LEAPS Builder v6.1

LMT $100,000 [both] | 2026-08-20 09:53:43

LMT @ $591.98

Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (519d)

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (519d) ↳	Fortress	$520C/$650P/$580P	6	+0.877/sh (+526)	$57,540	$632.95 (+7%)	$-64/d	181,003
▲	Jan '28 (519d) ↳	Pure	$530C	8	+0.714/sh (+571)	$96,800	$651.00 (+10%)	$-81/d	221,131

★ = recommended pick (per Verdict below; multi-dim winner across score, capital, BE, theta, ROIC). ◆ = best Fortress by raw score (when not the ★). Shows what the scorer would pick without --anchor, so you can see the anchor trade-off in the table itself. ▲ = best Pure by raw score (when not the ★). 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).

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (519d) — This IS the default ★ pick: Fortress 6ct $520C/$650P/$580P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Best Fortress: $520C / $650P / $580P (Jan '28, 519d)

Leg	Action	Strike	Price	Delta
LC	BUY	$520.0C	$127.00	+0.732
SP	SELL	$650.0P	$99.00	+0.539
HP	BUY	$580.0P	$67.90	-0.394

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
6	+0.877/sh (+526)	$57,540	$99,540	$632.95 (+7%)	$-64/d	6.2x	181,003	+592%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$520C / $650P / $580P 6 contracts · Jan '28 (519d)	$530C 8 contracts · Jan '28 (519d)
Score	181,003	221,131	PURE (-18%)
Contracts	6	8	PURE (-25%)
IC (capital)	$57,540	$96,800	FORT (-41%)
Max Loss	$99,540	$96,800	PURE (+3%)
Breakeven	$632.95	$651.00	FORT (-3%)
Theta/day	$-64	$-81	FORT (-21%)
ROIC (weighted)	264%	192%	FORT (+38%)

Pure scores +18% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 18% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 6ct	Pure 8ct	Stock 168sh
-5%	$562.38	-$15,571	-$16,908	-$4,973
-10%	$532.78	-$31,142	-$33,816	-$9,945
-15%	$503.18	-$46,713	-$50,724	-$14,918
-20%	$473.58	-$62,285	-$67,633	-$19,891
-30%	$414.39	-$93,427	-$101,449	-$29,836

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

Move	Price	Fortress 6ct Jan'28	Pure 8ct Jan'28	F-P Diff	Winner
-19%	$474	$-99,540	$-96,800	$-2,740	(Pure)
+0%	$592	$-49,164	$-47,216	$-1,948	(Pure)
+25%	$740	$+74,445	$+71,180	$+3,265	(Fort)
+50%	$888	$+163,242	$+189,576	$-26,334	(Pure)
+75%	$1,036	$+252,039	$+307,972	$-55,933	(Pure)
+100%	$1,184	$+340,836	$+426,368	$-85,532	(Pure)
+200%	$1,776	$+696,024	$+899,952	$-203,928	(Pure)
Weighted	—	$+151,792	$+185,444	$-33,652	(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. 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.

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (519d) ↳	Fortress	$580C/$680P/$620P	8	+0.744/sh (+595)	$51,360	$662.10 (+12%)	$-93/d	439,070
▲	Jan '28 (519d) ↳	Pure	$590C	11	+0.603/sh (+663)	$99,000	$680.00 (+15%)	$-116/d	563,868

Compare Across Chains (click any chain to see this-chain-pick vs default ★ winner)

★ (default winner)Jan '28 (519d) — This IS the default ★ pick: Fortress 8ct $580C/$680P/$620P

This panel represents the current ★ default pick — the same structure shown in the Best Fortress card and Verdict above. Use other chain panels to see how alternates compare.

Best Fortress: $590C / $680P / $610P (Jan '28, 519d)

Leg	Action	Strike	Price	Delta
LC	BUY	$590.0C	$90.00	+0.603
SP	SELL	$680.0P	$119.00	+0.600
HP	BUY	$610.0P	$82.90	-0.455

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
8	+0.747/sh (+598)	$43,120	$99,120	$661.95 (+12%)	$-93/d	11.0x	438,959	+1002%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$590C / $680P / $610P 8 contracts · Jan '28 (519d)	$590C 11 contracts · Jan '28 (519d)
Score	438,959	563,868	PURE (-22%)
Contracts	8	11	PURE (-27%)
IC (capital)	$43,120	$99,000	FORT (-56%)
Max Loss	$99,120	$99,000	TIE
Breakeven	$661.95	$680.00	FORT (-3%)
Theta/day	$-93	$-116	FORT (-19%)
ROIC (weighted)	854%	478%	FORT (+79%)

Pure scores +22% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 22% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 8ct	Pure 11ct	Stock 168sh
-5%	$562.38	-$17,689	-$19,630	-$4,973
-10%	$532.78	-$35,379	-$39,261	-$9,945
-15%	$503.18	-$53,068	-$58,891	-$14,918
-20%	$473.58	-$70,757	-$78,521	-$19,891
-30%	$414.39	-$106,136	-$117,782	-$29,836

P&L Comparison

Move	Price	Fortress 8ct Jan'28	Pure 11ct Jan'28	F-P Diff	Winner
-19%	$474	$-99,120	$-99,000	$-120	(Pure)
+0%	$592	$-97,536	$-96,822	$-714	(Pure)
+25%	$740	$+76,860	$+65,973	$+10,887	(Fort)
+50%	$888	$+195,256	$+228,767	$-33,511	(Pure)
+75%	$1,036	$+313,652	$+391,562	$-77,910	(Pure)
+100%	$1,184	$+432,048	$+554,356	$-122,308	(Pure)
+200%	$1,776	$+905,632	$+1,205,534	$-299,902	(Pure)
Weighted	—	$+368,117	$+472,868	$-104,751	(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. 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.

LEAPS Builder v6.1 | 2026-08-20 09:53:43