LEAPS Builder --all v6.0

MARA | 2026-05-06 22:33:34
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 $5C/$13P/$5P × 189ct
Jan '28		 191,660 $11.61 (-6%) 2.4x $-16/d FORTRESS_PREFERRED
MARA Moderate-bull (1-2yr) NORMAL $13C/$13P/$8P × 321ct
Jan '28		 305,543 $15.77 (+28%) 4.5x $-112/d FORTRESS_PREFERRED
MARA Active 6mo+ directional BREAKOUT $8C/$13P/$8P × 253ct
Jan '28		 1.0474 $12.94 (+5%) 2.5x $-65/d FORTRESS_PREFERRED
MARA 3-4x thesis (2yr) YOLO $20C/$10P/$8P × 518ct
Jan '28		 1,081,631 $22.82 (+85%) 4.4x $-220/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 @ $12.35

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$10C/$13P/$8P302+0.595/sh (+17,962)$98,754$13.27 (+7%)$-115/d150,199
Oct '27 (527d)Fortress$5C/$12P/$5P186+0.716/sh (+13,311)$119,412$11.71 (-5%)$-11/d150,073
Nov '27 (562d)Fortress$5C/$10P/$5P198+0.781/sh (+15,465)$150,282$12.59 (+2%)$-16/d140,324
Dec '27 (590d)Fortress$8C/$12P/$5P219+0.650/sh (+14,227)$95,703$12.37 (+0%)$-44/d160,511
★Jan '28 (625d)Fortress$5C/$13P/$5P189+0.701/sh (+13,245)$98,658$11.61 (-6%)$-16/d191,660
▲Jan '28 (625d)Pure$5C273+0.920/sh (+25,109)$249,795$14.15 (+15%)$-59/d148,673

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

LegActionStrikePriceDelta
LCBUY$5.0C$9.15+0.920
SPSELL$13.0P$5.00-0.301
HPBUY$5.0P$1.07+0.082
CtDeltaICMLBEThetaLevScoreROIC
189 +0.701/sh (+13,245) $98,658$249,858 $11.61 (-6%)$-16/d 2.4x191,660+277%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score191,660148,673FORT (+29%)
Contracts189273PURE (-31%)
IC (capital)$98,658$249,795FORT (-61%)
Max Loss$249,858$249,795TIE
Breakeven$11.61$14.15FORT (-18%)
Theta/day$-16$-59FORT (-73%)
ROIC (weighted)148%45%FORT (+226%)

Fortress scores +29% 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: anchor matches free choice (no delta)

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 189ctPure 273ctStock 20,251sh
-5%$11.73-$8,176-$15,499-$12,500
-10%$11.11-$16,351-$30,998-$25,000
-15%$10.49-$24,527-$46,496-$37,500
-20%$9.88-$32,703-$61,995-$50,000
-30%$8.64-$49,054-$92,993-$75,000

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 189ct Jan'28Pure 273ct Jan'28F-P DiffWinner
-19%$10$-65,545$-116,680$+51,135(Fort)
+0%$12$+27,783$-49,276$+77,059(Fort)
+25%$15$+98,493$+34,978$+63,514(Fort)
+50%$19$+156,823$+119,233$+37,590(Fort)
+75%$22$+215,153$+203,487$+11,666(Fort)
+100%$25$+273,483$+287,742$-14,259(Pure)
+200%$37$+506,804$+624,761$-117,957(Pure)
Weighted—$+146,466$+113,616$+32,851(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/$10P417+0.562/sh (+23,439)$124,683$15.99 (+30%)$-206/d310,842
Oct '27 (527d)Fortress$12C/$12P/$7P301+0.573/sh (+17,255)$99,029$15.29 (+24%)$-102/d280,447
Nov '27 (562d)Fortress$15C/$10P/$5P314+0.511/sh (+16,050)$92,316$17.94 (+45%)$-102/d211,294
Dec '27 (590d)Fortress$12C/$10P/$8P342+0.678/sh (+23,198)$181,260$17.30 (+40%)$-131/d253,382
★Jan '28 (625d)Fortress$13C/$13P/$8P321+0.573/sh (+18,379)$88,917$15.77 (+28%)$-112/d305,543
▲Jan '28 (625d)Pure$13C462+0.713/sh (+32,930)$249,480$18.40 (+49%)$-188/d290,274

