LEAPS Builder --all v6.0

MSTR | 2026-06-16 01:10:06

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
MSTR	Stock replacement (1-2yr)	NORMAL	$55C/$145P/$65P × 7ct Dec '28	85,818	$130.82 (-2%)	2.2x	$-13/d	FORTRESS_PREFERRED
MSTR	Moderate-bull (1-2yr)	NORMAL	$125C/$150P/$50P × 8ct Dec '28	124,804	$149.85 (+12%)	5.4x	$-16/d	FORTRESS_PREFERRED
MSTR	Active 6mo+ directional	BREAKOUT	$55C/$145P/$50P × 6ct Dec '28	0.9578	$127.08 (-5%)	2.5x	$-4/d	FORTRESS_PREFERRED
MSTR	3-4x thesis (2yr)	YOLO	$135C/$115P/$100P × 12ct Dec '28	403,150	$201.90 (+51%)	2.0x	$-32/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. Click any row to expand its full dashboard panel below.

MSTR — All Modes

NORMAL — Stock replacement (Bucket A, deep ITM)

MSTR @ $133.96

Sizing: $100,000 (ITM + OTM) | Chains: Mar 2027 (276d), Jun 2027 (366d), Sep 2027 (458d), Dec 2027 (549d), Jan 2028 (584d), Jun 2028 (731d), Dec 2028 (913d)

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
	Mar '27 (276d) ↳	Fortress	$115C/$145P/$100P	14	+0.556/sh (+779)	$36,680	$143.10 (+7%)	$-136/d	65,277
	Jun '27 (366d) ↳	Fortress	$75C/$145P/$80P	9	+0.433/sh (+389)	$40,995	$132.78 (-1%)	$-26/d	66,345
	Sep '27 (458d) ↳	Fortress	$65C/$145P/$70P	8	+0.672/sh (+538)	$39,920	$129.95 (-3%)	$-12/d	71,034
	Dec '27 (549d) ↳	Fortress	$55C/$145P/$55P	7	+0.679/sh (+475)	$36,435	$126.03 (-6%)	$-3/d	74,789
	Jan '28 (584d) ↳	Fortress	$60C/$145P/$50P	7	+0.663/sh (+464)	$33,145	$126.17 (-6%)	$-5/d	76,870
	Jun '28 (731d) ↳	Fortress	$55C/$145P/$40P	6	+0.681/sh (+409)	$31,410	$126.17 (-6%)	$-2/d	73,717
★	Dec '28 (913d) ↳	Fortress	$55C/$145P/$65P	7	+0.583/sh (+408)	$43,155	$130.82 (-2%)	$-13/d	85,818
▲	Dec '28 (913d) ↳	Pure	$55C	9	+0.921/sh (+829)	$94,050	$159.50 (+19%)	$-17/d	55,798

★ = 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)

Mar '27 (276d) Fortress 14ct $115C/$145P/$100P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Mar '27 Fortress 14ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	65,277	85,818	DEFAULT ★ (-24%)
Contracts	14	7	THIS (+100%)
IC (capital)	$36,680	$43,155	THIS (-15%)
Max Loss	$99,680	$99,155	DEFAULT ★ (+1%)
Breakeven	$143.10	$130.82	DEFAULT ★ (+9%)
Theta/day	$-136	$-13	DEFAULT ★ (-966%)
Weighted P&L	$75,067	$54,261	THIS (+38%)
ROIC (weighted)	205%	126%	THIS (+63%)
DTE	276d	913d	DEFAULT ★ (-70%)

Weighted P&L: THIS $+75,067 | DEFAULT ★ $+54,261 | diff $+20,806 → THIS pays $+20,806 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '27 (366d) Fortress 9ct $75C/$145P/$80P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Jun '27 Fortress 9ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	66,345	85,818	DEFAULT ★ (-23%)
Contracts	9	7	THIS (+29%)
IC (capital)	$40,995	$43,155	THIS (-5%)
Max Loss	$99,495	$99,155	tie
Breakeven	$132.78	$130.82	DEFAULT ★ (+1%)
Theta/day	$-26	$-13	DEFAULT ★ (-103%)
Weighted P&L	$66,255	$54,261	THIS (+22%)
ROIC (weighted)	162%	126%	THIS (+29%)
DTE	366d	913d	DEFAULT ★ (-60%)

Weighted P&L: THIS $+66,255 | DEFAULT ★ $+54,261 | diff $+11,993 → THIS pays $+11,993 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Sep '27 (458d) Fortress 8ct $65C/$145P/$70P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Sep '27 Fortress 8ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	71,034	85,818	DEFAULT ★ (-17%)
Contracts	8	7	THIS (+14%)
IC (capital)	$39,920	$43,155	THIS (-7%)
Max Loss	$99,920	$99,155	DEFAULT ★ (+1%)
Breakeven	$129.95	$130.82	THIS (-1%)
Theta/day	$-12	$-13	THIS (+10%)
Weighted P&L	$63,413	$54,261	THIS (+17%)
ROIC (weighted)	159%	126%	THIS (+26%)
DTE	458d	913d	DEFAULT ★ (-50%)

Weighted P&L: THIS $+63,413 | DEFAULT ★ $+54,261 | diff $+9,152 → THIS pays $+9,152 more under this mode's weights.

Dim-by-dim: THIS wins 6, DEFAULT wins 3. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '27 (549d) Fortress 7ct $55C/$145P/$55P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Dec '27 Fortress 7ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	74,789	85,818	DEFAULT ★ (-13%)
Contracts	7	7	tie
IC (capital)	$36,435	$43,155	THIS (-16%)
Max Loss	$99,435	$99,155	tie
Breakeven	$126.03	$130.82	THIS (-4%)
Theta/day	$-3	$-13	THIS (+73%)
Weighted P&L	$60,981	$54,261	THIS (+12%)
ROIC (weighted)	167%	126%	THIS (+33%)
DTE	549d	913d	DEFAULT ★ (-40%)

Weighted P&L: THIS $+60,981 | DEFAULT ★ $+54,261 | diff $+6,720 → THIS pays $+6,720 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 2. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jan '28 (584d) Fortress 7ct $60C/$145P/$50P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Jan '28 Fortress 7ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	76,870	85,818	DEFAULT ★ (-10%)
Contracts	7	7	tie
IC (capital)	$33,145	$43,155	THIS (-23%)
Max Loss	$99,645	$99,155	tie
Breakeven	$126.17	$130.82	THIS (-4%)
Theta/day	$-5	$-13	THIS (+61%)
Weighted P&L	$60,771	$54,261	THIS (+12%)
ROIC (weighted)	183%	126%	THIS (+46%)
DTE	584d	913d	DEFAULT ★ (-36%)

