Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$499,047/yr

TOTAL HEDGE (REPAIRED)

$99,914/yr

ANNUAL SAVINGS

$399,133/yr

ROLL CREDITS

$101,895

ADDITIONAL MAX LOSS

$3,500

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) · 5 actionable · IC $1,234,550 · notional $3,179,623
GLD → +320C −450P +330P −409C	$382.11	320	450	330	409	$456.00	$469.84	120	1.88x	13.6%	SAFE	10	$136,000	$382,110	ROLL NOW (39d)
MU (Main) → +880C −1010P +340P	$996.33	880	1010	340	0	$1028.60	$1045.10	670	5.51x	65.9%	SAFE	5	$74,300	$498,162	ROLL NOW (39d)
AMD → +410C −550P +470P −665C	$591.27	410	550	470	665	$649.20	$662.96	80	1.33x	20.5%	SAFE	2	$47,840	$118,254	REPAIR PLAN (95d)
BMNR (Main) → +25C −18P +45P	$24.04	25	18	45	0	$65.83	$60.62	0	1.00x	-87.2%	ITM	50	$204,150	$120,175	REPAIR PLAN (95d)
IREN (Main) → +25C −47P +35P −44C	$35.51	25	47	35	44	$44.00	$48.50	12	1.75x	1.4%	TIGHT	20	$32,000	$71,020	REPAIR PLAN (95d)
IGV +70C −115C	$111.84	70	0	0	115	$96.50	$87.22	0	1.00x	0.0%	N/A	12	$31,800	$134,208	LEAPS-ONLY
MARA (Main) +13C	$9.53	13	0	0	0	$16.75	$11.55	0	1.00x	0.0%	N/A	400	$150,000	$381,200	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$24.04	23	18	25	0	$53.26	$47.61	0	1.00x	-4.0%	ITM	75	$226,950	$180,262	OK
COIN (Main) +165C −240P +90P −198C	$181.76	165	240	90	198	$210.90	$213.91	150	9.93x	50.5%	SAFE	8	$13,440	$145,408	OK
COIN (Main) +500C −330P +300P −198C	$181.76	500	330	300	198	$563.00	$384.59	30	1.48x	-65.1%	ITM	25	$157,500	$454,400	OK
DELL +310C −400P +320P −650C	$570.97	310	400	320	650	$562.50	$571.10	80	1.32x	44.0%	SAFE	3	$75,750	$171,291	OK
GLXY +38C −38P +18P −22C	$20.02	38	38	18	22	$39.71	$35.76	20	10.05x	12.6%	SAFE	125	$27,625	$250,250	OK
HIMS +10C −20P +5P −35C	$31.11	10	20	5	35	$17.47	$18.56	15	4.04x	83.9%	SAFE	15	$7,395	$46,667	OK
NVDA +215C −225P +200P −250C	$226.22	215	225	200	250	$264.80	$231.77	25	1.50x	11.6%	SAFE	10	$49,800	$226,215	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,268,883
CRWV → +105C −120P +40P −100C	$80.32	105	120	40	100	$125.45	$128.80	80	4.91x	50.2%	SAFE	5	$10,225	$40,160	ROLL NOW (39d)
IREN (Neville) → +45C −65P +21P −38C	$35.51	45	65	21	38	$56.50	$58.19	44	15.67x	40.9%	SAFE	20	$6,000	$71,020	ROLL NOW (39d)
MU (Neville) → +970C −1110P +390P	$996.33	970	1110	390	0	$1220.00	$1233.58	720	3.88x	60.9%	SAFE	2	$50,000	$199,265	ROLL NOW (39d)
SNDK → +1200C −1380P +810P	$1487.13	1200	1380	810	0	$1620.00	$1629.47	570	2.36x	45.5%	SAFE	1	$42,000	$148,713	ROLL NOW (39d)
SPY +640C −785C	$778.55	640	0	0	785	$764.00	$704.04	0	1.00x	0.0%	N/A	12	$148,800	$934,260	LEAPS-ONLY
