	D $490
5	890	Jan 15	98d	45.1%	$4.90	$6.90	$2,570	2%	$91,000	-$8,000	D $690
6	810	Jan 15	98d	50.0%	$0.30	$7.10	$2,644	2%	$99,000	=	D $710
7	860	Dec 18	70d	46.9%	$0.20	$5.10	$2,659	2%	$94,000	-$5,000	D $510
8	830	Jan 15	98d	48.8%	$1.60	$7.20	$2,682	2%	$97,000	-$2,000	D $720
9	900	Jan 15	98d	44.5%	$5.30	$7.20	$2,682	2%	$90,000	-$9,000	D $720
10	910	Dec 18	70d	43.8%	$2.35	$5.20	$2,711	2%	$89,000	-$10,000	D $520
11	810	Dec 18	70d	50.0%	$0.05	$5.30	$2,764	2%	$99,000	=	D $530
12	850	Dec 18	70d	47.5%	$1.60	$5.30	$2,764	2%	$95,000	-$4,000	D $530
▶ 13	1380 PROT	Jan 15	98d	14.8%	$81.60	$86.20	$32,105	19%	$42,000	-$57,000	D $8,620

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1630, B $121.60	$125,074/yr	$2,235/yr	SELF-FUNDING
CC at MID $1685 0.2σ, B $98.60	$101,417/yr	$2,235/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1630, bid $121.60). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AMZN: HP 215P Maintenance Roll-Out · exp Nov 20 '26, 42d

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: $257.81 Current HP: 215P (42d, 16.6% OTM) Current hedge: $6,127/yr Current ML: $51,460 If HP lapses: ML $158,960 (+$107,500) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $20,379/yr Cost cap: 50% of CC = $10,189/yr IV: MEDIUM 6 qualifying ⚠ ER 2026-10-29 AMC (20d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 215 → 215P (Jan 15 '27, 98d, 16.6% OTM) | Cost: $6,332/yr (31% of CC) | New ML: $51,460 = ML | Roll DEBIT $1,020 | Margin (TIMS): $4,386

PROTECTIVE PICK (lowest ML within cost cap): HP 215 → 225P (Jan 15 '27, 98d, 12.7% OTM) | Cost: $9,777/yr (48% of CC) | New ML: $46,460 ↓ $5,000 | Roll DEBIT $1,945 | Margin (TIMS): $4,082

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	215 CHEAP	Jan 15	98d	16.6%	$3.20	$3.40	$6,332	31%	$51,460	=	D $1,020
2	215	Dec 18	70d	16.6%	$2.21	$2.47	$6,440	32%	$51,460	=	D $555
3	220	Jan 15	98d	14.7%	$3.95	$4.25	$7,915	39%	$48,960	-$2,500	D $1,445
4	220	Dec 18	70d	14.7%	$2.90	$3.15	$8,212	40%	$48,960	-$2,500	D $895
▶ 5	225 PROT	Jan 15	98d	12.7%	$4.90	$5.25	$9,777	48%	$46,460	-$5,000	D $1,945
6	225	Dec 18	70d	12.7%	$3.70	$3.90	$10,168	50%	$46,460	-$5,000	D $1,270

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $6.05	$31,114/yr	$6,332/yr	SELF-FUNDING
CC at MID $280 0.7σ, B $4.60	$23,657/yr	$6,332/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($275, bid $6.05). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

HOOD: HP 80P Roll-Down · exp Jan 15 '27, 98d (no viable candidates)

Stock: $107.50 Current HP: 80P (98d, 25.6% OTM) Current hedge: $9,907/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, 98d

Stock: $35.18 HP: 0.5% OTM Current hedge: $40,224/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $60,279/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-11-05 INTRADAY (27d) 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	98d	9.0%	$3.90	$1.30	$2,600	$29,051	$20,336	$11,173	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	98d	14.7%	$3.00	$2.20	$4,400	$22,347	$24,433	$17,878	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	98d	23.3%	$1.90	$3.30	$6,600	$14,153	$34,638	$26,071	20	$16,000	7mo	2mo	2.25x	PASS
4	25	Jan 15	98d	28.9%	$1.50	$3.70	$7,400	$11,173	$23,464	$29,051	22	$20,000	8mo	3mo	2.38x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.54	$11,109/yr	$29,051/yr	DEFICIT $1,495/mo
CC at MID $41 0.7σ, B $1.49	$30,651/yr	$29,051/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.18 → $27.33, hedge $20,336/yr)
CC at SS income stress-adjusted	$4,731/yr	$20,336/yr	DEFICIT $1,300/mo
CC at MID income stress-adjusted	$7,200/yr	$20,336/yr	DEFICIT $1,095/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.49) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,095/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

APP: HP 185P Maintenance Roll-Out · exp Nov 20 '26, 42d

Stock: $280.95 Current HP: 185P (42d, 34.2% OTM) Current hedge: $1,564/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $14,046/yr Cost cap: 25% of CC = $3,512/yr IV: HIGH 10 qualifying ⚠ ER 2026-11-04 INTRADAY (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Dec 18 '26, 70d, 34.2% OTM) | Cost: $1,434/yr (10% of CC) | New ML: $48,300 = ML | Roll DEBIT $205 | Margin (TIMS): $9,395

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Dec 18 '26, 70d, 25.3% OTM) | Cost: $3,285/yr (23% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $560 | Margin (TIMS): $8,940

