LEAPS Builder v5.8
NVDA $75,000 [itm] | 2026-05-04 13:24:11
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 (Deep ITM Only) | Chains: Jun 2026 (42d), Jun 2026 (48d), Jul 2026 (77d), Aug 2026 (112d), Jan 2028 (630d), Dec 2028 (959d)
Bucket A: Deep ITM Stock Replacement ($75,000 ML budget)
All Candidates
| Chain | Type | Structure | Ct | Delta | IC | BE | Theta | Score |
|---|
| Jun '26 (42d) | Fortress | $185C/$195P/$170P | 18 | +0.479/sh (+862) | $29,340 | $201.30 (+0%) | $-145/d | 58,689 |
| ★ | Jun '26 (42d) | Pure | $185C | 33 | +0.735/sh (+2,425) | $74,085 | $207.45 (+3%) | $-438/d | 103,043 |
| Jun '26 (48d) | No valid structure |
| Jul '26 (77d) | No valid structure |
| Aug '26 (112d) | No valid structure |
| Jan '28 (630d) | Fortress | $180C/$210P/$185P | 10 | +1.034/sh (+1,034) | $50,000 | $230.00 (+15%) | $-11/d | 86,470 |
| Jan '28 (630d) | Pure | $180C | 12 | +0.727/sh (+872) | $74,760 | $242.30 (+21%) | $-49/d | 89,523 |
| Dec '28 (959d) | Fortress | $135C/$205P/$155P | 6 | -0.140/sh (-84) | $44,970 | $209.95 (+5%) | $-19/d | 80,945 |
★ = 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: $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 | Delta | IC | ML | BE | Theta | Lev | Score | ROIC |
|---|
| 10 |
+1.034/sh (+1,034) |
$50,000 | $75,000 |
$230.00 (+15%) | $-11/d |
4.0x | 86,470 | +342% |
Verdict: MIXED (lean PURE)
| Dimension |
Fortress |
Pure |
Winner |
| Score (WSPL) | 86,470 | 103,043 | PURE (-16%) |
| Contracts | 10 | 33 | PURE (-70%) |
| IC (capital) | $50,000 | $74,085 | FORT (-33%) |
| Max Loss | $75,000 | $74,085 | PURE (+1%) |
| Breakeven | $230.00 | $207.45 | PURE (+11%) |
| Theta/day | $-11 | $-438 | FORT (-97%) |
| ROIC@+25% | 41% | 192% | PURE (-79%) |
Pure scores +16%. Fortress only wins 2/4 efficiency dims. Pure is the safer play unless you specifically need fortress's capital saving.
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
No CC candidates found above breakeven. Run live (without --csv) if CC data was not included in the CSV export.
LEAPS Builder v5.8 | 2026-05-04 13:24:11