CRCL +45C −65P +40P −98C	$84.33	45	65	40	98	$87.00	$90.94	25	1.60x	52.6%	SAFE	5	$21,000	$42,165	OK
GOOG (Neville) +300C −345P +310P −360C	$350.22	300	345	310	360	$373.00	$347.48	35	1.48x	11.5%	SAFE	15	$109,500	$525,330	OK
GOOG (Neville) +340C −405P +360P −360C	$350.22	340	405	360	360	$398.00	$386.42	45	1.88x	-2.8%	ITM	5	$25,500	$175,110	OK
INTC +85C −100P +35P −105C	$101.58	85	100	35	105	$114.00	$115.64	65	3.24x	65.5%	SAFE	5	$14,500	$50,790	OK
SPCX +150C −195P +135P −180C	$164.14	150	195	135	180	$186.00	$190.03	60	3.22x	17.8%	SAFE	5	$13,500	$82,070	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $991,239
AAPL → +240C −330P +285P −350C	$339.71	240	330	285	350	$334.64	$337.06	45	1.48x	16.1%	SAFE	5	$47,320	$169,855	ROLL NOW (39d)
APP → +460C −540P +185P −290C	$275.44	460	540	185	290	$588.00	$611.46	355	3.77x	32.8%	SAFE	1	$12,800	$27,544	ROLL NOW (39d)
IREN (RetireInc) → +50C −70P +23P −38C	$35.51	50	70	23	38	$63.43	$66.48	47	7.86x	35.2%	SAFE	20	$13,700	$71,020	ROLL NOW (39d)
MARA (RetireInc) +40C	$9.53	40	0	0	0	$41.04	$11.79	0	1.00x	0.0%	N/A	500	$52,000	$476,500	LEAPS-ONLY
CLSK +17C −17P +10P	$10.37	17	17	10	0	$20.74	$18.58	7	2.87x	3.5%	TIGHT	25	$9,350	$25,919	OK
ENPH +45C −60P +20P	$31.89	45	60	20	0	$56.15	$59.03	40	6.48x	37.3%	SAFE	10	$7,300	$31,889	OK
MSTR (RetireInc) +125C −185P +55P −170C	$154.32	125	185	55	170	$161.00	$162.59	130	11.83x	64.4%	SAFE	4	$4,800	$61,728	OK
QCOM +190C −210P +100P −220C	$174.44	190	210	100	220	$224.00	$227.29	110	4.24x	42.7%	SAFE	5	$17,000	$87,220	OK
RKLB +115C −135P +45P −73C	$65.94	115	135	45	73	$141.55	$148.19	90	4.39x	31.8%	SAFE	6	$15,930	$39,564	OK
Joint (...1782)8 fortress(es) · 2 actionable · IC $490,588 · notional $1,405,380
AMZN → +200C −250P +215P −278C	$261.52	200	250	215	278	$267.92	$270.93	35	1.52x	17.8%	SAFE	5	$33,960	$130,760	REPAIR PLAN (39d)
IREN (Joint) → +25C −47P +35P −44C	$35.51	25	47	35	44	$44.00	$48.50	12	1.75x	1.4%	TIGHT	20	$32,000	$71,020	REPAIR PLAN (95d)
GOOG (Joint) +310C −355C	$350.22	310	0	0	355	$392.50	$350.83	0	1.00x	0.0%	N/A	5	$41,250	$175,110	LEAPS-ONLY
IBIT +75C	$46.79	75	0	0	0	$70.58	$52.90	0	1.00x	0.0%	N/A	50	$22,328	$233,950	LEAPS-ONLY
MSTR (Joint) +180C −200C	$154.32	180	0	0	200	$233.00	$175.85	0	1.00x	0.0%	N/A	10	$53,000	$154,320	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$24.04	23	18	25	0	$36.42	$25.24	0	1.00x	-4.0%	ITM	150	$201,300	$360,525	OK
COPX +65C −90P +68P	$85.43	65	90	68	0	$93.40	$97.23	22	1.77x	20.4%	SAFE	20	$56,800	$170,860	OK
HOOD +65C −95P +80P −115C	$108.83	65	95	80	115	$114.95	$119.84	15	1.30x	26.5%	SAFE	10	$49,950	$108,835	OK