Weighted P&L: THIS $+60,771 | DEFAULT ★ $+54,261 | diff $+6,510 → THIS pays $+6,510 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 2. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '28 (731d) Fortress 6ct $55C/$145P/$40P vs ★ DEFAULT Dec '28 (913d) Fortress 7ct $55C/$145P/$65P

Dimension	THIS: Jun '28 Fortress 6ct	DEFAULT ★: Dec '28 Fortress 7ct	Better
Score	73,717	85,818	DEFAULT ★ (-14%)
Contracts	6	7	DEFAULT ★ (-14%)
IC (capital)	$31,410	$43,155	THIS (-27%)
Max Loss	$94,410	$99,155	THIS (-5%)
Breakeven	$126.17	$130.82	THIS (-4%)
Theta/day	$-2	$-13	THIS (+85%)
Weighted P&L	$52,090	$54,261	DEFAULT ★ (-4%)
ROIC (weighted)	166%	126%	THIS (+32%)
DTE	731d	913d	DEFAULT ★ (-20%)

Weighted P&L: THIS $+52,090 | DEFAULT ★ $+54,261 | diff $-2,172 → DEFAULT ★ pays $+2,172 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★❖ (default winner + anchor)Dec '28 (913d) — This IS the default ★ pick: Fortress 7ct $55C/$145P/$65P

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: $55C / $145P / $65P (Dec '28, 913d)

Leg	Action	Strike	Price	Delta
LC	BUY	$55.0C	$104.50	+0.921
SP	SELL	$145.0P	$64.50	-0.260
HP	BUY	$65.0P	$21.65	-0.077

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
7	+0.583/sh (+408)	$43,155	$99,155	$130.82 (-2%)	$-13/d	2.2x	85,818	+245%

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$55C / $145P / $65P 7 contracts · Dec '28 (913d)	$55C 9 contracts · Dec '28 (913d)
Score	85,818	55,798	FORT (+54%)
Contracts	7	9	PURE (-22%)
IC (capital)	$43,155	$94,050	FORT (-54%)
Max Loss	$99,155	$94,050	PURE (+5%)
Breakeven	$130.82	$159.50	FORT (-18%)
Theta/day	$-13	$-17	FORT (-25%)
ROIC (weighted)	126%	38%	FORT (+235%)

Fortress scores +54% with similar max loss (+5%). Clear winner.

Anchor Cost Analysis (Dec '28, 913d)

What you trade by anchoring to Dec '28 (913d) 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 (Pure)	Free (Pure)	Δ	Better
	Long Call $55 × 9 contracts Dec '28 (913d)	Long Call $105 × 18 contracts Mar '27 (276d)
Score	55,798	61,592	-9.4%	free
Contracts	9	18	-50.0%	free
IC (capital)	$94,050	$97,830	-3,780 (-3.9%)	ANCHOR
Max Loss	$94,050	$97,830	-3,780 (-3.9%)	ANCHOR
Breakeven	$159.50	$159.35	+0.15	tie
Theta/day	$-17	$-166	+149 (+89.7%)	ANCHOR
Weighted P&L	$35,280	$70,830	-35,550 (-50.2%)	free
ROIC (weighted)	38%	72%	-48.2%	free
DTE	913d	276d	+637d	ANCHOR

Anchor expensive (~36% on score/P&L/ROIC). Anchor gives +637d runway. Wins: IC (capital), Max Loss, Theta/day. Loses: Score, Contracts, Weighted P&L.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 7ct	Pure 9ct	Stock 746sh
-5%	$127.26	-$2,734	-$5,550	-$4,997
-10%	$120.56	-$5,468	-$11,101	-$9,993
-15%	$113.86	-$8,202	-$16,651	-$14,990
-20%	$107.16	-$10,936	-$22,201	-$19,986
-30%	$93.77	-$16,404	-$33,302	-$29,979

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 7ct Dec'28	Pure 9ct Dec'28	F-P Diff	Winner
-19%	$107	$-33,125	$-47,102	$+13,977	(Fort)
+0%	$134	$+4,382	$-22,990	$+27,372	(Fort)
+25%	$167	$+35,556	$+7,149	$+28,406	(Fort)
+50%	$201	$+58,998	$+37,289	$+21,708	(Fort)
+75%	$234	$+82,440	$+67,429	$+15,011	(Fort)
+100%	$268	$+105,882	$+97,569	$+8,313	(Fort)
+200%	$402	$+199,650	$+218,128	$-18,478	(Pure)
Weighted	—	$+54,261	$+35,280	$+18,981	(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.

NORMAL — Moderate-bull (Bucket B, OTM/ATM)

MSTR @ $133.96

Sizing: $100,000 (ITM + OTM) | Chains: Mar 2027 (276d), Jun 2027 (366d), Sep 2027 (458d), Dec 2027 (549d), Jan 2028 (584d), Jun 2028 (731d), Dec 2028 (913d)

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
◆	Mar '27 (276d) ↳	Fortress	$155C/$150P/$135P	25	+0.338/sh (+845)	$61,000	$179.40 (+34%)	$-291/d	157,109
	Jun '27 (366d) ↳	Fortress	$140C/$130P/$115P	19	+0.608/sh (+1,154)	$70,300	$177.00 (+32%)	$-110/d	140,877
	Sep '27 (458d) ↳	Fortress	$125C/$150P/$105P	13	+0.589/sh (+766)	$41,145	$156.65 (+17%)	$-58/d	133,520
	Dec '27 (549d) ↳	Fortress	$125C/$150P/$105P	12	+0.618/sh (+742)	$44,520	$162.10 (+21%)	$-49/d	126,919
	Jan '28 (584d) ↳	Fortress	$125C/$150P/$105P	12	+0.630/sh (+756)	$44,700	$162.25 (+21%)	$-47/d	130,674
	Jun '28 (731d) ↳	Fortress	$125C/$150P/$70P	9	+0.583/sh (+524)	$27,180	$155.20 (+16%)	$-26/d	118,628
★	Dec '28 (913d) ↳	Fortress	$125C/$150P/$50P	8	+0.597/sh (+477)	$19,760	$149.85 (+12%)	$-16/d	124,804
▲	Dec '28 (913d) ↳	Pure	$130C	13	+0.785/sh (+1,020)	$99,060	$206.20 (+54%)	$-43/d	92,112

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

Mar '27 (276d) Fortress 25ct $155C/$150P/$135P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Mar '27 Fortress 25ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	157,109	124,804	THIS (+26%)
Contracts	25	8	THIS (+212%)
IC (capital)	$61,000	$19,760	DEFAULT ★ (+209%)
Max Loss	$98,500	$99,760	THIS (-1%)
Breakeven	$179.40	$149.85	DEFAULT ★ (+20%)
Theta/day	$-291	$-16	DEFAULT ★ (-1683%)
Weighted P&L	$180,673	$78,911	THIS (+129%)
ROIC (weighted)	296%	399%	DEFAULT ★ (-26%)
DTE	276d	913d	DEFAULT ★ (-70%)

