LEAPS Builder v6.2

QQQ $250,000 [both] | 2026-08-24 12:57:38

QQQ @ $730.67

Sizing: $250,000 (ITM + OTM) | Chains: Jan 2028 (521d), Dec 2028 (850d)
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.

Bucket A: Deep ITM Stock Replacement ($250,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
★Jan '28 (521d) ↳Fortress$680C/$800P/$710P13+0.908/sh (+1,181)$131,950$790.75 (+8%)$-173/d456,809
▲Jan '28 (521d) ↳Pure$685C18+0.706/sh (+1,271)$245,700$821.50 (+12%)$-217/d582,146
Dec '28 (850d) ↳Fortress$690C/$795P/$700P11+0.881/sh (+969)$144,650$821.50 (+12%)$-116/d428,316

★ = 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)

★ (default winner)Jan '28 (521d) — This IS the default ★ pick: Fortress 13ct $680C/$800P/$710P
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.
Dec '28 (850d) Fortress 11ct $690C/$795P/$700P  vs  ★ DEFAULT Jan '28 (521d) Fortress 13ct $680C/$800P/$710P
Dimension THIS: Dec '28 Fortress 11ct DEFAULT ★: Jan '28 Fortress 13ct Better
Score428,316456,809DEFAULT ★ (-6%)
Contracts1113DEFAULT ★ (-15%)
IC (capital)$144,650$131,950DEFAULT ★ (+10%)
Max Loss$249,150$248,950tie
Breakeven$821.50$790.75DEFAULT ★ (+4%)
Theta/day$-116$-173THIS (+33%)
Weighted P&L$280,674$382,351DEFAULT ★ (-27%)
ROIC (weighted)194%290%DEFAULT ★ (-33%)
DTE850521THIS (+63%)

Weighted P&L: THIS $+280,674  |  DEFAULT ★ $+382,351  |  diff $-101,677   → DEFAULT ★ pays $+101,677 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $680C / $800P / $710P (Jan '28, 521d)

LegActionStrikePriceDelta
LCBUY$680.0C$139.50+0.714
SPSELL$800.0P$101.50+0.558
HPBUY$710.0P$63.50-0.363
CtDeltaICMLBEThetaLevScoreROIC
13 +0.908/sh (+1,181) $131,950$248,950 $790.75 (+8%)$-173/d 7.2x456,809+670%

CC-Safe Strike

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
$680C / $800P / $710P
13 contracts · Jan '28 (521d)		 $685C
18 contracts · Jan '28 (521d)
Score456,809582,146PURE (-22%)
Contracts1318PURE (-28%)
IC (capital)$131,950$245,700FORT (-46%)
Max Loss$248,950$245,700PURE (+1%)
Breakeven$790.75$821.50FORT (-4%)
Theta/day$-173$-217FORT (-20%)
ROIC (weighted)290%198%FORT (+46%)

Pure scores +22% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 22% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 13ctPure 18ctStock 342sh
-5%$694.14-$43,146-$46,440-$12,494
-10%$657.60-$86,291-$92,881-$24,989
-15%$621.07-$129,437-$139,321-$37,483
-20%$584.54-$172,583-$185,761-$49,978
-30%$511.47-$258,874-$278,642-$74,967

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 13ct Jan'28Pure 18ct Jan'28F-P DiffWinner
-19%$585$-248,950$-245,700$-3,250(Pure)
+0%$731$-156,208$-163,494$+7,286(Fort)
+25%$913$+171,389$+165,307$+6,081(Fort)
+50%$1,096$+408,856$+494,109$-85,252(Pure)
+75%$1,279$+646,324$+822,910$-176,586(Pure)
+100%$1,461$+883,792$+1,151,712$-267,920(Pure)
+200%$2,192$+1,833,663$+2,466,918$-633,255(Pure)
Weighted—$+382,351$+487,258$-104,907(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. 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
★Jan '28 (521d) ↳Fortress$730C/$840P/$765P17+0.813/sh (+1,382)$120,700$820.50 (+12%)$-233/d1,142,931
▲Jan '28 (521d) ↳Pure$725C22+0.642/sh (+1,413)$247,500$837.50 (+15%)$-266/d1,399,030
Dec '28 (850d) ↳Fortress$730C/$840P/$755P13+0.834/sh (+1,084)$139,100$838.50 (+15%)$-144/d1,043,291

★ = 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)

★ (default winner)Jan '28 (521d) — This IS the default ★ pick: Fortress 17ct $730C/$840P/$765P
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.
Dec '28 (850d) Fortress 13ct $730C/$840P/$755P  vs  ★ DEFAULT Jan '28 (521d) Fortress 17ct $730C/$835P/$760P
Dimension THIS: Dec '28 Fortress 13ct DEFAULT ★: Jan '28 Fortress 17ct Better
Score1,043,2911,140,900DEFAULT ★ (-9%)
Contracts1317DEFAULT ★ (-24%)
IC (capital)$139,100$122,400DEFAULT ★ (+14%)
Max Loss$249,600$249,900tie
Breakeven$838.50$818.50DEFAULT ★ (+2%)
Theta/day$-144$-228THIS (+37%)
Weighted P&L$683,663$954,938DEFAULT ★ (-28%)
ROIC (weighted)491%780%DEFAULT ★ (-37%)
DTE850521THIS (+63%)

Weighted P&L: THIS $+683,663  |  DEFAULT ★ $+954,938  |  diff $-271,275   → DEFAULT ★ pays $+271,275 more under this mode's weights.

Dim-by-dim: THIS wins 2, DEFAULT wins 6. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Best Fortress: $730C / $835P / $760P (Jan '28, 521d)

LegActionStrikePriceDelta
LCBUY$730.0C$109.50+0.634
SPSELL$835.0P$123.00+0.644
HPBUY$760.0P$85.50-0.466
CtDeltaICMLBEThetaLevScoreROIC
17 +0.811/sh (+1,380) $122,400$249,900 $818.50 (+12%)$-228/d 10.2x1,140,900+916%

CC-Safe Strike

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
$730C / $835P / $760P
17 contracts · Jan '28 (521d)		 $725C
22 contracts · Jan '28 (521d)
Score1,140,9001,399,030PURE (-18%)
Contracts1722PURE (-23%)
IC (capital)$122,400$247,500FORT (-51%)
Max Loss$249,900$247,500PURE (+1%)
Breakeven$818.50$837.50FORT (-2%)
Theta/day$-228$-266FORT (-14%)
ROIC (weighted)780%473%FORT (+65%)

Pure scores +18% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 18% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 17ctPure 22ctStock 342sh
-5%$694.14-$50,402-$51,619-$12,494
-10%$657.60-$100,804-$103,238-$24,989
-15%$621.07-$151,206-$154,857-$37,483
-20%$584.54-$201,608-$206,476-$49,978
-30%$511.47-$302,412-$309,713-$74,967

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 17ct Jan'28Pure 22ct Jan'28F-P DiffWinner
-19%$585$-249,900$-247,500$-2,400(Pure)
+0%$731$-248,761$-235,026$-13,735(Pure)
+25%$913$+189,274$+166,842$+22,431(Fort)
+50%$1,096$+499,808$+568,711$-68,902(Pure)
+75%$1,279$+810,343$+970,579$-160,236(Pure)
+100%$1,461$+1,120,878$+1,372,448$-251,570(Pure)
+200%$2,192$+2,363,017$+2,979,922$-616,905(Pure)
Weighted—$+954,938$+1,170,994$-216,056(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. 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.

LEAPS Builder v6.2 | 2026-08-24 12:57:38