LEAPS Builder v6.0
IREN $50,000 [both], MU $100,000 [both] | 2026-05-05 00:13:34
IREN @ $49.79
Sizing: $50,000 (ITM + OTM) | Chains: Jan 2028 (626d)
Bucket A: Deep ITM Stock Replacement ($50,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| ★ | Jan '28 (626d) | Fortress | $23C/$50P/$20P | 10 | +0.714/sh (+714) | $19,800 | $46.40 (-7%) | $-4/d | 39,526 |
| ▲ | Jan '28 (626d) | Pure | $20C | 13 | +0.920/sh (+1,197) | $48,100 | $57.00 (+14%) | $-11/d | 28,696 |
★ = 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: $23C / $50P / $20P (Jan '28, 626d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $23.0C | $35.30 | +0.902 |
| SP | SELL | $50.0P | $20.00 | -0.270 |
| HP | BUY | $20.0P | $4.50 | +0.081 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 10 |
+0.714/sh (+714) |
$19,800 | $49,800 |
$46.40 (-7%) | $-4/d |
2.5x | 39,526 | +287% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 39,526 | 28,696 | FORT (+38%) |
| Contracts | 10 | 13 | PURE (-23%) |
| IC (capital) | $19,800 | $48,100 | FORT (-59%) |
| Max Loss | $49,800 | $48,100 | PURE (+4%) |
| Breakeven | $46.40 | $57.00 | FORT (-19%) |
| Theta/day | $-4 | $-11 | FORT (-64%) |
| ROIC@+25% | 98% | 14% | FORT (+594%) |
Fortress scores +38% with similar max loss (+4%). Clear winner.
P&L Comparison
| Move | Price | Fortress 10ct Jan'28 | Pure 14ct Jan'28 | F-P Diff | Winner |
|---|
| -19% | $40 | $-13,136 | $-25,855 | $+12,719 | (Fort) |
| +0% | $50 | $+6,780 | $-11,914 | $+18,694 | (Fort) |
| +25% | $62 | $+19,438 | $+5,512 | $+13,925 | (Fort) |
| +50% | $75 | $+31,885 | $+22,939 | $+8,946 | (Fort) |
| +75% | $87 | $+44,332 | $+40,365 | $+3,967 | (Fort) |
| +100% | $100 | $+56,780 | $+57,792 | $-1,012 | (Pure) |
| +200% | $149 | $+106,570 | $+127,498 | $-20,928 | (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 ($50,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| ★ | Jan '28 (626d) | Fortress | $45C/$55P/$32P | 14 | +0.628/sh (+879) | $17,640 | $57.60 (+16%) | $-18/d | 63,635 |
| ▲ | Jan '28 (626d) | Pure | $45C | 19 | +0.771/sh (+1,464) | $48,165 | $70.35 (+41%) | $-30/d | 56,749 |
★ = 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: $45C / $55P / $32P (Jan '28, 626d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $45.0C | $25.35 | +0.771 |
| SP | SELL | $55.0P | $22.95 | -0.300 |
| HP | BUY | $32.0P | $10.20 | +0.157 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 14 |
+0.628/sh (+879) |
$17,640 | $49,840 |
$57.60 (+16%) | $-18/d |
4.0x | 63,635 | +333% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 63,635 | 56,749 | FORT (+12%) |
| Contracts | 14 | 19 | PURE (-26%) |
| IC (capital) | $17,640 | $48,165 | FORT (-63%) |
| Max Loss | $49,840 | $48,165 | PURE (+3%) |
| Breakeven | $57.60 | $70.35 | FORT (-18%) |
| Theta/day | $-18 | $-30 | FORT (-40%) |
| ROIC@+25% | 37% | -32% | FORT (+215%) |
Fortress scores +12% with similar max loss (+3%). Clear winner.
