LEAPS Builder v6.2

GLD $250,000 [both], IGV $200,000 [both], SPY $150,000 [both], QQQ $250,000 [both] | 2026-08-24 13:13:42

GLD @ $425.71

Sizing: $250,000 (ITM + OTM) | Chains: Jan 2028 (515d), Jun 2028 (662d), Dec 2028 (844d)

Bucket A: Deep ITM Stock Replacement ($250,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (515d) ↳	Fortress	$400C/$465P/$420P	25	+0.846/sh (+2,115)	$131,250	$458.75 (+8%)	$-286/d	520,478
▲	Jan '28 (515d) ↳	Pure	$400C	33	+0.709/sh (+2,338)	$244,860	$474.20 (+11%)	$-223/d	635,918
	Jun '28 (662d) ↳	Fortress	$400C/$465P/$415P	22	+0.883/sh (+1,943)	$136,400	$463.50 (+9%)	$-142/d	489,909
	Dec '28 (844d) ↳	Fortress	$400C/$465P/$415P	20	+0.875/sh (+1,749)	$149,600	$474.80 (+12%)	$-116/d	463,952

★ = 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).

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Fortress 25ct $400C/$465P/$420P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Fortress 22ct $400C/$465P/$415P vs ★ DEFAULT Jan '28 (515d) Fortress 25ct $400C/$465P/$420P

Dimension	THIS: Jun '28 Fortress 22ct	DEFAULT ★: Jan '28 Fortress 25ct	Better
Score	489,909	520,478	DEFAULT ★ (-6%)
Contracts	22	25	DEFAULT ★ (-12%)
IC (capital)	$136,400	$131,250	DEFAULT ★ (+4%)
Max Loss	$246,400	$243,750	DEFAULT ★ (+1%)
Breakeven	$463.50	$458.75	DEFAULT ★ (+1%)
Theta/day	$-142	$-286	THIS (+50%)
Weighted P&L	$363,775	$438,172	DEFAULT ★ (-17%)
ROIC (weighted)	267%	334%	DEFAULT ★ (-20%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+363,775 | DEFAULT ★ $+438,172 | diff $-74,397 → DEFAULT ★ pays $+74,397 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.

Dec '28 (844d) Fortress 20ct $400C/$465P/$415P vs ★ DEFAULT Jan '28 (515d) Fortress 25ct $400C/$465P/$420P

Dimension	THIS: Dec '28 Fortress 20ct	DEFAULT ★: Jan '28 Fortress 25ct	Better
Score	463,952	520,478	DEFAULT ★ (-11%)
Contracts	20	25	DEFAULT ★ (-20%)
IC (capital)	$149,600	$131,250	DEFAULT ★ (+14%)
Max Loss	$249,600	$243,750	DEFAULT ★ (+2%)
Breakeven	$474.80	$458.75	DEFAULT ★ (+3%)
Theta/day	$-116	$-286	THIS (+59%)
Weighted P&L	$305,105	$438,172	DEFAULT ★ (-30%)
ROIC (weighted)	204%	334%	DEFAULT ★ (-39%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+305,105 | DEFAULT ★ $+438,172 | diff $-133,068 → DEFAULT ★ pays $+133,068 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.

Best Fortress: $400C / $465P / $420P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$400.0C	$74.20	+0.709
SP	SELL	$465.0P	$59.05	+0.556
HP	BUY	$420.0P	$37.35	-0.418

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
25	+0.846/sh (+2,115)	$131,250	$243,750	$458.75 (+8%)	$-286/d	8.1x	520,478	+760%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$400C / $465P / $420P 25 contracts · Jan '28 (515d)	$400C 33 contracts · Jan '28 (515d)
Score	520,478	635,918	PURE (-18%)
Contracts	25	33	PURE (-24%)
IC (capital)	$131,250	$244,860	FORT (-46%)
Max Loss	$243,750	$244,860	TIE
Breakeven	$458.75	$474.20	FORT (-3%)
Theta/day	$-286	$-223	PURE (+28%)
ROIC (weighted)	334%	219%	FORT (+53%)

Pure scores +18% on raw P&L from extra contracts. Fortress wins 3/4 efficiency dims (IC, BE, theta, ROIC). Trade 18% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 25ct	Pure 33ct	Stock 587sh
-5%	$404.43	-$45,029	-$49,770	-$12,495
-10%	$383.14	-$90,058	-$99,539	-$24,989
-15%	$361.86	-$135,087	-$149,309	-$37,484
-20%	$340.57	-$180,117	-$199,079	-$49,979
-30%	$298.00	-$270,175	-$298,618	-$74,968

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.

P&L Comparison

Move	Price	Fortress 25ct Jan'28	Pure 33ct Jan'28	F-P Diff	Winner
-19%	$341	$-243,750	$-244,860	$+1,110	(Fort)
+0%	$426	$-165,175	$-160,001	$-5,175	(Pure)
+25%	$532	$+199,109	$+191,214	$+7,895	(Fort)
+50%	$639	$+465,181	$+542,429	$-77,248	(Pure)
+75%	$745	$+731,253	$+893,644	$-162,391	(Pure)
+100%	$851	$+997,325	$+1,244,859	$-247,534	(Pure)
+200%	$1,277	$+2,061,612	$+2,649,718	$-588,106	(Pure)
Weighted	—	$+438,172	$+535,358	$-97,185	(Pure)

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.

