Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

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

TOTAL HEDGE (CURRENT)

$512,591/yr

TOTAL HEDGE (REPAIRED)

$104,524/yr

ANNUAL SAVINGS

$408,067/yr

ROLL CREDITS

$101,510

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 $3,151,235
GLD → +320C −450P +330P −409C	$382.06	320	450	330	409	$456.00	$469.93	120	1.88x	13.6%	SAFE	10	$136,000	$382,060	ROLL NOW (39d)
MU (Main) → +880C −1010P +340P	$988.56	880	1010	340	0	$1028.60	$1042.80	670	5.51x	65.6%	SAFE	5	$74,300	$494,280	ROLL NOW (39d)
AMD → +410C −550P +470P −618C	$594.49	410	550	470	618	$649.20	$662.43	80	1.33x	20.9%	SAFE	2	$47,840	$118,898	REPAIR PLAN (95d)
BMNR (Main) → +25C −18P +45P	$23.73	25	18	45	0	$65.83	$60.63	0	1.00x	-89.6%	ITM	50	$204,150	$118,650	REPAIR PLAN (95d)
IREN (Main) → +25C −47P +35P −44C	$35.08	25	47	35	44	$44.00	$48.56	12	1.75x	0.2%	TIGHT	20	$32,000	$70,160	REPAIR PLAN (95d)
IGV +70C −115C	$111.22	70	0	0	115	$96.50	$86.94	0	1.00x	0.0%	N/A	12	$31,800	$133,464	LEAPS-ONLY
MARA (Main) +13C	$9.44	13	0	0	0	$16.75	$11.61	0	1.00x	0.0%	N/A	400	$150,000	$377,600	LEAPS-ONLY
BMNR (Main) +23C −18P +25P	$23.73	23	18	25	0	$53.26	$47.74	0	1.00x	-5.4%	ITM	75	$226,950	$177,975	OK
COIN (Main) +165C −240P +90P −195C	$177.47	165	240	90	195	$210.90	$214.89	150	9.93x	49.3%	SAFE	8	$13,440	$141,976	OK
COIN (Main) +500C −330P +300P −195C	$177.47	500	330	300	195	$563.00	$384.71	30	1.48x	-69.0%	ITM	25	$157,500	$443,675	OK
DELL +310C −400P +320P −640C	$571.24	310	400	320	640	$562.50	$568.80	80	1.32x	44.0%	SAFE	3	$75,750	$171,372	OK
GLXY +38C −38P +18P −22C	$19.86	38	38	18	22	$39.71	$37.12	20	10.05x	11.9%	SAFE	125	$27,625	$248,250	OK
HIMS +10C −20P +5P −35C	$30.75	10	20	5	35	$17.47	$19.16	15	4.04x	83.7%	SAFE	15	$7,395	$46,125	OK
NVDA +215C −225P +200P −235C	$226.75	215	225	200	235	$264.80	$231.66	25	1.50x	11.8%	SAFE	10	$49,800	$226,750	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,263,820
CRWV → +105C −120P +40P −85C	$80.64	105	120	40	85	$125.45	$128.24	80	4.91x	50.4%	SAFE	5	$10,225	$40,320	ROLL NOW (39d)
IREN (Neville) → +45C −65P +21P −38C	$35.08	45	65	21	38	$56.50	$57.84	44	15.67x	40.1%	SAFE	20	$6,000	$70,160	ROLL NOW (39d)
MU (Neville) → +970C −1110P +390P	$988.56	970	1110	390	0	$1220.00	$1230.05	720	3.88x	60.5%	SAFE	2	$50,000	$197,712	ROLL NOW (39d)
SNDK → +1200C −1380P +810P	$1487.82	1200	1380	810	0	$1620.00	$1629.91	570	2.36x	45.6%	SAFE	1	$42,000	$148,782	ROLL NOW (39d)
SPY +640C −785C	$778.03	640	0	0	785	$764.00	$704.12	0	1.00x	0.0%	N/A	12	$148,800	$933,636	LEAPS-ONLY
CRCL +45C −65P +40P −98C	$82.95	45	65	40	98	$87.00	$91.38	25	1.60x	51.8%	SAFE	5	$21,000	$41,475	OK
GOOG (Neville) +300C −345P +310P −360C	$349.63	300	345	310	360	$373.00	$345.54	35	1.48x	11.3%	SAFE	15	$109,500	$524,445	OK
