LEAPS Builder --all v6.0

IREN | 2026-05-07 00:11:38
All three modes (NORMAL + BREAKOUT + YOLO) on one page. Master Verdict summarizes; expand the per-mode sections below for full dashboards.

Master Verdict (--all)

Ticker Use Case Mode Best Pick Score Breakeven Lev Theta/day Verdict
IREN Stock replacement (1-2yr) NORMAL $25C/$65P/$20P × 15ct
Jan '28		 82,308 $55.83 (-8%) 2.8x $-2/d FORTRESS_PREFERRED
IREN Moderate-bull (1-2yr) NORMAL $55C/$70P/$32P × 21ct
Jan '28		 133,576 $67.10 (+10%) 6.6x $-28/d FORTRESS_PREFERRED
IREN Active 6mo+ directional BREAKOUT $35C/$65P/$35P × 19ct
Jan '28		 1.2807 $60.95 (-0%) 2.8x $-18/d FORTRESS_PREFERRED
IREN 3-4x thesis (2yr) YOLO $85C/$70P/$60P × 36ct
Jan '28		 410,579 $102.35 (+68%) 3.5x $-80/d FORTRESS_PREFERRED

Score scales differ by mode: NORMAL/YOLO use WSPL (large integer, mode-specific weights); BREAKOUT uses sigma-weighted reward/risk (decimal). Don't compare scores across modes — compare WITHIN each row's column. Click any row to expand its full dashboard panel below.

IREN — All Modes

NORMAL — Stock replacement (Bucket A, deep ITM)

IREN @ $60.99

Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (624d)
NORMAL MODE — Bucket A (Deep ITM, LC 40-95% of stock, delta ≥ 0.70) for synthetic stock replacement; Bucket B (OTM/ATM, LC 90-200%) for max leverage / convexity. Score = WSPL × √(DTE/365); Bucket A weights peak at +25-75% (moderate-bull view), Bucket B peaks at +75-100% (convexity payoff). Designed for hold-to-expiry LEAPS positions.  |  Anchored to Jan '28 (624d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

Bucket A: Deep ITM Stock Replacement ($100,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
★Jan '28 (624d)Fortress$25C/$65P/$20P15+0.690/sh (+1,035)$32,475$55.83 (-8%)$-2/d82,308
▲Jan '28 (624d)Pure$30C24+0.894/sh (+2,146)$98,880$71.20 (+17%)$-30/d60,466

★ = recommended pick (per Verdict below; multi-dim winner across score, capital, BE, theta, ROIC). 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).

Best Fortress: $25C / $65P / $20P (Jan '28, 624d)

LegActionStrikePriceDelta
LCBUY$25.0C$44.55+0.919
SPSELL$65.0P$26.80-0.288
HPBUY$20.0P$3.90+0.059
CtDeltaICMLBEThetaLevScoreROIC
15 +0.690/sh (+1,035) $32,475$99,975 $55.83 (-8%)$-2/d 2.8x82,308+348%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score82,30860,466FORT (+36%)
Contracts1524PURE (-38%)
IC (capital)$32,475$98,880FORT (-67%)
Max Loss$99,975$98,880PURE (+1%)
Breakeven$55.83$71.20FORT (-22%)
Theta/day$-2$-30FORT (-92%)
ROIC (weighted)194%47%FORT (+314%)

Fortress scores +36% with similar max loss (+1%). Clear winner.

Anchor Cost Analysis (Jan '28, 624d)

What you trade by anchoring to Jan '28 (624d) instead of letting the score pick freely across all chains. ANCHOR wins each dimension where the anchored pick is better; free wins where the cross-chain best is better. The DTE row shows how much extra runway anchoring buys you.

