LEAPS Builder

HIMS @ $19.20

ML Budget: $30,000 (ITM + OTM) | Chains: Jan 2027 (277d), Dec 2027 (613d), Jan 2028 (648d)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '27 (277d)	Fortress	$13C/$20P/$13P	23	$13,649	$19.47 (+1%)	$-4/d	18,151
	Jan '27 (277d)	Pure	$13C	31	$29,262	$22.44 (+17%)	$-36/d	16,313
	Dec '27 (613d)	Fortress	$8C/$20P/$5P	13	$9,953	$17.83 (-7%)	$+6/d	20,784
★	Jan '28 (648d)	Fortress	$10C/$20P/$5P	14	$8,299	$17.96 (-6%)	$+5/d	22,507
	Jan '28 (648d)	Pure	$10C	22	$29,383	$23.36 (+22%)	$-14/d	15,020

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

Best Fortress: $10C / $20P / $5P (Jan '28, 648d)

Leg	Action	Strike	Price	Delta
LC	BUY	$10.0C	$13.36	+0.926
SP	SELL	$20.0P	$8.04	+0.420
HP	BUY	$5.0P	$0.61	-0.009

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
14	$8,299	$29,299	$17.96 (-6%)	$+5/d	3.2x	22,507	+379%

Verdict: FORTRESS

Fortress scores 22,507 vs pure's 16,313. Higher weighted P&L across all scenarios, adjusted for 648d of runway.

P&L Comparison

Move	Price	Fortress 14ct Jan'28	Pure 22ct Jan'28	Diff	Winner
-19%	$15	$-7,291	$-17,591	$+10,300	(Fort)
+0%	$19	$+3,461	$-9,143	$+12,604	(Fort)
+25%	$24	$+11,301	$+1,417	$+9,884	(Fort)
+50%	$29	$+18,021	$+11,977	$+6,044	(Fort)
+75%	$34	$+24,741	$+22,537	$+2,204	(Fort)
+100%	$38	$+31,461	$+33,097	$-1,636	(Pure)
+200%	$58	$+58,341	$+75,337	$-16,996	(Pure)

CC Overlay (sell against fortress, strike > BE $17.96) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$18	25d	$2.73	+0.757	$0.04 (0%)	$4,581	662.3%
$18	32d	$2.91	+0.736	$0.04 (0%)	$3,815	551.7%

Balanced (moderate risk/reward)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$21	32d	$1.61	+0.234	$3.04 (16%)	$2,120	306.5%
$21	39d	$1.82	+0.259	$3.04 (16%)	$1,964	284.0%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$24	25d	$0.69	+0.028	$6.04 (31%)	$1,165	168.5%
$24	32d	$0.87	+0.043	$6.04 (31%)	$1,147	165.9%

Theta coverage: Best Income ~2860%, Balanced ~1323%, Safest ~727%. (fortress theta: $5/day)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '27 (277d)	Fortress	$20C/$22P/$17P	34	$12,519	$23.68 (+23%)	$-80/d	35,720
★	Jan '27 (277d)	Pure	$20C	47	$29,906	$26.36 (+37%)	$-108/d	39,731
	Dec '27 (613d)	Fortress	$20C/$20P/$8P	19	$6,348	$23.34 (+22%)	$-13/d	30,776
	Jan '28 (648d)	Fortress	$20C/$20P/$10P	21	$8,811	$24.20 (+26%)	$-16/d	32,582

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

Best Fortress: $20C / $22P / $17P (Jan '27, 277d)

Leg	Action	Strike	Price	Delta
LC	BUY	$20.0C	$6.36	+0.524
SP	SELL	$22.0P	$7.05	+0.591
HP	BUY	$17.0P	$4.37	-0.291

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
34	$12,519	$29,519	$23.68 (+23%)	$-80/d	5.2x	35,720	+400%

Verdict: PURE LEAPS

Pure scores 39,731 vs fortress's 35,720. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 34ct Jan'27	Pure 47ct Jan'27	Diff	Winner
-19%	$15	$-29,519	$-29,906	$+387	(Fort)
+0%	$19	$-22,039	$-29,906	$+7,867	(Fort)
+25%	$24	$+1,081	$-11,106	$+12,187	(Fort)
+50%	$29	$+17,401	$+11,454	$+5,947	(Fort)
+75%	$34	$+33,721	$+34,014	$-293	(Pure)
+100%	$38	$+50,041	$+56,574	$-6,533	(Pure)
+200%	$58	$+115,321	$+146,814	$-31,493	(Pure)

