LEAPS Builder v6.1

SPY $100,000 [both], QQQ $100,000 [both] | 2026-08-14 13:02:29

SPY @ $778.19

Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (525d), Dec 2028 (854d)

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (525d) ↳	Fortress	$735C/$855P/$770P	6	+0.980/sh (+588)	$48,798	$835.66 (+7%)	$-76/d	237,947
▲	Jan '28 (525d) ↳	Pure	$730C	8	+0.717/sh (+574)	$98,800	$853.50 (+10%)	$-89/d	297,209
	Dec '28 (854d) ↳	Fortress	$695C/$855P/$745P	4	+1.034/sh (+414)	$55,252	$844.07 (+8%)	$-43/d	188,727

★ = 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 (525d) — This IS the default ★ pick: Fortress 6ct $735C/$855P/$770P

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 (854d) Fortress 4ct $695C/$855P/$745P vs ★ DEFAULT Jan '28 (525d) Fortress 6ct $735C/$855P/$770P

Dimension	THIS: Dec '28 Fortress 4ct	DEFAULT ★: Jan '28 Fortress 6ct	Better
Score	188,727	237,947	DEFAULT ★ (-21%)
Contracts	4	6	DEFAULT ★ (-33%)
IC (capital)	$55,252	$48,798	DEFAULT ★ (+13%)
Max Loss	$99,252	$99,798	THIS (-1%)
Breakeven	$844.07	$835.66	DEFAULT ★ (+1%)
Theta/day	$-43	$-76	THIS (+44%)
Weighted P&L	$123,382	$198,403	DEFAULT ★ (-38%)
ROIC (weighted)	223%	407%	DEFAULT ★ (-45%)
DTE	854	525	THIS (+63%)

Weighted P&L: THIS $+123,382 | DEFAULT ★ $+198,403 | diff $-75,021 → DEFAULT ★ pays $+75,021 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.

Best Fortress: $735C / $855P / $770P (Jan '28, 525d)

Leg	Action	Strike	Price	Delta
LC	BUY	$735.0C	$120.00	+0.709
SP	SELL	$855.0P	$90.19	+0.661
HP	BUY	$770.0P	$51.52	-0.389

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
6	+0.980/sh (+588)	$48,798	$99,798	$835.66 (+7%)	$-76/d	9.6x	237,947	+910%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$735C / $855P / $770P 6 contracts · Jan '28 (525d)	$730C 8 contracts · Jan '28 (525d)
Score	237,947	297,209	PURE (-20%)
Contracts	6	8	PURE (-25%)
IC (capital)	$48,798	$98,800	FORT (-51%)
Max Loss	$99,798	$98,800	PURE (+1%)
Breakeven	$835.66	$853.50	FORT (-2%)
Theta/day	$-76	$-89	FORT (-15%)
ROIC (weighted)	407%	251%	FORT (+62%)

Pure scores +20% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 20% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 6ct	Pure 8ct	Stock 128sh
-5%	$739.28	-$22,887	-$22,332	-$4,980
-10%	$700.37	-$45,775	-$44,663	-$9,961
-15%	$661.46	-$68,662	-$66,995	-$14,941
-20%	$622.55	-$91,549	-$89,327	-$19,922
-30%	$544.73	-$137,324	-$133,990	-$29,882

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 6ct Jan'28	Pure 8ct Jan'28	F-P Diff	Winner
-19%	$623	$-99,798	$-98,800	$-998	(Pure)
+0%	$778	$-68,970	$-60,248	$-8,722	(Pure)
+25%	$973	$+93,845	$+95,390	$-1,546	(Pure)
+50%	$1,167	$+210,573	$+251,028	$-40,455	(Pure)
+75%	$1,362	$+327,302	$+406,666	$-79,364	(Pure)
+100%	$1,556	$+444,030	$+562,304	$-118,274	(Pure)
+200%	$2,335	$+910,944	$+1,184,856	$-273,912	(Pure)
Weighted	—	$+198,403	$+247,815	$-49,413	(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 ($100,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (525d) ↳	Fortress	$770C/$890P/$790P	7	+0.201/sh (+141)	$29,848	$851.32 (+9%)	$-98/d	535,439
▲	Jan '28 (525d) ↳	Pure	$765C	10	+0.654/sh (+654)	$100,000	$865.00 (+11%)	$-109/d	711,861
	Dec '28 (854d) ↳	Fortress	$735C/$890P/$800P	5	+0.996/sh (+498)	$54,555	$867.05 (+11%)	$-53/d	463,242