Fortress: anchor matches free choice (no delta)
Pure: anchor matches free choice (no delta)

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 15ctPure 24ctStock 1,639sh
-5%$57.94-$3,157-$6,545-$4,998
-10%$54.89-$6,314-$13,089-$9,996
-15%$51.84-$9,472-$19,634-$14,994
-20%$48.79-$12,629-$26,178-$19,993
-30%$42.69-$18,943-$39,268-$29,989

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

MovePriceFortress 15ct Jan'28Pure 24ct Jan'28F-P DiffWinner
-19%$49$-21,099$-53,779$+32,680(Fort)
+0%$61$+15,495$-24,504$+39,999(Fort)
+25%$76$+44,381$+12,090$+32,291(Fort)
+50%$91$+67,253$+48,684$+18,568(Fort)
+75%$107$+90,124$+85,278$+4,846(Fort)
+100%$122$+112,995$+121,872$-8,877(Pure)
+200%$183$+204,480$+268,249$-63,768(Pure)
Weighted—$+62,950$+46,245$+16,705(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.

CC Overlay

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

NORMAL — Moderate-bull (Bucket B, OTM/ATM)

IREN @ $60.99

Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (624d)
NORMAL MODE — Bucket A (Deep ITM, LC 40-95% of stock, delta ≥ 0.70) for synthetic stock replacement; Bucket B (OTM/ATM, LC 90-200%) for max leverage / convexity. Score = WSPL × √(DTE/365); Bucket A weights peak at +25-75% (moderate-bull view), Bucket B peaks at +75-100% (convexity payoff). Designed for hold-to-expiry LEAPS positions.  |  Anchored to Jan '28 (624d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

Bucket B: OTM Max Leverage ($100,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
★Jan '28 (624d)Fortress$55C/$70P/$32P21+0.578/sh (+1,214)$19,320$67.10 (+10%)$-28/d133,576
▲Jan '28 (624d)Pure$55C32+0.771/sh (+2,469)$99,200$86.00 (+41%)$-63/d117,600

★ = recommended pick (per Verdict below; multi-dim winner across score, capital, BE, theta, ROIC). 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).

Best Fortress: $55C / $70P / $32P (Jan '28, 624d)

LegActionStrikePriceDelta
LCBUY$55.0C$31.00+0.771
SPSELL$70.0P$30.60-0.312
HPBUY$32.0P$8.80+0.119
CtDeltaICMLBEThetaLevScoreROIC
21 +0.578/sh (+1,214) $19,320$99,120 $67.10 (+10%)$-28/d 6.6x133,576+628%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score133,576117,600FORT (+14%)
Contracts2132PURE (-34%)
IC (capital)$19,320$99,200FORT (-81%)
Max Loss$99,120$99,200TIE
Breakeven$67.10$86.00FORT (-22%)
Theta/day$-28$-63FORT (-55%)
ROIC (weighted)529%91%FORT (+483%)

Fortress scores +14% with similar max loss (-0%). Clear winner.

Anchor Cost Analysis (Jan '28, 624d)

What you trade by anchoring to Jan '28 (624d) instead of letting the score pick freely across all chains. ANCHOR wins each dimension where the anchored pick is better; free wins where the cross-chain best is better. The DTE row shows how much extra runway anchoring buys you.

Fortress: anchor matches free choice (no delta)
Pure: anchor matches free choice (no delta)

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 21ctPure 32ctStock 1,639sh
-5%$57.94-$3,702-$7,528-$4,998
-10%$54.89-$7,403-$15,057-$9,996
-15%$51.84-$11,105-$22,585-$14,994
-20%$48.79-$14,806-$30,114-$19,993
-30%$42.69-$22,209-$45,171-$29,989

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

MovePriceFortress 21ct Jan'28Pure 32ct Jan'28F-P DiffWinner
-19%$49$-63,857$-99,200$+35,343(Fort)
+0%$61$-25,662$-80,032$+54,370(Fort)
+25%$76$+25,279$-31,240$+56,519(Fort)
+50%$91$+57,299$+17,552$+39,746(Fort)
+75%$107$+89,319$+66,345$+22,974(Fort)
+100%$122$+121,338$+115,137$+6,202(Fort)
+200%$183$+249,418$+310,305$-60,887(Pure)
Weighted—$+102,160$+89,942$+12,218(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. 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.