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	70d	34.2%	$1.80	$2.75	$1,434	10%	$48,300	=	D $205
2	190	Dec 18	70d	32.4%	$2.10	$3.30	$1,721	12%	$47,800	-$500	D $260
3	185	Jan 15	98d	34.2%	$3.50	$4.80	$1,788	13%	$48,300	=	D $410
4	190	Jan 15	98d	32.4%	$4.20	$5.00	$1,862	13%	$47,800	-$500	D $430
5	195	Jan 15	98d	30.6%	$4.50	$5.80	$2,160	15%	$47,300	-$1,000	D $510
6	195	Dec 18	70d	30.6%	$2.60	$4.60	$2,399	17%	$47,300	-$1,000	D $390
7	200	Jan 15	98d	28.8%	$5.70	$7.30	$2,719	19%	$46,800	-$1,500	D $660
8	200	Dec 18	70d	28.8%	$3.90	$5.30	$2,764	20%	$46,800	-$1,500	D $460
▶ 9	210 PROT	Dec 18	70d	25.3%	$5.30	$6.30	$3,285	23%	$45,800	-$2,500	D $560
10	210	Jan 15	98d	25.3%	$7.20	$9.20	$3,427	24%	$45,800	-$2,500	D $850

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $613 — assignment locks a loss · $375, B $2.15	$2,211/yr	$1,434/yr	SELF-FUNDING
CC at MID $320 0.6σ, B $10.60	$10,903/yr	$1,434/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($375, bid $2.15). 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, 42d

Stock: $35.18 Current HP: 23P (42d, 34.6% OTM) Current hedge: $5,388/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $60,279/yr Cost cap: 25% of CC = $15,070/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (27d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 25P (Dec 18 '26, 70d, 28.9% OTM) | Cost: $9,594/yr (16% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,420 | Margin (TIMS): $1,572

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 27P (Jan 15 '27, 98d, 23.3% OTM) | Cost: $14,153/yr (23% of CC) | New ML: $99,700 ↓ $8,000 | Roll DEBIT $3,380 | Margin (TIMS): $1,466

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	70d	28.9%	$0.84	$0.92	$9,594	16%	$103,700	-$4,000	D $1,420
2	25	Jan 15	98d	28.9%	$1.28	$1.50	$11,173	19%	$103,700	-$4,000	D $2,580
▶ 3	27 PROT	Jan 15	98d	23.3%	$1.75	$1.90	$14,153	23%	$99,700	-$8,000	D $3,380
4	27	Dec 18	70d	23.3%	$1.31	$1.40	$14,600	24%	$99,700	-$8,000	D $2,380

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $66 — assignment locks a loss · $55, B $0.23	$4,731/yr	$9,594/yr	DEFICIT $405/mo
CC at MID $41 0.7σ, B $1.49	$30,651/yr	$9,594/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.49). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

AAPL: HP 285P Roll-Down · exp Nov 20 '26, 42d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 5.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $332.17 HP: 14.2% OTM Current hedge: $4,867/yr Baseline (roll-fwd, savings vs this): $5,579/yr SS: $334.64 (unchanged) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $38,620/yr IV: MEDIUM OTM floor: 10% Stress: 10% DD Payback gate: 12mo (1.0yr) 8 PASS ⚠ ER 2026-11-02 INTRADAY (24d) 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	270	Jan 15	98d	18.7%	$1.76	$-0.75	$-375	$3,278	$7,635	$2,302	60	$7,500	39mo	2mo	1.63x	PASS
2	280	Jan 15	98d	15.7%	$2.59	$-1.58	$-790	$4,823	$11,453	$756	50	$2,500	40mo	1mo	1.53x	PASS
3	275	Jan 15	98d	17.2%	$2.20	$-1.19	$-595	$4,097	$9,497	$1,482	55	$5,000	40mo	1mo	1.58x	PASS
4	265	Jan 15	98d	20.2%	$1.54	$-0.53	$-265	$2,868	$6,145	$2,711	65	$10,000	44mo	3mo	1.69x	PASS
5	260	Jan 15	98d	21.7%	$1.25	$-0.24	$-120	$2,328	$5,140	$3,251	70	$12,500	46mo	4mo	1.74x	PASS
6	255	Jan 15	98d	23.2%	$1.05	$-0.04	$-20	$1,955	$3,985	$3,624	75	$15,000	50mo	4mo	1.79x	PASS
7	250	Jan 15	98d	24.7%	$0.81	$0.20	$100	$1,508	$3,184	$4,071	80	$17,500	52mo	5mo	1.85x	PASS
8	245	Jan 15	98d	26.2%	$0.74	$0.27	$135	$1,378	$2,048	$4,201	85	$20,000	57mo	6mo	1.90x	PASS
9	235	Jan 15	98d	29.3%	$0.59	$0.42	$210	$1,099	$1,378	$4,481	95	$25,000	67mo	7mo	2.00x	FAIL
10	240	Jan 15	98d	27.7%	$0.64	$0.37	$185	$1,192	$1,844	$4,387	90	$22,500	62mo	6mo	1.95x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (35d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $7.35	$37,800/yr	$3,278/yr	SELF-FUNDING
CC at MID $350 0.7σ, B $4.10	$21,086/yr	$3,278/yr	SELF-FUNDING
AT 10% DRAWDOWN (stock $332.17 → $298.95, hedge $7,635/yr)
CC at SS income stress-adjusted	$2,160/yr	$7,635/yr	DEFICIT $456/mo
CC at MID income stress-adjusted	$257/yr	$7,635/yr	DEFICIT $615/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($350, bid $4.10) in NORMAL markets. Self-funds today.
In 10% drawdown, even MID is short ~$615/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).