LEAPS Builder v6.2

XBI $130,000 [both] | 2026-08-24 14:58:52

XBI @ $166.27

Sizing: $130,000 (ITM + OTM) | Chains: Dec 2027 (480d), Jan 2028 (515d), Dec 2028 (844d)
OFF-RTH DATA — 85% of strikes have no live streaming quote. Bid/ask in this dashboard is synthesized from last/close. Structure analysis (delta, P&L curve, score) is reliable; specific execution prices are NOT. Re-verify quotes at the moment of trade entry. Run during US RTH (09:30-16:00 ET) for live spreads.
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 ($130,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
★Dec '27 (480d) ↳Fortress$145C/$176P/$158P25+0.830/sh (+2,074)$84,966$178.99 (+8%)$-117/d189,015
▲Dec '27 (480d) ↳Pure$145C31+0.720/sh (+2,233)$127,824$186.23 (+12%)$-129/d218,272
Jan '28 (515d) ↳Fortress$145C/$173P/$155P24+0.816/sh (+1,958)$86,760$181.15 (+9%)$-146/d182,855
Dec '28 (844d) ↳Fortress$155C/$170P/$150P22+0.803/sh (+1,768)$85,319$193.78 (+17%)$-47/d175,805

★ = 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)Dec '27 (480d) — This IS the default ★ pick: Fortress 25ct $145C/$176P/$158P
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.
Jan '28 (515d) Fortress 24ct $145C/$173P/$155P  vs  ★ DEFAULT Dec '27 (480d) Fortress 25ct $145C/$178P/$160P
Dimension THIS: Jan '28 Fortress 24ct DEFAULT ★: Dec '27 Fortress 25ct Better
Score182,855188,863DEFAULT ★ (-3%)
Contracts2425DEFAULT ★ (-4%)
IC (capital)$86,760$84,474DEFAULT ★ (+3%)
Max Loss$129,960$129,474tie
Breakeven$181.15$178.79DEFAULT ★ (+1%)
Theta/day$-146$-126DEFAULT ★ (-16%)
Weighted P&L$153,939$164,692DEFAULT ★ (-7%)
ROIC (weighted)177%195%DEFAULT ★ (-9%)
DTE515480THIS (+7%)

Weighted P&L: THIS $+153,939  |  DEFAULT ★ $+164,692  |  diff $-10,753   → DEFAULT ★ pays $+10,753 more under this mode's weights.

Dim-by-dim: THIS wins 1, DEFAULT wins 7. "THIS" pays more = anchor here instead. "DEFAULT" pays more = current pick stays best.

Dec '28 (844d) Fortress 22ct $155C/$170P/$150P  vs  ★ DEFAULT Dec '27 (480d) Fortress 25ct $145C/$178P/$160P
Dimension THIS: Dec '28 Fortress 22ct DEFAULT ★: Dec '27 Fortress 25ct Better
Score175,805188,863DEFAULT ★ (-7%)
Contracts2225DEFAULT ★ (-12%)
IC (capital)$85,319$84,474DEFAULT ★ (+1%)
Max Loss$129,319$129,474tie
Breakeven$193.78$178.79DEFAULT ★ (+8%)
Theta/day$-47$-126THIS (+63%)
Weighted P&L$115,613$164,692DEFAULT ★ (-30%)
ROIC (weighted)136%195%DEFAULT ★ (-30%)
DTE844480THIS (+76%)

Weighted P&L: THIS $+115,613  |  DEFAULT ★ $+164,692  |  diff $-49,079   → DEFAULT ★ pays $+49,079 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: $145C / $178P / $160P (Dec '27, 480d)

LegActionStrikePriceDelta
LCBUY$145.0C$41.23+0.720
SPSELL$178.0P$26.84+0.485
HPBUY$160.0P$19.39-0.377
CtDeltaICMLBEThetaLevScoreROIC
25 +0.829/sh (+2,072) $84,474$129,474 $178.79 (+8%)$-126/d 4.9x188,863+455%