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

GLD: HP 330P Maintenance Roll-Out · exp Nov 20 '26, 39d

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: $382.11 Current HP: 330P (39d, 13.6% OTM) Current hedge: $4,492/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $20,472/yr Cost cap: 50% of CC = $10,236/yr IV: MEDIUM 15 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 67d, 13.6% OTM) | Cost: $6,210/yr (30% of CC) | New ML: $256,000 = ML | Roll DEBIT $690 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 340P (Dec 18 '26, 67d, 11.0% OTM) | Cost: $9,697/yr (47% of CC) | New ML: $246,000 ↓ $10,000 | Roll DEBIT $1,330 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	67d	13.6%	$1.10	$1.14	$6,210	30%	$256,000	=	D $690
2	330	Dec 31	80d	13.6%	$1.38	$1.45	$6,616	32%	$256,000	=	D $1,000
3	330	Jan 15	95d	13.6%	$1.79	$1.85	$7,108	35%	$256,000	=	D $1,400
4	331	Jan 15	95d	13.4%	$1.86	$1.93	$7,415	36%	$255,000	-$1,000	D $1,480
5	332	Jan 15	95d	13.1%	$1.94	$2.01	$7,723	38%	$254,000	-$2,000	D $1,560
6	335	Dec 18	67d	12.3%	$1.37	$1.42	$7,736	38%	$251,000	-$5,000	D $970
7	333	Jan 15	95d	12.9%	$2.02	$2.09	$8,030	39%	$253,000	-$3,000	D $1,640
8	335	Dec 31	80d	12.3%	$1.65	$1.77	$8,076	39%	$251,000	-$5,000	D $1,320
9	334	Jan 15	95d	12.6%	$2.10	$2.18	$8,376	41%	$252,000	-$4,000	D $1,730
10	335	Jan 15	95d	12.3%	$2.23	$2.28	$8,760	43%	$251,000	-$5,000	D $1,830
11	336	Jan 15	95d	12.1%	$2.28	$2.42	$9,298	45%	$250,000	-$6,000	D $1,970
12	337	Jan 15	95d	11.8%	$2.38	$2.51	$9,644	47%	$249,000	-$7,000	D $2,060
▶ 13	340 PROT	Dec 18	67d	11.0%	$1.72	$1.78	$9,697	47%	$246,000	-$10,000	D $1,330

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $394, B $5.30	$59,625/yr	$6,210/yr	SELF-FUNDING
CC at MID $394 0.5σ, B $5.30	$59,625/yr	$6,210/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($394, bid $5.30). 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, 39d

Stock: $996.33 Current HP: 340P (39d, 65.9% OTM) Current hedge: $468/yr Current ML: $409,300 If HP lapses: ML $579,300 (+$170,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $166,892/yr Cost cap: 25% of CC = $41,723/yr IV: HIGH 95 qualifying ⚠ ER 2026-12-23 INTRADAY (72d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 340P (Jan 15 '27, 95d, 65.9% OTM) | Cost: $1,133/yr (1% of CC) | New ML: $409,300 = ML | Roll DEBIT $290 | Margin (TIMS): $59,607

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 810P (Dec 18 '26, 67d, 18.7% OTM) | Cost: $40,450/yr (24% of CC) | New ML: $174,300 ↓ $235,000 | Roll DEBIT $7,420 | Margin (TIMS): $27,084

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	340 CHEAP	Jan 15	95d	65.9%	$0.42	$0.59	$1,133	1%	$409,300	=	D $290
2	370	Jan 15	95d	62.9%	$0.46	$0.70	$1,345	1%	$394,300	-$15,000	D $345
3	360	Dec 18	67d	63.9%	$0.30	$0.52	$1,416	1%	$399,300	-$10,000	D $255
4	350	Jan 15	95d	64.9%	$0.43	$0.74	$1,422	1%	$404,300	-$5,000	D $365
5	400	Dec 18	67d	59.9%	$0.44	$0.54	$1,471	1%	$379,300	-$30,000	D $265
6	360	Jan 15	95d	63.9%	$0.50	$0.83	$1,594	1%	$399,300	-$10,000	D $410
7	380	Dec 18	67d	61.9%	$0.19	$0.60	$1,634	1%	$389,300	-$20,000	D $295
8	410	Dec 18	67d	58.8%	$0.46	$0.60	$1,634	1%	$374,300	-$35,000	D $295
9	420	Dec 18	67d	57.8%	$0.32	$0.60	$1,634	1%	$369,300	-$40,000	D $295
10	380	Jan 15	95d	61.9%	$0.55	$0.90	$1,729	1%	$389,300	-$20,000	D $445
11	390	Jan 15	95d	60.9%	$0.64	$0.95	$1,825	1%	$384,300	-$25,000	D $470
12	400	Jan 15	95d	59.9%	$0.69	$1.01	$1,940	1%	$379,300	-$30,000	D $500
▶ 13	810 PROT	Dec 18	67d	18.7%	$14.20	$14.85	$40,450	24%	$174,300	-$235,000	D $7,420