CC Overlay

No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.

Bucket B: OTM Max Leverage ($250,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
◆	Jan '28 (515d) ↳	Fortress	$600C/$485P/$440P	70	+0.386/sh (+2,703)	$-66,850	$590.45 (+39%)	$-372/d	1,864,143
★	Jan '28 (515d) ↳	Pure	$725C	357	+0.087/sh (+3,099)	$249,900	$732.00 (+72%)	$-485/d	5,157,903
	Jun '28 (662d) ↳	Fortress	$585C/$485P/$440P	54	+0.446/sh (+2,407)	$5,940	$586.10 (+38%)	$-287/d	1,643,877
	Dec '28 (844d) ↳	Fortress	$600C/$485P/$440P	47	+0.467/sh (+2,195)	$35,485	$607.55 (+43%)	$-231/d	1,480,097

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Pure 357ct Long Call $725

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Pure 172ct Long Call $685 vs ★ DEFAULT Jan '28 (515d) Pure 357ct Long Call $725

Dimension	THIS: Jun '28 Pure 172ct	DEFAULT ★: Jan '28 Pure 357ct	Better
Score	3,261,441	5,157,903	DEFAULT ★ (-37%)
Contracts	172	357	DEFAULT ★ (-52%)
IC (capital)	$249,400	$249,900	tie
Max Loss	$249,400	$249,900	tie
Breakeven	$699.50	$732.00	THIS (-4%)
Theta/day	$-636	$-485	DEFAULT ★ (-31%)
Weighted P&L	$2,421,737	$4,342,262	DEFAULT ★ (-44%)
ROIC (weighted)	971%	1738%	DEFAULT ★ (-44%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+2,421,737 | DEFAULT ★ $+4,342,262 | diff $-1,920,525 → DEFAULT ★ pays $+1,920,525 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '28 (844d) Pure 119ct Long Call $680 vs ★ DEFAULT Jan '28 (515d) Pure 357ct Long Call $725

Dimension	THIS: Dec '28 Pure 119ct	DEFAULT ★: Jan '28 Pure 357ct	Better
Score	2,490,526	5,157,903	DEFAULT ★ (-52%)
Contracts	119	357	DEFAULT ★ (-67%)
IC (capital)	$249,900	$249,900	tie
Max Loss	$249,900	$249,900	tie
Breakeven	$701.00	$732.00	THIS (-4%)
Theta/day	$-470	$-485	THIS (+3%)
Weighted P&L	$1,637,821	$4,342,262	DEFAULT ★ (-62%)
ROIC (weighted)	655%	1738%	DEFAULT ★ (-62%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+1,637,821 | DEFAULT ★ $+4,342,262 | diff $-2,704,441 → DEFAULT ★ pays $+2,704,441 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $600C / $485P / $440P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$600.0C	$15.00	+0.219
SP	SELL	$485.0P	$73.05	+0.630
HP	BUY	$440.0P	$48.50	-0.462

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
70	+0.386/sh (+2,703)	$-66,850	$248,150	$590.45 (+39%)	$-372/d	12.0x	1,864,143	+0%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: PURE PREFERRED

Dimension	Fortress	Pure	Winner
	$600C / $485P / $440P 70 contracts · Jan '28 (515d)	$725C 357 contracts · Jan '28 (515d)
Score	1,864,143	5,157,903	PURE (-64%)
Contracts	70	357	PURE (-80%)
IC (capital)	$-66,850	$249,900	FORT (-127%)
Max Loss	$248,150	$249,900	FORT (-1%)
Breakeven	$590.45	$732.00	FORT (-19%)
Theta/day	$-372	$-485	FORT (-23%)
ROIC (weighted)	0%	1738%	PURE (-100%)

Pure scores +64% — too wide a gap to justify the 3-leg fortress complexity. Buy the pure call.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 70ct	Pure 357ct	Stock 587sh
-5%	$404.43	-$57,528	-$65,959	-$12,495
-10%	$383.14	-$115,057	-$131,919	-$24,989
-15%	$361.86	-$172,585	-$197,878	-$37,484
-20%	$340.57	-$230,113	-$263,838	-$49,979
-30%	$298.00	-$345,170	-$395,757	-$74,968

P&L Comparison

Move	Price	Fortress 70ct Jan'28	Pure 357ct Jan'28	F-P Diff	Winner
-19%	$341	$-248,150	$-249,900	$+1,750	(Fort)
+0%	$426	$-248,150	$-249,900	$+1,750	(Fort)
+25%	$532	$+66,850	$-249,900	$+316,750	(Fort)
+50%	$639	$+336,857	$-249,900	$+586,758	(Fort)
+75%	$745	$+1,081,859	$+464,145	$+617,714	(Fort)
+100%	$851	$+1,826,860	$+4,263,651	$-2,436,791	(Pure)
+200%	$1,277	$+4,806,865	$+19,461,676	$-14,654,812	(Pure)
Weighted	—	$+1,569,358	$+4,342,262	$-2,772,903	(Pure)

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. Convexity view: bigger moves matter most. +75% and +100% get the biggest weights. Tail at +200% counted; downside lightly weighted. The Score is this same number multiplied by √(DTE/365) so longer-dated chains get a small bonus.