BREAKOUT — Active 6mo+ directional

IREN @ $60.99

Sizing: $100,000 (Deep ITM Only) | Chains: Jul 2026 (71d), Aug 2026 (106d), Sep 2026 (134d), Oct 2026 (162d), Nov 2026 (197d), Dec 2026 (225d), Jan 2027 (253d), Jan 2028 (624d)
BREAKOUT MODE — Bucket A only (deep ITM stock replacement) over a 6-month horizon. Score = (weighted P&L across sigma-scaled targets at 0.5/1.0/1.5/2.0/3.0σ of expected move (+35%, +69%, +104%, +139%, +208%; ATM IV 98%)) ÷ reward / max-loss + theta-cost, multiplied by time-fit. Stock baseline shown alongside Fortress and Pure for risk-budget comparison. Use for active directional trades; the Score Breakdown and Stop Profile cards below show per-target P&L and stop loss.  |  Anchored to Jan '28 (624d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

Breakout Mode: 6-month horizon, sigma-targets: +35%, +69%, +104%, +139%, +208% (IV 98%) ($100,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
Jul '26 (71d)Fortress$50C/$65P/$55P46+0.610/sh (+2,806)$53,130$63.27 (+4%)$-252/d0.9933
Aug '26 (106d)Fortress$50C/$65P/$55P42+0.628/sh (+2,637)$56,700$64.25 (+5%)$-204/d1.28
Sep '26 (134d)Fortress$50C/$65P/$55P40+0.640/sh (+2,562)$58,800$64.85 (+6%)$-173/d1.49
◆Oct '26 (162d)Fortress$47C/$65P/$55P36+0.680/sh (+2,446)$63,900$64.88 (+6%)$-140/d1.61
Nov '26 (197d)Fortress$42C/$65P/$40P25+0.599/sh (+1,497)$37,250$60.95 (-0%)$-50/d1.58
Dec '26 (225d)Fortress$40C/$65P/$40P24+0.625/sh (+1,501)$39,600$60.75 (-0%)$-42/d1.55
Jan '27 (253d)Fortress$40C/$65P/$37P23+0.613/sh (+1,411)$35,305$60.17 (-1%)$-38/d1.52
★Jan '28 (624d)Fortress$35C/$65P/$35P19+0.716/sh (+1,361)$41,610$60.95 (-0%)$-18/d1.28
▲Jan '28 (624d)Pure$35C25+0.869/sh (+2,174)$96,375$73.55 (+21%)$-36/d1.27
●NowStock1,639 sh @ $60.991,639+1.000/sh (+1,639)$99,963$60.99 (+0%)$0/d1.06

★ = top breakout score across Fortress, Pure, Stock. ◆ = best Fortress (when not winner). ▲ = best Pure (when not winner). ● = Stock baseline reference. Read in light of Score Breakdown + Stop Profile. Positive theta = you collect time decay daily (paid to wait). Negative theta = you pay time decay daily (cost of holding long options).

Best Fortress: $35C / $65P / $35P (Jan '28, 624d)

LegActionStrikePriceDelta
LCBUY$35.0C$38.55+0.869
SPSELL$65.0P$26.80-0.288
HPBUY$35.0P$10.15+0.134
CtDeltaICMLBEThetaLevScoreROIC
19 +0.716/sh (+1,361) $41,610$98,610 $60.95 (-0%)$-18/d 2.8x1.28+297%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score1.281.27FORT (+1%)
Contracts1925PURE (-24%)
IC (capital)$41,610$96,375FORT (-57%)
Max Loss$98,610$96,375PURE (+2%)
Breakeven$60.95$73.55FORT (-17%)
Theta/day$-18$-36FORT (-49%)
ROIC (weighted)314%135%FORT (+132%)

Fortress scores 1% higher on breakout score (sigma-weighted (5 targets at 0.5-3sigma of expected move), expiry P&L net of theta over 6-month hold).

Anchor Cost Analysis (Jan '28, 624d)

What you trade by anchoring to Jan '28 (624d) instead of letting the score pick freely across all chains. ANCHOR wins each dimension where the anchored pick is better; free wins where the cross-chain best is better. The DTE row shows how much extra runway anchoring buys you.

