LEAPS Builder v5.8
NVDA $75,000 [both] | 2026-05-04 12:55:54
THESIS GUIDE: which tool fits which trade?
| When you want | Use | Key trade-off |
|---|
| Capture explosive upside (high-conviction breakout) | leap_builder Bucket A (this tool, :itm) | Pay LC + HP premium upfront. No income. Max delta per dollar at risk. |
| Lottery ticket on a moonshot move | leap_builder Bucket B (this tool, :otm) | Smaller entry. High theta decay. Can lose 100% if move does not materialize in time. |
| Generate monthly income while moderately bullish | fortress_v26 (DIAMOND, PIONEER) | Caps upside via SC. HP rolls 6+ times over LC life. |
| Ride breakout, collect income kicker | leap_builder Bucket A with --cc-overlay | Caps near-term upside per cycle. Stop selling SC at breakout start. |
NVDA @ $200.53
Sizing: $75,000 (ITM + OTM) | Chains: Jan 2028 (630d), Dec 2028 (959d)
Bucket A: Deep ITM Stock Replacement ($75,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | IC | BE | Theta | Score |
|---|
| Jan '28 (630d) | Fortress | $180C/$210P/$185P | 10 | $50,000 | $230.00 (+15%) | $-11/d | 86,470 |
| ★ | Jan '28 (630d) | Pure | $180C | 12 | $74,760 | $242.30 (+21%) | $-49/d | 89,523 |
| Dec '28 (959d) | Fortress | $135C/$205P/$155P | 6 | $44,970 | $209.95 (+5%) | $-19/d | 80,945 |
★ = highest score. Score = WSPL x sqrt(DTE/365).
Best Fortress: $180C / $210P / $185P (Jan '28, 630d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $180.0C | $62.30 | +0.727 |
| SP | SELL | $210.0P | $44.55 | -0.000 |
| HP | BUY | $185.0P | $32.25 | +0.307 |
| Ct | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 10 | $50,000 | $75,000 |
$230.00 (+15%) | $-11/d |
4.0x | 86,470 | +342% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score (WSPL) | 86,470 | 89,523 | PURE (-3%) |
| Contracts | 10 | 12 | PURE (-17%) |
| IC (capital) | $50,000 | $74,760 | FORT (-33%) |
| Max Loss | $75,000 | $74,760 | TIE |
| Breakeven | $230.00 | $242.30 | FORT (-5%) |
| Theta/day | $-11 | $-49 | FORT (-77%) |
| ROIC@+25% | 41% | 13% | FORT (+208%) |
Score gap is small (3%). Fortress wins 4/4 efficiency dims. Build the fortress for capital efficiency.
P&L Comparison
| Move | Price | Fortress 10ct Jan'28 | Pure 12ct Jan'28 | Diff | Winner |
|---|
| -19% | $160 | $-75,000 | $-74,760 | $-240 | (Pure) |
| +0% | $201 | $-38,940 | $-50,124 | $+11,184 | (Fort) |
| +25% | $251 | $+20,663 | $+10,035 | $+10,627 | (Fort) |
| +50% | $301 | $+70,795 | $+70,194 | $+601 | (Fort) |
| +75% | $351 | $+120,928 | $+130,353 | $-9,426 | (Pure) |
| +100% | $401 | $+171,060 | $+190,512 | $-19,452 | (Pure) |
| +200% | $602 | $+371,590 | $+431,148 | $-59,558 | (Pure) |
CC Overlay (sell against fortress, strike > BE $230.00) ▼
Best Income (highest premium, closer to BE)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $235 | 42d | $2.34 | +0.000 | $5.00 (2%) | $1,671 | 40.1% |
| $235 | 21d | $1.17 | +0.106 | $5.00 (2%) | $1,671 | 40.1% |
Balanced (moderate risk/reward)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $240 | 35d | $1.46 | +0.117 | $10.00 (5%) | $1,251 | 30.0% |
| $235 | 28d | $1.46 | +0.123 | $5.00 (2%) | $1,564 | 37.5% |
Safest (lowest delta, least assignment risk)
| Strike | DTE | Bid | Delta | Headroom | Mo Income | Ann ROI |
|---|
| $240 | 42d | $1.80 | +0.000 | $10.00 (5%) | $1,286 | 30.9% |
| $240 | 21d | $0.87 | +0.083 | $10.00 (5%) | $1,243 | 29.8% |
Theta coverage: Best Income ~489%, Balanced ~366%, Safest ~377%. (fortress theta: $11/day)
Bucket B: OTM Max Leverage ($75,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | IC | BE | Theta | Score |
|---|
| Jan '28 (630d) | Fortress | $200C/$230P/$200P | 11 | $40,150 | $236.50 (+18%) | $-70/d | 197,978 |
| ★ | Jan '28 (630d) | Pure | $200C | 14 | $74,410 | $253.15 (+26%) | $-60/d | 225,906 |
| Dec '28 (959d) | Fortress | $190C/$230P/$205P | 9 | $51,255 | $246.95 (+23%) | $-31/d | 184,574 |
★ = highest score. Score = WSPL x sqrt(DTE/365).
Best Fortress: $200C / $230P / $200P (Jan '28, 630d)
| Leg | Action | Strike | Price | Delta |
|---|
| LC | BUY | $200.0C | $53.15 | +0.664 |
| SP | SELL | $230.0P | $56.35 | -0.000 |
| HP | BUY | $200.0P | $39.70 | +0.000 |
| Ct | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 11 | $40,150 | $73,150 |
$236.50 (+18%) | $-70/d |
5.5x | 197,978 | +451% |
Verdict: FORTRESS PREFERRED
| Dimension |
Fortress |
Pure |
Winner |
| Score (WSPL) | 197,978 | 225,906 | PURE (-12%) |
| Contracts | 11 | 14 | PURE (-21%) |
| IC (capital) | $40,150 | $74,410 | FORT (-46%) |
| Max Loss | $73,150 | $74,410 | FORT (-2%) |
| Breakeven | $236.50 | $253.15 | FORT (-7%) |
| Theta/day | $-70 | $-60 | PURE (+16%) |
| ROIC@+25% | 39% | -5% | FORT (+929%) |
Pure scores +12% on raw P&L from extra contracts. Fortress wins 3/4 efficiency dims (IC, BE, theta, ROIC). Trade 12% score for capital efficiency.
P&L Comparison
| Move | Price | Fortress 11ct Jan'28 | Pure 14ct Jan'28 | Diff | Winner |
|---|
| -19% | $160 | $-73,150 | $-74,410 | $+1,260 | (Fort) |
| +0% | $201 | $-71,984 | $-73,668 | $+1,684 | (Fort) |
| +25% | $251 | $+15,579 | $-3,482 | $+19,061 | (Fort) |
| +50% | $301 | $+70,725 | $+66,703 | $+4,021 | (Fort) |
| +75% | $351 | $+125,870 | $+136,889 | $-11,018 | (Pure) |
| +100% | $401 | $+181,016 | $+207,074 | $-26,058 | (Pure) |
| +200% | $602 | $+401,599 | $+487,816 | $-86,217 | (Pure) |
LEAPS Builder v5.8 | 2026-05-04 12:55:54