Weighted P&L: THIS $+180,673 | DEFAULT ★ $+78,911 | diff $+101,762 → THIS pays $+101,762 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '27 (366d) Fortress 19ct $140C/$130P/$115P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Jun '27 Fortress 19ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	140,877	124,804	THIS (+13%)
Contracts	19	8	THIS (+138%)
IC (capital)	$70,300	$19,760	DEFAULT ★ (+256%)
Max Loss	$98,800	$99,760	THIS (-1%)
Breakeven	$177.00	$149.85	DEFAULT ★ (+18%)
Theta/day	$-110	$-16	DEFAULT ★ (-573%)
Weighted P&L	$140,684	$78,911	THIS (+78%)
ROIC (weighted)	200%	399%	DEFAULT ★ (-50%)
DTE	366d	913d	DEFAULT ★ (-60%)

Weighted P&L: THIS $+140,684 | DEFAULT ★ $+78,911 | diff $+61,773 → THIS pays $+61,773 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Sep '27 (458d) Fortress 13ct $125C/$150P/$105P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Sep '27 Fortress 13ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	133,520	124,804	THIS (+7%)
Contracts	13	8	THIS (+62%)
IC (capital)	$41,145	$19,760	DEFAULT ★ (+108%)
Max Loss	$99,645	$99,760	tie
Breakeven	$156.65	$149.85	DEFAULT ★ (+5%)
Theta/day	$-58	$-16	DEFAULT ★ (-257%)
Weighted P&L	$119,196	$78,911	THIS (+51%)
ROIC (weighted)	290%	399%	DEFAULT ★ (-27%)
DTE	458d	913d	DEFAULT ★ (-50%)

Weighted P&L: THIS $+119,196 | DEFAULT ★ $+78,911 | diff $+40,285 → THIS pays $+40,285 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '27 (549d) Fortress 12ct $125C/$150P/$105P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Dec '27 Fortress 12ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	126,919	124,804	THIS (+2%)
Contracts	12	8	THIS (+50%)
IC (capital)	$44,520	$19,760	DEFAULT ★ (+125%)
Max Loss	$98,520	$99,760	THIS (-1%)
Breakeven	$162.10	$149.85	DEFAULT ★ (+8%)
Theta/day	$-49	$-16	DEFAULT ★ (-199%)
Weighted P&L	$103,487	$78,911	THIS (+31%)
ROIC (weighted)	232%	399%	DEFAULT ★ (-42%)
DTE	549d	913d	DEFAULT ★ (-40%)

Weighted P&L: THIS $+103,487 | DEFAULT ★ $+78,911 | diff $+24,576 → THIS pays $+24,576 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jan '28 (584d) Fortress 12ct $125C/$150P/$105P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Jan '28 Fortress 12ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	130,674	124,804	THIS (+5%)
Contracts	12	8	THIS (+50%)
IC (capital)	$44,700	$19,760	DEFAULT ★ (+126%)
Max Loss	$98,700	$99,760	THIS (-1%)
Breakeven	$162.25	$149.85	DEFAULT ★ (+8%)
Theta/day	$-47	$-16	DEFAULT ★ (-188%)
Weighted P&L	$103,307	$78,911	THIS (+31%)
ROIC (weighted)	231%	399%	DEFAULT ★ (-42%)
DTE	584d	913d	DEFAULT ★ (-36%)

Weighted P&L: THIS $+103,307 | DEFAULT ★ $+78,911 | diff $+24,396 → THIS pays $+24,396 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '28 (731d) Fortress 9ct $125C/$150P/$70P vs ★ DEFAULT Dec '28 (913d) Fortress 8ct $125C/$150P/$50P

Dimension	THIS: Jun '28 Fortress 9ct	DEFAULT ★: Dec '28 Fortress 8ct	Better
Score	118,628	124,804	DEFAULT ★ (-5%)
Contracts	9	8	THIS (+12%)
IC (capital)	$27,180	$19,760	DEFAULT ★ (+38%)
Max Loss	$99,180	$99,760	THIS (-1%)
Breakeven	$155.20	$149.85	DEFAULT ★ (+4%)
Theta/day	$-26	$-16	DEFAULT ★ (-57%)
Weighted P&L	$83,825	$78,911	THIS (+6%)
ROIC (weighted)	308%	399%	DEFAULT ★ (-23%)
DTE	731d	913d	DEFAULT ★ (-20%)

Weighted P&L: THIS $+83,825 | DEFAULT ★ $+78,911 | diff $+4,914 → THIS pays $+4,914 more under this mode's weights.

Dim-by-dim: THIS wins 3, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★❖ (default winner + anchor)Dec '28 (913d) — This IS the default ★ pick: Fortress 8ct $125C/$150P/$50P

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: $125C / $150P / $50P (Dec '28, 913d)

Leg	Action	Strike	Price	Delta
LC	BUY	$125.0C	$78.65	+0.793
SP	SELL	$150.0P	$68.10	-0.270
HP	BUY	$50.0P	$14.15	+0.073

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
8	+0.597/sh (+477)	$19,760	$99,760	$149.85 (+12%)	$-16/d	5.4x	124,804	+479%

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$125C / $150P / $50P 8 contracts · Dec '28 (913d)	$130C 13 contracts · Dec '28 (913d)
Score	124,804	92,112	FORT (+35%)
Contracts	8	13	PURE (-38%)
IC (capital)	$19,760	$99,060	FORT (-80%)
Max Loss	$99,760	$99,060	PURE (+1%)
Breakeven	$149.85	$206.20	FORT (-27%)
Theta/day	$-16	$-43	FORT (-62%)
ROIC (weighted)	399%	59%	FORT (+579%)

Fortress scores +35% with similar max loss (+1%). Clear winner.

Anchor Cost Analysis (Dec '28, 913d)

Fortress

Dimension	Anchored (Fortress)	Free (Fortress)	Δ	Better
	$125C / $150P / $50P × 8 contracts Dec '28 (913d)	$155C / $150P / $135P × 25 contracts Mar '27 (276d)
Score	124,804	157,109	-20.6%	free
Contracts	8	25	-68.0%	free
IC (capital)	$19,760	$61,000	-41,240 (-67.6%)	ANCHOR
Max Loss	$99,760	$98,500	+1,260 (+1.3%)	free
Breakeven	$149.85	$179.40	-29.55 (-16.5%)	ANCHOR
Theta/day	$-16	$-291	+275 (+94.4%)	ANCHOR
Weighted P&L	$78,911	$180,673	-101,762 (-56.3%)	free
ROIC (weighted)	399%	296%	+34.8%	ANCHOR
DTE	913d	276d	+637d	ANCHOR

Anchor expensive (~14% on score/P&L/ROIC). Anchor gives +637d runway. Wins: IC (capital), Breakeven, Theta/day. Loses: Score, Contracts, Max Loss. ⚠ Free pick is a short-DTE lottery ticket (25 contracts in 276d). Score is inflated by contract count, not realistic to actually trade at this size.

