Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$501,695/yr

TOTAL HEDGE (REPAIRED)

$100,468/yr

ANNUAL SAVINGS

$401,227/yr

ROLL CREDITS

$100,665

ADDITIONAL MAX LOSS

$6,000

PORTFOLIO ACTION SUMMARY · 41 positions

9 · ROLL NOW6 · REPAIR PLAN7 · LEAPS-ONLY19 · 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) · 5 actionable · IC $1,234,550 · notional $3,212,289
GLD → +320C −450P +330P −409C	$384.52	320	450	330	409	$456.00	$468.97	120	1.88x	14.2%	SAFE	10	$136,000	$384,520	ROLL NOW (42d)
MU (Main) → +880C −1010P +340P −1075C	$1026.38	880	1010	340	1075	$1028.60	$1041.58	670	5.51x	66.9%	SAFE	5	$74,300	$513,191	ROLL NOW (42d)
AMD → +410C −550P +470P −665C	$607.50	410	550	470	665	$649.20	$661.48	80	1.33x	22.6%	SAFE	2	$47,840	$121,501	REPAIR PLAN (98d)
BMNR (Main) → +25C −18P +45P	$24.01	25	18	45	0	$65.83	$60.57	0	1.00x	-87.4%	ITM	50	$204,150	$120,050	REPAIR PLAN (98d)
IREN (Main) → +25C −47P +35P −49C	$34.83	25	47	35	49	$44.00	$48.35	12	1.75x	-0.5%	ITM	20	$32,000	$69,650	REPAIR PLAN (98d)
IGV +70C −115C	$112.39	70	0	0	115	$96.50	$87.96	0	1.00x	0.0%	N/A	12	$31,800	$134,868	LEAPS-ONLY
MARA (Main) +13C	$9.61	13	0	0	0	$16.75	$11.51	0	1.00x	0.0%	N/A	400	$150,000	$384,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$24.01	23	18	25	0	$53.26	$47.61	0	1.00x	-4.1%	ITM	75	$226,950	$180,075	OK
COIN (Main) +165C −240P +90P −200C	$181.53	165	240	90	200	$210.90	$214.51	150	9.93x	50.4%	SAFE	8	$13,440	$145,224	OK
COIN (Main) +500C −330P +300P −200C	$181.53	500	330	300	200	$563.00	$382.72	30	1.48x	-65.3%	ITM	25	$157,500	$453,825	OK
DELL +310C −400P +320P −650C	$587.75	310	400	320	650	$562.50	$569.89	80	1.32x	45.6%	SAFE	3	$75,750	$176,325	OK
GLXY +38C −38P +18P	$20.23	38	38	18	0	$39.71	$35.38	20	10.05x	13.5%	SAFE	125	$27,625	$252,875	OK
HIMS +10C −20P +5P −32C	$31.02	10	20	5	32	$17.47	$18.86	15	4.04x	83.9%	SAFE	15	$7,395	$46,530	OK
NVDA +215C −225P +200P −250C	$229.46	215	225	200	250	$264.80	$230.44	25	1.50x	12.8%	SAFE	10	$49,800	$229,455	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,280,260
CRWV → +105C −120P +40P −100C	$82.11	105	120	40	100	$125.45	$128.44	80	4.91x	51.3%	SAFE	5	$10,225	$41,052	ROLL NOW (42d)
IREN (Neville) → +45C −65P +21P −49C	$34.83	45	65	21	49	$56.50	$58.01	44	15.67x	39.7%	SAFE	20	$6,000	$69,650	ROLL NOW (42d)
MU (Neville) → +970C −1110P +390P −1075C	$1026.38	970	1110	390	1075	$1220.00	$1228.58	720	3.88x	62.0%	SAFE	2	$50,000	$205,276	ROLL NOW (42d)
SNDK → +1200C −1380P +810P −1700C	$1584.12	1200	1380	810	1700	$1620.00	$1627.13	570	2.36x	48.9%	SAFE	1	$42,000	$158,412	ROLL NOW (42d)
SPY +640C −785C	$778.41	640	0	0	785	$764.00	$703.77	0	1.00x	0.0%	N/A	12	$148,800	$934,093	LEAPS-ONLY
