LEAPS Builder --all v6.0

MARA | 2026-05-06 21:59:30
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
MARA Stock replacement (1-2yr) NORMAL $8C/$13P/$5P × 205ct
Jan '28		 164,649 $12.57 (+0%) 3.0x $-35/d FORTRESS_PREFERRED
MARA Moderate-bull (1-2yr) NORMAL $13C/$13P/$8P × 298ct
Jan '28		 273,693 $16.38 (+31%) 3.7x $-102/d FORTRESS_PREFERRED
MARA Active 6mo+ directional BREAKOUT $10C/$13P/$8P × 273ct
Jan '28		 1.0276 $14.13 (+13%) 3.0x $-80/d PURE_PREFERRED
MARA 3-4x thesis (2yr) YOLO $20C/$10P/$8P × 517ct
Jan '28		 1,116,435 $22.83 (+82%) 4.4x $-216/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. Pick the structure whose use case matches your view.

MARA — All Modes

NORMAL (hold-to-expiry)

MARA @ $12.54

Sizing: $250,000 (ITM + OTM) | Chains: Jun 2027 (407d), Oct 2027 (527d), Nov 2027 (562d), Dec 2027 (590d), Jan 2028 (625d)
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 (625d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

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

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
Jun '27 (407d)Fortress$8C/$13P/$8P255+0.667/sh (+17,007)$121,635$12.88 (+3%)$-80/d148,579
Oct '27 (527d)Fortress$7C/$10P/$4P194+0.706/sh (+13,692)$132,696$13.84 (+10%)$-26/d110,811
Nov '27 (562d)Fortress$7C/$10P/$3P184+0.691/sh (+12,717)$120,888$13.57 (+8%)$-21/d114,697
Dec '27 (590d)Fortress$8C/$12P/$5P216+0.655/sh (+14,156)$98,280$12.55 (+0%)$-40/d161,456
★Jan '28 (625d)Fortress$8C/$13P/$5P205+0.633/sh (+12,972)$85,075$12.57 (+0%)$-35/d164,649
▲Jan '28 (625d)Pure$8C320+0.847/sh (+27,105)$249,600$15.80 (+26%)$-98/d116,978

★ = 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: $8C / $13P / $5P (Jan '28, 625d)

LegActionStrikePriceDelta
LCBUY$8.0C$7.80+0.847
SPSELL$13.0P$4.80-0.295
HPBUY$5.0P$1.15+0.081
CtDeltaICMLBEThetaLevScoreROIC
205 +0.633/sh (+12,972) $85,075$249,075 $12.57 (+0%)$-35/d 3.0x164,649+311%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score164,649116,978FORT (+41%)
Contracts205320PURE (-36%)
IC (capital)$85,075$249,600FORT (-66%)
Max Loss$249,075$249,600TIE
Breakeven$12.57$15.80FORT (-20%)
Theta/day$-35$-98FORT (-64%)
ROIC (weighted)148%36%FORT (+313%)

Fortress scores +41% with similar max loss (-0%). Clear winner.

Anchor Cost Analysis (Jan '28, 625d)

What you trade by anchoring to Jan '28 (625d) 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
Dimension ANCHORED FREE Δ Better
ANCHORED: $8C × 320ct
Jan '28 (625d)    FREE: $8C × 337ct
Dec '27 (590d)
Score116,978136,832-14.5%free
Contracts320337-5.0%free
IC (capital)$249,600$249,380+220tie
Max Loss$249,600$249,380+220tie
Breakeven$15.80$15.40+0.40 (+2.6%)free
Theta/day$-98$-108+10 (+9.3%)ANCHOR
Weighted P&L$89,395$107,624-18,229 (-16.9%)free
ROIC (weighted)36%43%-17.0%free
DTE625d590d+35dANCHOR

Anchor expensive (~16% on score/P&L/ROIC). Anchor gives +35d runway. Wins: Theta/day. Loses: Score, Contracts, Breakeven.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 205ctPure 320ctStock 19,944sh
-5%$11.91-$8,130-$16,988-$12,500
-10%$11.28-$16,260-$33,976-$25,000
-15%$10.65-$24,390-$50,965-$37,500
-20%$10.03-$32,520-$67,953-$50,000
-30%$8.77-$48,780-$101,929-$74,999

