FORTRESS REPAIRHP Roll-Down Analysis
Generated: 2026-07-07 13:54:19
Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)
TOTAL HEDGE (CURRENT)
$18,931/yr
TOTAL HEDGE (CHEAPEST)
$24,069/yr
Δ HEDGE (CHEAPEST vs CURRENT)
+$5,138/yr
ROLL DEBIT (CHEAPEST)
-$5,006
MAX LOSS REDUCTION (PROTECTIVE)
-$128,500
PORTFOLIO ACTION SUMMARY · 7 positions
4 · ROLL NOW3 · 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

FORTRESSSTOCKLCSPHPSC BE‑SS CC‑SS GAPRMHP OTM%STATUSCTRSICNOTIONALURGENCY
BMNR →
+10C −18P +10P
 $15.44 1018 100 $17.13 $19.34 82.28x 35.2% SAFE 50 $31,250$77,175 ROLL NOW (45d)
INTC →
+85C −100P +35P −140C
 $119.17 85100 35140 $114.00 $113.22 653.24x 70.6% SAFE 5 $14,500$59,585 ROLL NOW (45d)
IREN (Neville) →
+45C −65P +21P −60C
 $43.13 4565 2160 $56.50 $57.83 4415.67x 51.3% SAFE 20 $6,000$86,260 ROLL NOW (45d)
META →
+480C −650P +320P −600C
 $599.00 480650 320600 $601.50 $602.96 3305.52x 46.6% SAFE 3 $21,900$179,700 ROLL NOW (45d)
IREN (Joint)
+25C −47P +35P −60C
 $43.13 2547 3560 $44.00 $47.86 121.75x 18.8% SAFE 20 $32,000$86,260 OK
IREN (Main)
+25C −47P +35P −60C
 $43.13 2547 3560 $44.00 $47.86 121.75x 18.8% SAFE 20 $32,000$86,260 OK
IREN (RetireInc)
+50C −70P +23P −60C
 $43.13 5070 2360 $63.43 $66.69 477.86x 46.7% SAFE 20 $13,700$86,260 OK

BMNR: HP 10P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $15.44 Current HP: 10P (45d, 35.2% OTM) Current hedge: $8,111/yr Current ML: $71,250 CC income: $63,256/yr Cost cap: 25% of CC = $15,814/yr IV: HIGH 3 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 10 → 10P (Nov 20 '26, 136d, 35.2% OTM) | Cost: $10,869/yr (17% of CC) | New ML: $71,250 = ML | Roll DEBIT $3,200 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 10 → 11P (Nov 20 '26, 136d, 28.7% OTM) | Cost: $14,895/yr (24% of CC) | New ML: $66,250 ↓ $5,000 | Roll DEBIT $4,700 | Margin: n/a (RTH)
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 10 CHEAP Nov 20 136d 35.2% $0.71 $0.81 $10,869 17% $71,250 = D $3,200
2 10 Jan 15 192d 35.2% $1.01 $1.21 $11,501 18% $71,250 = D $5,200
▶ 3 11 PROT Nov 20 136d 28.7% $0.97 $1.11 $14,895 24% $66,250 -$5,000 D $4,700
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $20, B $0.22 $12,774/yr $10,869/yr SELF-FUNDING
CC at MID $18 0.6σ, B $0.55 $31,935/yr $10,869/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($20, bid $0.22). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $43.13 Current HP: 21P (45d, 51.3% OTM) Current hedge: $9,733/yr Current ML: $94,000 CC income: $152,778/yr Cost cap: 25% of CC = $38,194/yr IV: HIGH 23 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 21P (Sep 18 '26, 73d, 51.3% OTM) | Cost: $12,000/yr (8% of CC) | New ML: $94,000 = ML | Roll DEBIT $1,600 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 32P (Oct 16 '26, 101d, 25.8% OTM) | Cost: $36,139/yr (24% of CC) | New ML: $72,000 ↓ $22,000 | Roll DEBIT $9,200 | Margin: n/a (RTH)
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 21 CHEAP Sep 18 73d 51.3% $0.61 $1.20 $12,000 8% $94,000 = D $1,600
2 21 Oct 16 101d 51.3% $1.12 $1.73 $12,504 8% $94,000 = D $2,660
3 22 Oct 16 101d 49.0% $1.32 $1.89 $13,660 9% $92,000 -$2,000 D $2,980
4 23 Oct 16 101d 46.7% $1.68 $1.94 $14,022 9% $90,000 -$4,000 D $3,080
5 23 Sep 18 73d 46.7% $1.16 $1.55 $15,500 10% $90,000 -$4,000 D $2,300
6 22 Sep 18 73d 49.0% $0.60 $1.60 $16,000 10% $92,000 -$2,000 D $2,400
7 24 Sep 18 73d 44.4% $1.16 $1.68 $16,800 11% $88,000 -$6,000 D $2,560
8 24 Oct 16 101d 44.4% $1.43 $2.59 $18,720 12% $88,000 -$6,000 D $4,380
9 25 Sep 18 73d 42.0% $1.48 $1.95 $19,500 13% $86,000 -$8,000 D $3,100
10 26 Sep 18 73d 39.7% $1.59 $2.06 $20,600 13% $84,000 -$10,000 D $3,320
11 26 Oct 16 101d 39.7% $2.29 $2.93 $21,177 14% $84,000 -$10,000 D $5,060
12 25 Oct 16 101d 42.0% $1.67 $2.95 $21,322 14% $86,000 -$8,000 D $5,100
▶ 13 32 PROT Oct 16 101d 25.8% $4.20 $5.00 $36,139 24% $72,000 -$22,000 D $9,200
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $54, B $2.72 $63,174/yr $12,000/yr SELF-FUNDING
CC at MID $54 0.6σ, B $2.72 $63,174/yr $12,000/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($54, bid $2.72). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