CRCL +45C −65P +40P −98C	$85.03	45	65	40	98	$87.00	$91.20	25	1.60x	53.0%	SAFE	5	$21,000	$42,518	OK
GOOG (Neville) +300C −345P +310P −360C	$348.20	300	345	310	360	$373.00	$345.80	35	1.48x	11.0%	SAFE	15	$109,500	$522,301	OK
GOOG (Neville) +340C −405P +360P −360C	$348.20	340	405	360	360	$398.00	$386.50	45	1.88x	-3.4%	ITM	5	$25,500	$174,100	OK
INTC +85C −100P +35P −114C	$104.25	85	100	35	114	$114.00	$115.44	65	3.24x	66.4%	SAFE	5	$14,500	$52,125	OK
SPCX +150C −195P +135P −195C	$161.47	150	195	135	195	$186.00	$189.84	60	3.22x	16.4%	SAFE	5	$13,500	$80,732	OK
Joint (...1782)8 fortress(es) · 3 actionable · IC $490,588 · notional $1,403,029
AMZN → +200C −250P +215P −278C	$262.65	200	250	215	278	$267.92	$271.74	35	1.52x	18.1%	SAFE	5	$33,960	$131,325	REPAIR PLAN (42d)
HOOD → +65C −95P +80P −120C	$109.36	65	95	80	120	$114.95	$119.27	15	1.30x	26.8%	SAFE	10	$49,950	$109,360	REPAIR PLAN (98d)
IREN (Joint) → +25C −47P +35P −49C	$34.83	25	47	35	49	$44.00	$48.35	12	1.75x	-0.5%	ITM	20	$32,000	$69,650	REPAIR PLAN (98d)
GOOG (Joint) +310C −355C	$348.20	310	0	0	355	$392.50	$350.54	0	1.00x	0.0%	N/A	5	$41,250	$174,100	LEAPS-ONLY
IBIT +75C	$46.53	75	0	0	0	$70.58	$52.71	0	1.00x	0.0%	N/A	50	$22,328	$232,650	LEAPS-ONLY
MSTR (Joint) +180C −200C	$154.26	180	0	0	200	$233.00	$175.48	0	1.00x	0.0%	N/A	10	$53,000	$154,260	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$24.01	23	18	25	0	$36.42	$25.25	0	1.00x	-4.1%	ITM	150	$201,300	$360,150	OK
COPX +65C −90P +68P	$85.77	65	90	68	0	$93.40	$96.68	22	1.77x	20.7%	SAFE	20	$56,800	$171,534	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $995,428
AAPL → +240C −330P +285P −350C	$336.85	240	330	285	350	$334.64	$338.27	45	1.48x	15.4%	SAFE	5	$47,320	$168,425	ROLL NOW (42d)
APP → +460C −540P +185P	$276.03	460	540	185	0	$588.00	$607.25	355	3.77x	33.0%	SAFE	1	$12,800	$27,603	ROLL NOW (42d)
IREN (RetireInc) → +50C −70P +23P −49C	$34.83	50	70	23	49	$63.43	$66.68	47	7.86x	34.0%	SAFE	20	$13,700	$69,650	ROLL NOW (42d)
MARA (RetireInc) +40C	$9.61	40	0	0	0	$41.04	$11.68	0	1.00x	0.0%	N/A	500	$52,000	$480,250	LEAPS-ONLY
CLSK +17C −17P +10P	$10.49	17	17	10	0	$20.74	$18.46	7	2.87x	4.7%	TIGHT	25	$9,350	$26,237	OK
ENPH +45C −60P +20P	$32.62	45	60	20	0	$56.15	$58.99	40	6.48x	38.7%	SAFE	10	$7,300	$32,620	OK
MSTR (RetireInc) +125C −185P +55P −170C	$154.26	125	185	55	170	$161.00	$162.22	130	11.83x	64.3%	SAFE	4	$4,800	$61,704	OK
QCOM +190C −210P +100P −220C	$175.99	190	210	100	220	$224.00	$227.32	110	4.24x	43.2%	SAFE	5	$17,000	$87,995	OK
RKLB +115C −135P +45P −73C	$68.24	115	135	45	73	$141.55	$148.22	90	4.39x	34.1%	SAFE	6	$15,930	$40,944	OK