IGV @ $103.38

Sizing: $200,000 (ITM + OTM) | Chains: Sep 2027 (389d), Jan 2028 (515d), Dec 2028 (844d)

Bucket A: Deep ITM Stock Replacement ($200,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
	Sep '27 (389d) ↳	Fortress	$85C/$105P/$90P	52	+0.953/sh (+4,956)	$121,160	$108.30 (+5%)	$-106/d	235,053
★	Jan '28 (515d) ↳	Fortress	$95C/$110P/$99P	64	+0.823/sh (+5,269)	$128,000	$115.00 (+11%)	$-133/d	286,050
▲	Jan '28 (515d) ↳	Pure	$95C	81	+0.711/sh (+5,757)	$199,260	$119.60 (+16%)	$-159/d	334,555
	Dec '28 (844d) ↳	Fortress	$92C/$110P/$95P	49	+0.870/sh (+4,262)	$125,685	$117.65 (+14%)	$-80/d	256,275

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

Sep '27 (389d) Fortress 52ct $85C/$105P/$90P vs ★ DEFAULT Jan '28 (515d) Fortress 63ct $95C/$110P/$98P

Dimension	THIS: Sep '27 Fortress 52ct	DEFAULT ★: Jan '28 Fortress 63ct	Better
Score	235,053	285,447	DEFAULT ★ (-18%)
Contracts	52	63	DEFAULT ★ (-17%)
IC (capital)	$121,160	$122,220	THIS (-1%)
Max Loss	$199,160	$197,820	DEFAULT ★ (+1%)
Breakeven	$108.30	$114.40	THIS (-5%)
Theta/day	$-106	$-130	THIS (+19%)
Weighted P&L	$227,686	$240,308	DEFAULT ★ (-5%)
ROIC (weighted)	188%	197%	DEFAULT ★ (-4%)
DTE	389	515	DEFAULT ★ (-24%)

Weighted P&L: THIS $+227,686 | DEFAULT ★ $+240,308 | diff $-12,622 → DEFAULT ★ pays $+12,622 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Fortress 64ct $95C/$110P/$99P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Dec '28 (844d) Fortress 49ct $92C/$110P/$95P vs ★ DEFAULT Jan '28 (515d) Fortress 63ct $95C/$110P/$98P

Dimension	THIS: Dec '28 Fortress 49ct	DEFAULT ★: Jan '28 Fortress 63ct	Better
Score	256,275	285,447	DEFAULT ★ (-10%)
Contracts	49	63	DEFAULT ★ (-22%)
IC (capital)	$125,685	$122,220	DEFAULT ★ (+3%)
Max Loss	$199,185	$197,820	DEFAULT ★ (+1%)
Breakeven	$117.65	$114.40	DEFAULT ★ (+3%)
Theta/day	$-80	$-130	THIS (+39%)
Weighted P&L	$168,531	$240,308	DEFAULT ★ (-30%)
ROIC (weighted)	134%	197%	DEFAULT ★ (-32%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+168,531 | DEFAULT ★ $+240,308 | diff $-71,777 → DEFAULT ★ pays $+71,777 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.

Best Fortress: $95C / $110P / $98P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$95.0C	$24.60	+0.711
SP	SELL	$110.0P	$16.80	+0.468
HP	BUY	$98.0P	$11.60	-0.346

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
63	+0.833/sh (+5,249)	$122,220	$197,820	$114.40 (+11%)	$-130/d	5.3x	285,447	+476%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$95C / $110P / $98P 63 contracts · Jan '28 (515d)	$95C 81 contracts · Jan '28 (515d)
Score	285,447	334,555	PURE (-15%)
Contracts	63	81	PURE (-22%)
IC (capital)	$122,220	$199,260	FORT (-39%)
Max Loss	$197,820	$199,260	FORT (-1%)
Breakeven	$114.40	$119.60	FORT (-4%)
Theta/day	$-130	$-159	FORT (-18%)
ROIC (weighted)	197%	141%	FORT (+39%)

Pure scores +15% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 15% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 63ct	Pure 81ct	Stock 1,934sh
-5%	$98.21	-$27,130	-$29,759	-$9,997
-10%	$93.04	-$54,260	-$59,517	-$19,994
-15%	$87.87	-$81,390	-$89,276	-$29,991
-20%	$82.70	-$108,520	-$119,034	-$39,987
-30%	$72.37	-$162,781	-$178,551	-$59,981

P&L Comparison

Move	Price	Fortress 63ct Jan'28	Pure 81ct Jan'28	F-P Diff	Winner
-19%	$83	$-197,820	$-199,260	$+1,440	(Fort)
+0%	$103	$-111,132	$-131,382	$+20,250	(Fort)
+25%	$129	$+93,397	$+77,962	$+15,435	(Fort)
+50%	$155	$+256,221	$+287,307	$-31,086	(Pure)
+75%	$181	$+419,044	$+496,651	$-77,607	(Pure)
+100%	$207	$+581,868	$+705,996	$-124,128	(Pure)
+200%	$310	$+1,233,162	$+1,543,374	$-310,212	(Pure)
Weighted	—	$+240,308	$+281,650	$-41,342	(Pure)

CC Overlay

No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.