GOOG (Neville) +340C −405P +360P −360C	$349.63	340	405	360	360	$398.00	$386.32	45	1.88x	-3.0%	ITM	5	$25,500	$174,815	OK
INTC +85C −100P +35P −105C	$101.45	85	100	35	105	$114.00	$115.58	65	3.24x	65.5%	SAFE	5	$14,500	$50,725	OK
SPCX +150C −195P +135P −180C	$163.50	150	195	135	180	$186.00	$189.75	60	3.22x	17.4%	SAFE	5	$13,500	$81,750	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $983,846
AAPL → +240C −330P +285P −350C	$340.68	240	330	285	350	$334.64	$337.97	45	1.48x	16.3%	SAFE	5	$47,320	$170,340	ROLL NOW (39d)
APP → +460C −540P +185P −290C	$270.83	460	540	185	290	$588.00	$608.28	355	3.77x	31.7%	SAFE	1	$12,800	$27,083	ROLL NOW (39d)
IREN (RetireInc) → +50C −70P +23P −38C	$35.08	50	70	23	38	$63.43	$66.72	47	7.86x	34.4%	SAFE	20	$13,700	$70,160	ROLL NOW (39d)
MARA (RetireInc) +40C	$9.44	40	0	0	0	$41.04	$11.84	0	1.00x	0.0%	N/A	500	$52,000	$472,000	LEAPS-ONLY
CLSK +17C −17P +10P	$10.34	17	17	10	0	$20.74	$18.49	7	2.87x	3.2%	TIGHT	25	$9,350	$25,838	OK
ENPH +45C −60P +20P	$31.41	45	60	20	0	$56.15	$58.48	40	6.48x	36.3%	SAFE	10	$7,300	$31,410	OK
MSTR (RetireInc) +125C −185P +55P −170C	$152.00	125	185	55	170	$161.00	$163.35	130	11.83x	63.8%	SAFE	4	$4,800	$60,800	OK
QCOM +190C −210P +100P −195C	$173.94	190	210	100	195	$224.00	$227.39	110	4.24x	42.5%	SAFE	5	$17,000	$86,970	OK
RKLB +115C −135P +45P −73C	$65.41	115	135	45	73	$141.55	$148.30	90	4.39x	31.2%	SAFE	6	$15,930	$39,246	OK
Joint (...1782)8 fortress(es) · 2 actionable · IC $490,588 · notional $1,396,610
AMZN → +200C −250P +215P −268C	$259.59	200	250	215	268	$267.92	$270.70	35	1.52x	17.2%	SAFE	5	$33,960	$129,795	REPAIR PLAN (39d)
IREN (Joint) → +25C −47P +35P −44C	$35.08	25	47	35	44	$44.00	$48.56	12	1.75x	0.2%	TIGHT	20	$32,000	$70,160	REPAIR PLAN (95d)
GOOG (Joint) +310C −355C	$349.63	310	0	0	355	$392.50	$351.08	0	1.00x	0.0%	N/A	5	$41,250	$174,815	LEAPS-ONLY
IBIT +75C	$46.81	75	0	0	0	$70.58	$52.93	0	1.00x	0.0%	N/A	50	$22,328	$234,050	LEAPS-ONLY
MSTR (Joint) +180C −200C	$152.00	180	0	0	200	$233.00	$175.46	0	1.00x	0.0%	N/A	10	$53,000	$152,000	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$23.73	23	18	25	0	$36.42	$25.41	0	1.00x	-5.4%	ITM	150	$201,300	$355,950	OK
COPX +65C −90P +68P −90C	$85.37	65	90	68	90	$93.40	$96.68	22	1.77x	20.3%	SAFE	20	$56,800	$170,740	OK
HOOD +65C −95P +80P −115C	$109.10	65	95	80	115	$114.95	$120.20	15	1.30x	26.7%	SAFE	10	$49,950	$109,100	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: $382.06 Current HP: 330P (39d, 13.6% OTM) Current hedge: $4,399/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $19,812/yr Cost cap: 50% of CC = $9,906/yr IV: MEDIUM 13 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 67d, 13.6% OTM) | Cost: $6,156/yr (31% of CC) | New ML: $256,000 = ML | Roll DEBIT $690 | Margin (TIMS): $927

