LEAPS Builder

HIMS @ $21.30

ML Budget: $30,000 (ITM + OTM) | Chains: Jan 2027 (276d), Dec 2027 (612d), Jan 2028 (647d)

Bucket A: Deep ITM Stock Replacement ($30,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '27 (276d)	Fortress	$13C/$13P/$10P	26	$22,136	$21.51 (+1%)	$-5/d	22,792
	Jan '27 (276d)	Pure	$17C	40	$29,610	$24.40 (+15%)	$-45/d	25,018
★	Dec '27 (612d)	Fortress	$10C/$23P/$10P	15	$9,713	$19.74 (-7%)	$+7/d	27,989
	Dec '27 (612d)	Pure	$10C	22	$29,845	$23.57 (+11%)	$-10/d	22,872
	Jan '28 (647d)	No valid structure

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $10C / $23P / $10P (Dec '27, 612d)

Leg	Action	Strike	Price	Delta
LC	BUY	$10.0C	$13.57	+0.900
SP	SELL	$23.0P	$9.55	+0.453
HP	BUY	$10.0P	$2.46	-0.051

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
15	$9,713	$29,213	$19.74 (-7%)	$+7/d	3.3x	27,989	+403%

Verdict: FORTRESS

Fortress scores 27,989 vs pure's 25,018. Higher weighted P&L across all scenarios, adjusted for 612d of runway.

P&L Comparison

Move	Price	Fortress 15ct Dec'27	Pure 22ct Dec'27	Diff	Winner
-19%	$17	$-8,093	$-14,357	$+6,264	(Fort)
+0%	$21	$+4,687	$-4,985	$+9,672	(Fort)
+25%	$27	$+15,224	$+6,730	$+8,494	(Fort)
+50%	$32	$+23,212	$+18,445	$+4,767	(Fort)
+75%	$37	$+31,199	$+30,160	$+1,039	(Fort)
+100%	$43	$+39,187	$+41,875	$-2,688	(Pure)
+200%	$64	$+71,137	$+88,735	$-17,598	(Pure)

CC Overlay (sell against fortress, strike > BE $19.74) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$20	24d	$1.78	+0.641	$0.26 (1%)	$3,331	411.5%
$20	31d	$1.95	+0.638	$0.26 (1%)	$2,827	349.3%

Balanced (moderate risk/reward)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$21	31d	$1.61	+0.573	$1.26 (6%)	$2,344	289.6%
$21	38d	$1.82	+0.574	$1.26 (6%)	$2,160	266.9%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$27	31d	$0.51	+0.034	$7.26 (34%)	$745	92.0%
$24	24d	$0.69	+0.131	$4.26 (20%)	$1,300	160.6%

Theta coverage: Best Income ~1650%, Balanced ~1161%, Safest ~369%. (fortress theta: $7/day)

Bucket B: OTM Max Leverage ($30,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '27 (276d)	Fortress	$20C/$13P/$10P	35	$19,031	$25.44 (+19%)	$-56/d	43,966
★	Jan '27 (276d)	Pure	$25C	62	$29,946	$29.83 (+40%)	$-108/d	56,156
	Dec '27 (612d)	Fortress	$20C/$23P/$15P	23	$11,150	$24.85 (+17%)	$-6/d	43,828
	Jan '28 (647d)	No valid structure

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $20C / $13P / $10P (Jan '27, 276d)

Leg	Action	Strike	Price	Delta
LC	BUY	$20.0C	$6.36	+0.646
SP	SELL	$13.0P	$2.08	+0.150
HP	BUY	$10.0P	$1.16	-0.088

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
35	$19,031	$29,531	$25.44 (+19%)	$-56/d	3.9x	43,966	+316%

Verdict: PURE LEAPS

Pure scores 56,156 vs fortress's 43,966. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 35ct Jan'27	Pure 47ct Jan'27	Diff	Winner
-19%	$17	$-19,031	$-29,906	$+10,875	(Fort)
+0%	$21	$-14,481	$-23,796	$+9,315	(Fort)
+25%	$27	$+4,156	$+1,231	$+2,925	(Fort)
+50%	$32	$+22,794	$+26,259	$-3,465	(Pure)
+75%	$37	$+41,431	$+51,286	$-9,855	(Pure)
+100%	$43	$+60,069	$+76,314	$-16,245	(Pure)
+200%	$64	$+134,619	$+176,424	$-41,805	(Pure)