Pure

Dimension	Anchored (Pure)	Free (Pure)	Δ	Better
	Long Call $130 × 13 contracts Dec '28 (913d)	Long Call $160 × 32 contracts Mar '27 (276d)
Score	92,112	173,459	-46.9%	free
Contracts	13	32	-59.4%	free
IC (capital)	$99,060	$99,200	-140	tie
Max Loss	$99,060	$99,200	-140	tie
Breakeven	$206.20	$191.00	+15.20 (+8.0%)	free
Theta/day	$-43	$-359	+316 (+88.0%)	ANCHOR
Weighted P&L	$58,241	$199,475	-141,234 (-70.8%)	free
ROIC (weighted)	59%	201%	-70.8%	free
DTE	913d	276d	+637d	ANCHOR

Anchor expensive (~63% on score/P&L/ROIC). Anchor gives +637d runway. Wins: Theta/day. Loses: Score, Contracts, Breakeven.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 8ct	Pure 13ct	Stock 746sh
-5%	$127.26	-$3,196	-$6,831	-$4,997
-10%	$120.56	-$6,392	-$13,663	-$9,993
-15%	$113.86	-$9,588	-$20,494	-$14,990
-20%	$107.16	-$12,784	-$27,326	-$19,986
-30%	$93.77	-$19,176	-$40,989	-$29,979

P&L Comparison

Move	Price	Fortress 8ct Dec'28	Pure 13ct Dec'28	F-P Diff	Winner
-19%	$107	$-54,029	$-99,060	$+45,031	(Fort)
+0%	$134	$-25,432	$-93,918	$+68,486	(Fort)
+25%	$167	$+14,195	$-50,383	$+64,578	(Fort)
+50%	$201	$+40,986	$-6,848	$+47,834	(Fort)
+75%	$234	$+67,777	$+36,688	$+31,089	(Fort)
+100%	$268	$+94,568	$+80,223	$+14,345	(Fort)
+200%	$402	$+201,732	$+254,364	$-52,632	(Pure)
Weighted	—	$+78,911	$+58,241	$+20,670	(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 6mo+ directional

MSTR @ $133.96

Sizing: $100,000 (Deep ITM Only) | Chains: Aug 2026 (66d), Sep 2026 (94d), Oct 2026 (122d), Nov 2026 (157d), Dec 2026 (185d), Jan 2027 (213d), Mar 2027 (276d), Jun 2027 (366d), Sep 2027 (458d), Dec 2027 (549d), Jan 2028 (584d), Jun 2028 (731d), Dec 2028 (913d)

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 (+29%, +58%, +88%, +117%, +175%; ATM IV 83%)) ÷ 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 Dec '28 (913d): all comparisons restricted to this chain. See Anchor Cost Analysis below.

Breakout Mode: 6-month horizon, sigma-targets: +29%, +58%, +88%, +117%, +175% (IV 83%) ($100,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
	Aug '26 (66d) ↳	Fortress	$115C/$145P/$130P	27	+0.604/sh (+1,630)	$57,780	$140.70 (+5%)	$-313/d	0.9721
	Sep '26 (94d) ↳	Fortress	$115C/$140P/$125P	25	+0.615/sh (+1,536)	$62,375	$139.97 (+4%)	$-253/d	1.20
	Oct '26 (122d) ↳	Fortress	$115C/$145P/$130P	23	+0.628/sh (+1,443)	$64,860	$144.10 (+8%)	$-205/d	1.38
	Nov '26 (157d) ↳	Fortress	$120C/$135P/$120P	22	+0.634/sh (+1,395)	$65,780	$149.90 (+12%)	$-312/d	1.34
◆	Dec '26 (185d) ↳	Fortress	$115C/$135P/$120P	20	+0.645/sh (+1,290)	$69,500	$149.75 (+12%)	$-147/d	1.64
	Jan '27 (213d) ↳	Fortress	$110C/$145P/$120P	17	+0.629/sh (+1,069)	$56,865	$144.22 (+8%)	$-108/d	1.57
	Mar '27 (276d) ↳	Fortress	$115C/$145P/$100P	14	+0.556/sh (+779)	$36,680	$143.10 (+7%)	$-136/d	1.26
	Jun '27 (366d) ↳	Fortress	$75C/$145P/$80P	9	+0.433/sh (+389)	$40,995	$132.78 (-1%)	$-26/d	1.15
	Sep '27 (458d) ↳	Fortress	$65C/$145P/$70P	8	+0.672/sh (+538)	$39,920	$129.95 (-3%)	$-12/d	1.08
	Dec '27 (549d) ↳	Fortress	$55C/$145P/$55P	7	+0.679/sh (+475)	$36,435	$126.03 (-6%)	$-3/d	1.02
	Jan '28 (584d) ↳	Fortress	$60C/$145P/$50P	7	+0.663/sh (+464)	$33,145	$126.17 (-6%)	$-5/d	1.02
	Jun '28 (731d) ↳	Fortress	$55C/$145P/$40P	6	+0.681/sh (+409)	$31,410	$126.17 (-6%)	$-2/d	0.9236
★	Dec '28 (913d) ↳	Fortress	$55C/$145P/$50P	6	+0.733/sh (+440)	$32,490	$127.08 (-5%)	$-4/d	0.9578
▲	Dec '28 (913d) ↳	Pure	$55C	9	+0.921/sh (+829)	$94,050	$159.50 (+19%)	$-17/d	0.8685
●	Now	Stock	746 sh @ $133.96	746	+1.000/sh (+746)	$99,930	$133.96 (+0%)	$0/d	0.8903

★ = 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).