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 340P (Dec 18 '26, 67d, 11.0% OTM) | Cost: $9,697/yr (49% of CC) | New ML: $246,000 ↓ $10,000 | Roll DEBIT $1,340 | Margin (TIMS): $293

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	67d	13.6%	$1.08	$1.13	$6,156	31%	$256,000	=	D $690
2	330	Dec 31	80d	13.6%	$1.38	$1.45	$6,616	33%	$256,000	=	D $1,010
3	330	Jan 15	95d	13.6%	$1.78	$1.85	$7,108	36%	$256,000	=	D $1,410
4	331	Jan 15	95d	13.4%	$1.84	$1.91	$7,338	37%	$255,000	-$1,000	D $1,470
5	332	Jan 15	95d	13.1%	$1.93	$2.01	$7,723	39%	$254,000	-$2,000	D $1,570
6	335	Dec 18	67d	12.3%	$1.35	$1.42	$7,736	39%	$251,000	-$5,000	D $980
7	333	Jan 15	95d	12.8%	$2.02	$2.08	$7,992	40%	$253,000	-$3,000	D $1,640
8	335	Dec 31	80d	12.3%	$1.67	$1.77	$8,076	41%	$251,000	-$5,000	D $1,330
9	334	Jan 15	95d	12.6%	$2.09	$2.18	$8,376	42%	$252,000	-$4,000	D $1,740
10	335	Jan 15	95d	12.3%	$2.20	$2.26	$8,683	44%	$251,000	-$5,000	D $1,820
11	336	Jan 15	95d	12.1%	$2.28	$2.42	$9,298	47%	$250,000	-$6,000	D $1,980
12	337	Jan 15	95d	11.8%	$2.39	$2.45	$9,413	48%	$249,000	-$7,000	D $2,010
▶ 13	340 PROT	Dec 18	67d	11.0%	$1.71	$1.78	$9,697	49%	$246,000	-$10,000	D $1,340

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 $5.20	$58,500/yr	$6,156/yr	SELF-FUNDING
CC at MID $394 0.5σ, B $5.20	$58,500/yr	$6,156/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($394, bid $5.20). 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: $988.56 Current HP: 340P (39d, 65.6% 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: $162,598/yr Cost cap: 25% of CC = $40,650/yr IV: HIGH 92 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 350P (Dec 18 '26, 67d, 64.6% OTM) | Cost: $1,144/yr (1% of CC) | New ML: $404,300 ↓ $5,000 | Roll DEBIT $205 | Margin (TIMS): $58,678

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 800P (Dec 18 '26, 67d, 19.1% OTM) | Cost: $40,313/yr (25% of CC) | New ML: $179,300 ↓ $230,000 | Roll DEBIT $7,395 | Margin (TIMS): $27,130

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	350 CHEAP	Dec 18	67d	64.6%	$0.13	$0.42	$1,144	1%	$404,300	-$5,000	D $205
2	370	Dec 18	67d	62.6%	$0.16	$0.48	$1,307	1%	$394,300	-$15,000	D $235
3	400	Dec 18	67d	59.5%	$0.30	$0.55	$1,498	1%	$379,300	-$30,000	D $270
4	370	Jan 15	95d	62.6%	$0.42	$0.80	$1,537	1%	$394,300	-$15,000	D $395
5	350	Jan 15	95d	64.6%	$0.51	$0.82	$1,575	1%	$404,300	-$5,000	D $405
6	410	Dec 18	67d	58.5%	$0.31	$0.59	$1,607	1%	$374,300	-$35,000	D $290
7	360	Dec 18	67d	63.6%	$0.30	$0.60	$1,634	1%	$399,300	-$10,000	D $295
8	380	Dec 18	67d	61.6%	$0.27	$0.60	$1,634	1%	$389,300	-$20,000	D $295
9	420	Dec 18	67d	57.5%	$0.27	$0.60	$1,634	1%	$369,300	-$40,000	D $295
10	360	Jan 15	95d	63.6%	$0.41	$0.93	$1,787	1%	$399,300	-$10,000	D $460
11	340	Jan 15	95d	65.6%	$0.38	$0.99	$1,902	1%	$409,300	=	D $490
12	430	Jan 15	95d	56.5%	$0.73	$0.99	$1,902	1%	$364,300	-$45,000	D $490
▶ 13	800 PROT	Dec 18	67d	19.1%	$13.80	$14.80	$40,313	25%	$179,300	-$230,000	D $7,395