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1050, B $34.60	$194,625/yr	$1,133/yr	SELF-FUNDING
CC at MID $1075 0.6σ, B $25.05	$140,906/yr	$1,133/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1050, bid $34.60). 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, 95d

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: $591.27 HP: 20.5% OTM Current hedge: $9,452/yr Baseline (roll-fwd, savings vs this): $9,452/yr SS: $649.20 (unchanged) Account: Main (...1299) Contracts: 2 (200 sh) CC income: $40,384/yr IV: HIGH OTM floor: 8% Stress: 14% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-11-03 INTRADAY (22d) 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	95d	23.9%	$9.10	$2.85	$570	$6,993	$14,984	$2,459	100	$4,000	20mo	1mo	1.42x	PASS
2	440	Jan 15	95d	25.6%	$8.05	$3.90	$780	$6,186	$12,833	$3,266	110	$6,000	22mo	2mo	1.46x	PASS
3	430	Jan 15	95d	27.3%	$6.65	$5.30	$1,060	$5,110	$10,873	$4,342	120	$8,000	22mo	2mo	1.50x	PASS
4	460	Jan 15	95d	22.2%	$10.90	$1.05	$210	$8,376	$19,787	$1,076	90	$2,000	22mo	1mo	1.38x	PASS
5	420	Jan 15	95d	29.0%	$5.90	$6.05	$1,210	$4,534	$9,375	$4,918	130	$10,000	24mo	3mo	1.54x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $665, B $13.45	$30,262/yr	$6,993/yr	SELF-FUNDING
CC at MID $650 0.6σ, B $16.85	$37,913/yr	$6,993/yr	SELF-FUNDING
AT 14% DRAWDOWN (stock $591.27 → $507.57, hedge $14,984/yr)
CC at SS income stress-adjusted	$25,988/yr	$14,984/yr	SELF-FUNDING
CC at MID income stress-adjusted	$25,988/yr	$14,984/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($665, bid $13.45). 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, 95d

Stock: $24.04 HP: ITM Current hedge: $406,303/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $61,784/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (39d) 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	95d	12.6%	$1.73	$19.27	$96,350	$33,234	$40,054	$373,068	-3	$-15,000	N/A	N/A	0.93x	PASS
2	20	Jan 15	95d	16.8%	$1.38	$19.62	$98,100	$26,511	$49,659	$379,792	-2	$-10,000	N/A	N/A	0.95x	PASS
3	19	Jan 15	95d	20.9%	$1.07	$19.93	$99,650	$20,555	$53,501	$385,747	-1	$-5,000	N/A	N/A	0.98x	PASS
4	18	Jan 15	95d	25.1%	$0.82	$20.18	$100,900	$15,753	$61,474	$390,550	0	$0	N/A	N/A	1.00x	PASS
5	17	Jan 15	95d	29.3%	$0.71	$20.29	$101,450	$13,639	$46,105	$392,663	1	$5,000	0mo	0mo	1.02x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $61 — assignment locks a loss · $35, B $0.12	$6,750/yr	$33,234/yr	DEFICIT $2,207/mo
CC at MID $27 0.6σ, B $0.87	$48,938/yr	$33,234/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $24.04 → $18.53, hedge $40,054/yr)
CC at SS income stress-adjusted	$6,750/yr	$40,054/yr	DEFICIT $2,775/mo
CC at MID income stress-adjusted	$6,750/yr	$40,054/yr	DEFICIT $2,775/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($27, bid $0.87) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,775/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Roll-Down · exp Jan 15 '27, 95d

Stock: $35.51 HP: 1.4% OTM Current hedge: $39,189/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $50,915/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-11-05 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	32	Jan 15	95d	9.9%	$3.60	$1.40	$2,800	$27,663	$20,825	$11,526	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	95d	15.5%	$2.76	$2.24	$4,480	$21,208	$25,820	$17,981	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	95d	24.0%	$1.75	$3.25	$6,500	$13,447	$33,426	$25,742	20	$16,000	7mo	3mo	2.25x	PASS
4	25	Jan 15	95d	29.6%	$1.27	$3.73	$7,460	$9,759	$22,207	$29,431	22	$20,000	8mo	3mo	2.38x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.51	$11,475/yr	$27,663/yr	DEFICIT $1,349/mo
CC at MID $41 0.7σ, B $1.45	$32,625/yr	$27,663/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.51 → $27.66, hedge $20,825/yr)
CC at SS income stress-adjusted	$4,950/yr	$20,825/yr	DEFICIT $1,323/mo
CC at MID income stress-adjusted	$7,200/yr	$20,825/yr	DEFICIT $1,135/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.45) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,135/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