Bucket B: OTM Max Leverage ($200,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
	Sep '27 (389d) ↳	Fortress	$150C/$115P/$100P	156	+0.365/sh (+5,693)	$-35,100	$147.75 (+43%)	$-225/d	814,811
★	Sep '27 (389d) ↳	Pure	$155C	655	+0.164/sh (+10,753)	$199,775	$158.05 (+53%)	$-760/d	2,856,035
◆	Jan '28 (515d) ↳	Fortress	$150C/$110P/$99P	168	+0.369/sh (+6,208)	$15,120	$150.90 (+46%)	$-274/d	954,272
	Dec '28 (844d) ↳	Fortress	$120C/$105P/$94P	74	+0.645/sh (+4,772)	$117,290	$135.85 (+31%)	$-124/d	662,184

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

Sep '27 (389d) Pure 655ct Long Call $155 vs ★ DEFAULT Sep '27 (389d) Pure 655ct Long Call $155

Dimension	THIS: Sep '27 Pure 655ct	DEFAULT ★: Sep '27 Pure 655ct	Better
Score	2,856,035	2,856,035	tie
Contracts	655	655	tie
IC (capital)	$199,775	$199,775	tie
Max Loss	$199,775	$199,775	tie
Breakeven	$158.05	$158.05	tie
Theta/day	$-760	$-760	tie
Weighted P&L	$2,766,529	$2,766,529	tie
ROIC (weighted)	1385%	1385%	tie
DTE	389	389	tie

Weighted P&L: THIS $+2,766,529 | DEFAULT ★ $+2,766,529 | diff $+0 → tie under this mode's weights.

Dim-by-dim: THIS wins 0, DEFAULT wins 0. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Pure 732ct Long Call $175

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Dec '28 (844d) Pure 196ct Long Call $155 vs ★ DEFAULT Sep '27 (389d) Pure 655ct Long Call $155

Dimension	THIS: Dec '28 Pure 196ct	DEFAULT ★: Sep '27 Pure 655ct	Better
Score	1,045,751	2,856,035	DEFAULT ★ (-63%)
Contracts	196	655	DEFAULT ★ (-70%)
IC (capital)	$199,920	$199,775	tie
Max Loss	$199,920	$199,775	tie
Breakeven	$165.20	$158.05	DEFAULT ★ (+5%)
Theta/day	$-281	$-760	THIS (+63%)
Weighted P&L	$687,707	$2,766,529	DEFAULT ★ (-75%)
ROIC (weighted)	344%	1385%	DEFAULT ★ (-75%)
DTE	844	389	THIS (+117%)

Weighted P&L: THIS $+687,707 | DEFAULT ★ $+2,766,529 | diff $-2,078,822 → DEFAULT ★ pays $+2,078,822 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $150C / $110P / $99P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$150.0C	$5.50	+0.257
SP	SELL	$110.0P	$16.80	+0.468
HP	BUY	$99.0P	$12.20	-0.355

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
168	+0.369/sh (+6,208)	$15,120	$199,920	$150.90 (+46%)	$-274/d	114.9x	954,272	+6207%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: PURE PREFERRED

Dimension	Fortress	Pure	Winner
	$150C / $110P / $99P 168 contracts · Jan '28 (515d)	$155C 655 contracts · Sep '27 (389d)
Score	954,272	2,856,035	PURE (-67%)
Contracts	168	655	PURE (-74%)
IC (capital)	$15,120	$199,775	FORT (-92%)
Max Loss	$199,920	$199,775	TIE
Breakeven	$150.90	$158.05	FORT (-5%)
Theta/day	$-274	$-760	FORT (-64%)
ROIC (weighted)	5313%	1385%	FORT (+284%)

Pure scores +67% — too wide a gap to justify the 3-leg fortress complexity. Buy the pure call.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 168ct	Pure 655ct	Stock 1,934sh
-5%	$98.21	-$32,089	-$55,580	-$9,997
-10%	$93.04	-$64,179	-$111,161	-$19,994
-15%	$87.87	-$96,268	-$166,741	-$29,991
-20%	$82.70	-$128,358	-$222,321	-$39,987
-30%	$72.37	-$192,537	-$333,482	-$59,981

P&L Comparison

Move	Price	Fortress 168ct Jan'28	Pure 655ct Sep'27	F-P Diff	Winner
-19%	$83	$-199,920	$-199,775	$-145	(Pure)
+0%	$103	$-126,336	$-199,775	$+73,439	(Fort)
+25%	$129	$-15,120	$-199,775	$+184,655	(Fort)
+50%	$155	$+70,056	$-195,190	$+265,246	(Fort)
+75%	$181	$+504,252	$+1,497,657	$-993,405	(Pure)
+100%	$207	$+938,448	$+3,190,505	$-2,252,057	(Pure)
+200%	$310	$+2,675,232	$+9,961,895	$-7,286,663	(Pure)
Weighted	—	$+803,369	$+2,766,529	$-1,963,160	(Pure)