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

★ (default winner)Jan '28 (525d) — This IS the default ★ pick: Fortress 7ct $770C/$890P/$790P

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 (854d) Fortress 5ct $735C/$890P/$800P vs ★ DEFAULT Jan '28 (525d) Fortress 7ct $775C/$890P/$785P

Dimension	THIS: Dec '28 Fortress 5ct	DEFAULT ★: Jan '28 Fortress 7ct	Better
Score	463,242	535,256	DEFAULT ★ (-13%)
Contracts	5	7	DEFAULT ★ (-29%)
IC (capital)	$54,555	$26,355	DEFAULT ★ (+107%)
Max Loss	$99,555	$99,855	tie
Breakeven	$867.05	$851.33	DEFAULT ★ (+2%)
Theta/day	$-53	$-98	THIS (+46%)
Weighted P&L	$302,848	$446,301	DEFAULT ★ (-32%)
ROIC (weighted)	555%	1693%	DEFAULT ★ (-67%)
DTE	854	525	THIS (+63%)

Weighted P&L: THIS $+302,848 | DEFAULT ★ $+446,301 | diff $-143,453 → DEFAULT ★ pays $+143,453 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: $775C / $890P / $785P (Jan '28, 525d)

Leg	Action	Strike	Price	Delta
LC	BUY	$775.0C	$93.40	+0.634
SP	SELL	$890.0P	$112.54	+0.000
HP	BUY	$785.0P	$56.79	-0.429

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
7	+0.205/sh (+144)	$26,355	$99,855	$851.33 (+9%)	$-98/d	20.7x	535,256	+1975%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$775C / $890P / $785P 7 contracts · Jan '28 (525d)	$765C 10 contracts · Jan '28 (525d)
Score	535,256	711,861	PURE (-25%)
Contracts	7	10	PURE (-30%)
IC (capital)	$26,355	$100,000	FORT (-74%)
Max Loss	$99,855	$100,000	TIE
Breakeven	$851.33	$865.00	FORT (-2%)
Theta/day	$-98	$-109	FORT (-10%)
ROIC (weighted)	1693%	594%	FORT (+185%)

Pure scores +25% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 25% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 7ct	Pure 10ct	Stock 128sh
-5%	$739.28	-$5,589	-$25,445	-$4,980
-10%	$700.37	-$11,178	-$50,891	-$9,961
-15%	$661.46	-$16,767	-$76,336	-$14,941
-20%	$622.55	-$22,356	-$101,781	-$19,922
-30%	$544.73	-$33,534	-$152,672	-$29,882

P&L Comparison

Move	Price	Fortress 7ct Jan'28	Pure 10ct Jan'28	F-P Diff	Winner
-19%	$623	$-99,855	$-100,000	$+145	(Fort)
+0%	$778	$-97,622	$-86,810	$-10,812	(Pure)
+25%	$973	$+112,061	$+107,738	$+4,324	(Fort)
+50%	$1,167	$+248,245	$+302,285	$-54,040	(Pure)
+75%	$1,362	$+384,428	$+496,832	$-112,405	(Pure)
+100%	$1,556	$+520,611	$+691,380	$-170,769	(Pure)
+200%	$2,335	$+1,065,344	$+1,469,570	$-404,226	(Pure)
Weighted	—	$+446,301	$+593,557	$-147,255	(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.