CC-Safe Strike

Verdict: FORTRESS PREFERRED

Dimension Fortress Pure Winner
$145C / $178P / $160P
25 contracts · Dec '27 (480d)		 $145C
31 contracts · Dec '27 (480d)
Score188,863218,272PURE (-13%)
Contracts2531PURE (-19%)
IC (capital)$84,474$127,824FORT (-34%)
Max Loss$129,474$127,824PURE (+1%)
Breakeven$178.79$186.23FORT (-4%)
Theta/day$-126$-129FORT (-2%)
ROIC (weighted)195%149%FORT (+31%)

Pure scores +13% on raw P&L from extra contracts. Fortress wins 4/4 efficiency dims (IC, BE, theta, ROIC). Trade 13% score for capital efficiency.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 25ctPure 31ctStock 781sh
-5%$157.96-$17,223-$18,566-$6,493
-10%$149.64-$34,447-$37,132-$12,986
-15%$141.33-$51,670-$55,698-$19,479
-20%$133.02-$68,894-$74,264-$25,971
-30%$116.39-$103,341-$111,396-$38,957

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 25ct Dec'27Pure 31ct Dec'27F-P DiffWinner
-19%$133$-129,474$-127,824$-1,650(Pure)
+0%$166$-60,624$-61,887$+1,263(Fort)
+25%$208$+72,620$+66,972$+5,648(Fort)
+50%$249$+176,539$+195,832$-19,293(Pure)
+75%$291$+280,458$+324,691$-44,233(Pure)
+100%$333$+384,376$+453,550$-69,174(Pure)
+200%$499$+800,051$+968,987$-168,936(Pure)
Weighted—$+164,692$+190,337$-25,645(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 (sell against fortress, strike > BE $178.79) ▼

No earnings data: ticker not in the cc_timing roster (normal for a new ticker). Verify the next earnings date manually before selling any of these.

Best Income (highest premium, closer to BE)

StrikeDTEBidDeltaHeadroomMo IncomeAnn ROINet ROI
$17939d$2.70+0.252$0.21 (0%)$5,18873.7%43.8%
$17932d$2.20+0.231$0.21 (0%)$5,16673.4%43.5%

Balanced (moderate risk/reward)

StrikeDTEBidDeltaHeadroomMo IncomeAnn ROINet ROI
$18232d$1.64+0.184$3.21 (2%)$3,85254.7%24.9%
$18339d$1.86+0.190$4.21 (2%)$3,58150.9%21.0%

Safest (lowest delta, least assignment risk)

StrikeDTEBidDeltaHeadroomMo IncomeAnn ROINet ROI
$20553d$0.53+0.063$26.21 (16%)$75310.7%-19.2%
$19539d$0.66+0.085$16.21 (10%)$1,27918.2%-11.7%

Theta coverage: Best Income ~137%, Balanced ~102%, Safest ~20%. (fortress theta: $126/day)

Net ROI charges the hedge's year-1 value bleed (held LEAPS hedge, v28 BS bleed model: ~$25,229/yr = 52% of the hedge ask) against gross CC income. Ann ROI is gross premium / IC and flatters by that amount: the LEAPS hedge does not expire this year, but it loses that much time value while you hold it. Best pick nets ~$3,086/mo after bleed.

Bucket B: OTM Max Leverage ($130,000 ML budget)

All Candidates

ChainTypeStructureCtDeltaICBEThetaScore
◆Dec '27 (480d) ↳Fortress$240C/$190P/$173P72+0.301/sh (+2,165)$5,915$240.82 (+45%)$-90/d646,850
★Dec '27 (480d) ↳Pure$245C169+0.190/sh (+3,211)$129,716$252.68 (+52%)$-270/d1,332,173
Jan '28 (515d) ↳Fortress$225C/$190P/$173P60+0.362/sh (+2,173)$26,832$229.47 (+38%)$-106/d621,419
Dec '28 (844d) ↳Fortress$225C/$190P/$170P40+0.427/sh (+1,708)$48,810$237.20 (+43%)$-153/d481,807