Main (...1299)14 fortress(es) · 5 actionable · overview rows

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

Stock: $384.52 Current HP: 330P (42d, 14.2% OTM) Current hedge: $4,171/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $25,864/yr Cost cap: 25% of CC = $6,466/yr IV: MEDIUM 2 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 70d, 14.2% OTM) | Cost: $5,788/yr (22% of CC) | New ML: $256,000 = ML | Roll DEBIT $670 | Margin: n/a (RTH)

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP PROT	Dec 18	70d	14.2%	$1.06	$1.11	$5,788	22%	$256,000	=	D $670
2	330	Dec 31	83d	14.2%	$1.33	$1.41	$6,201	24%	$256,000	=	D $970

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $469 — assignment locks a loss · $396, B $5.85	$60,171/yr	$5,788/yr	SELF-FUNDING
CC at MID $396 0.5σ, B $5.85	$60,171/yr	$5,788/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($396, bid $5.85). 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: $1026.38 Current HP: 340P (42d, 66.9% 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: $316,902/yr Cost cap: 25% of CC = $79,225/yr IV: HIGH 114 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 350P (Dec 18 '26, 70d, 65.9% OTM) | Cost: $886/yr (0% of CC) | New ML: $404,300 ↓ $5,000 | Roll DEBIT $155 | Margin (TIMS): $63,097

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 900P (Dec 18 '26, 70d, 12.3% OTM) | Cost: $75,607/yr (24% of CC) | New ML: $129,300 ↓ $280,000 | Roll DEBIT $14,485 | Margin (TIMS): $23,405

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	350 CHEAP	Dec 18	70d	65.9%	$0.26	$0.34	$886	0%	$404,300	-$5,000	D $155
2	360	Dec 18	70d	64.9%	$0.31	$0.36	$939	0%	$399,300	-$10,000	D $165
3	350	Jan 15	98d	65.9%	$0.43	$0.55	$1,024	0%	$404,300	-$5,000	D $260
4	380	Dec 18	70d	63.0%	$0.18	$0.42	$1,095	0%	$389,300	-$20,000	D $195
5	370	Jan 15	98d	64.0%	$0.47	$0.62	$1,155	0%	$394,300	-$15,000	D $295
6	400	Dec 18	70d	61.0%	$0.39	$0.53	$1,382	0%	$379,300	-$30,000	D $250
7	390	Jan 15	98d	62.0%	$0.61	$0.76	$1,415	0%	$384,300	-$25,000	D $365
8	360	Jan 15	98d	64.9%	$0.32	$0.78	$1,453	0%	$399,300	-$10,000	D $375
9	400	Jan 15	98d	61.0%	$0.50	$0.78	$1,453	0%	$379,300	-$30,000	D $375
10	340	Jan 15	98d	66.9%	$0.13	$0.84	$1,564	0%	$409,300	=	D $405
11	410	Dec 18	70d	60.1%	$0.22	$0.60	$1,564	0%	$374,300	-$35,000	D $285
12	420	Dec 18	70d	59.1%	$0.32	$0.60	$1,564	0%	$369,300	-$40,000	D $285
▶ 13	900 PROT	Dec 18	70d	12.3%	$28.50	$29.00	$75,607	24%	$129,300	-$280,000	D $14,485

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1045, B $49.50	$254,571/yr	$886/yr	SELF-FUNDING
CC at MID $1105 0.5σ, B $28.10	$144,514/yr	$886/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1045, bid $49.50). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AMD: HP 470P Roll-Down · exp Jan 15 '27, 98d