Fortress
Dimension Anchored (Fortress) Free (Fortress) Δ Better
$35C/$65P/$35P × 19ct
Jan '28 (624d)		 $47C/$65P/$55P × 36ct
Oct '26 (162d)
Score1.281.61-20.4%free
Contracts1936-47.2%free
IC (capital)$41,610$63,900-22,290 (-34.9%)ANCHOR
Max Loss$98,610$99,900-1,290 (-1.3%)ANCHOR
Breakeven$60.95$64.88-3.92 (-6.1%)ANCHOR
Theta/day$-18$-140+121 (+86.8%)ANCHOR
Weighted P&L$130,552$219,103-88,550 (-40.4%)free
ROIC (weighted)314%343%-8.5%free
DTE624d162d+462dANCHOR

Anchor expensive (~23% on score/P&L/ROIC). Anchor gives +462d runway. Wins: IC (capital), Max Loss, Breakeven. Loses: Score, Contracts, Weighted P&L.

Pure
Dimension Anchored (Pure) Free (Pure) Δ Better
$35C × 25ct
Jan '28 (624d)		 $47C × 43ct
Oct '26 (162d)
Score1.271.68-24.7%free
Contracts2543-41.9%free
IC (capital)$96,375$98,900-2,525 (-2.6%)ANCHOR
Max Loss$96,375$98,900-2,525 (-2.6%)ANCHOR
Breakeven$73.55$70.00+3.55 (+5.1%)free
Theta/day$-36$-180+144 (+79.9%)ANCHOR
Weighted P&L$130,155$239,131-108,976 (-45.6%)free
ROIC (weighted)135%242%-44.1%free
DTE624d162d+462dANCHOR

Anchor expensive (~38% on score/P&L/ROIC). Anchor gives +462d runway. Wins: IC (capital), Max Loss, Theta/day. Loses: Score, Contracts, Breakeven.

Score Breakdown (sigma-weighted (5 targets at 0.5-3sigma))

sigmaMovePriceWeight Fortress 19ctPure 25ctStock 1,639shWinner
0.5sigma+35%$82.1815%$+48,027$+21,569$+34,726(Fort)
1sigma+69%$103.3720%$+88,284$+74,538$+69,452(Fort)
1.5sigma+104%$124.5530%$+128,540$+127,506$+104,179(Fort)
2sigma+139%$145.7425%$+168,796$+180,475$+138,905(Pure)
3sigma+208%$188.1110%$+249,308$+286,412$+208,357(Pure)
Weighted average P&L100% $+130,552 $+130,155 $+105,915 (Fort)

Each row is the at-expiry P&L if the stock lands at the target price. Score = (weighted-avg P&L) / (max-loss + theta-cost-over-hold) * time-fit. Read this table to override the score winner if your conviction favors a specific scenario row.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 19ctPure 25ctStock 1,639sh
-5%$57.94-$4,149-$6,628-$4,998
-10%$54.89-$8,298-$13,256-$9,996
-15%$51.84-$12,447-$19,884-$14,994
-20%$48.79-$16,596-$26,513-$19,993
-30%$42.69-$24,893-$39,769-$29,989

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

MovePriceFortress 19ct Jan'28Pure 25ct Jan'28Stock 1,639shF-P DiffWinner
-19%$49$-46,200$-61,895$-19,993$+15,695(Stock)
+0%$61$+152$-31,400$0$+31,552(Fort)
+25%$76$+36,741$+6,719$+24,991$+30,022(Fort)
+50%$91$+65,712$+44,838$+49,981$+20,874(Fort)
+75%$107$+94,682$+82,957$+74,972$+11,725(Fort)
+100%$122$+123,652$+121,076$+99,963$+2,577(Fort)
+200%$183$+239,534$+273,551$+199,926$-34,017(Pure)
Weighted—$+130,552$+130,155$+105,915$+398(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. Active directional view: targets at 0.5-3 sigma of expected move over the chosen horizon. 1.5-sigma carries the biggest weight (most likely breakout magnitude). The Score is this same number multiplied by √(DTE/365) so longer-dated chains get a small bonus.