QQQ @ $618.31

ML Budget: $150,000 (ITM + OTM) | Chains: Jan 2028 (647d), Jun 2028 (794d), Dec 2028 (976d)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '28 (647d)	Fortress	$490C/$370P/$305P	6	$109,443	$672.40 (+9%)	$-50/d	195,519
★	Jan '28 (647d)	Pure	$490C	8	$148,739	$675.92 (+9%)	$-71/d	256,944
	Jun '28 (794d)	Fortress	$285C/$495P/$285P	2	$69,526	$632.63 (+2%)	$-4/d	83,922
	Dec '28 (976d)	Fortress	$490C/$485P/$300P	4	$74,596	$676.49 (+9%)	$-22/d	157,421

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $490C / $370P / $305P (Jan '28, 647d)

Leg	Action	Strike	Price	Delta
LC	BUY	$490.0C	$185.92	+0.768
SP	SELL	$370.0P	$9.77	+0.110
HP	BUY	$305.0P	$6.25	-0.062

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
6	$109,443	$148,443	$672.40 (+9%)	$-50/d	3.4x	195,519	+309%

Verdict: PURE LEAPS

Pure scores 256,944 vs fortress's 195,519. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 6ct Jan'28	Pure 8ct Jan'28	Diff	Winner
-19%	$495	$-106,654	$-145,020	$+38,366	(Fort)
+0%	$618	$-32,457	$-46,091	$+13,634	(Fort)
+25%	$773	$+60,289	$+77,571	$-17,282	(Pure)
+50%	$927	$+153,036	$+201,233	$-48,197	(Pure)
+75%	$1,082	$+245,782	$+324,895	$-79,113	(Pure)
+100%	$1,237	$+338,529	$+448,557	$-110,028	(Pure)
+200%	$1,855	$+709,515	$+943,205	$-233,690	(Pure)

CC Overlay (sell against fortress, strike > BE $672.40) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$675	45d	$0.66	+0.057	$2.60 (0%)	$262	2.9%
$675	38d	$0.48	+0.043	$2.60 (0%)	$230	2.5%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$680	45d	$0.51	+0.043	$7.60 (1%)	$205	2.2%

Theta coverage: Best Income ~17%, Balanced ~0%, Safest ~14%. (fortress theta: $50/day)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '28 (647d)	Fortress	$885C/$370P/$305P	21	$11,376	$890.42 (+44%)	$-62/d	840,122
★	Jan '28 (647d)	Pure	$905C	206	$149,896	$912.28 (+48%)	$-232/d	7,733,083
	Jun '28 (794d)	Fortress	$619C/$700P/$485P	6	$20,648	$676.71 (+9%)	$-48/d	437,175
	Dec '28 (976d)	Fortress	$690C/$485P/$300P	6	$38,385	$753.98 (+22%)	$-35/d	403,572

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $885C / $370P / $305P (Jan '28, 647d)

Leg	Action	Strike	Price	Delta
LC	BUY	$885.0C	$8.94	+0.135
SP	SELL	$370.0P	$9.77	+0.110
HP	BUY	$305.0P	$6.25	-0.062

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
21	$11,376	$147,876	$890.42 (+44%)	$-62/d	114.1x	840,122	+6391%

Verdict: PURE LEAPS

Pure scores 7,733,083 vs fortress's 840,122. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 21ct Jan'28	Pure 167ct Jan'28	Diff	Winner
-19%	$495	$-11,376	$-149,223	$+137,847	(Fort)
+0%	$618	$-11,376	$-149,223	$+137,847	(Fort)
+25%	$773	$-11,376	$-149,223	$+137,847	(Fort)
+50%	$927	$+77,801	$+559,943	$-482,142	(Pure)
+75%	$1,082	$+402,414	$+3,141,387	$-2,738,973	(Pure)
+100%	$1,237	$+727,026	$+5,722,831	$-4,995,805	(Pure)
+200%	$1,855	$+2,025,477	$+16,048,608	$-14,023,131	(Pure)

IWM @ $265.42

ML Budget: $150,000 (ITM + OTM) | Chains: Dec 2027 (612d), Jan 2028 (647d), Dec 2028 (976d)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Dec '27 (612d)	Fortress	$110C/$290P/$90P	4	$49,964	$262.45 (-1%)	$+2/d	77,310
	Jan '28 (647d)	Fortress	$194C/$210P/$180P	13	$110,284	$278.83 (+5%)	$-27/d	198,836
	Dec '28 (976d)	Fortress	$205C/$210P/$180P	13	$108,073	$288.13 (+9%)	$-30/d	224,443
★	Dec '28 (976d)	Pure	$205C	17	$149,940	$293.20 (+10%)	$-48/d	279,417