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

Stock: $607.50 HP: 22.6% OTM Current hedge: $8,604/yr Baseline (roll-fwd, savings vs this): $8,395/yr SS: $649.20 (unchanged) Account: Main (...1299) Contracts: 2 (200 sh) CC income: $49,821/yr IV: HIGH OTM floor: 8% Stress: 14% DD Payback gate: 12mo (1.0yr) 1 PASS ⚠ ER 2026-11-03 INTRADAY (25d) 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	450	Jan 15	98d	25.9%	$8.50	$2.25	$450	$6,332	$14,451	$2,063	100	$4,000	23mo	1mo	1.42x	PASS
2	430	Jan 15	98d	29.2%	$6.30	$4.45	$890	$4,693	$9,609	$3,702	120	$8,000	26mo	2mo	1.50x	FAIL
3	440	Jan 15	98d	27.6%	$7.30	$3.45	$690	$5,438	$11,173	$2,957	110	$6,000	24mo	1mo	1.46x	FAIL
4	460	Jan 15	98d	24.3%	$10.20	$0.55	$110	$7,598	$16,760	$797	90	$2,000	30mo	0mo	1.38x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $665, B $19.40	$39,909/yr	$6,332/yr	SELF-FUNDING
CC at MID $670 0.6σ, B $16.70	$34,354/yr	$6,332/yr	SELF-FUNDING
AT 14% DRAWDOWN (stock $607.50 → $519.60, hedge $14,451/yr)
CC at SS income stress-adjusted	$24,069/yr	$14,451/yr	SELF-FUNDING
CC at MID income stress-adjusted	$24,069/yr	$14,451/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($665, bid $19.40). Conservative far-OTM strike covers the hedge in BOTH normal and 14% drawdown — minimal assignment risk.

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 98d

Stock: $24.01 HP: ITM Current hedge: $397,589/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $57,536/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%	$1.78	$18.97	$94,850	$33,148	$41,156	$364,441	-3	$-15,000	N/A	N/A	0.93x	PASS
2	20	Jan 15	98d	16.7%	$1.41	$19.34	$96,700	$26,258	$46,742	$371,332	-2	$-10,000	N/A	N/A	0.95x	PASS
3	19	Jan 15	98d	20.9%	$1.10	$19.65	$98,250	$20,485	$53,260	$377,105	-1	$-5,000	N/A	N/A	0.98x	PASS
4	18	Jan 15	98d	25.0%	$0.85	$19.90	$99,500	$15,829	$60,523	$381,760	0	$0	N/A	N/A	1.00x	PASS
5	17	Jan 15	98d	29.2%	$0.73	$20.02	$100,100	$13,594	$45,439	$383,995	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 $61 — assignment locks a loss · $35, B $0.13	$6,686/yr	$33,148/yr	DEFICIT $2,205/mo
CC at MID $27 0.6σ, B $0.89	$45,771/yr	$33,148/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $24.01 → $18.49, hedge $41,156/yr)
CC at SS income stress-adjusted	$6,686/yr	$41,156/yr	DEFICIT $2,872/mo
CC at MID income stress-adjusted	$6,686/yr	$41,156/yr	DEFICIT $2,872/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($27, bid $0.89) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,872/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: $34.83 HP: ITM Current hedge: $40,969/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $49,500/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	8.1%	$3.85	$1.45	$2,900	$28,679	$18,809	$12,291	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	98d	13.9%	$2.95	$2.35	$4,700	$21,974	$25,513	$18,995	17	$10,000	6mo	2mo	2.06x	PASS
3	27	Jan 15	98d	22.5%	$1.89	$3.41	$6,820	$14,079	$33,707	$26,891	20	$16,000	7mo	3mo	2.25x	PASS
4	25	Jan 15	98d	28.2%	$1.51	$3.79	$7,580	$11,248	$23,837	$29,721	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 $0.47	$9,669/yr	$28,679/yr	DEFICIT $1,584/mo
CC at MID $40 0.6σ, B $1.52	$31,269/yr	$28,679/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $34.83 → $27.16, hedge $18,809/yr)
CC at SS income stress-adjusted	$6,583/yr	$18,809/yr	DEFICIT $1,019/mo
CC at MID income stress-adjusted	$6,994/yr	$18,809/yr	DEFICIT $985/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.52) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$985/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: $82.11 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: $26,507/yr Cost cap: 25% of CC = $6,627/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 $80 | Margin (TIMS): $2,127