SPY @ $764.56

Sizing: $150,000 (ITM + OTM) | Chains: Jan 2028 (515d), Jun 2028 (662d), Dec 2028 (844d)

Bucket A: Deep ITM Stock Replacement ($150,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (515d) ↳	Fortress	$725C/$840P/$755P	9	+1.010/sh (+909)	$70,506	$821.67 (+7%)	$-124/d	346,042
▲	Jan '28 (515d) ↳	Pure	$715C	12	+0.734/sh (+881)	$148,200	$838.50 (+10%)	$-135/d	433,623
	Jun '28 (662d) ↳	Fortress	$725C/$840P/$750P	8	+0.945/sh (+756)	$75,856	$829.91 (+9%)	$-82/d	330,536
	Dec '28 (844d) ↳	Fortress	$715C/$840P/$745P	7	+0.981/sh (+687)	$83,202	$836.93 (+9%)	$-73/d	310,289

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Fortress 9ct $725C/$840P/$755P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Fortress 8ct $725C/$840P/$750P vs ★ DEFAULT Jan '28 (515d) Fortress 9ct $725C/$840P/$755P

Dimension	THIS: Jun '28 Fortress 8ct	DEFAULT ★: Jan '28 Fortress 9ct	Better
Score	330,536	346,042	DEFAULT ★ (-4%)
Contracts	8	9	DEFAULT ★ (-11%)
IC (capital)	$75,856	$70,506	DEFAULT ★ (+8%)
Max Loss	$147,856	$147,006	DEFAULT ★ (+1%)
Breakeven	$829.91	$821.67	DEFAULT ★ (+1%)
Theta/day	$-82	$-124	THIS (+34%)
Weighted P&L	$245,435	$291,321	DEFAULT ★ (-16%)
ROIC (weighted)	324%	413%	DEFAULT ★ (-22%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+245,435 | DEFAULT ★ $+291,321 | diff $-45,886 → DEFAULT ★ pays $+45,886 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.

Dec '28 (844d) Fortress 7ct $715C/$840P/$745P vs ★ DEFAULT Jan '28 (515d) Fortress 9ct $725C/$840P/$755P

Dimension	THIS: Dec '28 Fortress 7ct	DEFAULT ★: Jan '28 Fortress 9ct	Better
Score	310,289	346,042	DEFAULT ★ (-10%)
Contracts	7	9	DEFAULT ★ (-22%)
IC (capital)	$83,202	$70,506	DEFAULT ★ (+18%)
Max Loss	$149,702	$147,006	DEFAULT ★ (+2%)
Breakeven	$836.93	$821.67	DEFAULT ★ (+2%)
Theta/day	$-73	$-124	THIS (+41%)
Weighted P&L	$204,052	$291,321	DEFAULT ★ (-30%)
ROIC (weighted)	245%	413%	DEFAULT ★ (-41%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+204,052 | DEFAULT ★ $+291,321 | diff $-87,269 → DEFAULT ★ pays $+87,269 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.

Best Fortress: $725C / $840P / $755P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$725.0C	$116.50	+0.717
SP	SELL	$840.0P	$86.77	+0.675
HP	BUY	$755.0P	$48.61	-0.383

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
9	+1.010/sh (+909)	$70,506	$147,006	$821.67 (+7%)	$-124/d	9.8x	346,042	+926%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$725C / $840P / $755P 9 contracts · Jan '28 (515d)	$715C 12 contracts · Jan '28 (515d)
Score	346,042	433,623	PURE (-20%)
Contracts	9	12	PURE (-25%)
IC (capital)	$70,506	$148,200	FORT (-52%)
Max Loss	$147,006	$148,200	FORT (-1%)
Breakeven	$821.67	$838.50	FORT (-2%)
Theta/day	$-124	$-135	FORT (-8%)
ROIC (weighted)	413%	246%	FORT (+68%)

Pure scores +20% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 20% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 9ct	Pure 12ct	Stock 196sh
-5%	$726.33	-$34,743	-$33,684	-$7,493
-10%	$688.10	-$69,486	-$67,368	-$14,985
-15%	$649.88	-$104,229	-$101,052	-$22,478
-20%	$611.65	-$138,973	-$134,735	-$29,971
-30%	$535.19	-$208,459	-$202,103	-$44,956

P&L Comparison

Move	Price	Fortress 9ct Jan'28	Pure 12ct Jan'28	F-P Diff	Winner
-19%	$612	$-147,006	$-148,200	$+1,194	(Fort)
+0%	$765	$-102,798	$-88,728	$-14,070	(Pure)
+25%	$956	$+137,124	$+140,640	$-3,516	(Pure)
+50%	$1,147	$+309,150	$+370,008	$-60,858	(Pure)
+75%	$1,338	$+481,176	$+599,376	$-118,200	(Pure)
+100%	$1,529	$+653,202	$+828,744	$-175,542	(Pure)
+200%	$2,294	$+1,341,306	$+1,746,216	$-404,910	(Pure)
Weighted	—	$+291,321	$+365,052	$-73,731	(Pure)

CC Overlay

No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.