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

Aug '26 (66d) Fortress 27ct $115C/$145P/$130P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Aug '26 Fortress 27ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	0.9721	0.9578	THIS (+1%)
Contracts	27	6	THIS (+350%)
IC (capital)	$57,780	$32,490	DEFAULT ★ (+78%)
Max Loss	$98,280	$89,490	DEFAULT ★ (+10%)
Breakeven	$140.70	$127.08	DEFAULT ★ (+11%)
Theta/day	$-313	$-4	DEFAULT ★ (-7362%)
Weighted P&L	$315,400	$86,439	THIS (+265%)
ROIC (weighted)	546%	266%	THIS (+105%)
DTE	66d	913d	DEFAULT ★ (-93%)

Weighted P&L: THIS $+315,400 | DEFAULT ★ $+86,439 | diff $+228,961 → THIS pays $+228,961 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Sep '26 (94d) Fortress 25ct $115C/$140P/$125P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Sep '26 Fortress 25ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.20	0.9578	THIS (+25%)
Contracts	25	6	THIS (+317%)
IC (capital)	$62,375	$32,490	DEFAULT ★ (+92%)
Max Loss	$99,875	$89,490	DEFAULT ★ (+12%)
Breakeven	$139.97	$127.08	DEFAULT ★ (+10%)
Theta/day	$-253	$-4	DEFAULT ★ (-5932%)
Weighted P&L	$283,162	$86,439	THIS (+228%)
ROIC (weighted)	454%	266%	THIS (+71%)
DTE	94d	913d	DEFAULT ★ (-90%)

Weighted P&L: THIS $+283,162 | DEFAULT ★ $+86,439 | diff $+196,723 → THIS pays $+196,723 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Oct '26 (122d) Fortress 23ct $115C/$145P/$130P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Oct '26 Fortress 23ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.38	0.9578	THIS (+44%)
Contracts	23	6	THIS (+283%)
IC (capital)	$64,860	$32,490	DEFAULT ★ (+100%)
Max Loss	$99,360	$89,490	DEFAULT ★ (+11%)
Breakeven	$144.10	$127.08	DEFAULT ★ (+13%)
Theta/day	$-205	$-4	DEFAULT ★ (-4790%)
Weighted P&L	$253,034	$86,439	THIS (+193%)
ROIC (weighted)	390%	266%	THIS (+47%)
DTE	122d	913d	DEFAULT ★ (-87%)

Weighted P&L: THIS $+253,034 | DEFAULT ★ $+86,439 | diff $+166,595 → THIS pays $+166,595 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Nov '26 (157d) Fortress 22ct $120C/$135P/$120P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Nov '26 Fortress 22ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.34	0.9578	THIS (+40%)
Contracts	22	6	THIS (+267%)
IC (capital)	$65,780	$32,490	DEFAULT ★ (+102%)
Max Loss	$98,780	$89,490	DEFAULT ★ (+10%)
Breakeven	$149.90	$127.08	DEFAULT ★ (+18%)
Theta/day	$-312	$-4	DEFAULT ★ (-7329%)
Weighted P&L	$227,293	$86,439	THIS (+163%)
ROIC (weighted)	346%	266%	THIS (+30%)
DTE	157d	913d	DEFAULT ★ (-83%)

Weighted P&L: THIS $+227,293 | DEFAULT ★ $+86,439 | diff $+140,854 → THIS pays $+140,854 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '26 (185d) Fortress 20ct $115C/$135P/$120P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Dec '26 Fortress 20ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.64	0.9578	THIS (+72%)
Contracts	20	6	THIS (+233%)
IC (capital)	$69,500	$32,490	DEFAULT ★ (+114%)
Max Loss	$99,500	$89,490	DEFAULT ★ (+11%)
Breakeven	$149.75	$127.08	DEFAULT ★ (+18%)
Theta/day	$-147	$-4	DEFAULT ★ (-3394%)
Weighted P&L	$206,930	$86,439	THIS (+139%)
ROIC (weighted)	298%	266%	THIS (+12%)
DTE	185d	913d	DEFAULT ★ (-80%)

Weighted P&L: THIS $+206,930 | DEFAULT ★ $+86,439 | diff $+120,491 → THIS pays $+120,491 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jan '27 (213d) Fortress 17ct $110C/$145P/$120P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Jan '27 Fortress 17ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.57	0.9578	THIS (+64%)
Contracts	17	6	THIS (+183%)
IC (capital)	$56,865	$32,490	DEFAULT ★ (+75%)
Max Loss	$99,365	$89,490	DEFAULT ★ (+11%)
Breakeven	$144.22	$127.08	DEFAULT ★ (+13%)
Theta/day	$-108	$-4	DEFAULT ★ (-2483%)
Weighted P&L	$186,600	$86,439	THIS (+116%)
ROIC (weighted)	328%	266%	THIS (+23%)
DTE	213d	913d	DEFAULT ★ (-77%)

Weighted P&L: THIS $+186,600 | DEFAULT ★ $+86,439 | diff $+100,161 → THIS pays $+100,161 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Mar '27 (276d) Fortress 14ct $115C/$145P/$100P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Mar '27 Fortress 14ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.26	0.9578	THIS (+32%)
Contracts	14	6	THIS (+133%)
IC (capital)	$36,680	$32,490	DEFAULT ★ (+13%)
Max Loss	$99,680	$89,490	DEFAULT ★ (+11%)
Breakeven	$143.10	$127.08	DEFAULT ★ (+13%)
Theta/day	$-136	$-4	DEFAULT ★ (-3135%)
Weighted P&L	$156,821	$86,439	THIS (+81%)
ROIC (weighted)	428%	266%	THIS (+61%)
DTE	276d	913d	DEFAULT ★ (-70%)

Weighted P&L: THIS $+156,821 | DEFAULT ★ $+86,439 | diff $+70,382 → THIS pays $+70,382 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '27 (366d) Fortress 9ct $75C/$145P/$80P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Jun '27 Fortress 9ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.15	0.9578	THIS (+20%)
Contracts	9	6	THIS (+50%)
IC (capital)	$40,995	$32,490	DEFAULT ★ (+26%)
Max Loss	$99,495	$89,490	DEFAULT ★ (+11%)
Breakeven	$132.78	$127.08	DEFAULT ★ (+4%)
Theta/day	$-26	$-4	DEFAULT ★ (-515%)
Weighted P&L	$119,398	$86,439	THIS (+38%)
ROIC (weighted)	291%	266%	THIS (+9%)
DTE	366d	913d	DEFAULT ★ (-60%)

Weighted P&L: THIS $+119,398 | DEFAULT ★ $+86,439 | diff $+32,959 → THIS pays $+32,959 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Sep '27 (458d) Fortress 8ct $65C/$145P/$70P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Sep '27 Fortress 8ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.08	0.9578	THIS (+13%)
Contracts	8	6	THIS (+33%)
IC (capital)	$39,920	$32,490	DEFAULT ★ (+23%)
Max Loss	$99,920	$89,490	DEFAULT ★ (+12%)
Breakeven	$129.95	$127.08	DEFAULT ★ (+2%)
Theta/day	$-12	$-4	DEFAULT ★ (-174%)
Weighted P&L	$110,652	$86,439	THIS (+28%)
ROIC (weighted)	277%	266%	THIS (+4%)
DTE	458d	913d	DEFAULT ★ (-50%)

Weighted P&L: THIS $+110,652 | DEFAULT ★ $+86,439 | diff $+24,213 → THIS pays $+24,213 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '27 (549d) Fortress 7ct $55C/$145P/$55P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Dec '27 Fortress 7ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.02	0.9578	THIS (+7%)
Contracts	7	6	THIS (+17%)
IC (capital)	$36,435	$32,490	DEFAULT ★ (+12%)
Max Loss	$99,435	$89,490	DEFAULT ★ (+11%)
Breakeven	$126.03	$127.08	THIS (-1%)
Theta/day	$-3	$-4	THIS (+17%)
Weighted P&L	$102,315	$86,439	THIS (+18%)
ROIC (weighted)	281%	266%	THIS (+6%)
DTE	549d	913d	DEFAULT ★ (-40%)

Weighted P&L: THIS $+102,315 | DEFAULT ★ $+86,439 | diff $+15,876 → THIS pays $+15,876 more under this mode's weights.