CRWV: HP 40P Maintenance Roll-Out · exp Nov 20 '26, 39d

Stock: $80.32 Current HP: 40P (39d, 50.2% OTM) Current hedge: $468/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $27,547/yr Cost cap: 25% of CC = $6,887/yr IV: HIGH 18 qualifying ⚠ ER 2026-11-11 INTRADAY (30d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 67d, 50.2% OTM) | Cost: $599/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $95 | Margin (TIMS): $2,107

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Jan 15 '27, 95d, 22.2% OTM) | Cost: $6,436/yr (23% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,660 | Margin (TIMS): $2,006

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	67d	50.2%	$0.16	$0.22	$599	2%	$50,225	=	D $95
2	40	Jan 15	95d	50.2%	$0.32	$0.39	$749	3%	$50,225	=	D $180
3	42	Dec 18	67d	47.1%	$0.20	$0.30	$817	3%	$48,975	-$1,250	D $135
4	45	Dec 18	67d	44.0%	$0.32	$0.36	$981	4%	$47,725	-$2,500	D $165
5	42	Jan 15	95d	47.1%	$0.39	$0.52	$999	4%	$48,975	-$1,250	D $245
6	45	Jan 15	95d	44.0%	$0.49	$0.68	$1,306	5%	$47,725	-$2,500	D $325
7	48	Dec 18	67d	40.9%	$0.41	$0.49	$1,335	5%	$46,475	-$3,750	D $230
8	48	Jan 15	95d	40.9%	$0.67	$0.84	$1,614	6%	$46,475	-$3,750	D $405
9	50	Dec 18	67d	37.7%	$0.61	$0.66	$1,798	7%	$45,225	-$5,000	D $315
10	50	Jan 15	95d	37.7%	$1.02	$1.09	$2,094	8%	$45,225	-$5,000	D $530
11	52	Jan 15	95d	34.6%	$1.23	$1.39	$2,670	10%	$43,975	-$6,250	D $680
12	55	Dec 18	67d	31.5%	$1.09	$1.16	$3,160	11%	$42,725	-$7,500	D $565
▶ 13	62 PROT	Jan 15	95d	22.2%	$3.25	$3.35	$6,436	23%	$38,975	-$11,250	D $1,660

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $129 — assignment locks a loss · $98, B $2.15	$12,094/yr	$599/yr	SELF-FUNDING
CC at MID $92 0.7σ, B $3.15	$17,719/yr	$599/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($98, bid $2.15). 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, 39d

Stock: $35.51 Current HP: 21P (39d, 40.9% OTM) Current hedge: $3,369/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $50,915/yr Cost cap: 25% of CC = $12,729/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (24d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 22P (Dec 18 '26, 67d, 38.0% OTM) | Cost: $4,685/yr (9% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $660 | Margin (TIMS): $1,787

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 25P (Dec 18 '26, 67d, 29.6% OTM) | Cost: $9,152/yr (18% of CC) | New ML: $86,000 ↓ $8,000 | Roll DEBIT $1,480 | Margin (TIMS): $1,611

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	67d	38.0%	$0.42	$0.43	$4,685	9%	$92,000	-$2,000	D $660
2	22	Jan 15	95d	38.0%	$0.60	$0.79	$6,071	12%	$92,000	-$2,000	D $1,380
▶ 3	25 PROT	Dec 18	67d	29.6%	$0.80	$0.84	$9,152	18%	$86,000	-$8,000	D $1,480
4	25	Jan 15	95d	29.6%	$1.21	$1.27	$9,759	19%	$86,000	-$8,000	D $2,340

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $55, B $0.22	$4,950/yr	$4,685/yr	SELF-FUNDING
CC at MID $41 0.7σ, B $1.45	$32,625/yr	$4,685/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($55, bid $0.22). 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, 39d

Stock: $996.33 Current HP: 390P (39d, 60.9% OTM) Current hedge: $786/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $66,757/yr Cost cap: 25% of CC = $16,689/yr IV: HIGH 85 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 67d, 59.9% OTM) | Cost: $588/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $106 | Margin (TIMS): $26,446