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Jan 15 '27, 98d, 23.9% OTM) | Cost: $5,866/yr (22% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,555 | Margin (TIMS): $2,066

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	70d	51.3%	$0.13	$0.20	$521	2%	$50,225	=	D $80
2	42	Dec 18	70d	48.2%	$0.20	$0.31	$808	3%	$48,975	-$1,250	D $135
3	40	Jan 15	98d	51.3%	$0.28	$0.44	$819	3%	$50,225	=	D $200
4	45	Dec 18	70d	45.2%	$0.30	$0.40	$1,043	4%	$47,725	-$2,500	D $180
5	42	Jan 15	98d	48.2%	$0.41	$0.57	$1,061	4%	$48,975	-$1,250	D $265
6	45	Jan 15	98d	45.2%	$0.61	$0.73	$1,359	5%	$47,725	-$2,500	D $345
7	48	Dec 18	70d	42.1%	$0.42	$0.53	$1,382	5%	$46,475	-$3,750	D $245
8	48	Jan 15	98d	42.1%	$0.71	$0.93	$1,732	7%	$46,475	-$3,750	D $445
9	50	Dec 18	70d	39.1%	$0.57	$0.69	$1,799	7%	$45,225	-$5,000	D $325
10	50	Jan 15	98d	39.1%	$0.99	$1.13	$2,104	8%	$45,225	-$5,000	D $545
11	52	Jan 15	98d	36.1%	$1.21	$1.49	$2,775	10%	$43,975	-$6,250	D $725
12	55	Dec 18	70d	33.0%	$1.06	$1.15	$2,998	11%	$42,725	-$7,500	D $555
▶ 13	62 PROT	Jan 15	98d	23.9%	$3.10	$3.15	$5,866	22%	$38,975	-$11,250	D $1,555

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 $2.49	$12,806/yr	$521/yr	SELF-FUNDING
CC at MID $95 0.7σ, B $3.40	$17,486/yr	$521/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($100, bid $2.49). 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: $34.83 Current HP: 21P (42d, 39.7% OTM) Current hedge: $3,650/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $49,500/yr Cost cap: 25% of CC = $12,375/yr IV: HIGH 4 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, 36.8% OTM) | Cost: $5,110/yr (10% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $760 | Margin (TIMS): $1,748

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 25P (Dec 18 '26, 70d, 28.2% OTM) | Cost: $9,594/yr (19% of CC) | New ML: $86,000 ↓ $8,000 | Roll DEBIT $1,620 | Margin (TIMS): $1,573

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	70d	36.8%	$0.46	$0.49	$5,110	10%	$92,000	-$2,000	D $760
2	22	Jan 15	98d	36.8%	$0.74	$0.79	$5,885	12%	$92,000	-$2,000	D $1,360
▶ 3	25 PROT	Dec 18	70d	28.2%	$0.88	$0.92	$9,594	19%	$86,000	-$8,000	D $1,620
4	25	Jan 15	98d	28.2%	$1.29	$1.51	$11,248	23%	$86,000	-$8,000	D $2,800

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $52, B $0.32	$6,583/yr	$5,110/yr	SELF-FUNDING
CC at MID $40 0.6σ, B $1.52	$31,269/yr	$5,110/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($52, bid $0.32). 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, 42d

Stock: $1026.38 Current HP: 390P (42d, 62.0% 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: $75,514/yr Cost cap: 25% of CC = $18,879/yr IV: HIGH 91 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 70d, 61.0% OTM) | Cost: $553/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $98 | Margin (TIMS): $41,063

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 840P (Dec 18 '26, 70d, 18.2% OTM) | Cost: $18,094/yr (24% of CC) | New ML: $104,000 ↓ $90,000 | Roll DEBIT $3,462 | Margin (TIMS): $20,735