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 205ct Jan'28Pure 320ct Jan'28F-P DiffWinner
-19%$10$-104,427$-184,704$+80,277(Fort)
+0%$13$-1,640$-104,480$+102,840(Fort)
+25%$16$+72,134$-4,200$+76,334(Fort)
+50%$19$+136,376$+96,080$+40,296(Fort)
+75%$22$+200,618$+196,360$+4,258(Fort)
+100%$25$+264,860$+296,640$-31,780(Pure)
+200%$38$+521,828$+697,760$-175,932(Pure)
Weighted—$+125,825$+89,395$+36,430(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.

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

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
◆Jun '27 (407d)Fortress$13C/$13P/$10P396+0.569/sh (+22,538)$130,680$16.30 (+30%)$-197/d296,840
Oct '27 (527d)Fortress$12C/$10P/$7P330+0.640/sh (+21,118)$150,480$16.56 (+32%)$-122/d274,430
Nov '27 (562d)Fortress$15C/$10P/$7P362+0.571/sh (+20,658)$140,818$18.89 (+51%)$-147/d216,444
Dec '27 (590d)Fortress$12C/$12P/$8P297+0.625/sh (+18,571)$130,977$16.41 (+31%)$-104/d263,895
★Jan '28 (625d)Fortress$13C/$13P/$8P298+0.580/sh (+17,294)$100,724$16.38 (+31%)$-102/d273,693
▲Jan '28 (625d)Pure$13C431+0.718/sh (+30,944)$249,980$18.80 (+50%)$-177/d267,437

★ = 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: $13C / $13P / $8P (Jan '28, 625d)

LegActionStrikePriceDelta
LCBUY$13.0C$5.80+0.718
SPSELL$13.0P$4.80-0.295
HPBUY$8.0P$2.38+0.158
CtDeltaICMLBEThetaLevScoreROIC
298 +0.580/sh (+17,294) $100,724$249,724 $16.38 (+31%)$-102/d 3.7x273,693+257%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score273,693267,437FORT (+2%)
Contracts298431PURE (-31%)
IC (capital)$100,724$249,980FORT (-60%)
Max Loss$249,724$249,980TIE
Breakeven$16.38$18.80FORT (-13%)
Theta/day$-102$-177FORT (-42%)
ROIC (weighted)208%82%FORT (+154%)

Fortress scores +2% with similar max loss (-0%). Clear winner.

Anchor Cost Analysis (Jan '28, 625d)

What you trade by anchoring to Jan '28 (625d) 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 FREE Δ Better
ANCHORED: $13C/$13P/$8P × 298ct
Jan '28 (625d)    FREE: $13C/$13P/$10P × 396ct
Jun '27 (407d)
Score273,693296,840-7.8%free
Contracts298396-24.7%free
IC (capital)$100,724$130,680-29,956 (-22.9%)ANCHOR
Max Loss$249,724$249,480+244tie
Breakeven$16.38$16.30+0.08tie
Theta/day$-102$-197+95 (+48.1%)ANCHOR
Weighted P&L$209,156$281,107-71,951 (-25.6%)free
ROIC (weighted)208%215%-3.5%free
DTE625d407d+218dANCHOR

Anchor expensive (~12% on score/P&L/ROIC). Anchor gives +218d runway. Wins: IC (capital), Theta/day. Loses: Score, Contracts, Weighted P&L.

Pure
Dimension ANCHORED FREE Δ Better
ANCHORED: $13C × 431ct
Jan '28 (625d)    FREE: $13C × 537ct
Jun '27 (407d)
Score267,437334,102-20.0%free
Contracts431537-19.7%free
IC (capital)$249,980$249,705+275tie
Max Loss$249,980$249,705+275tie
Breakeven$18.80$17.65+1.15 (+6.5%)free
Theta/day$-177$-288+111 (+38.5%)ANCHOR
Weighted P&L$204,375$316,394-112,019 (-35.4%)free
ROIC (weighted)82%127%-35.5%free
DTE625d407d+218dANCHOR