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1045, B $30.90	$173,812/yr	$1,144/yr	SELF-FUNDING
CC at MID $1065 0.6σ, B $25.10	$141,188/yr	$1,144/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1045, bid $30.90). 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: $594.49 HP: 20.9% OTM Current hedge: $9,413/yr Baseline (roll-fwd, savings vs this): $9,413/yr SS: $649.20 (unchanged) Account: Main (...1299) Contracts: 2 (200 sh) CC income: $40,195/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	24.3%	$8.55	$2.20	$440	$6,570	$14,408	$2,843	100	$4,000	17mo	1mo	1.42x	PASS
2	460	Jan 15	95d	22.6%	$10.55	$0.20	$40	$8,107	$19,787	$1,306	90	$2,000	18mo	1mo	1.38x	PASS
3	440	Jan 15	95d	26.0%	$7.90	$2.85	$570	$6,071	$12,372	$3,343	110	$6,000	22mo	2mo	1.46x	PASS
4	430	Jan 15	95d	27.7%	$6.90	$3.85	$770	$5,302	$10,374	$4,111	120	$8,000	23mo	2mo	1.50x	PASS
5	420	Jan 15	95d	29.4%	$6.20	$4.55	$910	$4,764	$9,183	$4,649	130	$10,000	26mo	3mo	1.54x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $665, B $13.90	$31,275/yr	$6,570/yr	SELF-FUNDING
CC at MID $655 0.7σ, B $16.20	$36,450/yr	$6,570/yr	SELF-FUNDING
AT 14% DRAWDOWN (stock $594.49 → $510.30, hedge $14,408/yr)
CC at SS income stress-adjusted	$24,750/yr	$14,408/yr	SELF-FUNDING
CC at MID income stress-adjusted	$24,750/yr	$14,408/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($665, bid $13.90). 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: $23.73 HP: ITM Current hedge: $414,947/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $79,065/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	11.5%	$1.82	$19.23	$96,150	$34,963	$38,037	$379,984	-3	$-15,000	N/A	N/A	0.93x	PASS
2	20	Jan 15	95d	15.7%	$1.42	$19.63	$98,150	$27,279	$44,761	$387,668	-2	$-10,000	N/A	N/A	0.95x	PASS
3	19	Jan 15	95d	19.9%	$1.09	$19.96	$99,800	$20,939	$50,524	$394,008	-1	$-5,000	N/A	N/A	0.98x	PASS
4	18	Jan 15	95d	24.1%	$0.84	$20.21	$101,050	$16,137	$58,208	$398,811	0	$0	N/A	N/A	1.00x	PASS
5	17	Jan 15	95d	28.4%	$0.69	$20.36	$101,800	$13,255	$48,026	$401,692	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 · $34, B $0.05	$2,812/yr	$34,963/yr	DEFICIT $2,679/mo
CC at MID $26 0.6σ, B $0.87	$48,938/yr	$34,963/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $23.73 → $18.29, hedge $38,037/yr)
CC at SS income stress-adjusted	$2,812/yr	$38,037/yr	DEFICIT $2,935/mo
CC at MID income stress-adjusted	$2,812/yr	$38,037/yr	DEFICIT $2,935/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($26, bid $0.87) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,935/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: $35.08 HP: 0.2% OTM Current hedge: $41,495/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $57,319/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	8.8%	$3.80	$1.40	$2,800	$29,200	$20,209	$12,295	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	95d	14.5%	$2.90	$2.30	$4,600	$22,284	$25,204	$19,211	17	$10,000	6mo	2mo	2.06x	PASS
3	27	Jan 15	95d	23.0%	$1.85	$3.35	$6,700	$14,216	$34,963	$27,279	20	$16,000	7mo	2mo	2.25x	PASS
4	25	Jan 15	95d	28.7%	$1.32	$3.88	$7,760	$10,143	$23,437	$31,352	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 $0.45	$10,125/yr	$29,200/yr	DEFICIT $1,590/mo
CC at MID $40 0.6σ, B $1.60	$36,000/yr	$29,200/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.08 → $27.25, hedge $20,209/yr)
CC at SS income stress-adjusted	$6,975/yr	$20,209/yr	DEFICIT $1,103/mo
CC at MID income stress-adjusted	$7,650/yr	$20,209/yr	DEFICIT $1,047/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.60) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,047/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: $80.64 Current HP: 40P (39d, 50.4% OTM) Current hedge: $702/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $28,527/yr Cost cap: 25% of CC = $7,132/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, 50.4% OTM) | Cost: $599/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $80 | Margin (TIMS): $2,113