SPY @ $675.35

ML Budget: $250,000 (ITM + OTM) | Chains: Jan 2028 (648d), Jun 2028 (795d), Dec 2028 (977d)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '28 (648d)	Fortress	$595C/$740P/$665P	12	$157,353	$733.06 (+9%)	$-214/d	425,101
★	Jan '28 (648d)	Pure	$595C	16	$248,069	$750.04 (+11%)	$-184/d	546,369
	Jun '28 (795d)	Fortress	$595C/$740P/$655P	11	$153,999	$737.50 (+9%)	$-172/d	415,863
	Dec '28 (977d)	Fortress	$600C/$730P/$660P	11	$172,715	$757.01 (+12%)	$-153/d	426,643
	Dec '28 (977d)	Pure	$600C	14	$247,313	$776.65 (+15%)	$-145/d	527,028

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

Best Fortress: $600C / $730P / $660P (Dec '28, 977d)

Leg	Action	Strike	Price	Delta
LC	BUY	$600.0C	$176.65	+0.703
SP	SELL	$730.0P	$83.36	+0.412
HP	BUY	$660.0P	$63.72	-0.351

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
11	$172,715	$249,715	$757.01 (+12%)	$-153/d	4.3x	426,643	+378%

Verdict: PURE LEAPS

Pure scores 546,369 vs fortress's 426,643. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 11ct Dec'28	Pure 14ct Dec'28	Diff	Winner
-19%	$540	$-249,715	$-247,313	$-2,403	(Pure)
+0%	$675	$-149,945	$-141,823	$-8,123	(Pure)
+25%	$844	$+95,891	$+94,550	$+1,341	(Fort)
+50%	$1,013	$+281,612	$+330,922	$-49,310	(Pure)
+75%	$1,182	$+467,333	$+567,295	$-99,961	(Pure)
+100%	$1,351	$+653,055	$+803,667	$-150,613	(Pure)
+200%	$2,026	$+1,395,940	$+1,749,157	$-353,218	(Pure)

CC Overlay (sell against fortress, strike > BE $757.01) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$760	46d	$0.13	+0.215	$2.99 (0%)	$95	0.7%
$760	39d	$0.10	+0.010	$2.99 (0%)	$80	0.6%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI

Theta coverage: Best Income ~2%, Balanced ~0%, Safest ~0%. (fortress theta: $153/day)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Jan '28 (648d)	Fortress	$915C/$775P/$705P	53	$-122,120	$891.96 (+32%)	$-369/d	2,784,910
★	Jan '28 (648d)	Pure	$915C	456	$249,934	$920.48 (+36%)	$-386/d	22,582,182
	Jun '28 (795d)	Fortress	$945C/$775P/$705P	50	$-100,245	$924.95 (+37%)	$-314/d	2,703,495
	Dec '28 (977d)	Fortress	$975C/$775P/$705P	46	$-73,980	$958.92 (+42%)	$-254/d	2,539,257

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

Best Fortress: $915C / $775P / $705P (Jan '28, 648d)

Leg	Action	Strike	Price	Delta
LC	BUY	$915.0C	$5.48	+0.374
SP	SELL	$775.0P	$97.81	+0.496
HP	BUY	$705.0P	$69.29	-0.422

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
53	$-122,120	$248,880	$891.96 (+32%)	$-369/d	14.4x	2,784,910	+0%

Verdict: PURE LEAPS

Pure scores 22,582,182 vs fortress's 2,784,910. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 53ct Jan'28	Pure 456ct Jan'28	Diff	Winner
-19%	$540	$-248,880	$-249,934	$+1,054	(Fort)
+0%	$675	$-248,880	$-249,934	$+1,054	(Fort)
+25%	$844	$+122,120	$-249,934	$+372,054	(Fort)
+50%	$1,013	$+641,652	$+4,220,006	$-3,578,354	(Pure)
+75%	$1,182	$+1,536,491	$+11,918,996	$-10,382,505	(Pure)
+100%	$1,351	$+2,431,330	$+19,617,986	$-17,186,656	(Pure)
+200%	$2,026	$+6,010,685	$+50,413,946	$-44,403,261	(Pure)

GOOG @ $312.75

ML Budget: $250,000 (ITM + OTM) | Chains: Dec 2027 (613d), Jan 2028 (648d), Dec 2028 (977d)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Dec '27 (613d)	Fortress	$275C/$325P/$285P	21	$165,270	$353.70 (+13%)	$-182/d	292,346
★	Dec '27 (613d)	Pure	$275C	26	$242,861	$368.41 (+18%)	$-236/d	328,784
	Jan '28 (648d)	No valid structure
	Dec '28 (977d)	Fortress	$270C/$340P/$300P	18	$177,839	$368.80 (+18%)	$-153/d	265,134

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

Best Fortress: $275C / $325P / $285P (Dec '27, 613d)

Leg	Action	Strike	Price	Delta
LC	BUY	$275.0C	$93.41	+0.703
SP	SELL	$325.0P	$51.20	+0.422
HP	BUY	$285.0P	$36.49	-0.322

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
21	$165,270	$249,270	$353.70 (+13%)	$-182/d	4.0x	292,346	+345%