INTC: HP 35P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $119.17 Current HP: 35P (45d, 70.6% OTM) Current hedge: $284/yr Current ML: $47,000 CC income: $154,400/yr Cost cap: 25% of CC = $38,600/yr IV: HIGH 71 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 35 → 35P (Sep 18 '26, 73d, 70.6% OTM) | Cost: $600/yr (0% of CC) | New ML: $47,000 = ML | Roll DEBIT $110 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 35 → 100P (Oct 16 '26, 101d, 16.1% OTM) | Cost: $20,147/yr (13% of CC) | New ML: $14,500 ↓ $32,500 | Roll DEBIT $5,565 | Margin: n/a (RTH)
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 35 CHEAP Sep 18 73d 70.6% $0.10 $0.24 $600 0% $47,000 = D $110
2 36 Sep 18 73d 69.8% $0.11 $0.26 $650 0% $46,500 -$500 D $120
3 35 Oct 16 101d 70.6% $0.11 $0.37 $669 0% $47,000 = D $175
4 37 Sep 18 73d 69.0% $0.12 $0.28 $700 0% $46,000 -$1,000 D $130
5 39 Sep 18 73d 67.3% $0.17 $0.32 $800 1% $45,000 -$2,000 D $150
6 40 Sep 18 73d 66.4% $0.18 $0.32 $800 1% $44,500 -$2,500 D $150
7 38 Sep 18 73d 68.1% $0.05 $0.35 $875 1% $45,500 -$1,500 D $165
8 39 Oct 16 101d 67.3% $0.29 $0.49 $885 1% $45,000 -$2,000 D $235
9 40 Oct 16 101d 66.4% $0.32 $0.53 $958 1% $44,500 -$2,500 D $255
10 42 Sep 18 73d 64.8% $0.22 $0.39 $975 1% $43,500 -$3,500 D $185
11 41 Sep 18 73d 65.6% $0.11 $0.44 $1,100 1% $44,000 -$3,000 D $210
12 44 Sep 18 73d 63.1% $0.26 $0.44 $1,100 1% $42,500 -$4,500 D $210
▶ 13 100 PROT Oct 16 101d 16.1% $10.70 $11.15 $20,147 13% $14,500 -$32,500 D $5,565
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $117, B $15.70 $91,161/yr $600/yr SELF-FUNDING
CC at MID $136 0.4σ, B $8.30 $48,194/yr $600/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($117, bid $15.70). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

META: HP 320P Maintenance Roll-Out · exp Aug 21 '26, 45d

Stock: $599.00 Current HP: 320P (45d, 46.6% OTM) Current hedge: $803/yr Current ML: $120,900 CC income: $120,205/yr Cost cap: 25% of CC = $30,051/yr IV: HIGH 64 qualifying
CHEAPEST PICK (lowest annual cost, ML preserved): HP 320 → 320P (Sep 18 '26, 73d, 46.6% OTM) | Cost: $600/yr (0% of CC) | New ML: $120,900 = ML | Roll DEBIT $96 | Margin: n/a (RTH)
PROTECTIVE PICK (lowest ML within cost cap): HP 320 → 550P (Oct 16 '26, 101d, 8.2% OTM) | Cost: $28,568/yr (24% of CC) | New ML: $51,900 ↓ $69,000 | Roll DEBIT $7,881 | Margin: n/a (RTH)
#NEW HPEXPIRYDTEOTM% BIDASKHEDGE/YR%CC NEW MLΔMLROLL
▶ 1 320 CHEAP Sep 18 73d 46.6% $0.16 $0.40 $600 0% $120,900 = D $96
2 320 Oct 16 101d 46.6% $0.47 $0.63 $683 1% $120,900 = D $165
3 330 Sep 18 73d 44.9% $0.30 $0.47 $705 1% $117,900 -$3,000 D $117
4 330 Oct 16 101d 44.9% $0.60 $0.74 $802 1% $117,900 -$3,000 D $198
5 340 Sep 18 73d 43.2% $0.34 $0.54 $810 1% $114,900 -$6,000 D $138
6 350 Sep 18 73d 41.6% $0.52 $0.61 $915 1% $111,900 -$9,000 D $159
7 340 Oct 16 101d 43.2% $0.66 $0.88 $954 1% $114,900 -$6,000 D $240
8 350 Oct 16 101d 41.6% $0.75 $1.04 $1,128 1% $111,900 -$9,000 D $288
9 360 Sep 18 73d 39.9% $0.60 $0.78 $1,170 1% $108,900 -$12,000 D $210
10 370 Sep 18 73d 38.2% $0.63 $0.90 $1,350 1% $105,900 -$15,000 D $246
11 360 Oct 16 101d 39.9% $1.05 $1.25 $1,355 1% $108,900 -$12,000 D $351
12 375 Sep 18 73d 37.4% $0.78 $0.99 $1,485 1% $104,400 -$16,500 D $273
▶ 13 550 PROT Oct 16 101d 8.2% $25.10 $26.35 $28,568 24% $51,900 -$69,000 D $7,881
POST-REPAIR SUSTAINABILITY CC chain Aug 07 (31d)
SCENARIO CC INCOME HEDGE COST VERDICT
CC at SS $605, B $31.40 $109,394/yr $600/yr SELF-FUNDING
CC at MID $635 0.3σ, B $19.55 $68,110/yr $600/yr SELF-FUNDING
FULLY SUSTAINABLE CC at MID covers hedge in normal + stress
CC WRITING STRATEGY
WRITE CCs at SS ($605, bid $31.40). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

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).