Bucket B: OTM Max Leverage ($150,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
◆	Jan '28 (515d) ↳	Fortress	$1030C/$875P/$795P	39	+0.412/sh (+1,609)	$-162,513	$988.33 (+29%)	$-358/d	2,162,784
★	Jan '28 (515d) ↳	Pure	$1030C	353	+0.081/sh (+2,845)	$149,672	$1034.24 (+35%)	$-904/d	17,930,467
	Jun '28 (662d) ↳	Fortress	$1065C/$875P/$795P	34	+0.262/sh (+892)	$-122,740	$1028.90 (+35%)	$-143/d	1,978,674
	Jun '28 (662d) ↳	Pure	$1045C	188	+0.120/sh (+2,255)	$149,460	$1052.95 (+38%)	$-571/d	10,416,385
	Dec '28 (844d) ↳	Fortress	$1095C/$875P/$795P	31	+0.384/sh (+1,190)	$-98,332	$1063.28 (+39%)	$-160/d	1,898,542

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Pure 378ct Long Call $1035

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Pure 385ct Long Call $1110 vs ★ DEFAULT Jan '28 (515d) Pure 353ct Long Call $1030

Dimension	THIS: Jun '28 Pure 385ct	DEFAULT ★: Jan '28 Pure 353ct	Better
Score	18,733,428	17,930,467	THIS (+4%)
Contracts	385	353	THIS (+9%)
IC (capital)	$149,765	$149,672	tie
Max Loss	$149,765	$149,672	tie
Breakeven	$1,113.89	$1,034.24	DEFAULT ★ (+8%)
Theta/day	$-226	$-904	THIS (+75%)
Weighted P&L	$13,910,242	$15,095,045	DEFAULT ★ (-8%)
ROIC (weighted)	9288%	10085%	DEFAULT ★ (-8%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+13,910,242 | DEFAULT ★ $+15,095,045 | diff $-1,184,802 → DEFAULT ★ pays $+1,184,802 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 3. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '28 (844d) Pure 373ct Long Call $1200 vs ★ DEFAULT Jan '28 (515d) Pure 353ct Long Call $1030

Dimension	THIS: Dec '28 Pure 373ct	DEFAULT ★: Jan '28 Pure 353ct	Better
Score	16,734,285	17,930,467	DEFAULT ★ (-7%)
Contracts	373	353	THIS (+6%)
IC (capital)	$149,946	$149,672	tie
Max Loss	$149,946	$149,672	tie
Breakeven	$1,204.02	$1,034.24	DEFAULT ★ (+16%)
Theta/day	$-648	$-904	THIS (+28%)
Weighted P&L	$11,004,805	$15,095,045	DEFAULT ★ (-27%)
ROIC (weighted)	7339%	10085%	DEFAULT ★ (-27%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+11,004,805 | DEFAULT ★ $+15,095,045 | diff $-4,090,239 → DEFAULT ★ pays $+4,090,239 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $1030C / $875P / $795P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$1030.0C	$4.24	+0.081
SP	SELL	$875.0P	$109.58	+0.832
HP	BUY	$795.0P	$63.67	-0.500

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
39	+0.412/sh (+1,609)	$-162,513	$149,487	$988.33 (+29%)	$-358/d	19.9x	2,162,784	+0%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: PURE PREFERRED

Dimension	Fortress	Pure	Winner
	$1030C / $875P / $795P 39 contracts · Jan '28 (515d)	$1030C 353 contracts · Jan '28 (515d)
Score	2,162,784	17,930,467	PURE (-88%)
Contracts	39	353	PURE (-89%)
IC (capital)	$-162,513	$149,672	FORT (-209%)
Max Loss	$149,487	$149,672	TIE
Breakeven	$988.33	$1,034.24	FORT (-4%)
Theta/day	$-358	$-904	FORT (-60%)
ROIC (weighted)	0%	10085%	PURE (-100%)

Pure scores +88% — too wide a gap to justify the 3-leg fortress complexity. Buy the pure call.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 39ct	Pure 353ct	Stock 196sh
-5%	$726.33	-$61,493	-$108,747	-$7,493
-10%	$688.10	-$122,986	-$217,494	-$14,985
-15%	$649.88	-$184,480	-$326,242	-$22,478
-20%	$611.65	-$245,973	-$434,989	-$29,971
-30%	$535.19	-$368,959	-$652,483	-$44,956

P&L Comparison

Move	Price	Fortress 39ct Jan'28	Pure 353ct Jan'28	F-P Diff	Winner
-19%	$612	$-149,487	$-149,672	$+185	(Fort)
+0%	$765	$-149,487	$-149,672	$+185	(Fort)
+25%	$956	$+162,513	$-149,672	$+312,185	(Fort)
+50%	$1,147	$+618,189	$+3,974,780	$-3,356,591	(Pure)
+75%	$1,338	$+1,363,635	$+10,722,022	$-9,358,387	(Pure)
+100%	$1,529	$+2,109,081	$+17,469,264	$-15,360,183	(Pure)
+200%	$2,294	$+5,090,865	$+44,458,232	$-39,367,367	(Pure)
Weighted	—	$+1,820,773	$+15,095,045	$-13,274,271	(Pure)