Dim-by-dim: THIS wins 6, DEFAULT wins 3. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jan '28 (584d) Fortress 7ct $60C/$145P/$50P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Jan '28 Fortress 7ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	1.02	0.9578	THIS (+6%)
Contracts	7	6	THIS (+17%)
IC (capital)	$33,145	$32,490	DEFAULT ★ (+2%)
Max Loss	$99,645	$89,490	DEFAULT ★ (+11%)
Breakeven	$126.17	$127.08	THIS (-1%)
Theta/day	$-5	$-4	DEFAULT ★ (-19%)
Weighted P&L	$102,105	$86,439	THIS (+18%)
ROIC (weighted)	308%	266%	THIS (+16%)
DTE	584d	913d	DEFAULT ★ (-36%)

Weighted P&L: THIS $+102,105 | DEFAULT ★ $+86,439 | diff $+15,666 → THIS pays $+15,666 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '28 (731d) Fortress 6ct $55C/$145P/$40P vs ★ DEFAULT Dec '28 (913d) Fortress 6ct $55C/$145P/$50P

Dimension	THIS: Jun '28 Fortress 6ct	DEFAULT ★: Dec '28 Fortress 6ct	Better
Score	0.9236	0.9578	DEFAULT ★ (-4%)
Contracts	6	6	tie
IC (capital)	$31,410	$32,490	THIS (-3%)
Max Loss	$94,410	$89,490	DEFAULT ★ (+5%)
Breakeven	$126.17	$127.08	THIS (-1%)
Theta/day	$-2	$-4	THIS (+54%)
Weighted P&L	$87,519	$86,439	THIS (+1%)
ROIC (weighted)	279%	266%	THIS (+5%)
DTE	731d	913d	DEFAULT ★ (-20%)

Weighted P&L: THIS $+87,519 | DEFAULT ★ $+86,439 | diff $+1,080 → THIS pays $+1,080 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 3. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★❖ (default winner + anchor)Dec '28 (913d) — This IS the default ★ pick: Fortress 6ct $55C/$145P/$50P

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: $55C / $145P / $50P (Dec '28, 913d)

Leg	Action	Strike	Price	Delta
LC	BUY	$55.0C	$104.50	+0.921
SP	SELL	$145.0P	$64.50	-0.260
HP	BUY	$50.0P	$14.15	+0.073

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
6	+0.733/sh (+440)	$32,490	$89,490	$127.08 (-5%)	$-4/d	2.5x	0.9578	+293%

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$55C / $145P / $50P 6 contracts · Dec '28 (913d)	$55C 9 contracts · Dec '28 (913d)
Score	0.9578	0.8685	FORT (+10%)
Contracts	6	9	PURE (-33%)
IC (capital)	$32,490	$94,050	FORT (-65%)
Max Loss	$89,490	$94,050	FORT (-5%)
Breakeven	$127.08	$159.50	FORT (-20%)
Theta/day	$-4	$-17	FORT (-75%)
ROIC (weighted)	266%	90%	FORT (+197%)

Fortress scores 10% 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 (Dec '28, 913d)

Fortress

Dimension	Anchored (Fortress)	Free (Fortress)	Δ	Better
	$55C / $145P / $50P × 6 contracts Dec '28 (913d)	$115C / $135P / $120P × 20 contracts Dec '26 (185d)
Score	0.9578	1.64	-41.7%	free
Contracts	6	20	-70.0%	free
IC (capital)	$32,490	$69,500	-37,010 (-53.3%)	ANCHOR
Max Loss	$89,490	$99,500	-10,010 (-10.1%)	ANCHOR
Breakeven	$127.08	$149.75	-22.67 (-15.1%)	ANCHOR
Theta/day	$-4	$-147	+143 (+97.1%)	ANCHOR
Weighted P&L	$86,439	$206,930	-120,491 (-58.2%)	free
ROIC (weighted)	266%	298%	-10.6%	free
DTE	913d	185d	+728d	ANCHOR

Anchor expensive (~37% on score/P&L/ROIC). Anchor gives +728d runway. Wins: IC (capital), Max Loss, Breakeven. Loses: Score, Contracts, Weighted P&L. ⚠ Free pick is a short-DTE lottery ticket (20 contracts in 185d). Score is inflated by contract count, not realistic to actually trade at this size.

Pure

Dimension	Anchored (Pure)	Free (Pure)	Δ	Better
	Long Call $55 × 9 contracts Dec '28 (913d)	Long Call $115 × 23 contracts Dec '26 (185d)
Score	0.8685	1.71	-49.2%	free
Contracts	9	23	-60.9%	free
IC (capital)	$94,050	$96,945	-2,895 (-3.0%)	ANCHOR
Max Loss	$94,050	$96,945	-2,895 (-3.0%)	ANCHOR
Breakeven	$159.50	$157.15	+2.35 (+1.5%)	free
Theta/day	$-17	$-179	+162 (+90.5%)	ANCHOR
Weighted P&L	$84,343	$220,949	-136,606 (-61.8%)	free
ROIC (weighted)	90%	228%	-60.7%	free
DTE	913d	185d	+728d	ANCHOR

Anchor expensive (~57% on score/P&L/ROIC). Anchor gives +728d runway. Wins: IC (capital), Max Loss, Theta/day. Loses: Score, Contracts, Breakeven.