★ = 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$5.40+0.713
SPSELL$13.0P$5.00-0.301
HPBUY$8.0P$2.37+0.161
CtDeltaICMLBEThetaLevScoreROIC
321 +0.573/sh (+18,379) $88,917$249,417 $15.77 (+28%)$-112/d 4.5x305,543+322%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score305,543290,274FORT (+5%)
Contracts321462PURE (-31%)
IC (capital)$88,917$249,480FORT (-64%)
Max Loss$249,417$249,480TIE
Breakeven$15.77$18.40FORT (-14%)
Theta/day$-112$-188FORT (-41%)
ROIC (weighted)263%89%FORT (+195%)

Fortress scores +5% 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 (Fortress) Free (Fortress) Δ Better
$13C/$13P/$8P × 321ct
Jan '28 (625d)		 $13C/$13P/$10P × 417ct
Jun '27 (407d)
Score305,543310,842-1.7%free
Contracts321417-23.0%free
IC (capital)$88,917$124,683-35,766 (-28.7%)ANCHOR
Max Loss$249,417$249,783-366tie
Breakeven$15.77$15.99-0.22 (-1.4%)ANCHOR
Theta/day$-112$-206+94 (+45.6%)ANCHOR
Weighted P&L$233,495$294,367-60,872 (-20.7%)free
ROIC (weighted)263%236%+11.2%ANCHOR
DTE625d407d+218dANCHOR

Anchor cost moderate (~4% on score/P&L/ROIC). Anchor gives +218d runway. Wins: IC (capital), Breakeven, Theta/day. Loses: Score, Contracts, Weighted P&L.

Pure
Dimension Anchored (Pure) Free (Pure) Δ Better
$13C × 462ct
Jan '28 (625d)		 $13C × 574ct
Jun '27 (407d)
Score290,274354,672-18.2%free
Contracts462574-19.5%free
IC (capital)$249,480$249,690-210tie
Max Loss$249,480$249,690-210tie
Breakeven$18.40$17.35+1.05 (+6.1%)free
Theta/day$-188$-305+117 (+38.4%)ANCHOR
Weighted P&L$221,827$335,874-114,046 (-34.0%)free
ROIC (weighted)89%135%-33.9%free
DTE625d407d+218dANCHOR

Anchor expensive (~29% 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 321ctPure 462ctStock 20,251sh
-5%$11.73-$11,344-$20,326-$12,500
-10%$11.11-$22,689-$40,652-$25,000
-15%$10.49-$34,033-$60,978-$37,500
-20%$9.88-$45,377-$81,304-$50,000
-30%$8.64-$68,066-$121,956-$75,000

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 321ct Jan'28Pure 462ct Jan'28F-P DiffWinner
-19%$10$-189,197$-249,480$+60,283(Fort)
+0%$12$-109,942$-249,480$+139,538(Fort)
+25%$15$-10,874$-137,156$+126,282(Fort)
+50%$19$+88,195$+5,429$+82,766(Fort)
+75%$22$+187,263$+148,013$+39,250(Fort)
+100%$25$+286,332$+290,598$-4,266(Pure)
+200%$37$+682,607$+860,937$-178,331(Pure)
Weighted—$+233,495$+221,827$+11,668(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 @ $12.35

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$10C/$13P/$11P550+0.609/sh (+33,518)$139,700$12.77 (+3%)$-522/d0.8540
Aug '26 (107d)Fortress$10C/$12P/$10P496+0.622/sh (+30,854)$150,784$13.04 (+6%)$-410/d1.07
Sep '26 (135d)Fortress$10C/$13P/$11P500+0.632/sh (+31,585)$150,000$13.00 (+5%)$-396/d1.32
◆Dec '26 (226d)Fortress$10C/$13P/$11P427+0.660/sh (+28,190)$164,395$13.85 (+12%)$-258/d1.42
Jan '27 (254d)Fortress$10C/$12P/$9P376+0.625/sh (+23,483)$136,864$13.64 (+10%)$-193/d1.33
Jun '27 (407d)Fortress$10C/$13P/$8P302+0.595/sh (+17,962)$98,754$13.27 (+7%)$-115/d1.16
Oct '27 (527d)Fortress$5C/$12P/$7P205+0.770/sh (+15,780)$147,395$12.19 (-1%)$-25/d0.9266
Nov '27 (562d)Fortress$5C/$10P/$5P198+0.781/sh (+15,465)$150,282$12.59 (+2%)$-16/d0.8718
Dec '27 (590d)Fortress$8C/$12P/$8P257+0.729/sh (+18,732)$146,490$13.70 (+11%)$-72/d0.9793
★Jan '28 (625d)Fortress$8C/$13P/$8P253+0.704/sh (+17,810)$123,211$12.94 (+5%)$-65/d1.05
▲Jan '28 (625d)Pure$8C333+0.844/sh (+28,111)$249,750$15.50 (+26%)$-105/d1.02
●NowStock20,251 sh @ $12.3520,251+1.000/sh (+20,251)$249,999$12.35 (+0%)$0/d0.9190