QQQ @ $710.44

Sizing: $250,000 (ITM + OTM) | Chains: Jan 2028 (515d), Jun 2028 (662d), Dec 2028 (844d)

Bucket A: Deep ITM Stock Replacement ($250,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (515d) ↳	Fortress	$670C/$780P/$700P	14	+0.889/sh (+1,245)	$137,900	$774.25 (+9%)	$-178/d	463,019
▲	Jan '28 (515d) ↳	Pure	$670C	19	+0.706/sh (+1,342)	$249,850	$801.50 (+13%)	$-223/d	588,575
	Jun '28 (662d) ↳	Fortress	$644C/$780P/$705P	12	+0.903/sh (+1,083)	$159,000	$778.25 (+10%)	$-136/d	434,207
	Dec '28 (844d) ↳	Fortress	$655C/$750P/$670P	11	+0.877/sh (+965)	$160,050	$800.50 (+13%)	$-111/d	416,382

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Fortress 14ct $670C/$780P/$700P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Fortress 12ct $644C/$780P/$705P vs ★ DEFAULT Jan '28 (515d) Fortress 14ct $670C/$780P/$700P

Dimension	THIS: Jun '28 Fortress 12ct	DEFAULT ★: Jan '28 Fortress 14ct	Better
Score	434,207	463,019	DEFAULT ★ (-6%)
Contracts	12	14	DEFAULT ★ (-14%)
IC (capital)	$159,000	$137,900	DEFAULT ★ (+15%)
Max Loss	$249,000	$249,900	tie
Breakeven	$778.25	$774.25	DEFAULT ★ (+1%)
Theta/day	$-136	$-178	THIS (+24%)
Weighted P&L	$322,414	$389,800	DEFAULT ★ (-17%)
ROIC (weighted)	203%	283%	DEFAULT ★ (-28%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+322,414 | DEFAULT ★ $+389,800 | diff $-67,386 → DEFAULT ★ pays $+67,386 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '28 (844d) Fortress 11ct $655C/$750P/$670P vs ★ DEFAULT Jan '28 (515d) Fortress 14ct $670C/$780P/$700P

Dimension	THIS: Dec '28 Fortress 11ct	DEFAULT ★: Jan '28 Fortress 14ct	Better
Score	416,382	463,019	DEFAULT ★ (-10%)
Contracts	11	14	DEFAULT ★ (-21%)
IC (capital)	$160,050	$137,900	DEFAULT ★ (+16%)
Max Loss	$248,050	$249,900	THIS (-1%)
Breakeven	$800.50	$774.25	DEFAULT ★ (+3%)
Theta/day	$-111	$-178	THIS (+38%)
Weighted P&L	$273,821	$389,800	DEFAULT ★ (-30%)
ROIC (weighted)	171%	283%	DEFAULT ★ (-39%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+273,821 | DEFAULT ★ $+389,800 | diff $-115,979 → DEFAULT ★ pays $+115,979 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $670C / $780P / $700P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$670.0C	$131.50	+0.706
SP	SELL	$780.0P	$97.00	+0.558
HP	BUY	$700.0P	$64.00	-0.375

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
14	+0.889/sh (+1,245)	$137,900	$249,900	$774.25 (+9%)	$-178/d	7.2x	463,019	+662%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$670C / $780P / $700P 14 contracts · Jan '28 (515d)	$670C 19 contracts · Jan '28 (515d)
Score	463,019	588,575	PURE (-21%)
Contracts	14	19	PURE (-26%)
IC (capital)	$137,900	$249,850	FORT (-45%)
Max Loss	$249,900	$249,850	TIE
Breakeven	$774.25	$801.50	FORT (-3%)
Theta/day	$-178	$-223	FORT (-20%)
ROIC (weighted)	283%	198%	FORT (+43%)

Pure scores +21% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 21% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 14ct	Pure 19ct	Stock 351sh
-5%	$674.92	-$44,226	-$47,655	-$12,468
-10%	$639.40	-$88,452	-$95,309	-$24,936
-15%	$603.87	-$132,678	-$142,964	-$37,405
-20%	$568.35	-$176,904	-$190,618	-$49,873
-30%	$497.31	-$265,356	-$285,927	-$74,809

P&L Comparison

Move	Price	Fortress 14ct Jan'28	Pure 19ct Jan'28	F-P Diff	Winner
-19%	$568	$-249,900	$-249,850	$-50	(Pure)
+0%	$710	$-178,668	$-173,014	$-5,654	(Pure)
+25%	$888	$+167,370	$+164,445	$+2,925	(Fort)
+50%	$1,066	$+416,024	$+501,904	$-85,880	(Pure)
+75%	$1,243	$+664,678	$+839,363	$-174,685	(Pure)
+100%	$1,421	$+913,332	$+1,176,822	$-263,490	(Pure)
+200%	$2,131	$+1,907,948	$+2,526,658	$-618,710	(Pure)
Weighted	—	$+389,800	$+495,501	$-105,701	(Pure)

CC Overlay

No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.