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 810P (Dec 18 '26, 67d, 18.7% OTM) | Cost: $16,180/yr (24% of CC) | New ML: $110,000 ↓ $84,000 | Roll DEBIT $2,968 | Margin (TIMS): $20,203

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	67d	59.9%	$0.44	$0.54	$588	1%	$192,000	-$2,000	D $106
2	410	Dec 18	67d	58.8%	$0.46	$0.60	$654	1%	$190,000	-$4,000	D $118
3	420	Dec 18	67d	57.8%	$0.32	$0.60	$654	1%	$188,000	-$6,000	D $118
4	390	Jan 15	95d	60.9%	$0.64	$0.95	$730	1%	$194,000	=	D $188
5	400	Jan 15	95d	59.9%	$0.69	$1.01	$776	1%	$192,000	-$2,000	D $200
6	440	Dec 18	67d	55.8%	$0.60	$0.76	$828	1%	$184,000	-$10,000	D $150
7	430	Jan 15	95d	56.8%	$0.76	$1.11	$853	1%	$186,000	-$8,000	D $220
8	450	Jan 15	95d	54.8%	$0.86	$1.11	$853	1%	$182,000	-$12,000	D $220
9	440	Jan 15	95d	55.8%	$0.91	$1.12	$861	1%	$184,000	-$10,000	D $222
10	430	Dec 18	67d	56.8%	$0.53	$0.80	$872	1%	$186,000	-$8,000	D $158
11	450	Dec 18	67d	54.8%	$0.58	$0.80	$872	1%	$182,000	-$12,000	D $158
12	460	Dec 18	67d	53.8%	$0.53	$0.84	$915	1%	$180,000	-$14,000	D $166
▶ 13	810 PROT	Dec 18	67d	18.7%	$14.20	$14.85	$16,180	24%	$110,000	-$84,000	D $2,968

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,234 — assignment locks a loss · $1075, B $25.05	$56,362/yr	$588/yr	SELF-FUNDING
CC at MID $1075 0.6σ, B $25.05	$56,362/yr	$588/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1075, bid $25.05). 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, 39d

Stock: $1487.13 Current HP: 810P (39d, 45.5% OTM) Current hedge: $1,451/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $66,230/yr Cost cap: 25% of CC = $16,557/yr IV: HIGH 69 qualifying ⚠ ER 2026-10-29 AMC (17d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 830P (Dec 18 '26, 67d, 44.2% OTM) | Cost: $1,961/yr (3% of CC) | New ML: $97,000 ↓ $2,000 | Roll DEBIT $255 | Margin (TIMS): $46,807

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1150P (Dec 18 '26, 67d, 22.7% OTM) | Cost: $16,016/yr (24% of CC) | New ML: $65,000 ↓ $34,000 | Roll DEBIT $2,835 | Margin (TIMS): $35,800

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	830 CHEAP	Dec 18	67d	44.2%	$2.70	$3.60	$1,961	3%	$97,000	-$2,000	D $255
2	810	Jan 15	95d	45.5%	$4.60	$5.20	$1,998	3%	$99,000	=	D $415
3	810	Dec 18	67d	45.5%	$2.15	$3.70	$2,016	3%	$99,000	=	D $265
4	840	Dec 18	67d	43.5%	$2.90	$3.80	$2,070	3%	$96,000	-$3,000	D $275
5	850	Dec 18	67d	42.8%	$3.00	$4.20	$2,288	3%	$95,000	-$4,000	D $315
6	820	Jan 15	95d	44.9%	$4.80	$6.10	$2,344	4%	$98,000	-$1,000	D $505
7	840	Jan 15	95d	43.5%	$5.50	$6.60	$2,536	4%	$96,000	-$3,000	D $555
8	850	Jan 15	95d	42.8%	$6.00	$7.30	$2,805	4%	$95,000	-$4,000	D $625
9	880	Dec 18	67d	40.8%	$3.90	$5.20	$2,833	4%	$92,000	-$7,000	D $415
10	900	Dec 18	67d	39.5%	$4.60	$5.20	$2,833	4%	$90,000	-$9,000	D $415
11	860	Jan 15	95d	42.2%	$6.40	$7.80	$2,997	5%	$94,000	-$5,000	D $675
12	820	Dec 18	67d	44.9%	$1.65	$5.70	$3,105	5%	$98,000	-$1,000	D $465
▶ 13	1150 PROT	Dec 18	67d	22.7%	$27.50	$29.40	$16,016	24%	$65,000	-$34,000	D $2,835