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 62P (Jan 15 '27, 95d, 22.5% OTM) | Cost: $6,243/yr (22% of CC) | New ML: $38,975 ↓ $11,250 | Roll DEBIT $1,595 | Margin (TIMS): $2,017

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	67d	50.4%	$0.15	$0.22	$599	2%	$50,225	=	D $80
2	40	Jan 15	95d	50.4%	$0.21	$0.39	$749	3%	$50,225	=	D $165
3	42	Dec 18	67d	47.3%	$0.22	$0.28	$763	3%	$48,975	-$1,250	D $110
4	42	Jan 15	95d	47.3%	$0.41	$0.48	$922	3%	$48,975	-$1,250	D $210
5	45	Dec 18	67d	44.2%	$0.30	$0.36	$981	3%	$47,725	-$2,500	D $150
6	45	Jan 15	95d	44.2%	$0.52	$0.64	$1,229	4%	$47,725	-$2,500	D $290
7	48	Dec 18	67d	41.1%	$0.43	$0.48	$1,307	5%	$46,475	-$3,750	D $210
8	48	Jan 15	95d	41.1%	$0.76	$0.81	$1,556	5%	$46,475	-$3,750	D $375
9	50	Dec 18	67d	38.0%	$0.58	$0.63	$1,716	6%	$45,225	-$5,000	D $285
10	50	Jan 15	95d	38.0%	$0.99	$1.05	$2,017	7%	$45,225	-$5,000	D $495
11	52	Jan 15	95d	34.9%	$1.22	$1.33	$2,555	9%	$43,975	-$6,250	D $635
12	55	Dec 18	67d	31.8%	$1.02	$1.09	$2,969	10%	$42,725	-$7,500	D $515
▶ 13	62 PROT	Jan 15	95d	22.5%	$3.10	$3.25	$6,243	22%	$38,975	-$11,250	D $1,595

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $128 — assignment locks a loss · $99, B $2.07	$11,644/yr	$599/yr	SELF-FUNDING
CC at MID $92 0.6σ, B $3.35	$18,844/yr	$599/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($99, bid $2.07). 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: $35.08 Current HP: 21P (39d, 40.1% 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: $57,319/yr Cost cap: 25% of CC = $14,330/yr IV: HIGH 5 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, 37.3% OTM) | Cost: $5,230/yr (9% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $760 | Margin (TIMS): $1,758

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Jan 15 '27, 95d, 23.0% OTM) | Cost: $14,216/yr (25% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $3,500 | Margin (TIMS): $1,475

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	67d	37.3%	$0.41	$0.48	$5,230	9%	$92,000	-$2,000	D $760
2	22	Jan 15	95d	37.3%	$0.62	$0.79	$6,071	11%	$92,000	-$2,000	D $1,380
3	25	Dec 18	67d	28.7%	$0.77	$0.91	$9,915	17%	$86,000	-$8,000	D $1,620
4	25	Jan 15	95d	28.7%	$1.18	$1.32	$10,143	18%	$86,000	-$8,000	D $2,440
▶ 5	27 PROT	Jan 15	95d	23.0%	$1.77	$1.85	$14,216	25%	$82,000	-$12,000	D $3,500

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $52, B $0.31	$6,975/yr	$5,230/yr	SELF-FUNDING
CC at MID $40 0.6σ, B $1.60	$36,000/yr	$5,230/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($52, bid $0.31). 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: $988.56 Current HP: 390P (39d, 60.5% OTM) Current hedge: $842/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $70,370/yr Cost cap: 25% of CC = $17,592/yr IV: HIGH 83 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 67d, 59.5% OTM) | Cost: $599/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $108 | Margin (TIMS): $24,275