Bucket B: OTM Max Leverage ($250,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
◆	Jan '28 (515d) ↳	Fortress	$1020C/$815P/$740P	48	+0.336/sh (+1,612)	$-110,160	$997.05 (+40%)	$-301/d	2,084,328
★	Jan '28 (515d) ↳	Pure	$1100C	312	+0.094/sh (+2,929)	$249,600	$1108.00 (+56%)	$-1,110/d	10,374,142
	Jun '28 (662d) ↳	Fortress	$1030C/$815P/$740P	42	+0.364/sh (+1,529)	$-65,100	$1014.50 (+43%)	$-270/d	1,978,482
	Dec '28 (844d) ↳	Fortress	$1025C/$815P/$740P	34	+0.414/sh (+1,407)	$-5,100	$1023.50 (+44%)	$-248/d	1,757,599

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (515d) — This IS the default ★ pick: Pure 312ct Long Call $1100

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Jun '28 (662d) Pure 178ct Long Call $1115 vs ★ DEFAULT Jan '28 (515d) Pure 312ct Long Call $1100

Dimension	THIS: Jun '28 Pure 178ct	DEFAULT ★: Jan '28 Pure 312ct	Better
Score	6,326,765	10,374,142	DEFAULT ★ (-39%)
Contracts	178	312	DEFAULT ★ (-43%)
IC (capital)	$249,200	$249,600	tie
Max Loss	$249,200	$249,600	tie
Breakeven	$1,129.00	$1,108.00	DEFAULT ★ (+2%)
Theta/day	$-847	$-1,110	THIS (+24%)
Weighted P&L	$4,697,850	$8,733,634	DEFAULT ★ (-46%)
ROIC (weighted)	1885%	3499%	DEFAULT ★ (-46%)
DTE	662	515	THIS (+29%)

Weighted P&L: THIS $+4,697,850 | DEFAULT ★ $+8,733,634 | diff $-4,035,784 → DEFAULT ★ pays $+4,035,784 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '28 (844d) Pure 116ct Long Call $1115 vs ★ DEFAULT Jan '28 (515d) Pure 312ct Long Call $1100

Dimension	THIS: Dec '28 Pure 116ct	DEFAULT ★: Jan '28 Pure 312ct	Better
Score	4,523,158	10,374,142	DEFAULT ★ (-56%)
Contracts	116	312	DEFAULT ★ (-63%)
IC (capital)	$249,400	$249,600	tie
Max Loss	$249,400	$249,600	tie
Breakeven	$1,136.50	$1,108.00	DEFAULT ★ (+3%)
Theta/day	$-611	$-1,110	THIS (+45%)
Weighted P&L	$2,974,520	$8,733,634	DEFAULT ★ (-66%)
ROIC (weighted)	1193%	3499%	DEFAULT ★ (-66%)
DTE	844	515	THIS (+64%)

Weighted P&L: THIS $+2,974,520 | DEFAULT ★ $+8,733,634 | diff $-5,759,114 → DEFAULT ★ pays $+5,759,114 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $1020C / $815P / $740P (Jan '28, 515d)

Leg	Action	Strike	Price	Delta
LC	BUY	$1020.0C	$14.55	+0.147
SP	SELL	$815.0P	$118.50	+0.650
HP	BUY	$740.0P	$81.00	-0.461

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
48	+0.336/sh (+1,612)	$-110,160	$249,840	$997.05 (+40%)	$-301/d	13.7x	2,084,328	+0%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: PURE PREFERRED

Dimension	Fortress	Pure	Winner
	$1020C / $815P / $740P 48 contracts · Jan '28 (515d)	$1100C 312 contracts · Jan '28 (515d)
Score	2,084,328	10,374,142	PURE (-80%)
Contracts	48	312	PURE (-85%)
IC (capital)	$-110,160	$249,600	FORT (-144%)
Max Loss	$249,840	$249,600	TIE
Breakeven	$997.05	$1,108.00	FORT (-10%)
Theta/day	$-301	$-1,110	FORT (-73%)
ROIC (weighted)	0%	3499%	PURE (-100%)

Pure scores +80% — too wide a gap to justify the 3-leg fortress complexity. Buy the pure call.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 48ct	Pure 312ct	Stock 351sh
-5%	$674.92	-$57,264	-$104,050	-$12,468
-10%	$639.40	-$114,527	-$208,101	-$24,936
-15%	$603.87	-$171,791	-$312,151	-$37,405
-20%	$568.35	-$229,054	-$416,201	-$49,873
-30%	$497.31	-$343,582	-$624,302	-$74,809

P&L Comparison

Move	Price	Fortress 48ct Jan'28	Pure 312ct Jan'28	F-P Diff	Winner
-19%	$568	$-249,840	$-249,600	$-240	(Pure)
+0%	$710	$-249,840	$-249,600	$-240	(Pure)
+25%	$888	$+110,160	$-249,600	$+359,760	(Fort)
+50%	$1,066	$+329,328	$-249,600	$+578,928	(Fort)
+75%	$1,243	$+1,181,856	$+4,220,424	$-3,038,568	(Pure)
+100%	$1,421	$+2,034,384	$+9,761,856	$-7,727,472	(Pure)
+200%	$2,131	$+5,444,496	$+31,927,584	$-26,483,088	(Pure)
Weighted	—	$+1,754,724	$+8,733,634	$-6,978,910	(Pure)

LEAPS Builder v6.2 | 2026-08-24 13:13:42