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,629 — assignment locks a loss · $1555, B $87.80	$98,775/yr	$1,961/yr	SELF-FUNDING
CC at MID $1555 0.2σ, B $87.80	$98,775/yr	$1,961/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1555, bid $87.80). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AAPL: HP 285P Maintenance Roll-Out · exp Nov 20 '26, 39d

Stock: $339.71 Current HP: 285P (39d, 16.1% OTM) Current hedge: $3,042/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $69,527/yr Cost cap: 25% of CC = $17,382/yr IV: MEDIUM 10 qualifying ⚠ ER 2026-11-02 INTRADAY (21d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 285 → 285P (Dec 18 '26, 67d, 16.1% OTM) | Cost: $3,841/yr (6% of CC) | New ML: $69,820 = ML | Roll DEBIT $410 | Margin (TIMS): $6,031

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 305P (Jan 15 '27, 95d, 10.2% OTM) | Cost: $9,125/yr (13% of CC) | New ML: $59,820 ↓ $10,000 | Roll DEBIT $2,080 | Margin (TIMS): $5,054

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	67d	16.1%	$1.33	$1.41	$3,841	6%	$69,820	=	D $410
2	285	Jan 15	95d	16.1%	$2.13	$2.24	$4,303	6%	$69,820	=	D $825
3	290	Dec 18	67d	14.6%	$1.64	$1.76	$4,794	7%	$67,320	-$2,500	D $585
4	290	Jan 15	95d	14.6%	$2.57	$2.75	$5,283	8%	$67,320	-$2,500	D $1,080
5	295	Dec 18	67d	13.2%	$1.97	$2.23	$6,074	9%	$64,820	-$5,000	D $820
6	295	Jan 15	95d	13.2%	$3.05	$3.30	$6,339	9%	$64,820	-$5,000	D $1,355
7	300	Jan 15	95d	11.7%	$3.75	$3.90	$7,492	11%	$62,320	-$7,500	D $1,655
8	300	Dec 18	67d	11.7%	$2.50	$2.76	$7,518	11%	$62,320	-$7,500	D $1,085
▶ 9	305 PROT	Jan 15	95d	10.2%	$4.55	$4.75	$9,125	13%	$59,820	-$10,000	D $2,080
10	305	Dec 18	67d	10.2%	$3.20	$3.35	$9,125	13%	$59,820	-$10,000	D $1,380

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $10.50	$59,062/yr	$3,841/yr	SELF-FUNDING
CC at MID $355 0.6σ, B $4.40	$24,750/yr	$3,841/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $10.50). 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, 39d

Stock: $275.44 Current HP: 185P (39d, 32.8% OTM) Current hedge: $1,544/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $16,473/yr Cost cap: 25% of CC = $4,118/yr IV: HIGH 10 qualifying ⚠ ER 2026-11-04 INTRADAY (23d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Dec 18 '26, 67d, 32.8% OTM) | Cost: $1,498/yr (9% of CC) | New ML: $48,300 = ML | Roll DEBIT $175 | Margin (TIMS): $9,020

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 210P (Jan 15 '27, 95d, 23.8% OTM) | Cost: $3,458/yr (21% of CC) | New ML: $45,800 ↓ $2,500 | Roll DEBIT $800 | Margin (TIMS): $8,447

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	67d	32.8%	$2.40	$2.75	$1,498	9%	$48,300	=	D $175
2	185	Jan 15	95d	32.8%	$3.80	$4.40	$1,691	10%	$48,300	=	D $340
3	190	Dec 18	67d	31.0%	$2.90	$3.40	$1,852	11%	$47,800	-$500	D $240
4	190	Jan 15	95d	31.0%	$4.50	$5.10	$1,959	12%	$47,800	-$500	D $410
5	195	Dec 18	67d	29.2%	$3.40	$3.90	$2,125	13%	$47,300	-$1,000	D $290
6	195	Jan 15	95d	29.2%	$5.30	$6.10	$2,344	14%	$47,300	-$1,000	D $510
7	200	Dec 18	67d	27.4%	$4.10	$4.60	$2,506	15%	$46,800	-$1,500	D $360
8	200	Jan 15	95d	27.4%	$6.10	$7.00	$2,689	16%	$46,800	-$1,500	D $600
▶ 9	210 PROT	Jan 15	95d	23.8%	$8.50	$9.00	$3,458	21%	$45,800	-$2,500	D $800
10	210	Dec 18	67d	23.8%	$5.70	$6.50	$3,541	21%	$45,800	-$2,500	D $550

