| If stock is | Price | Structure value | P&L (value − IC) |
|---|---|---|---|
| +0% vs spot | $13.78 | $32,885 | $-104,027 |
| +95% vs spot | $26.89 | $313,408 | $+176,496 |
| +143% vs spot | $33.45 | $560,842 | $+423,930 |
| TARGET | $40.00 | $861,103 | $+724,191 |
| +238% vs spot | $46.55 | $1,200,726 | $+1,063,814 |
Each row: what MARA Dec '27 is worth on the target date (199d / 6.6mo of life still left) if the stock lands at that price. Mid-life Black-Scholes marks (leg IV: LC 87%, implied from each leg’s own quote when the feed gave iv=0), so time value / roll-room is retained — not expiry intrinsic. P&L = value minus what you paid to open (IC $136,912).
Ranked #1 of 46 valid structures by value at target per dollar of max loss (size-invariant). Score = value-at-target / ml × roll-room shaping.
| # | Structure | Expiry | Ct | Max Loss | BE | Value @ Target | ROI | Roll-room | Min OI | Score |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | $40C | Jan-28 (485d) | 761 | $136,980 | $42 | $857,369 | 526% | 7.8mo | 6,574 | 6.259 |
| 3 | $32C | Dec-27 (450d) | 608 | $136,800 | $34 | $847,259 | 519% | 6.6mo | 1,573 | 6.193 |
| 4 | $40C | Dec-27 (450d) | 805 | $136,850 | $42 | $846,830 | 519% | 6.6mo | 6,793 | 6.188 |
| 5 | $37C | Dec-27 (450d) | 724 | $136,836 | $39 | $844,684 | 517% | 6.6mo | 748 | 6.173 |
| 6 | $35C | Jan-28 (485d) | 631 | $136,927 | $37 | $835,882 | 510% | 7.8mo | 1,515 | 6.105 |