Anchor expensive (~30% on score/P&L/ROIC). Anchor gives +218d runway. Wins: Theta/day. Loses: Score, Contracts, Breakeven.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 298ctPure 431ctStock 19,944sh
-5%$11.91-$10,839-$19,394-$12,500
-10%$11.28-$21,678-$38,788-$25,000
-15%$10.65-$32,517-$58,182-$37,500
-20%$10.03-$43,356-$77,576-$50,000
-30%$8.77-$65,034-$116,363-$74,999

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 298ct Jan'28Pure 431ct Jan'28F-P DiffWinner
-19%$10$-189,290$-249,980$+60,690(Fort)
+0%$13$-114,581$-249,980$+135,399(Fort)
+25%$16$-21,195$-134,957$+113,762(Fort)
+50%$19$+72,191$+108$+72,083(Fort)
+75%$22$+165,576$+135,172$+30,404(Fort)
+100%$25$+258,962$+270,237$-11,275(Pure)
+200%$38$+632,505$+810,496$-177,991(Pure)
Weighted—$+209,156$+204,375$+4,781(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 directional)

MARA @ $12.54

Sizing: $250,000 (Deep ITM Only) | Chains: Jul 2026 (72d), Aug 2026 (107d), Sep 2026 (135d), Dec 2026 (226d), Jan 2027 (254d), Jun 2027 (407d), Oct 2027 (527d), Nov 2027 (562d), Dec 2027 (590d), Jan 2028 (625d)
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 (+30%, +60%, +90%, +121%, +181%; ATM IV 85%)) ÷ 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 (625d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

Breakout Mode: 6-month horizon, sigma-targets: +30%, +60%, +90%, +121%, +181% (IV 85%) ($250,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
Jul '26 (72d)Fortress$11C/$13P/$11P569+0.537/sh (+30,576)$135,991$13.39 (+7%)$-608/d0.8269
Aug '26 (107d)Fortress$10C/$12P/$10P469+0.741/sh (+34,730)$155,708$13.32 (+6%)$-588/d0.9578
Sep '26 (135d)Fortress$10C/$13P/$11P474+0.639/sh (+30,298)$154,998$13.27 (+6%)$-373/d1.28
◆Dec '26 (226d)Fortress$10C/$13P/$11P415+0.666/sh (+27,630)$166,415$14.01 (+12%)$-252/d1.41
Jan '27 (254d)Fortress$10C/$13P/$10P370+0.630/sh (+23,313)$138,750$13.75 (+10%)$-202/d1.33
Jun '27 (407d)Fortress$10C/$13P/$8P291+0.601/sh (+17,502)$103,887$13.57 (+8%)$-112/d1.13
Oct '27 (527d)Fortress$7C/$10P/$4P194+0.706/sh (+13,692)$132,696$13.84 (+10%)$-26/d0.7807
Nov '27 (562d)Fortress$7C/$10P/$3P184+0.691/sh (+12,717)$120,888$13.57 (+8%)$-21/d0.7610
Dec '27 (590d)Fortress$8C/$12P/$8P254+0.733/sh (+18,612)$147,574$13.81 (+10%)$-65/d0.9976
Jan '28 (625d)Fortress$10C/$13P/$8P273+0.657/sh (+17,945)$112,749$14.13 (+13%)$-80/d1.03
★Jan '28 (625d)Pure$10C381+0.795/sh (+30,287)$249,555$16.55 (+32%)$-138/d1.04
●NowStock19,944 sh @ $12.5419,944+1.000/sh (+19,944)$249,998$12.54 (+0%)$0/d0.9191

★ = 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: $10C / $13P / $8P (Jan '28, 625d)

LegActionStrikePriceDelta
LCBUY$10.0C$6.55+0.795
SPSELL$13.0P$4.80-0.295
HPBUY$8.0P$2.38+0.158
CtDeltaICMLBEThetaLevScoreROIC
273 +0.657/sh (+17,945) $112,749$249,249 $14.13 (+13%)$-80/d 3.0x1.03+265%

Verdict: PURE PREFERRED

Dimension Fortress Pure Winner
Score1.031.04PURE (-1%)
Contracts273381PURE (-28%)
IC (capital)$112,749$249,555FORT (-55%)
Max Loss$249,249$249,555TIE
Breakeven$14.13$16.55FORT (-15%)
Theta/day$-80$-138FORT (-42%)
ROIC (weighted)240%115%FORT (+110%)

Pure 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). Fortress remains capital-efficient (see dimensions); see Score Breakdown below for per-target P&L.