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	70d	61.0%	$0.39	$0.53	$553	1%	$192,000	-$2,000	D $98
2	390	Jan 15	98d	62.0%	$0.61	$0.76	$566	1%	$194,000	=	D $144
3	400	Jan 15	98d	61.0%	$0.50	$0.78	$581	1%	$192,000	-$2,000	D $148
4	410	Dec 18	70d	60.1%	$0.22	$0.60	$626	1%	$190,000	-$4,000	D $112
5	420	Dec 18	70d	59.1%	$0.32	$0.60	$626	1%	$188,000	-$6,000	D $112
6	390	Dec 18	70d	62.0%	$0.24	$0.63	$657	1%	$194,000	=	D $118
7	430	Jan 15	98d	58.1%	$0.81	$0.93	$693	1%	$186,000	-$8,000	D $178
8	410	Jan 15	98d	60.1%	$0.45	$0.95	$708	1%	$190,000	-$4,000	D $182
9	430	Dec 18	70d	58.1%	$0.49	$0.72	$751	1%	$186,000	-$8,000	D $136
10	460	Dec 18	70d	55.2%	$0.51	$0.75	$782	1%	$180,000	-$14,000	D $142
11	450	Jan 15	98d	56.2%	$0.95	$1.07	$797	1%	$182,000	-$12,000	D $206
12	440	Dec 18	70d	57.1%	$0.56	$0.77	$803	1%	$184,000	-$10,000	D $146
▶ 13	840 PROT	Dec 18	70d	18.2%	$15.75	$17.35	$18,094	24%	$104,000	-$90,000	D $3,462

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,229 — assignment locks a loss · $1105, B $28.10	$57,806/yr	$553/yr	SELF-FUNDING
CC at MID $1105 0.5σ, B $28.10	$57,806/yr	$553/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1105, bid $28.10). 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: $1584.12 Current HP: 810P (42d, 48.9% 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: $120,846/yr Cost cap: 25% of CC = $30,212/yr IV: HIGH 104 qualifying ⚠ ER 2026-10-29 AMC (20d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 830P (Dec 18 '26, 70d, 47.6% OTM) | Cost: $1,825/yr (2% of CC) | New ML: $97,000 ↓ $2,000 | Roll DEBIT $350 | Margin (TIMS): $67,640

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1330P (Jan 15 '27, 98d, 16.0% OTM) | Cost: $28,902/yr (24% of CC) | New ML: $47,000 ↓ $52,000 | Roll DEBIT $7,760 | Margin (TIMS): $33,285

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	830 CHEAP	Dec 18	70d	47.6%	$1.40	$3.50	$1,825	2%	$97,000	-$2,000	D $350
2	840	Jan 15	98d	47.0%	$2.50	$5.60	$2,086	2%	$96,000	-$3,000	D $560
3	850	Jan 15	98d	46.3%	$4.30	$5.60	$2,086	2%	$95,000	-$4,000	D $560
4	820	Dec 18	70d	48.2%	$0.60	$4.00	$2,086	2%	$98,000	-$1,000	D $400
5	850	Dec 18	70d	46.3%	$1.65	$4.00	$2,086	2%	$95,000	-$4,000	D $400
6	840	Dec 18	70d	47.0%	$0.70	$4.50	$2,346	2%	$96,000	-$3,000	D $450
7	860	Dec 18	70d	45.7%	$1.10	$4.60	$2,399	2%	$94,000	-$5,000	D $460
8	890	Dec 18	70d	43.8%	$2.45	$4.80	$2,503	2%	$91,000	-$8,000	D $480
9	860	Jan 15	98d	45.7%	$3.60	$6.90	$2,570	2%	$94,000	-$5,000	D $690
10	890	Jan 15	98d	43.8%	$5.40	$6.90	$2,570	2%	$91,000	-$8,000	D $690
11	810	Jan 15	98d	48.9%	$0.70	$7.10	$2,644	2%	$99,000	=	D $710
12	870	Jan 15	98d	45.1%	$4.20	$7.10	$2,644	2%	$93,000	-$6,000	D $710
▶ 13	1330 PROT	Jan 15	98d	16.0%	$74.30	$77.60	$28,902	24%	$47,000	-$52,000	D $7,760