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $205C / $210P / $180P (Dec '28, 976d)

Leg	Action	Strike	Price	Delta
LC	BUY	$205.0C	$88.20	+0.773
SP	SELL	$210.0P	$14.91	+0.238
HP	BUY	$180.0P	$9.84	-0.173

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
13	$108,073	$147,073	$288.13 (+9%)	$-30/d	3.2x	224,443	+292%

Verdict: PURE LEAPS

Pure scores 279,417 vs fortress's 224,443. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 13ct Dec'28	Pure 17ct Dec'28	Diff	Winner
-19%	$212	$-98,531	$-137,462	$+38,931	(Fort)
+0%	$265	$-29,520	$-47,218	$+17,697	(Fort)
+25%	$332	$+56,743	$+65,588	$-8,845	(Pure)
+50%	$398	$+143,006	$+178,394	$-35,388	(Pure)
+75%	$464	$+229,269	$+291,199	$-61,930	(Pure)
+100%	$531	$+315,532	$+404,005	$-88,473	(Pure)
+200%	$796	$+660,585	$+855,227	$-194,643	(Pure)

CC Overlay (sell against fortress, strike > BE $288.13) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$290	45d	$0.60	+0.278	$1.87 (1%)	$519	5.8%
$290	38d	$0.45	+0.258	$1.87 (1%)	$458	5.1%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI

Theta coverage: Best Income ~57%, Balanced ~0%, Safest ~0%. (fortress theta: $30/day)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Dec '27 (612d)	Fortress	$310C/$295P/$105P	9	$-21,113	$290.77 (+10%)	$-15/d	244,929
★	Dec '27 (612d)	Pure	$320C	105	$149,720	$334.26 (+26%)	$-245/d	2,283,634
	Jan '28 (647d)	No valid structure
	Dec '28 (976d)	No valid structure

★ = highest score. Score = WSPL x sqrt(DTE/365).

Best Fortress: $310C / $295P / $105P (Dec '27, 612d)

Leg	Action	Strike	Price	Delta
LC	BUY	$310.0C	$17.61	+0.405
SP	SELL	$295.0P	$42.38	+0.477
HP	BUY	$105.0P	$1.31	-0.020

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
9	$-21,113	$149,887	$290.77 (+10%)	$-15/d	1.6x	244,929	+0%

Verdict: PURE LEAPS

Pure scores 2,283,634 vs fortress's 244,929. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 9ct Dec'27	Pure 85ct Dec'27	Diff	Winner
-19%	$212	$-53,281	$-149,672	$+96,391	(Fort)
+0%	$265	$-5,505	$-149,672	$+144,167	(Fort)
+25%	$332	$+40,716	$+35,468	$+5,247	(Fort)
+50%	$398	$+100,436	$+599,496	$-499,060	(Pure)
+75%	$464	$+160,157	$+1,163,525	$-1,003,368	(Pure)
+100%	$531	$+219,878	$+1,727,553	$-1,507,675	(Pure)
+200%	$796	$+458,760	$+3,983,665	$-3,524,905	(Pure)

LEAPS Builder v5.1

HIMS @ $21.30

Bucket A: Deep ITM Stock Replacement ($30,000 ML budget)

All Candidates

Best Fortress: $10C / $23P / $10P (Dec '27, 612d)

Verdict: FORTRESS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $19.74) ▼

Best Income (highest premium, closer to BE)

Balanced (moderate risk/reward)

Safest (lowest delta, least assignment risk)

Bucket B: OTM Max Leverage ($30,000 ML budget)

All Candidates

Best Fortress: $20C / $13P / $10P (Jan '27, 276d)

Verdict: PURE LEAPS

P&L Comparison

QQQ @ $618.31

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

All Candidates

Best Fortress: $490C / $370P / $305P (Jan '28, 647d)

Verdict: PURE LEAPS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $672.40) ▼

Best Income (highest premium, closer to BE)

Safest (lowest delta, least assignment risk)

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

All Candidates

Best Fortress: $885C / $370P / $305P (Jan '28, 647d)

Verdict: PURE LEAPS

P&L Comparison

IWM @ $265.42

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

All Candidates

Best Fortress: $205C / $210P / $180P (Dec '28, 976d)

Verdict: PURE LEAPS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $288.13) ▼

Best Income (highest premium, closer to BE)

Safest (lowest delta, least assignment risk)

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

All Candidates

Best Fortress: $310C / $295P / $105P (Dec '27, 612d)

Verdict: PURE LEAPS

P&L Comparison