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 800P (Dec 18 '26, 67d, 19.1% OTM) | Cost: $16,125/yr (23% of CC) | New ML: $112,000 ↓ $82,000 | Roll DEBIT $2,958 | Margin (TIMS): $20,204

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	67d	59.5%	$0.30	$0.55	$599	1%	$192,000	-$2,000	D $108
2	410	Dec 18	67d	58.5%	$0.31	$0.59	$643	1%	$190,000	-$4,000	D $116
3	420	Dec 18	67d	57.5%	$0.27	$0.60	$654	1%	$188,000	-$6,000	D $118
4	430	Jan 15	95d	56.5%	$0.73	$0.99	$761	1%	$186,000	-$8,000	D $196
5	400	Jan 15	95d	59.5%	$0.50	$1.07	$822	1%	$192,000	-$2,000	D $212
6	390	Dec 18	67d	60.5%	$0.23	$0.76	$828	1%	$194,000	=	D $150
7	430	Dec 18	67d	56.5%	$0.34	$0.80	$872	1%	$186,000	-$8,000	D $158
8	450	Jan 15	95d	54.5%	$1.00	$1.18	$907	1%	$182,000	-$12,000	D $234
9	440	Dec 18	67d	55.5%	$0.40	$0.84	$915	1%	$184,000	-$10,000	D $166
10	410	Jan 15	95d	58.5%	$0.43	$1.29	$991	1%	$190,000	-$4,000	D $256
11	390	Jan 15	95d	60.5%	$0.56	$1.38	$1,060	2%	$194,000	=	D $274
12	420	Jan 15	95d	57.5%	$0.49	$1.41	$1,083	2%	$188,000	-$6,000	D $280
▶ 13	800 PROT	Dec 18	67d	19.1%	$13.80	$14.80	$16,125	23%	$112,000	-$82,000	D $2,958

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,230 — assignment locks a loss · $1065, B $25.10	$56,475/yr	$599/yr	SELF-FUNDING
CC at MID $1065 0.6σ, B $25.10	$56,475/yr	$599/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1065, bid $25.10). 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, 39d

Stock: $1487.82 Current HP: 810P (39d, 45.6% OTM) Current hedge: $1,357/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $65,240/yr Cost cap: 25% of CC = $16,310/yr IV: HIGH 69 qualifying ⚠ ER 2026-10-29 AMC (17d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 850P (Dec 18 '26, 67d, 42.9% OTM) | Cost: $2,125/yr (3% of CC) | New ML: $95,000 ↓ $4,000 | Roll DEBIT $305 | Margin (TIMS): $43,454

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1150P (Dec 18 '26, 67d, 22.7% OTM) | Cost: $15,472/yr (24% of CC) | New ML: $65,000 ↓ $34,000 | Roll DEBIT $2,755 | Margin (TIMS): $35,748

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	850 CHEAP	Dec 18	67d	42.9%	$2.50	$3.90	$2,125	3%	$95,000	-$4,000	D $305
2	820	Jan 15	95d	44.9%	$4.40	$5.90	$2,267	3%	$98,000	-$1,000	D $505
3	830	Dec 18	67d	44.2%	$2.40	$4.30	$2,343	4%	$97,000	-$2,000	D $345
4	840	Dec 18	67d	43.5%	$2.55	$4.30	$2,343	4%	$96,000	-$3,000	D $345
5	810	Jan 15	95d	45.6%	$3.50	$6.20	$2,382	4%	$99,000	=	D $535
6	840	Jan 15	95d	43.5%	$4.80	$6.90	$2,651	4%	$96,000	-$3,000	D $605
7	880	Dec 18	67d	40.9%	$3.60	$4.90	$2,669	4%	$92,000	-$7,000	D $405
8	850	Jan 15	95d	42.9%	$5.10	$7.00	$2,689	4%	$95,000	-$4,000	D $615
9	870	Dec 18	67d	41.5%	$1.50	$5.00	$2,724	4%	$93,000	-$6,000	D $415
10	860	Dec 18	67d	42.2%	$0.20	$5.10	$2,778	4%	$94,000	-$5,000	D $425
11	890	Dec 18	67d	40.2%	$2.20	$5.30	$2,887	4%	$91,000	-$8,000	D $445
12	900	Dec 18	67d	39.5%	$4.20	$5.30	$2,887	4%	$90,000	-$9,000	D $445
▶ 13	1150 PROT	Dec 18	67d	22.7%	$26.30	$28.40	$15,472	24%	$65,000	-$34,000	D $2,755