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

LegActionStrikePriceDelta
LCBUY$8.0C$7.50+0.844
SPSELL$13.0P$5.00-0.301
HPBUY$8.0P$2.37+0.161
CtDeltaICMLBEThetaLevScoreROIC
253 +0.704/sh (+17,810) $123,211$249,711 $12.94 (+5%)$-65/d 2.5x1.05+243%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score1.051.02FORT (+3%)
Contracts253333PURE (-24%)
IC (capital)$123,211$249,750FORT (-51%)
Max Loss$249,711$249,750TIE
Breakeven$12.94$15.50FORT (-17%)
Theta/day$-65$-105FORT (-38%)
ROIC (weighted)222%109%FORT (+103%)

Fortress scores 3% 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, 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 (Fortress) Free (Fortress) Δ Better
$8C/$13P/$8P × 253ct
Jan '28 (625d)		 $10C/$13P/$11P × 427ct
Dec '26 (226d)
Score1.051.42-26.2%free
Contracts253427-40.7%free
IC (capital)$123,211$164,395-41,184 (-25.1%)ANCHOR
Max Loss$249,711$249,795-84tie
Breakeven$12.94$13.85-0.91 (-6.6%)ANCHOR
Theta/day$-65$-258+193 (+74.9%)ANCHOR
Weighted P&L$273,748$420,171-146,423 (-34.8%)free
ROIC (weighted)222%256%-13.1%free
DTE625d226d+399dANCHOR

Anchor expensive (~25% on score/P&L/ROIC). Anchor gives +399d runway. Wins: IC (capital), Breakeven, Theta/day. Loses: Score, Contracts, Weighted P&L.

Pure
Dimension Anchored (Pure) Free (Pure) Δ Better
$8C × 333ct
Jan '28 (625d)		 $10C × 537ct
Dec '26 (226d)
Score1.021.55-34.7%free
Contracts333537-38.0%free
IC (capital)$249,750$249,705+45tie
Max Loss$249,750$249,705+45tie
Breakeven$15.50$14.65+0.85 (+5.8%)free
Theta/day$-105$-348+244 (+70.0%)ANCHOR
Weighted P&L$272,729$485,452-212,722 (-43.8%)free
ROIC (weighted)109%194%-43.8%free
DTE625d226d+399dANCHOR

Anchor expensive (~41% 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 253ctPure 333ctStock 20,251shWinner
0.5sigma+30%$16.0615%$+80,826$+18,804$+75,328(Fort)
1sigma+60%$19.7820%$+174,934$+142,670$+150,655(Fort)
1.5sigma+90%$23.5030%$+269,042$+266,536$+225,983(Fort)
2sigma+121%$27.2225%$+363,151$+390,402$+301,310(Pure)
3sigma+181%$34.6610%$+551,367$+638,134$+451,965(Pure)
Weighted average P&L100% $+273,748 $+272,729 $+229,749 (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 253ctPure 333ctStock 20,251sh
-5%$11.73-$10,993-$17,352-$12,500
-10%$11.11-$21,987-$34,703-$25,000
-15%$10.49-$32,980-$52,055-$37,500
-20%$9.88-$43,973-$69,407-$50,000
-30%$8.64-$65,960-$104,110-$75,000

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 253ct Jan'28Pure 333ct Jan'28Stock 20,251shF-P DiffWinner
-19%$10$-154,785$-187,279$-50,000$+32,494(Stock)
+0%$12$-29,854$-105,061$0$+75,208(Stock)
+25%$15$+64,800$-2,289$+62,500$+67,089(Fort)
+50%$19$+142,882$+100,483$+124,999$+42,399(Fort)
+75%$22$+220,964$+203,255$+187,499$+17,709(Fort)
+100%$25$+299,046$+306,027$+249,999$-6,981(Pure)
+200%$37$+611,375$+717,116$+499,997$-105,741(Pure)
Weighted—$+273,748$+272,729$+229,749$+1,018(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)