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $611 — assignment locks a loss · $365, B $3.30	$3,712/yr	$1,498/yr	SELF-FUNDING
CC at MID $315 0.7σ, B $10.40	$11,700/yr	$1,498/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($365, bid $3.30). 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, 39d

Stock: $35.51 Current HP: 23P (39d, 35.2% OTM) Current hedge: $4,492/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $50,915/yr Cost cap: 25% of CC = $12,729/yr IV: HIGH 2 qualifying ⚠ ER 2026-11-05 INTRADAY (24d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 25P (Dec 18 '26, 67d, 29.6% OTM) | Cost: $9,152/yr (18% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,240 | Margin (TIMS): $1,600

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	67d	29.6%	$0.80	$0.84	$9,152	18%	$103,700	-$4,000	D $1,240
2	25	Jan 15	95d	29.6%	$1.21	$1.27	$9,759	19%	$103,700	-$4,000	D $2,100

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $66 — assignment locks a loss · $55, B $0.22	$4,950/yr	$9,152/yr	DEFICIT $350/mo
CC at MID $41 0.7σ, B $1.45	$32,625/yr	$9,152/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.45). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 39d

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: $261.52 HP: 17.8% OTM Current hedge: $4,913/yr Baseline (roll-fwd, savings vs this): $5,312/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $24,273/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-10-29 AMC (17d) 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	210	Jan 15	95d	19.7%	$2.27	$-1.25	$-625	$4,361	$12,199	$951	40	$2,500	32mo	1mo	1.59x	PASS
2	205	Jan 15	95d	21.6%	$1.86	$-0.84	$-420	$3,573	$9,701	$1,738	45	$5,000	35mo	2mo	1.66x	PASS
3	185	Jan 15	95d	29.3%	$0.96	$0.06	$30	$1,844	$2,958	$3,467	65	$15,000	52mo	6mo	1.96x	FAIL
4	190	Jan 15	95d	27.3%	$1.02	$0.00	$0	$1,959	$3,746	$3,352	60	$12,500	45mo	5mo	1.88x	FAIL
5	195	Jan 15	95d	25.4%	$1.22	$-0.20	$-100	$2,344	$4,783	$2,968	55	$10,000	40mo	4mo	1.81x	FAIL
6	200	Jan 15	95d	23.5%	$1.50	$-0.48	$-240	$2,882	$6,051	$2,430	50	$7,500	37mo	3mo	1.74x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $6.95	$39,094/yr	$4,361/yr	SELF-FUNDING
CC at MID $280 0.6σ, B $5.45	$30,656/yr	$4,361/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $261.52 → $230.09, hedge $12,199/yr)
CC at SS income stress-adjusted	$3,825/yr	$12,199/yr	DEFICIT $698/mo
CC at MID income stress-adjusted	$3,262/yr	$12,199/yr	DEFICIT $745/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($280, bid $5.45) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$745/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Joint): HP 35P Roll-Down · exp Jan 15 '27, 95d

Stock: $35.51 HP: 1.4% OTM Current hedge: $39,189/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $50,915/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 4 PASS ⚠ ER 2026-11-05 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	32	Jan 15	95d	9.9%	$3.60	$1.40	$2,800	$27,663	$20,825	$11,526	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	95d	15.5%	$2.76	$2.24	$4,480	$21,208	$25,820	$17,981	17	$10,000	7mo	2mo	2.06x	PASS
3	27	Jan 15	95d	24.0%	$1.75	$3.25	$6,500	$13,447	$33,426	$25,742	20	$16,000	7mo	3mo	2.25x	PASS
4	25	Jan 15	95d	29.6%	$1.27	$3.73	$7,460	$9,759	$22,207	$29,431	22	$20,000	8mo	3mo	2.38x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 13 (32d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.51	$11,475/yr	$27,663/yr	DEFICIT $1,349/mo
CC at MID $41 0.7σ, B $1.45	$32,625/yr	$27,663/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.51 → $27.66, hedge $20,825/yr)
CC at SS income stress-adjusted	$4,950/yr	$20,825/yr	DEFICIT $1,323/mo
CC at MID income stress-adjusted	$7,200/yr	$20,825/yr	DEFICIT $1,135/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($41, bid $1.45) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,135/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).