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1630, B $103.70	$106,663/yr	$1,825/yr	SELF-FUNDING
CC at MID $1650 0.2σ, B $96.40	$99,154/yr	$1,825/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1630, bid $103.70). 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, 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: $262.65 HP: 18.1% OTM Current hedge: $4,997/yr Baseline (roll-fwd, savings vs this): $5,292/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $29,293/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 6 PASS ⚠ ER 2026-10-29 AMC (20d) 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	98d	21.9%	$1.95	$-0.87	$-435	$3,631	$9,777	$1,661	45	$5,000	36mo	2mo	1.66x	PASS
2	210	Jan 15	98d	20.0%	$2.41	$-1.33	$-665	$4,488	$11,825	$804	40	$2,500	37mo	1mo	1.59x	PASS
3	200	Jan 15	98d	23.9%	$1.63	$-0.55	$-275	$3,035	$6,239	$2,257	50	$7,500	40mo	3mo	1.74x	PASS
4	195	Jan 15	98d	25.8%	$1.33	$-0.25	$-125	$2,477	$4,786	$2,816	55	$10,000	43mo	4mo	1.81x	PASS
5	190	Jan 15	98d	27.7%	$1.18	$-0.10	$-50	$2,197	$3,780	$3,095	60	$12,500	48mo	5mo	1.88x	PASS
6	185	Jan 15	98d	29.6%	$0.91	$0.17	$85	$1,695	$3,054	$3,598	65	$15,000	50mo	5mo	1.96x	PASS

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $7.50	$38,571/yr	$3,631/yr	SELF-FUNDING
CC at MID $285 0.7σ, B $4.60	$23,657/yr	$3,631/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $262.65 → $231.23, hedge $9,777/yr)
CC at SS income stress-adjusted	$6,531/yr	$9,777/yr	DEFICIT $270/mo
CC at MID income stress-adjusted	$2,571/yr	$9,777/yr	DEFICIT $600/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($285, bid $4.60) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$600/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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

Stock: $109.36 Current HP: 80P (98d, 26.8% OTM) Current hedge: $8,566/yr Gap: 15 Account: Joint (...1782) Contracts: 10 (1,000 sh) IV: HIGH

No HP candidates passed all filters. Reasons:

12 candidate(s) priced

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

Stock: $34.83 HP: ITM Current hedge: $40,969/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $49,500/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	8.1%	$3.85	$1.45	$2,900	$28,679	$18,809	$12,291	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	98d	13.9%	$2.95	$2.35	$4,700	$21,974	$25,513	$18,995	17	$10,000	6mo	2mo	2.06x	PASS
3	27	Jan 15	98d	22.5%	$1.89	$3.41	$6,820	$14,079	$33,707	$26,891	20	$16,000	7mo	3mo	2.25x	PASS
4	25	Jan 15	98d	28.2%	$1.51	$3.79	$7,580	$11,248	$23,837	$29,721	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 $0.47	$9,669/yr	$28,679/yr	DEFICIT $1,584/mo
CC at MID $40 0.6σ, B $1.52	$31,269/yr	$28,679/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $34.83 → $27.16, hedge $18,809/yr)
CC at SS income stress-adjusted	$6,583/yr	$18,809/yr	DEFICIT $1,019/mo
CC at MID income stress-adjusted	$6,994/yr	$18,809/yr	DEFICIT $985/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.52) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$985/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

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

Stock: $336.85 Current HP: 285P (42d, 15.4% OTM) Current hedge: $3,563/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $57,718/yr Cost cap: 25% of CC = $14,429/yr IV: MEDIUM 8 qualifying ⚠ ER 2026-11-02 INTRADAY (24d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 285 → 285P (Dec 18 '26, 70d, 15.4% OTM) | Cost: $4,380/yr (8% of CC) | New ML: $69,820 = ML | Roll DEBIT $470 | Margin (TIMS): $5,942

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 300P (Jan 15 '27, 98d, 10.9% OTM) | Cost: $8,473/yr (15% of CC) | New ML: $62,320 ↓ $7,500 | Roll DEBIT $1,905 | Margin (TIMS): $5,223