★ = 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)Dec '27 (480d) — This IS the default ★ pick: Pure 169ct Long Call $245
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.
Jan '28 (515d) Pure 166ct Long Call $250  vs  ★ DEFAULT Dec '27 (480d) Pure 169ct Long Call $245
Dimension THIS: Jan '28 Pure 166ct DEFAULT ★: Dec '27 Pure 169ct Better
Score1,272,9121,332,173DEFAULT ★ (-4%)
Contracts166169DEFAULT ★ (-2%)
IC (capital)$129,331$129,716tie
Max Loss$129,331$129,716tie
Breakeven$257.79$252.68DEFAULT ★ (+2%)
Theta/day$-251$-270THIS (+7%)
Weighted P&L$1,071,621$1,161,680DEFAULT ★ (-8%)
ROIC (weighted)829%896%DEFAULT ★ (-7%)
DTE515480THIS (+7%)

Weighted P&L: THIS $+1,071,621  |  DEFAULT ★ $+1,161,680  |  diff $-90,059   → DEFAULT ★ pays $+90,059 more under this mode's weights.

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

Dec '28 (844d) Pure 85ct Long Call $250  vs  ★ DEFAULT Dec '27 (480d) Pure 169ct Long Call $245
Dimension THIS: Dec '28 Pure 85ct DEFAULT ★: Dec '27 Pure 169ct Better
Score738,1821,332,173DEFAULT ★ (-45%)
Contracts85169DEFAULT ★ (-50%)
IC (capital)$129,502$129,716tie
Max Loss$129,502$129,716tie
Breakeven$265.24$252.68DEFAULT ★ (+5%)
Theta/day$-153$-270THIS (+43%)
Weighted P&L$485,443$1,161,680DEFAULT ★ (-58%)
ROIC (weighted)375%896%DEFAULT ★ (-58%)
DTE844480THIS (+76%)

Weighted P&L: THIS $+485,443  |  DEFAULT ★ $+1,161,680  |  diff $-676,237   → DEFAULT ★ pays $+676,237 more under this mode's weights.

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

Best Fortress: $240C / $184P / $167P (Dec '27, 480d)

LegActionStrikePriceDelta
LCBUY$240.0C$8.09+0.200
SPSELL$184.0P$30.20+0.520
HPBUY$167.0P$23.13-0.410
CtDeltaICMLBEThetaLevScoreROIC
72 +0.310/sh (+2,231) $7,315$129,715 $241.02 (+45%)$-58/d 163.7x645,245+9008%

CC-Safe Strike

Verdict: PURE PREFERRED

Dimension Fortress Pure Winner
$240C / $184P / $167P
72 contracts · Dec '27 (480d)		 $245C
169 contracts · Dec '27 (480d)
Score645,2451,332,173PURE (-52%)
Contracts72169PURE (-57%)
IC (capital)$7,315$129,716FORT (-94%)
Max Loss$129,715$129,716TIE
Breakeven$241.02$252.68FORT (-5%)
Theta/day$-58$-270FORT (-79%)
ROIC (weighted)7692%896%FORT (+759%)

Pure scores +52% — too wide a gap to justify the 3-leg fortress complexity. Buy the pure call.

Stop Profile (MTM loss if stop hits)

StopStock at Fortress 72ctPure 169ctStock 781sh
-5%$157.96-$18,547-$26,695-$6,493
-10%$149.64-$37,094-$53,389-$12,986
-15%$141.33-$55,642-$80,084-$19,479
-20%$133.02-$74,189-$106,779-$25,971
-30%$116.39-$111,283-$160,168-$38,957

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 72ct Dec'27Pure 169ct Dec'27F-P DiffWinner
-19%$133$-129,715$-129,716$+1(Fort)
+0%$166$-129,715$-129,716$+1(Fort)
+25%$208$-7,315$-129,716$+122,401(Fort)
+50%$249$+60,401$-55,271$+115,672(Fort)
+75%$291$+359,687$+647,219$-287,533(Pure)
+100%$333$+658,973$+1,349,710$-690,737(Pure)
+200%$499$+1,856,117$+4,159,673$-2,303,556(Pure)
Weighted—$+562,665$+1,161,680$-599,015(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 14:58:52