LEAPS Builder v6.0
IREN $50,000 [both], MU $100,000 [both] | 2026-05-05 00:23:04
IREN @ $50.22
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 | +0.718/sh (+718) | $19,800 | $46.40 (-8%) | $-4/d | 40,423 |
| ▲ | Jan '28 (626d) | Pure | $23C | 14 | +0.904/sh (+1,265) | $49,420 | $58.30 (+16%) | $-14/d | 29,675 |
★ = 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 | +0.904 |
| SP | SELL | $50.0P | $20.00 | -0.267 |
| HP | BUY | $20.0P | $4.50 | +0.081 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 10 |
+0.718/sh (+718) |
$19,800 | $49,800 |
$46.40 (-8%) | $-4/d |
2.5x | 40,423 | +291% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 40,423 | 29,675 | FORT (+36%) |
| Contracts | 10 | 14 | PURE (-29%) |
| IC (capital) | $19,800 | $49,420 | FORT (-60%) |
| Max Loss | $49,800 | $49,420 | PURE (+1%) |
| Breakeven | $46.40 | $58.30 | FORT (-20%) |
| Theta/day | $-4 | $-14 | FORT (-71%) |
| ROIC@+25% | 101% | 13% | FORT (+697%) |
Fortress scores +36% with similar max loss (+1%). Clear winner.
P&L Comparison
| Move | Price | Fortress 10ct Jan'28 | Pure 14ct Jan'28 | F-P Diff | Winner |
|---|
| -19% | $40 | $-12,456 | $-25,379 | $+12,923 | (Fort) |
| +0% | $50 | $+7,415 | $-11,319 | $+18,734 | (Fort) |
| +25% | $63 | $+19,969 | $+6,256 | $+13,712 | (Fort) |
| +50% | $75 | $+32,523 | $+23,832 | $+8,691 | (Fort) |
| +75% | $88 | $+45,076 | $+41,407 | $+3,670 | (Fort) |
| +100% | $100 | $+57,630 | $+58,982 | $-1,352 | (Pure) |
| +200% | $151 | $+107,845 | $+129,283 | $-21,438 | (Pure) |
CC Overlay (sell against fortress, strike > BE $46.40) ▼
Best Income (highest premium, closer to BE)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $47 | 24d | $7.00 | +0.648 | $0.60 (1%) | $8,750 | 530.3% |
| $48 | 24d | $6.25 | +0.621 | $1.60 (3%) | $7,812 | 473.5% |
Balanced (moderate risk/reward)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $53 | 31d | $4.45 | +0.501 | $6.60 (13%) | $4,306 | 261.0% |
| $53 | 38d | $5.25 | +0.509 | $6.60 (13%) | $4,145 | 251.2% |
Safest (lowest delta, least assignment risk)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $65 | 24d | $1.53 | +0.234 | $18.60 (37%) | $1,912 | 115.9% |
| $65 | 31d | $2.02 | +0.263 | $18.60 (37%) | $1,955 | 118.5% |
Theta coverage: Best Income ~7255%, Balanced ~3570%, Safest ~1585%. (fortress theta: $4/day)
Bucket B: OTM Max Leverage ($50,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| ★ | Jan '28 (626d) | Fortress | $47C/$55P/$32P | 14 | +0.234/sh (+327) | $17,640 | $59.60 (+19%) | $-54/d | 61,607 |
| ▲ | Jan '28 (626d) | Pure | $47C | 19 | +0.659/sh (+1,253) | $48,165 | $72.35 (+44%) | $-67/d | 53,918 |
★ = 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: $47C / $55P / $32P (Jan '28, 626d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $47.0C | $25.35 | +0.659 |
| SP | SELL | $55.0P | $22.95 | -0.296 |
| HP | BUY | $32.0P | $10.20 | -0.129 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 14 |
+0.234/sh (+327) |
$17,640 | $49,840 |
$59.60 (+19%) | $-54/d |
4.0x | 61,607 | +324% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 61,607 | 53,918 | FORT (+14%) |
| Contracts | 14 | 19 | PURE (-26%) |
| IC (capital) | $17,640 | $48,165 | FORT (-63%) |
| Max Loss | $49,840 | $48,165 | PURE (+3%) |
| Breakeven | $59.60 | $72.35 | FORT (-18%) |
| Theta/day | $-54 | $-67 | FORT (-20%) |
| ROIC@+25% | 25% | -38% | FORT (+167%) |
Fortress scores +14% 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 | $-38,399 | $-48,165 | $+9,766 | (Fort) |
| +0% | $50 | $-19,838 | $-42,056 | $+22,218 | (Fort) |
| +25% | $63 | $+4,436 | $-18,204 | $+22,641 | (Fort) |
| +50% | $75 | $+22,012 | $+5,648 | $+16,364 | (Fort) |
| +75% | $88 | $+39,587 | $+29,500 | $+10,087 | (Fort) |
| +100% | $100 | $+57,162 | $+53,352 | $+3,810 | (Fort) |
| +200% | $151 | $+127,463 | $+148,761 | $-21,298 | (Pure) |
MU @ $578.12
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 | +0.752/sh (+150) | $43,380 | $558.45 (-3%) | $-11/d | 91,727 |
| ▲ | Jan '28 (626d) | Pure | $330C | 3 | +0.872/sh (+262) | $99,900 | $663.00 (+15%) | $-34/d | 76,436 |
| Jun '28 (773d) | Fortress | $270C/$630P/$360P | 2 | +0.736/sh (+147) | $45,710 | $564.27 (-2%) | $-11/d | 98,539 |
| ★ | Dec '28 (955d) | Fortress | $300C/$620P/$340P | 2 | +1.437/sh (+287) | $43,840 | $569.60 (-1%) | $+14/d | 103,520 |
| Dec '28 (955d) | Pure | $300C | 2 | +0.891/sh (+178) | $75,450 | $677.25 (+17%) | $-16/d | 58,329 |
★ = 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: $300C / $620P / $340P (Dec '28, 955d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $300.0C | $377.25 | +0.892 |
| SP | SELL | $620.0P | $244.00 | +0.409 |
| HP | BUY | $340.0P | $85.95 | +0.136 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 2 |
+1.437/sh (+287) |
$43,840 | $99,840 |
$569.60 (-1%) | $+14/d |
2.6x | 103,520 | +291% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 103,520 | 76,436 | FORT (+35%) |
| Contracts | 2 | 3 | PURE (-33%) |
| IC (capital) | $43,840 | $99,900 | FORT (-56%) |
| Max Loss | $99,840 | $99,900 | TIE |
| Breakeven | $569.60 | $663.00 | FORT (-14%) |
| Theta/day | $14 | $-34 | FORT (-60%) |
| ROIC@+25% | 93% | 18% | FORT (+418%) |
Fortress scores +35% with similar max loss (-0%). Clear winner.