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,630 — assignment locks a loss · $1555, B $83.80	$94,275/yr	$2,125/yr	SELF-FUNDING
CC at MID $1555 0.2σ, B $83.80	$94,275/yr	$2,125/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1555, bid $83.80). 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: $340.68 Current HP: 285P (39d, 16.3% OTM) Current hedge: $2,854/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $73,116/yr Cost cap: 25% of CC = $18,279/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, 16.3% OTM) | Cost: $3,759/yr (5% of CC) | New ML: $69,820 = ML | Roll DEBIT $405 | Margin (TIMS): $6,037

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 305P (Jan 15 '27, 95d, 10.5% OTM) | Cost: $8,933/yr (12% of CC) | New ML: $59,820 ↓ $10,000 | Roll DEBIT $2,040 | Margin (TIMS): $5,074

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	67d	16.3%	$1.29	$1.38	$3,759	5%	$69,820	=	D $405
2	285	Jan 15	95d	16.3%	$2.10	$2.21	$4,246	6%	$69,820	=	D $820
3	290	Dec 18	67d	14.9%	$1.64	$1.68	$4,576	6%	$67,320	-$2,500	D $555
4	290	Jan 15	95d	14.9%	$2.55	$2.65	$5,091	7%	$67,320	-$2,500	D $1,040
5	295	Dec 18	67d	13.4%	$2.05	$2.11	$5,747	8%	$64,820	-$5,000	D $770
6	295	Jan 15	95d	13.4%	$3.05	$3.25	$6,243	9%	$64,820	-$5,000	D $1,340
7	300	Dec 18	67d	11.9%	$2.53	$2.63	$7,164	10%	$62,320	-$7,500	D $1,030
8	300	Jan 15	95d	11.9%	$3.65	$3.85	$7,396	10%	$62,320	-$7,500	D $1,640
▶ 9	305 PROT	Jan 15	95d	10.5%	$4.50	$4.65	$8,933	12%	$59,820	-$10,000	D $2,040
10	305	Dec 18	67d	10.5%	$3.15	$3.30	$8,989	12%	$59,820	-$10,000	D $1,365

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $11.00	$61,875/yr	$3,759/yr	SELF-FUNDING
CC at MID $360 0.7σ, B $3.35	$18,844/yr	$3,759/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $11.00). 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: $270.83 Current HP: 185P (39d, 31.7% OTM) Current hedge: $1,731/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $14,615/yr Cost cap: 25% of CC = $3,654/yr IV: HIGH 8 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, 31.7% OTM) | Cost: $2,179/yr (15% of CC) | New ML: $48,300 = ML | Roll DEBIT $330 | Margin (TIMS): $8,859

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 200P (Jan 15 '27, 95d, 26.2% OTM) | Cost: $2,805/yr (19% of CC) | New ML: $46,800 ↓ $1,500 | Roll DEBIT $660 | Margin (TIMS): $8,506

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	67d	31.7%	$2.55	$4.00	$2,179	15%	$48,300	=	D $330
2	185	Jan 15	95d	31.7%	$3.20	$5.80	$2,228	15%	$48,300	=	D $510
3	190	Jan 15	95d	29.8%	$4.80	$6.10	$2,344	16%	$47,800	-$500	D $540
4	190	Dec 18	67d	29.8%	$2.10	$4.80	$2,615	18%	$47,800	-$500	D $410
▶ 5	200 PROT	Jan 15	95d	26.2%	$6.70	$7.30	$2,805	19%	$46,800	-$1,500	D $660
6	195	Dec 18	67d	28.0%	$3.80	$5.20	$2,833	19%	$47,300	-$1,000	D $450
7	200	Dec 18	67d	26.2%	$4.10	$5.50	$2,996	21%	$46,800	-$1,500	D $480
8	195	Jan 15	95d	28.0%	$5.30	$7.80	$2,997	21%	$47,300	-$1,000	D $710