Anchor Cost Analysis (Jan '28, 625d)

What you trade by anchoring to Jan '28 (625d) 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 FREE Δ Better
ANCHORED: $10C/$13P/$8P × 273ct
Jan '28 (625d)    FREE: $10C/$13P/$11P × 415ct
Dec '26 (226d)
Score1.031.41-27.3%free
Contracts273415-34.2%free
IC (capital)$112,749$166,415-53,666 (-32.2%)ANCHOR
Max Loss$249,249$249,415-166tie
Breakeven$14.13$14.01+0.12 (+0.9%)free
Theta/day$-80$-252+172 (+68.2%)ANCHOR
Weighted P&L$270,964$416,886-145,921 (-35.0%)free
ROIC (weighted)240%251%-4.1%free
DTE625d226d+399dANCHOR

Anchor expensive (~22% on score/P&L/ROIC). Anchor gives +399d runway. Wins: IC (capital), Theta/day. Loses: Score, Contracts, Breakeven.

Pure
Dimension ANCHORED FREE Δ Better
ANCHORED: $10C × 381ct
Jan '28 (625d)    FREE: $10C × 520ct
Dec '26 (226d)
Score1.041.55-32.7%free
Contracts381520-26.7%free
IC (capital)$249,555$249,600-45tie
Max Loss$249,555$249,600-45tie
Breakeven$16.55$14.80+1.75 (+11.8%)free
Theta/day$-138$-339+201 (+59.4%)ANCHOR
Weighted P&L$285,957$481,283-195,326 (-40.6%)free
ROIC (weighted)115%193%-40.6%free
DTE625d226d+399dANCHOR

Anchor expensive (~38% on score/P&L/ROIC). Anchor gives +399d runway. Wins: Theta/day. Loses: Score, Contracts, Breakeven.

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

sigmaMovePriceWeight Fortress 273ctPure 381ctStock 19,944shWinner
0.5sigma+30%$16.3115%$+59,574$-9,061$+75,332(Stock)
1sigma+60%$20.0920%$+162,691$+134,850$+150,665(Fort)
1.5sigma+90%$23.8730%$+265,808$+278,761$+225,997(Pure)
2sigma+121%$27.6425%$+368,926$+422,672$+301,329(Pure)
3sigma+181%$35.2010%$+575,160$+710,494$+451,994(Pure)
Weighted average P&L100% $+270,964 $+285,957 $+229,764 (Pure)

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 273ctPure 381ctStock 19,944sh
-5%$11.91-$11,247-$18,983-$12,500
-10%$11.28-$22,494-$37,965-$25,000
-15%$10.65-$33,741-$56,948-$37,500
-20%$10.03-$44,988-$75,930-$50,000
-30%$8.77-$67,482-$113,895-$74,999

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 273ct Jan'28Pure 381ct Jan'28Stock 19,944shF-P DiffWinner
-19%$10$-193,120$-248,488$-50,000$+55,368(Stock)
+0%$13$-56,238$-152,972$0$+96,734(Stock)
+25%$16$+42,008$-33,576$+62,500$+75,584(Stock)
+50%$19$+127,559$+85,820$+124,999$+41,739(Fort)
+75%$22$+213,111$+205,216$+187,499$+7,894(Fort)
+100%$25$+298,662$+324,612$+249,998$-25,950(Pure)
+200%$38$+640,868$+802,196$+499,996$-161,328(Pure)
Weighted—$+270,964$+285,957$+229,764$-14,993(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. 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)