P&L Comparison
| Move | Price | Fortress 14ct Jan'28 | Pure 19ct Jan'28 | F-P Diff | Winner |
|---|
| -19% | $40 | $-38,875 | $-48,165 | $+9,290 | (Fort) |
| +0% | $50 | $-18,228 | $-39,064 | $+20,836 | (Fort) |
| +25% | $62 | $+6,492 | $-15,414 | $+21,906 | (Fort) |
| +50% | $75 | $+23,919 | $+8,237 | $+15,682 | (Fort) |
| +75% | $87 | $+41,345 | $+31,887 | $+9,459 | (Fort) |
| +100% | $100 | $+58,772 | $+55,537 | $+3,235 | (Fort) |
| +200% | $149 | $+128,478 | $+150,138 | $-21,660 | (Pure) |
MU @ $577.50
Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (626d), Jun 2028 (773d), Dec 2028 (955d)
Bucket A: Deep ITM Stock Replacement ($100,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| Jan '28 (626d) | Fortress | $270C/$630P/$350P | 2 | +0.712/sh (+142) | $42,860 | $557.15 (-4%) | $-10/d | 92,134 |
| ▲ | Jan '28 (626d) | Pure | $330C | 3 | +0.871/sh (+261) | $99,300 | $661.00 (+14%) | $-34/d | 76,857 |
| Jun '28 (773d) | Fortress | $280C/$630P/$350P | 2 | +0.723/sh (+145) | $43,390 | $563.48 (-2%) | $-11/d | 98,700 |
| ★ | Dec '28 (955d) | Fortress | $270C/$610P/$360P | 2 | +0.763/sh (+153) | $49,800 | $564.50 (-2%) | $-10/d | 103,920 |
| Dec '28 (955d) | Pure | $270C | 2 | +0.907/sh (+181) | $78,200 | $661.00 (+14%) | $-14/d | 63,286 |
★ = 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: $270C / $610P / $360P (Dec '28, 955d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $270.0C | $391.00 | +0.907 |
| SP | SELL | $610.0P | $238.00 | -0.292 |
| HP | BUY | $360.0P | $96.00 | +0.148 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 2 |
+0.763/sh (+153) |
$49,800 | $99,800 |
$564.50 (-2%) | $-10/d |
2.3x | 103,920 | +255% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 103,920 | 76,857 | FORT (+35%) |
| Contracts | 2 | 3 | PURE (-33%) |
| IC (capital) | $49,800 | $99,300 | FORT (-50%) |
| Max Loss | $99,800 | $99,300 | PURE (+1%) |
| Breakeven | $564.50 | $661.00 | FORT (-15%) |
| Theta/day | $-10 | $-34 | FORT (-70%) |
| ROIC@+25% | 81% | 18% | FORT (+343%) |
Fortress scores +35% with similar max loss (+1%). Clear winner.
P&L Comparison
| Move | Price | Fortress 2ct Dec'28 | Pure 2ct Dec'28 | F-P Diff | Winner |
|---|
| -19% | $462 | $-41,000 | $-39,800 | $-1,200 | (Pure) |
| +0% | $577 | $+5,200 | $-16,700 | $+21,900 | (Fort) |
| +25% | $722 | $+40,575 | $+12,175 | $+28,400 | (Fort) |
| +50% | $866 | $+69,450 | $+41,050 | $+28,400 | (Fort) |
| +75% | $1,011 | $+98,325 | $+69,925 | $+28,400 | (Fort) |
| +100% | $1,155 | $+127,200 | $+98,800 | $+28,400 | (Fort) |
| +200% | $1,732 | $+242,700 | $+214,300 | $+28,400 | (Fort) |
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 ($100,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| Jan '28 (626d) | Fortress | $520C/$660P/$450P | 3 | +0.598/sh (+179) | $36,075 | $650.12 (+13%) | $-42/d | 168,342 |
| ▲ | Jan '28 (626d) | Pure | $520C | 4 | +0.744/sh (+297) | $97,780 | $764.45 (+32%) | $-64/d | 165,517 |
| ★ | Jun '28 (773d) | Fortress | $520C/$660P/$490P | 3 | +0.652/sh (+196) | $48,570 | $681.90 (+18%) | $-39/d | 169,391 |
| Jun '28 (773d) | Pure | $520C | 3 | +0.758/sh (+227) | $79,500 | $785.00 (+36%) | $-42/d | 128,973 |
| Dec '28 (955d) | Fortress | $520C/$660P/$540P | 3 | +0.708/sh (+212) | $63,765 | $732.55 (+27%) | $-35/d | 164,712 |
★ = 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: $520C / $660P / $490P (Jun '28, 773d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $520.0C | $265.00 | +0.758 |
| SP | SELL | $660.0P | $255.00 | -0.342 |
| HP | BUY | $490.0P | $151.90 | +0.235 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 3 |
+0.652/sh (+196) |
$48,570 | $99,570 |
$681.90 (+18%) | $-39/d |
3.6x | 169,391 | +292% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 169,391 | 165,517 | FORT (+2%) |
| Contracts | 3 | 4 | PURE (-25%) |
| IC (capital) | $48,570 | $97,780 | FORT (-50%) |
| Max Loss | $99,570 | $97,780 | PURE (+2%) |
| Breakeven | $681.90 | $764.45 | FORT (-11%) |
| Theta/day | $-39 | $-64 | FORT (-40%) |
| ROIC@+25% | 25% | -17% | FORT (+242%) |
Fortress scores +2% with similar max loss (+2%). Clear winner.
P&L Comparison
| Move | Price | Fortress 3ct Jun'28 | Pure 3ct Jun'28 | F-P Diff | Winner |
|---|
| -19% | $462 | $-99,570 | $-79,500 | $-20,070 | (Pure) |
| +0% | $577 | $-56,070 | $-62,250 | $+6,180 | (Fort) |
| +25% | $722 | $+11,992 | $-18,938 | $+30,930 | (Fort) |
| +50% | $866 | $+55,305 | $+24,375 | $+30,930 | (Fort) |
| +75% | $1,011 | $+98,617 | $+67,687 | $+30,930 | (Fort) |
| +100% | $1,155 | $+141,930 | $+111,000 | $+30,930 | (Fort) |
| +200% | $1,732 | $+315,180 | $+284,250 | $+30,930 | (Fort) |
LEAPS Builder v6.0 | 2026-05-05 00:13:34