Verdict: PURE LEAPS

Pure scores 328,784 vs fortress's 292,346. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 21ct Dec'27	Pure 26ct Dec'27	Diff	Winner
-19%	$250	$-249,270	$-242,861	$-6,409	(Pure)
+0%	$313	$-111,699	$-144,698	$+32,999	(Fort)
+25%	$391	$+78,212	$+58,593	$+19,619	(Fort)
+50%	$469	$+242,408	$+261,884	$-19,475	(Pure)
+75%	$547	$+406,605	$+465,174	$-58,570	(Pure)
+100%	$626	$+570,801	$+668,465	$-97,664	(Pure)
+200%	$938	$+1,227,586	$+1,481,628	$-254,042	(Pure)

CC Overlay (sell against fortress, strike > BE $353.70) ▼

Best Income (highest premium, closer to BE)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$370	39d	$1.42	+0.112	$16.30 (5%)	$2,287	16.6%
$370	46d	$1.61	+0.131	$16.30 (5%)	$2,199	16.0%

Balanced (moderate risk/reward)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$375	39d	$1.01	+0.096	$21.30 (7%)	$1,627	11.8%
$375	46d	$1.23	+0.114	$21.30 (7%)	$1,678	12.2%

Safest (lowest delta, least assignment risk)

Strike	DTE	Bid	Delta	Headroom	Mo Income	Ann ROI
$375	25d	$0.51	+0.054	$21.30 (7%)	$1,293	9.4%
$390	39d	$0.56	+0.060	$36.30 (12%)	$905	6.6%

Theta coverage: Best Income ~42%, Balanced ~30%, Safest ~24%. (fortress theta: $182/day)

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

All Candidates

	Chain	Type	Structure	Ct	IC	BE	Theta	Score
	Dec '27 (613d)	Fortress	$430C/$355P/$320P	47	$85,209	$448.13 (+43%)	$-407/d	903,857
★	Dec '27 (613d)	Pure	$500C	130	$249,795	$519.22 (+66%)	$-408/d	1,634,799
	Jan '28 (648d)	No valid structure
	Dec '28 (977d)	Fortress	$375C/$355P/$320P	28	$149,899	$428.54 (+37%)	$-254/d	733,647

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

Best Fortress: $430C / $355P / $320P (Dec '27, 613d)

Leg	Action	Strike	Price	Delta
LC	BUY	$430.0C	$31.70	+0.354
SP	SELL	$355.0P	$67.39	+0.494
HP	BUY	$320.0P	$53.82	-0.410

Ct	IC	ML	BE	Theta	Lev	Score	ROIC
47	$85,209	$249,709	$448.13 (+43%)	$-407/d	17.2x	903,857	+978%

Verdict: PURE LEAPS

Pure scores 1,634,799 vs fortress's 903,857. Better weighted P&L across scenarios.

P&L Comparison

Move	Price	Fortress 47ct Dec'27	Pure 78ct Dec'27	Diff	Winner
-19%	$250	$-249,709	$-247,256	$-2,453	(Pure)
+0%	$313	$-249,709	$-247,256	$-2,453	(Pure)
+25%	$391	$-85,209	$-247,256	$+162,047	(Fort)
+50%	$469	$+98,714	$+57,977	$+40,737	(Fort)
+75%	$547	$+466,201	$+667,850	$-201,648	(Pure)
+100%	$626	$+833,688	$+1,277,722	$-444,034	(Pure)
+200%	$938	$+2,303,637	$+3,717,211	$-1,413,574	(Pure)

LEAPS Builder v5.1

HIMS @ $19.20

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

All Candidates

Best Fortress: $10C / $20P / $5P (Jan '28, 648d)

Verdict: FORTRESS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $17.96) ▼

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 / $22P / $17P (Jan '27, 277d)

Verdict: PURE LEAPS

P&L Comparison

SPY @ $675.35

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

All Candidates

Best Fortress: $600C / $730P / $660P (Dec '28, 977d)

Verdict: PURE LEAPS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $757.01) ▼

Best Income (highest premium, closer to BE)

Safest (lowest delta, least assignment risk)

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

All Candidates

Best Fortress: $915C / $775P / $705P (Jan '28, 648d)

Verdict: PURE LEAPS

P&L Comparison

GOOG @ $312.75

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

All Candidates

Best Fortress: $275C / $325P / $285P (Dec '27, 613d)

Verdict: PURE LEAPS

P&L Comparison

CC Overlay (sell against fortress, strike > BE $353.70) ▼

Best Income (highest premium, closer to BE)

Balanced (moderate risk/reward)

Safest (lowest delta, least assignment risk)

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

All Candidates

Best Fortress: $430C / $355P / $320P (Dec '27, 613d)

Verdict: PURE LEAPS

P&L Comparison