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $608 — assignment locks a loss · $365, B $1.25	$1,406/yr	$2,179/yr	DEFICIT $64/mo
CC at MID $310 0.7σ, B $8.70	$9,788/yr	$2,179/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($310, bid $8.70). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Nov 20 '26, 39d

Stock: $35.08 Current HP: 23P (39d, 34.4% 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: $57,319/yr Cost cap: 25% of CC = $14,330/yr IV: HIGH 3 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, 28.7% OTM) | Cost: $9,915/yr (17% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $1,440 | Margin (TIMS): $1,605

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 27P (Jan 15 '27, 95d, 23.0% OTM) | Cost: $14,216/yr (25% of CC) | New ML: $99,700 ↓ $8,000 | Roll DEBIT $3,320 | Margin (TIMS): $1,501

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	67d	28.7%	$0.77	$0.91	$9,915	17%	$103,700	-$4,000	D $1,440
2	25	Jan 15	95d	28.7%	$1.18	$1.32	$10,143	18%	$103,700	-$4,000	D $2,260
▶ 3	27 PROT	Jan 15	95d	23.0%	$1.77	$1.85	$14,216	25%	$99,700	-$8,000	D $3,320

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $67 — assignment locks a loss · $52, B $0.31	$6,975/yr	$9,915/yr	DEFICIT $245/mo
CC at MID $40 0.6σ, B $1.60	$36,000/yr	$9,915/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.60). 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: $259.59 HP: 17.2% OTM Current hedge: $5,241/yr Baseline (roll-fwd, savings vs this): $5,666/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $21,243/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 3 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	19.1%	$2.39	$-1.36	$-680	$4,591	$12,871	$1,074	40	$2,500	28mo	1mo	1.59x	PASS
2	205	Jan 15	95d	21.0%	$1.93	$-0.90	$-450	$3,708	$10,374	$1,958	45	$5,000	31mo	3mo	1.66x	PASS
3	200	Jan 15	95d	23.0%	$1.56	$-0.53	$-265	$2,997	$6,628	$2,669	50	$7,500	34mo	4mo	1.74x	PASS
4	185	Jan 15	95d	28.7%	$0.85	$0.18	$90	$1,633	$3,112	$4,033	65	$15,000	45mo	7mo	1.96x	FAIL
5	190	Jan 15	95d	26.8%	$1.05	$-0.02	$-10	$2,017	$3,996	$3,649	60	$12,500	41mo	6mo	1.88x	FAIL
6	195	Jan 15	95d	24.9%	$1.28	$-0.25	$-125	$2,459	$5,033	$3,207	55	$10,000	37mo	5mo	1.81x	FAIL

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

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $6.30	$35,438/yr	$4,591/yr	SELF-FUNDING
CC at MID $280 0.7σ, B $4.80	$27,000/yr	$4,591/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $259.59 → $228.76, hedge $12,871/yr)
CC at SS income stress-adjusted	$5,344/yr	$12,871/yr	DEFICIT $627/mo
CC at MID income stress-adjusted	$2,812/yr	$12,871/yr	DEFICIT $838/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($280, bid $4.80) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$838/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: $35.08 HP: 0.2% OTM Current hedge: $41,495/yr Baseline: current hedge (no same-strike quote) SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $57,319/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	8.8%	$3.80	$1.40	$2,800	$29,200	$20,209	$12,295	15	$6,000	6mo	1mo	1.94x	PASS
2	30	Jan 15	95d	14.5%	$2.90	$2.30	$4,600	$22,284	$25,204	$19,211	17	$10,000	6mo	2mo	2.06x	PASS
3	27	Jan 15	95d	23.0%	$1.85	$3.35	$6,700	$14,216	$34,963	$27,279	20	$16,000	7mo	2mo	2.25x	PASS
4	25	Jan 15	95d	28.7%	$1.32	$3.88	$7,760	$10,143	$23,437	$31,352	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 $0.45	$10,125/yr	$29,200/yr	DEFICIT $1,590/mo
CC at MID $40 0.6σ, B $1.60	$36,000/yr	$29,200/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $35.08 → $27.25, hedge $20,209/yr)
CC at SS income stress-adjusted	$6,975/yr	$20,209/yr	DEFICIT $1,103/mo
CC at MID income stress-adjusted	$7,650/yr	$20,209/yr	DEFICIT $1,047/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($40, bid $1.60) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$1,047/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).