MARA @ $12.54

Sizing: $250,000 (OTM Only) | Chains: Jun 2027 (407d), Oct 2027 (527d), Nov 2027 (562d), Dec 2027 (590d), Jan 2028 (625d)
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 (625d): 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) ($250,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
Jun '27 (407d)Fortress$20C/$10P/$8P612+0.407/sh (+24,897)$127,296$22.08 (+76%)$-308/d1,114,946
Oct '27 (527d)Fortress$20C/$7P/$5P479+0.475/sh (+22,735)$153,759$23.21 (+85%)$-214/d927,953
Nov '27 (562d)Fortress$17C/$7P/$5P420+0.552/sh (+23,189)$165,900$20.95 (+67%)$-166/d943,333
Dec '27 (590d)Fortress$20C/$12P/$10P505+0.494/sh (+24,964)$148,975$22.95 (+83%)$-228/d1,048,596
★Jan '28 (625d)Fortress$20C/$10P/$8P517+0.506/sh (+26,151)$146,311$22.83 (+82%)$-216/d1,116,435
▲Jan '28 (625d)Pure$20C675+0.561/sh (+37,853)$249,750$23.70 (+89%)$-308/d1,380,782
●NowStock19,944 sh @ $12.5419,944+1.000/sh (+19,944)$249,998$12.54 (+0%)$0/d733,452

★ = 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: $20C / $10P / $8P (Jan '28, 625d)

LegActionStrikePriceDelta
LCBUY$20.0C$3.70+0.561
SPSELL$10.0P$3.25-0.213
HPBUY$8.0P$2.38+0.158
CtDeltaICMLBEThetaLevScoreROIC
517 +0.506/sh (+26,151) $146,311$249,711 $22.83 (+82%)$-216/d 4.4x1,116,435+79%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score1,116,4351,380,782PURE (-19%)
Contracts517675PURE (-23%)
IC (capital)$146,311$249,750FORT (-41%)
Max Loss$249,711$249,750TIE
Breakeven$22.83$23.70FORT (-4%)
Theta/day$-216$-308FORT (-30%)
ROIC (weighted)583%422%FORT (+38%)

Pure scores +19% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 19% score for capital efficiency.

Anchor Cost Analysis (Jan '28, 625d)

What you trade by anchoring to Jan '28 (625d) 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
Dimension ANCHORED FREE Δ Better
ANCHORED: $20C × 675ct
Jan '28 (625d)    FREE: $25C × 1250ct
Jun '27 (407d)
Score1,380,7821,723,732-19.9%free
Contracts6751,250-46.0%free
IC (capital)$249,750$250,000-250tie
Max Loss$249,750$250,000-250tie
Breakeven$23.70$27.00-3.30 (-12.2%)ANCHOR
Theta/day$-308$-655+347 (+53.0%)ANCHOR
Weighted P&L$1,055,192$1,632,372-577,179 (-35.4%)free
ROIC (weighted)422%653%-35.3%free
DTE625d407d+218dANCHOR

Anchor expensive (~30% on score/P&L/ROIC). Anchor gives +218d runway. Wins: Breakeven, Theta/day. Loses: Score, Contracts, Weighted P&L.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 517ctPure 675ctStock 19,944sh
-5%$11.91-$16,390-$23,725-$12,500
-10%$11.28-$32,780-$47,449-$25,000
-15%$10.65-$49,170-$71,174-$37,500
-20%$10.03-$65,560-$94,898-$50,000
-30%$8.77-$98,340-$142,347-$74,999

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 517ct Jan'28Pure 675ct Jan'28Stock 19,944shF-P DiffWinner
-19%$10$-146,311$-249,750$-50,000$+103,439(Stock)
+0%$13$-146,311$-249,750$0$+103,439(Stock)
+50%$19$-146,311$-249,750$+124,999$+103,439(Stock)
+100%$25$+115,808$+92,475$+249,998$+23,333(Stock)
+200%$38$+763,868$+938,588$+499,996$-174,720(Pure)
+300%$50$+1,411,927$+1,784,700$+749,994$-372,773(Pure)
+400%$63$+2,059,986$+2,630,812$+999,992$-570,826(Pure)
+700%$100$+4,004,165$+5,169,150$+1,749,986$-1,164,985(Pure)
+1000%$138$+5,948,343$+7,707,487$+2,499,980$-1,759,144(Pure)
Weighted—$+853,178$+1,055,192$+522,218$-202,014(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.