| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score | |
|---|---|---|---|---|---|---|---|---|---|
| Jan '28 (563d) ↳ | Fortress | $230C/$440P/$240P | 3 | +1.107/sh (+332) | $39,363 | $400.61 (-1%) | $-24/d | 84,835 | |
| Jun '28 (710d) ↳ | Fortress | $210C/$420P/$270P | 3 | +1.147/sh (+344) | $54,897 | $406.50 (+0%) | $+4/d | 83,715 | |
| ▲ | Jun '28 (710d) ↳ | Pure | $230C | 4 | +0.874/sh (+350) | $99,400 | $478.50 (+18%) | $-30/d | 69,285 |
| ★ | Dec '28 (892d) ↳ | Fortress | $165C/$440P/$85P | 2 | +1.337/sh (+267) | $25,892 | $367.23 (-10%) | $+19/d | 92,060 |
★ = recommended pick (per Verdict below; multi-dim winner across score, capital, BE, theta, ROIC). ◆ = best Fortress by raw score (when not the ★). Shows what the scorer would pick without --anchor, so you can see the anchor trade-off in the table itself. ▲ = best Pure by raw score (when not the ★). Score = WSPL x sqrt(DTE/365). Positive theta = you collect time decay daily (paid to wait). Negative theta = you pay time decay daily (cost of holding long options).
| Dimension | THIS: Jan '28 Fortress 3ct | DEFAULT ★: Dec '28 Fortress 2ct | Better |
|---|---|---|---|
| Score | 84,835 | 92,060 | DEFAULT ★ (-8%) |
| Contracts | 3 | 2 | THIS (+50%) |
| IC (capital) | $39,363 | $25,892 | DEFAULT ★ (+52%) |
| Max Loss | $99,363 | $96,892 | DEFAULT ★ (+3%) |
| Breakeven | $400.61 | $367.23 | DEFAULT ★ (+9%) |
| Theta/day | $-24 | $19 | DEFAULT ★ (-229%) |
| Weighted P&L | $68,307 | $58,889 | THIS (+16%) |
| ROIC (weighted) | 174% | 227% | DEFAULT ★ (-24%) |
| DTE | 563 | 892 | DEFAULT ★ (-37%) |
Weighted P&L: THIS $+68,307 | DEFAULT ★ $+58,889 | diff $+9,418 → THIS pays $+9,418 more under this mode's weights.
Dim-by-dim: THIS wins 2, DEFAULT wins 7. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.
| Dimension | THIS: Jun '28 Fortress 3ct | DEFAULT ★: Dec '28 Fortress 2ct | Better |
|---|---|---|---|
| Score | 83,715 | 92,060 | DEFAULT ★ (-9%) |
| Contracts | 3 | 2 | THIS (+50%) |
| IC (capital) | $54,897 | $25,892 | DEFAULT ★ (+112%) |
| Max Loss | $99,897 | $96,892 | DEFAULT ★ (+3%) |
| Breakeven | $406.50 | $367.23 | DEFAULT ★ (+11%) |
| Theta/day | $4 | $19 | DEFAULT ★ (-76%) |
| Weighted P&L | $60,023 | $58,889 | THIS (+2%) |
| ROIC (weighted) | 109% | 227% | DEFAULT ★ (-52%) |
| DTE | 710 | 892 | DEFAULT ★ (-20%) |
Weighted P&L: THIS $+60,023 | DEFAULT ★ $+58,889 | diff $+1,134 → THIS pays $+1,134 more under this mode's weights.
Dim-by-dim: THIS wins 2, DEFAULT wins 7. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.
| Leg | Action | Strike | Price | Delta |
|---|---|---|---|---|
| LC | BUY | $165.0C | $292.50 | +0.924 |
| SP | SELL | $440.0P | $172.28 | +0.422 |
| HP | BUY | $85.0P | $9.24 | -0.008 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|---|---|---|---|---|---|---|---|
| 2 | +1.337/sh (+267) | $25,892 | $96,892 | $367.23 (-10%) | $+19/d | 3.1x | 92,060 | +400% |
| Dimension | Fortress | Pure | Winner |
|---|---|---|---|
| $165C / $440P / $85P 2 contracts · Dec '28 (892d) |
$230C 4 contracts · Jun '28 (710d) |
||
| Score | 92,060 | 69,285 | FORT (+33%) |
| Contracts | 2 | 4 | PURE (-50%) |
| IC (capital) | $25,892 | $99,400 | FORT (-74%) |
| Max Loss | $96,892 | $99,400 | FORT (-3%) |
| Breakeven | $367.23 | $478.50 | FORT (-23%) |
| Theta/day | $19 | $-30 | FORT (-38%) |
| ROIC (weighted) | 227% | 50% | FORT (+355%) |
Fortress scores +33% with similar max loss (-3%). Clear winner.
| Stop | Stock at | Fortress 2ct | Pure 4ct | Stock 246sh | |
|---|---|---|---|---|---|
| -5% | $385.99 | -$5,433 | -$7,105 | -$4,998 | |
| -10% | $365.68 | -$10,867 | -$14,210 | -$9,995 | |
| -15% | $345.36 | -$16,300 | -$21,315 | -$14,993 | |
| -20% | $325.05 | -$21,734 | -$28,421 | -$19,990 | |
| -30% | $284.42 | -$32,600 | -$42,631 | -$29,986 |
Loss = |net_delta_total * stock_price * stop_pct|. Delta-only first-order estimate; ignores vega/theta. Conservative (LOW-end) — real MTM loss is typically 10-30% larger due to extrinsic compression on a fast move.
| Move | Price | Fortress 2ct Dec'28 | Pure 4ct Jun'28 | F-P Diff | Winner |
|---|---|---|---|---|---|
| -19% | $325 | $-16,872 | $-61,381 | $+44,508 | (Fort) |
| +0% | $406 | $+15,632 | $-28,876 | $+44,508 | (Fort) |
| +25% | $508 | $+42,686 | $+11,755 | $+30,931 | (Fort) |
| +50% | $609 | $+63,002 | $+52,386 | $+10,616 | (Fort) |
| +75% | $711 | $+83,317 | $+93,017 | $-9,700 | (Pure) |
| +100% | $813 | $+103,632 | $+133,648 | $-30,016 | (Pure) |
| +200% | $1,219 | $+184,894 | $+296,172 | $-111,278 | (Pure) |
| Weighted | — | $+58,889 | $+49,677 | $+9,212 | (Fort) |
How to read the Weighted row: your expected dollar P&L if all the scenarios above played out, with each weighted by how much it matters for this mode. Stock replacement view: small moves matter most. +25% gets the biggest weight, then +50% / +75%. -20% and flat both count (they hurt the score). The Score is this same number multiplied by √(DTE/365) so longer-dated chains get a small bonus.
No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.