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

sigma	Move	Price	Weight	Fortress 6ct	Pure 9ct	Stock 746sh	Winner
0.5sigma	+29%	$173.06	15%	$+38,344	$+12,201	$+29,170	(Fort)
1sigma	+58%	$212.16	20%	$+61,805	$+47,392	$+58,340	(Fort)
1.5sigma	+88%	$251.26	30%	$+85,266	$+82,584	$+87,509	(Stock)
2sigma	+117%	$290.36	25%	$+108,727	$+117,775	$+116,679	(Pure)
3sigma	+175%	$368.56	10%	$+155,649	$+188,158	$+175,019	(Pure)
Weighted average P&L			100%	$+86,439	$+84,343	$+88,968	(Stock)

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)

Stop	Stock at	Fortress 6ct	Pure 9ct	Stock 746sh
-5%	$127.26	-$2,947	-$5,550	-$4,997
-10%	$120.56	-$5,893	-$11,101	-$9,993
-15%	$113.86	-$8,840	-$16,651	-$14,990
-20%	$107.16	-$11,787	-$22,201	-$19,986
-30%	$93.77	-$17,680	-$33,302	-$29,979

P&L Comparison

Move	Price	Fortress 6ct Dec'28	Pure 9ct Dec'28	Stock 746sh	F-P Diff	Winner
-19%	$107	$-23,893	$-47,102	$-19,986	$+23,209	(Stock)
+0%	$134	$+8,256	$-22,990	$0	$+31,246	(Fort)
+25%	$167	$+34,976	$+7,149	$+24,983	$+27,827	(Fort)
+50%	$201	$+55,070	$+37,289	$+49,965	$+17,780	(Fort)
+75%	$234	$+75,163	$+67,429	$+74,948	$+7,734	(Fort)
+100%	$268	$+95,256	$+97,569	$+99,930	$-2,313	(Stock)
+200%	$402	$+175,629	$+218,128	$+199,861	$-42,500	(Pure)
Weighted	—	$+86,439	$+84,343	$+88,968	$+2,096	(Stock)

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 (2yr)

MSTR @ $133.96

Sizing: $100,000 (OTM Only) | Chains: Mar 2027 (276d), Jun 2027 (366d), Sep 2027 (458d), Dec 2027 (549d), Jan 2028 (584d), Jun 2028 (731d), Dec 2028 (913d)

YOLO Mode: Widened OTM (LC max 300% of stock, 3-4x thesis, 2yr horizon) ($100,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
◆	Mar '27 (276d) ↳	Fortress	$250C/$150P/$135P	45	+0.260/sh (+1,170)	$31,050	$256.90 (+92%)	$-299/d	656,611
	Jun '27 (366d) ↳	Fortress	$230C/$150P/$135P	32	+0.374/sh (+1,197)	$51,840	$246.20 (+84%)	$-193/d	562,665
	Sep '27 (458d) ↳	Fortress	$240C/$150P/$135P	28	+0.094/sh (+263)	$57,820	$260.65 (+95%)	$-170/d	509,979
	Dec '27 (549d) ↳	Fortress	$190C/$145P/$130P	20	+0.551/sh (+1,101)	$69,500	$224.75 (+68%)	$-103/d	471,682
	Jan '28 (584d) ↳	Fortress	$200C/$150P/$135P	20	+0.546/sh (+1,092)	$69,000	$234.50 (+75%)	$-103/d	462,990
	Jun '28 (731d) ↳	Fortress	$165C/$140P/$125P	14	+0.654/sh (+915)	$78,750	$221.25 (+65%)	$-58/d	385,305
★	Dec '28 (913d) ↳	Fortress	$135C/$115P/$100P	12	+0.845/sh (+1,014)	$80,280	$201.90 (+51%)	$-32/d	403,150
▲	Dec '28 (913d) ↳	Pure	$150C	14	+0.752/sh (+1,053)	$98,560	$220.40 (+65%)	$-50/d	431,811
●	Now	Stock	746 sh @ $133.96	746	+1.000/sh (+746)	$99,930	$133.96 (+0%)	$0/d	293,179

★ = 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).

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

Mar '27 (276d) Fortress 45ct $250C/$150P/$135P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Mar '27 Fortress 45ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	656,611	403,150	THIS (+63%)
Contracts	45	12	THIS (+275%)
IC (capital)	$31,050	$80,280	THIS (-61%)
Max Loss	$98,550	$98,280	tie
Breakeven	$256.90	$201.90	DEFAULT ★ (+27%)
Theta/day	$-299	$-32	DEFAULT ★ (-830%)
Weighted P&L	$755,092	$254,905	THIS (+196%)
ROIC (weighted)	2432%	318%	THIS (+666%)
DTE	276d	913d	DEFAULT ★ (-70%)

Weighted P&L: THIS $+755,092 | DEFAULT ★ $+254,905 | diff $+500,188 → THIS pays $+500,188 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 3. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '27 (366d) Fortress 32ct $230C/$150P/$135P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Jun '27 Fortress 32ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	562,665	403,150	THIS (+40%)
Contracts	32	12	THIS (+167%)
IC (capital)	$51,840	$80,280	THIS (-35%)
Max Loss	$99,840	$98,280	DEFAULT ★ (+2%)
Breakeven	$246.20	$201.90	DEFAULT ★ (+22%)
Theta/day	$-193	$-32	DEFAULT ★ (-500%)
Weighted P&L	$561,895	$254,905	THIS (+120%)
ROIC (weighted)	1084%	318%	THIS (+241%)
DTE	366d	913d	DEFAULT ★ (-60%)

Weighted P&L: THIS $+561,895 | DEFAULT ★ $+254,905 | diff $+306,991 → THIS pays $+306,991 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Sep '27 (458d) Fortress 28ct $240C/$150P/$135P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Sep '27 Fortress 28ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	509,979	403,150	THIS (+26%)
Contracts	28	12	THIS (+133%)
IC (capital)	$57,820	$80,280	THIS (-28%)
Max Loss	$99,820	$98,280	DEFAULT ★ (+2%)
Breakeven	$260.65	$201.90	DEFAULT ★ (+29%)
Theta/day	$-170	$-32	DEFAULT ★ (-428%)
Weighted P&L	$455,267	$254,905	THIS (+79%)
ROIC (weighted)	787%	318%	THIS (+148%)
DTE	458d	913d	DEFAULT ★ (-50%)

Weighted P&L: THIS $+455,267 | DEFAULT ★ $+254,905 | diff $+200,362 → THIS pays $+200,362 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '27 (549d) Fortress 20ct $190C/$145P/$130P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Dec '27 Fortress 20ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	471,682	403,150	THIS (+17%)
Contracts	20	12	THIS (+67%)
IC (capital)	$69,500	$80,280	THIS (-13%)
Max Loss	$99,500	$98,280	DEFAULT ★ (+1%)
Breakeven	$224.75	$201.90	DEFAULT ★ (+11%)
Theta/day	$-103	$-32	DEFAULT ★ (-221%)
Weighted P&L	$384,600	$254,905	THIS (+51%)
ROIC (weighted)	553%	318%	THIS (+74%)
DTE	549d	913d	DEFAULT ★ (-40%)

Weighted P&L: THIS $+384,600 | DEFAULT ★ $+254,905 | diff $+129,695 → THIS pays $+129,695 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jan '28 (584d) Fortress 20ct $200C/$150P/$135P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Jan '28 Fortress 20ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	462,990	403,150	THIS (+15%)
Contracts	20	12	THIS (+67%)
IC (capital)	$69,000	$80,280	THIS (-14%)
Max Loss	$99,000	$98,280	DEFAULT ★ (+1%)
Breakeven	$234.50	$201.90	DEFAULT ★ (+16%)
Theta/day	$-103	$-32	DEFAULT ★ (-219%)
Weighted P&L	$366,026	$254,905	THIS (+44%)
ROIC (weighted)	530%	318%	THIS (+67%)
DTE	584d	913d	DEFAULT ★ (-36%)

Weighted P&L: THIS $+366,026 | DEFAULT ★ $+254,905 | diff $+111,121 → THIS pays $+111,121 more under this mode's weights.