MARA @ $12.35

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/$8P618+0.400/sh (+24,723)$126,072$22.04 (+79%)$-309/d1,092,248
Oct '27 (527d)Fortress$20C/$12P/$10P526+0.468/sh (+24,635)$144,650$22.75 (+84%)$-255/d1,009,941
Nov '27 (562d)Fortress$17C/$7P/$5P433+0.547/sh (+23,688)$163,241$20.77 (+68%)$-170/d951,228
Dec '27 (590d)Fortress$20C/$10P/$8P520+0.492/sh (+25,591)$145,600$22.80 (+85%)$-231/d1,056,289
★Jan '28 (625d)Fortress$20C/$10P/$8P518+0.499/sh (+25,842)$146,076$22.82 (+85%)$-220/d1,081,631
▲Jan '28 (625d)Pure$20C675+0.555/sh (+37,476)$249,750$23.70 (+92%)$-305/d1,332,013
●NowStock20,251 sh @ $12.3520,251+1.000/sh (+20,251)$249,999$12.35 (+0%)$0/d733,454

★ = 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+0.555
SPSELL$10.0P$3.25-0.217
HPBUY$8.0P$2.37+0.161
CtDeltaICMLBEThetaLevScoreROIC
518 +0.499/sh (+25,842) $146,076$249,676 $22.82 (+85%)$-220/d 4.4x1,081,631+66%

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
Score1,081,6311,332,013PURE (-19%)
Contracts518675PURE (-23%)
IC (capital)$146,076$249,750FORT (-42%)
Max Loss$249,676$249,750TIE
Breakeven$22.82$23.70FORT (-4%)
Theta/day$-220$-305FORT (-28%)
ROIC (weighted)566%408%FORT (+39%)

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
Dimension Anchored (Fortress) Free (Fortress) Δ Better
$20C/$10P/$8P × 518ct
Jan '28 (625d)		 $20C/$10P/$8P × 618ct
Jun '27 (407d)
Score1,081,6311,092,248-1.0%free
Contracts518618-16.2%free
IC (capital)$146,076$126,072+20,004 (+15.9%)free
Max Loss$249,676$249,672+4tie
Breakeven$22.82$22.04+0.78 (+3.5%)free
Theta/day$-220$-309+89 (+28.9%)ANCHOR
Weighted P&L$826,581$1,034,357-207,776 (-20.1%)free
ROIC (weighted)566%820%-31.0%free
DTE625d407d+218dANCHOR

Anchor expensive (~17% on score/P&L/ROIC). Anchor gives +218d runway. Wins: Theta/day. Loses: Score, Contracts, IC (capital).

Pure
Dimension Anchored (Pure) Free (Pure) Δ Better
$20C × 675ct
Jan '28 (625d)		 $20C × 961ct
Jun '27 (407d)
Score1,332,0131,641,957-18.9%free
Contracts675961-29.8%free
IC (capital)$249,750$249,860-110tie
Max Loss$249,750$249,860-110tie
Breakeven$23.70$22.60+1.10 (+4.9%)free
Theta/day$-305$-532+226 (+42.6%)ANCHOR
Weighted P&L$1,017,923$1,554,931-537,008 (-34.5%)free
ROIC (weighted)408%622%-34.5%free
DTE625d407d+218dANCHOR

Anchor expensive (~29% 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 518ctPure 675ctStock 20,251sh
-5%$11.73-$15,951-$23,132-$12,500
-10%$11.11-$31,903-$46,264-$25,000
-15%$10.49-$47,854-$69,396-$37,500
-20%$9.88-$63,805-$92,528-$50,000
-30%$8.64-$95,708-$138,791-$75,000

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 518ct Jan'28Pure 675ct Jan'28Stock 20,251shF-P DiffWinner
-19%$10$-152,499$-249,750$-50,000$+97,251(Stock)
+0%$12$-146,076$-249,750$0$+103,674(Stock)
+50%$19$-146,076$-249,750$+124,999$+103,674(Stock)
+100%$25$+96,866$+66,825$+249,999$+30,041(Stock)
+200%$37$+736,337$+900,113$+499,997$-163,776(Pure)
+300%$49$+1,375,808$+1,733,400$+749,996$-357,592(Pure)
+400%$62$+2,015,279$+2,566,688$+999,994$-551,408(Pure)
+700%$99$+3,933,692$+5,066,550$+1,749,990$-1,132,858(Pure)
+1000%$136$+5,852,105$+7,566,413$+2,499,986$-1,714,308(Pure)
Weighted—$+826,581$+1,017,923$+522,219$-191,342(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.