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	70d	15.4%	$1.61	$1.68	$4,380	8%	$69,820	=	D $470
2	285	Jan 15	98d	15.4%	$2.45	$2.56	$4,767	8%	$69,820	=	D $910
3	290	Dec 18	70d	13.9%	$1.92	$2.10	$5,475	9%	$67,320	-$2,500	D $680
4	290	Jan 15	98d	13.9%	$3.00	$3.20	$5,959	10%	$67,320	-$2,500	D $1,230
5	295	Dec 18	70d	12.4%	$2.51	$2.63	$6,857	12%	$64,820	-$5,000	D $945
6	295	Jan 15	98d	12.4%	$3.60	$3.80	$7,077	12%	$64,820	-$5,000	D $1,530
▶ 7	300 PROT	Jan 15	98d	10.9%	$4.35	$4.55	$8,473	15%	$62,320	-$7,500	D $1,905
8	300	Dec 18	70d	10.9%	$3.10	$3.25	$8,473	15%	$62,320	-$7,500	D $1,255

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $9.45	$48,600/yr	$4,380/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $3.95	$20,314/yr	$4,380/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $9.45). 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, 42d

Stock: $276.03 Current HP: 185P (42d, 33.0% OTM) Current hedge: $1,608/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $16,318/yr Cost cap: 25% of CC = $4,079/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, 33.0% OTM) | Cost: $1,434/yr (9% of CC) | New ML: $48,300 = ML | Roll DEBIT $205 | Margin (TIMS): $9,240

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Jan 15 '27, 98d, 23.9% OTM) | Cost: $3,427/yr (21% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $850 | Margin (TIMS): $8,650

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	70d	33.0%	$2.30	$2.75	$1,434	9%	$48,300	=	D $205
2	185	Jan 15	98d	33.0%	$3.50	$4.60	$1,713	10%	$48,300	=	D $390
3	190	Dec 18	70d	31.2%	$2.70	$3.40	$1,773	11%	$47,800	-$500	D $270
4	190	Jan 15	98d	31.2%	$4.40	$5.40	$2,011	12%	$47,800	-$500	D $470
5	195	Dec 18	70d	29.4%	$3.30	$4.10	$2,138	13%	$47,300	-$1,000	D $340
6	195	Jan 15	98d	29.4%	$5.10	$6.30	$2,346	14%	$47,300	-$1,000	D $560
7	200	Dec 18	70d	27.5%	$3.90	$4.70	$2,451	15%	$46,800	-$1,500	D $400
8	200	Jan 15	98d	27.5%	$6.00	$7.30	$2,719	17%	$46,800	-$1,500	D $660
▶ 9	210 PROT	Jan 15	98d	23.9%	$8.10	$9.20	$3,427	21%	$45,800	-$2,500	D $850
10	210	Dec 18	70d	23.9%	$5.80	$6.60	$3,441	21%	$45,800	-$2,500	D $590

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $607 — assignment locks a loss · $370, B $2.55	$2,623/yr	$1,434/yr	SELF-FUNDING
CC at MID $315 0.6σ, B $9.20	$9,463/yr	$1,434/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($370, bid $2.55). 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: $34.83 Current HP: 23P (42d, 34.0% OTM) Current hedge: $5,562/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $49,500/yr Cost cap: 25% of CC = $12,375/yr IV: HIGH 2 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, 28.2% OTM) | Cost: $9,594/yr (19% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,320 | Margin (TIMS): $1,581

PROTECTIVE PICK: same as CHEAPEST (no higher-strike candidate clears the cost cap).

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP PROT	Dec 18	70d	28.2%	$0.88	$0.92	$9,594	19%	$103,700	-$4,000	D $1,320
2	25	Jan 15	98d	28.2%	$1.29	$1.51	$11,248	23%	$103,700	-$4,000	D $2,500

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $67 — assignment locks a loss · $52, B $0.32	$6,583/yr	$9,594/yr	DEFICIT $251/mo
CC at MID $40 0.6σ, B $1.52	$31,269/yr	$9,594/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.52). 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).