QQQ @ $731.38

Sizing: $100,000 (ITM + OTM) | Chains: Jan 2028 (525d), Dec 2028 (854d)

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

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (525d) ↳	Fortress	$685C/$800P/$710P	5	+1.260/sh (+630)	$54,490	$796.99 (+9%)	$-102/d	169,787
▲	Jan '28 (525d) ↳	Pure	$685C	7	+0.707/sh (+495)	$98,700	$826.00 (+13%)	$-84/d	224,318
	Dec '28 (854d) ↳	Fortress	$660C/$800P/$710P	4	+0.909/sh (+364)	$63,012	$817.53 (+12%)	$-42/d	157,554

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

★ (default winner)Jan '28 (525d) — This IS the default ★ pick: Fortress 5ct $685C/$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 (854d) Fortress 4ct $660C/$800P/$710P vs ★ DEFAULT Jan '28 (525d) Fortress 5ct $685C/$800P/$710P

Dimension	THIS: Dec '28 Fortress 4ct	DEFAULT ★: Jan '28 Fortress 5ct	Better
Score	157,554	169,787	DEFAULT ★ (-7%)
Contracts	4	5	DEFAULT ★ (-20%)
IC (capital)	$63,012	$54,490	DEFAULT ★ (+16%)
Max Loss	$99,012	$99,490	tie
Breakeven	$817.53	$796.99	DEFAULT ★ (+3%)
Theta/day	$-42	$-102	THIS (+58%)
Weighted P&L	$103,003	$141,570	DEFAULT ★ (-27%)
ROIC (weighted)	163%	260%	DEFAULT ★ (-37%)
DTE	854	525	THIS (+63%)

Weighted P&L: THIS $+103,003 | DEFAULT ★ $+141,570 | diff $-38,567 → DEFAULT ★ pays $+38,567 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: $685C / $800P / $710P (Jan '28, 525d)

Leg	Action	Strike	Price	Delta
LC	BUY	$685.0C	$141.00	+0.707
SP	SELL	$800.0P	$98.01	+0.553
HP	BUY	$710.0P	$65.99	-0.000

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
5	+1.260/sh (+630)	$54,490	$99,490	$796.99 (+9%)	$-102/d	6.7x	169,787	+614%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$685C / $800P / $710P 5 contracts · Jan '28 (525d)	$685C 7 contracts · Jan '28 (525d)
Score	169,787	224,318	PURE (-24%)
Contracts	5	7	PURE (-29%)
IC (capital)	$54,490	$98,700	FORT (-45%)
Max Loss	$99,490	$98,700	PURE (+1%)
Breakeven	$796.99	$826.00	FORT (-4%)
Theta/day	$-102	$-84	PURE (+22%)
ROIC (weighted)	260%	190%	FORT (+37%)

Pure scores +24% on raw P&L from extra contracts. Fortress wins 3/4 efficiency dims (IC, BE, theta, ROIC). Trade 24% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 5ct	Pure 7ct	Stock 136sh
-5%	$694.81	-$23,034	-$18,101	-$4,973
-10%	$658.24	-$46,068	-$36,202	-$9,947
-15%	$621.67	-$69,102	-$54,302	-$14,920
-20%	$585.10	-$92,136	-$72,403	-$19,893
-30%	$511.96	-$138,204	-$108,605	-$29,840

P&L Comparison

Move	Price	Fortress 5ct Jan'28	Pure 7ct Jan'28	F-P Diff	Winner
-19%	$585	$-99,490	$-98,700	$-790	(Pure)
+0%	$731	$-65,615	$-66,238	$+622	(Fort)
+25%	$914	$+60,119	$+61,753	$-1,634	(Pure)
+50%	$1,097	$+151,541	$+189,744	$-38,202	(Pure)
+75%	$1,280	$+242,963	$+317,734	$-74,771	(Pure)
+100%	$1,463	$+334,385	$+445,725	$-111,340	(Pure)
+200%	$2,194	$+700,072	$+957,688	$-257,615	(Pure)
Weighted	—	$+141,570	$+187,039	$-45,469	(Pure)

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 ($100,000 ML budget)