YOLO — 3-4x thesis (2yr)

IREN @ $60.99

Sizing: $100,000 (OTM Only) | Chains: Jan 2028 (624d)
YOLO MODE — Bucket B widened to LC 95-300% and SP 30-130% of stock, tail-weighted scoring with peaks at +200% (3x) and +300% (4x). Bucket A is shown below as a context comparison; the YOLO play is the OTM section above. Use this only on names with strong directional conviction over a 2-year horizon.  |  Anchored to Jan '28 (624d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

YOLO Mode: Widened OTM (LC max 300% of stock, 3-4x thesis, 2yr horizon) ($100,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
★Jan '28 (624d)Fortress$85C/$70P/$60P36+0.592/sh (+2,130)$62,460$102.35 (+68%)$-80/d410,579
▲Jan '28 (624d)Pure$100C50+0.584/sh (+2,921)$100,000$120.00 (+97%)$-118/d469,175
●NowStock1,639 sh @ $60.991,639+1.000/sh (+1,639)$99,963$60.99 (+0%)$0/d293,274

★ = recommended pick (per Verdict below; multi-dim winner across score, capital, BE, theta, ROIC). ◆ = best Fortress (when not winner). ▲ = best Pure (when not winner). ● = Stock baseline reference. Score = WSPL x sqrt(DTE/365), tail-weighted for 3-4x thesis. Positive theta = you collect time decay daily (paid to wait). Negative theta = you pay time decay daily (cost of holding long options).

Best Fortress: $85C / $70P / $60P (Jan '28, 624d)

LegActionStrikePriceDelta
LCBUY$85.0C$22.95+0.641
SPSELL$70.0P$30.60-0.312
HPBUY$60.0P$25.00+0.263
CtDeltaICMLBEThetaLevScoreROIC
36 +0.592/sh (+2,130) $62,460$98,460 $102.35 (+68%)$-80/d 3.5x410,579+113%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score410,579469,175PURE (-12%)
Contracts3650PURE (-28%)
IC (capital)$62,460$100,000FORT (-38%)
Max Loss$98,460$100,000FORT (-2%)
Breakeven$102.35$120.00FORT (-15%)
Theta/day$-80$-118FORT (-33%)
ROIC (weighted)503%359%FORT (+40%)

Pure scores +12% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 12% score for capital efficiency.

Anchor Cost Analysis (Jan '28, 624d)

What you trade by anchoring to Jan '28 (624d) instead of letting the score pick freely across all chains. ANCHOR wins each dimension where the anchored pick is better; free wins where the cross-chain best is better. The DTE row shows how much extra runway anchoring buys you.

Fortress: anchor matches free choice (no delta)
Pure: anchor matches free choice (no delta)

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 36ctPure 50ctStock 1,639sh
-5%$57.94-$6,494-$8,908-$4,998
-10%$54.89-$12,988-$17,816-$9,996
-15%$51.84-$19,482-$26,724-$14,994
-20%$48.79-$25,976-$35,632-$19,993
-30%$42.69-$38,964-$53,449-$29,989

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

MovePriceFortress 36ct Jan'28Pure 50ct Jan'28Stock 1,639shF-P DiffWinner
-19%$49$-98,460$-100,000$-19,993$+1,540(Stock)
+0%$61$-94,896$-100,000$0$+5,104(Stock)
+50%$91$-39,113$-100,000$+49,981$+60,887(Stock)
+100%$122$+70,669$+9,901$+99,963$+60,768(Stock)
+200%$183$+290,233$+314,852$+199,926$-24,618(Pure)
+300%$244$+509,797$+619,802$+299,888$-110,005(Pure)
+400%$305$+729,362$+924,752$+399,851$-195,391(Pure)
+700%$488$+1,388,055$+1,839,604$+699,739$-451,549(Pure)
+1000%$671$+2,046,748$+2,754,455$+999,628$-707,708(Pure)
Weighted—$+314,015$+358,831$+208,811$-44,815(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. 3-4x thesis: huge moves matter most. +200% (3x) and +300% (4x) get the biggest weights. +400% counted as tail; +700% / +1000% rows shown above are eye candy and don't count. 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.