Dim-by-dim: THIS wins 5, DEFAULT wins 4. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Jun '28 (731d) Fortress 14ct $165C/$140P/$125P vs ★ DEFAULT Dec '28 (913d) Fortress 12ct $135C/$115P/$100P

Dimension	THIS: Jun '28 Fortress 14ct	DEFAULT ★: Dec '28 Fortress 12ct	Better
Score	385,305	403,150	DEFAULT ★ (-4%)
Contracts	14	12	THIS (+17%)
IC (capital)	$78,750	$80,280	THIS (-2%)
Max Loss	$99,750	$98,280	DEFAULT ★ (+1%)
Breakeven	$221.25	$201.90	DEFAULT ★ (+10%)
Theta/day	$-58	$-32	DEFAULT ★ (-80%)
Weighted P&L	$272,265	$254,905	THIS (+7%)
ROIC (weighted)	346%	318%	THIS (+9%)
DTE	731d	913d	DEFAULT ★ (-20%)

Weighted P&L: THIS $+272,265 | DEFAULT ★ $+254,905 | diff $+17,360 → THIS pays $+17,360 more under this mode's weights.

Dim-by-dim: THIS wins 4, DEFAULT wins 5. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

★❖ (default winner + anchor)Dec '28 (913d) — This IS the default ★ pick: Fortress 12ct $135C/$115P/$100P

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: $135C / $115P / $100P (Dec '28, 913d)

Leg	Action	Strike	Price	Delta
LC	BUY	$135.0C	$73.35	+0.776
SP	SELL	$115.0P	$46.45	+0.279
HP	BUY	$100.0P	$40.00	-0.210

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
12	+0.845/sh (+1,014)	$80,280	$98,280	$201.90 (+51%)	$-32/d	2.0x	403,150	+99%

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$135C / $115P / $100P 12 contracts · Dec '28 (913d)	$150C 14 contracts · Dec '28 (913d)
Score	403,150	431,811	PURE (-7%)
Contracts	12	14	PURE (-14%)
IC (capital)	$80,280	$98,560	FORT (-19%)
Max Loss	$98,280	$98,560	TIE
Breakeven	$201.90	$220.40	FORT (-8%)
Theta/day	$-32	$-50	FORT (-36%)
ROIC (weighted)	318%	277%	FORT (+15%)

Score gap is small (7%). Fortress wins 4/4 efficiency dims. Build the fortress for capital efficiency.

Anchor Cost Analysis (Dec '28, 913d)

Fortress

Dimension	Anchored (Fortress)	Free (Fortress)	Δ	Better
	$135C / $115P / $100P × 12 contracts Dec '28 (913d)	$250C / $150P / $135P × 45 contracts Mar '27 (276d)
Score	403,150	656,611	-38.6%	free
Contracts	12	45	-73.3%	free
IC (capital)	$80,280	$31,050	+49,230 (+158.6%)	free
Max Loss	$98,280	$98,550	-270	tie
Breakeven	$201.90	$256.90	-55.00 (-21.4%)	ANCHOR
Theta/day	$-32	$-299	+267 (+89.3%)	ANCHOR
Weighted P&L	$254,905	$755,092	-500,188 (-66.2%)	free
ROIC (weighted)	318%	2432%	-86.9%	free
DTE	913d	276d	+637d	ANCHOR

Anchor expensive (~64% on score/P&L/ROIC). Anchor gives +637d runway. Wins: Breakeven, Theta/day. Loses: Score, Contracts, IC (capital). ⚠ Free pick is a short-DTE lottery ticket (45 contracts in 276d). Score is inflated by contract count, not realistic to actually trade at this size.

Pure

Dimension	Anchored (Pure)	Free (Pure)	Δ	Better
	Long Call $150 × 14 contracts Dec '28 (913d)	Long Call $265 × 73 contracts Mar '27 (276d)
Score	431,811	947,269	-54.4%	free
Contracts	14	73	-80.8%	free
IC (capital)	$98,560	$98,915	-355	tie
Max Loss	$98,560	$98,915	-355	tie
Breakeven	$220.40	$278.55	-58.15 (-20.9%)	ANCHOR
Theta/day	$-50	$-458	+409 (+89.1%)	ANCHOR
Weighted P&L	$273,027	$1,089,344	-816,317 (-74.9%)	free
ROIC (weighted)	277%	1101%	-74.8%	free
DTE	913d	276d	+637d	ANCHOR

Anchor expensive (~68% on score/P&L/ROIC). Anchor gives +637d runway. Wins: Breakeven, Theta/day. Loses: Score, Contracts, Weighted P&L. ⚠ Free pick is a short-DTE lottery ticket (73 contracts in 276d). Score is inflated by contract count, not realistic to actually trade at this size.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 12ct	Pure 14ct	Stock 746sh
-5%	$127.26	-$6,791	-$7,051	-$4,997
-10%	$120.56	-$13,582	-$14,101	-$9,993
-15%	$113.86	-$20,372	-$21,152	-$14,990
-20%	$107.16	-$27,163	-$28,202	-$19,986
-30%	$93.77	-$40,745	-$42,304	-$29,979

P&L Comparison

Move	Price	Fortress 12ct Dec'28	Pure 14ct Dec'28	Stock 746sh	F-P Diff	Winner
-19%	$107	$-89,683	$-98,560	$-19,986	$+8,877	(Stock)
+0%	$134	$-80,280	$-98,560	$0	$+18,280	(Stock)
+50%	$201	$-1,161	$-27,254	$+49,965	$+26,094	(Stock)
+100%	$268	$+79,212	$+66,514	$+99,930	$+12,698	(Stock)
+200%	$402	$+239,958	$+254,051	$+199,861	$-14,093	(Pure)
+300%	$536	$+400,704	$+441,588	$+299,791	$-40,884	(Pure)
+400%	$670	$+561,450	$+629,125	$+399,722	$-67,675	(Pure)
+700%	$1,072	$+1,043,688	$+1,191,736	$+699,513	$-148,048	(Pure)
+1000%	$1,474	$+1,525,926	$+1,754,347	$+999,304	$-228,421	(Pure)
Weighted	—	$+254,905	$+273,027	$+208,744	$-18,122	(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

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