All Candidates

	Chain	Type	Structure	Ct	Delta	IC	BE	Theta	Score
★	Jan '28 (525d) ↳	Fortress	$730C/$840P/$735P	6	+1.286/sh (+772)	$35,856	$814.88 (+11%)	$-134/d	412,152
▲	Jan '28 (525d) ↳	Pure	$730C	9	+0.636/sh (+572)	$99,000	$840.00 (+15%)	$-109/d	573,445
	Dec '28 (854d) ↳	Fortress	$720C/$840P/$765P	5	+0.831/sh (+415)	$61,760	$843.52 (+15%)	$-55/d	398,529

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

★ (default winner)Jan '28 (525d) — This IS the default ★ pick: Fortress 6ct $730C/$840P/$735P

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 (854d) Fortress 5ct $720C/$840P/$765P vs ★ DEFAULT Jan '28 (525d) Fortress 6ct $730C/$840P/$735P

Dimension	THIS: Dec '28 Fortress 5ct	DEFAULT ★: Jan '28 Fortress 6ct	Better
Score	398,529	412,152	DEFAULT ★ (-3%)
Contracts	5	6	DEFAULT ★ (-17%)
IC (capital)	$61,760	$35,856	DEFAULT ★ (+72%)
Max Loss	$99,260	$98,856	tie
Breakeven	$843.52	$814.88	DEFAULT ★ (+4%)
Theta/day	$-55	$-134	THIS (+59%)
Weighted P&L	$260,542	$343,656	DEFAULT ★ (-24%)
ROIC (weighted)	422%	958%	DEFAULT ★ (-56%)
DTE	854	525	THIS (+63%)

Weighted P&L: THIS $+260,542 | DEFAULT ★ $+343,656 | diff $-83,114 → DEFAULT ★ pays $+83,114 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 / $840P / $735P (Jan '28, 525d)

Leg	Action	Strike	Price	Delta
LC	BUY	$730.0C	$110.00	+0.636
SP	SELL	$840.0P	$122.74	+0.651
HP	BUY	$735.0P	$72.50	-0.000

Ct	Delta	IC	ML	BE	Theta	Lev	Score	ROIC
6	+1.286/sh (+772)	$35,856	$98,856	$814.88 (+11%)	$-134/d	12.2x	412,152	+1126%

CC-Safe Strike

CC strike $ premium $ CC days

Verdict: FORTRESS PREFERRED

Dimension	Fortress	Pure	Winner
	$730C / $840P / $735P 6 contracts · Jan '28 (525d)	$730C 9 contracts · Jan '28 (525d)
Score	412,152	573,445	PURE (-28%)
Contracts	6	9	PURE (-33%)
IC (capital)	$35,856	$99,000	FORT (-64%)
Max Loss	$98,856	$99,000	TIE
Breakeven	$814.88	$840.00	FORT (-3%)
Theta/day	$-134	$-109	PURE (+23%)
ROIC (weighted)	958%	483%	FORT (+98%)

Pure scores +28% on raw P&L from extra contracts. Fortress wins 3/4 efficiency dims (IC, BE, theta, ROIC). Trade 28% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

Stop	Stock at	Fortress 6ct	Pure 9ct	Stock 136sh
-5%	$694.81	-$28,224	-$20,919	-$4,973
-10%	$658.24	-$56,448	-$41,838	-$9,947
-15%	$621.67	-$84,672	-$62,756	-$14,920
-20%	$585.10	-$112,897	-$83,675	-$19,893
-30%	$511.96	-$169,345	-$125,513	-$29,840

P&L Comparison

Move	Price	Fortress 6ct Jan'28	Pure 9ct Jan'28	F-P Diff	Winner
-19%	$585	$-98,856	$-99,000	$+144	(Fort)
+0%	$731	$-98,031	$-97,762	$-268	(Pure)
+25%	$914	$+74,675	$+66,797	$+7,878	(Fort)
+50%	$1,097	$+184,382	$+231,356	$-46,975	(Pure)
+75%	$1,280	$+294,088	$+395,916	$-101,828	(Pure)
+100%	$1,463	$+403,794	$+560,475	$-156,681	(Pure)
+200%	$2,194	$+842,619	$+1,218,712	$-376,094	(Pure)
Weighted	—	$+343,656	$+478,144	$-134,487	(Pure)

LEAPS Builder v6.1 | 2026-08-14 13:02:29