P&L Comparison
| Move | Price | Fortress 2ct Dec'28 | Pure 2ct Dec'28 | F-P Diff | Winner |
|---|
| -19% | $462 | $-42,840 | $-42,950 | $+110 | (Fort) |
| +0% | $578 | $+3,410 | $-19,825 | $+23,235 | (Fort) |
| +25% | $723 | $+40,691 | $+9,081 | $+31,610 | (Fort) |
| +50% | $867 | $+69,598 | $+37,988 | $+31,610 | (Fort) |
| +75% | $1,012 | $+98,504 | $+66,894 | $+31,610 | (Fort) |
| +100% | $1,156 | $+127,410 | $+95,800 | $+31,610 | (Fort) |
| +200% | $1,734 | $+243,035 | $+211,425 | $+31,610 | (Fort) |
CC Overlay (sell against fortress, strike > BE $569.60) ▼
Best Income (highest premium, closer to BE)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $570 | 24d | $49.85 | +0.578 | $0.40 (0%) | $12,462 | 341.1% |
| $575 | 24d | $47.90 | +0.561 | $5.40 (1%) | $11,975 | 327.8% |
Balanced (moderate risk/reward)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $650 | 38d | $31.60 | +0.369 | $80.40 (14%) | $4,989 | 136.6% |
| $640 | 31d | $29.20 | +0.374 | $70.40 (12%) | $5,652 | 154.7% |
Safest (lowest delta, least assignment risk)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $750 | 24d | $6.70 | +0.125 | $180.40 (31%) | $1,675 | 45.8% |
| $740 | 24d | $7.50 | +0.137 | $170.40 (30%) | $1,875 | 51.3% |
Theta coverage: Best Income ~3072%, Balanced ~1230%, Safest ~413%. (fortress theta: $14/day)
Bucket B: OTM Max Leverage ($100,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| Jan '28 (626d) | Fortress | $530C/$660P/$450P | 3 | +0.592/sh (+178) | $35,565 | $654.27 (+13%) | $-43/d | 165,713 |
| ▲ | Jan '28 (626d) | Pure | $530C | 4 | +0.738/sh (+295) | $97,000 | $772.50 (+34%) | $-65/d | 162,118 |
| ★ | Jun '28 (773d) | Fortress | $530C/$660P/$490P | 3 | +0.573/sh (+172) | $48,150 | $690.50 (+19%) | $-80/d | 166,330 |
| Jun '28 (773d) | Pure | $530C | 3 | +0.679/sh (+204) | $78,900 | $793.00 (+37%) | $-83/d | 126,163 |
| Dec '28 (955d) | Fortress | $540C/$660P/$530P | 3 | +0.602/sh (+181) | $60,930 | $743.10 (+29%) | $-75/d | 160,364 |
★ = 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: $530C / $660P / $490P (Jun '28, 773d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $530.0C | $263.00 | +0.679 |
| SP | SELL | $660.0P | $255.00 | -0.341 |
| HP | BUY | $490.0P | $152.50 | +0.235 |
| Ct | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 3 |
+0.573/sh (+172) |
$48,150 | $99,150 |
$690.50 (+19%) | $-80/d |
3.6x | 166,330 | +290% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score | 166,330 | 162,118 | FORT (+3%) |
| Contracts | 3 | 4 | PURE (-25%) |
| IC (capital) | $48,150 | $97,000 | FORT (-50%) |
| Max Loss | $99,150 | $97,000 | PURE (+2%) |
| Breakeven | $690.50 | $772.50 | FORT (-11%) |
| Theta/day | $-80 | $-65 | PURE (+23%) |
| ROIC@+25% | 20% | -21% | FORT (+197%) |
Fortress scores +3% 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 | $-99,150 | $-78,900 | $-20,250 | (Pure) |
| +0% | $578 | $-58,275 | $-64,462 | $+6,188 | (Fort) |
| +25% | $723 | $+9,647 | $-21,103 | $+30,750 | (Fort) |
| +50% | $867 | $+53,006 | $+22,256 | $+30,750 | (Fort) |
| +75% | $1,012 | $+96,366 | $+65,616 | $+30,750 | (Fort) |
| +100% | $1,156 | $+139,725 | $+108,975 | $+30,750 | (Fort) |
| +200% | $1,734 | $+313,162 | $+282,412 | $+30,750 | (Fort) |
LEAPS Builder v6.0 | 2026-05-05 00:23:04