LEAPS Extend · 2026-10-30 · All fortresses

AMZN · Joint

+5 Jan 21 '28 200C-5 Jan 21 '28 250P+5 Feb 19 '27 215P448 days leftCSV ND 67.92entry $269 -13.0%CC-SS $272.47 (+16% vs spot)BE-SS $267.92 (+14% vs spot)
Spot
$234.14
CBOE 2026-10-30 13:52:11
When to roll✓ OPPORTUNITY
A roll pays you and frees margin today
  • A roll exists today that pays you $5,186 and frees $1,219 of margin while keeping the upside: no reason to wait for it.
  • Holding as is costs about $26 a day in time decay (net theta of the three legs).
Is the time worth buying! EXTEND FOR RECOVERY
Engine stalled: extending is a bet on recovery
  • Since 2026-08-12 it has banked $1,795, $682/mo with the open call chain marked to today's buyback; the last 90 days $682/mo against a $1,015/mo floor and a $1,715/mo design.
  • Safe calls (at or above the $272 CC-SS) only pay a normal premium from about $258 (+10% from here).
  • FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $1,627/mo at AMZN's realized keep of 84% (11 closed calls).
  • The record does not show the FIGHT engine running ($682/mo earned vs $1,627/mo modelled): only safe-call income is credited.
  • Extending to Jun 16 '28 buys 5 months. Expected income to expiry with FIGHT: $23,504 if you keep, $33,397 after the roll; safe calls alone: $11,076 vs $15,946. Odds safe calls restart: 63% vs 63%.
  • At the record's pace the extra 5 months are worth about $3,296.
  • Even after the roll the odds are only 63%: the extension is a bet on recovery, with little income in the meantime.
  • Coverage Insights: review the hedge in Rolls: a cheaper hedge put, or let this one run off.

Today, if you keep it

Value now (mid)
$15,325
Unrealized vs CSV ND
-$18,635
Max loss from here
$32,825
Margin it holds (IBKR)
$19,366
a close frees it; model $16,600; $16,600 on all AMZN here
CC-SS
$272.47
safe call from $258
Net delta
+479 sh
notional $117,070
Theta
-$26/day
net of the three legs
Short put time value
$23.66
assignment LOW
If you close it today
Whole-life P/L
-$16,840
legs + call income, all in
Legs vs entry
-$18,635
close LC / SP / HP at mid vs CSV ND
Call income banked
+$1,795
since entry, incl. the open chain
Cash to close today
+$15,325
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
-$7,547
expected; -$16,840 if closed today
Chance of break-even
38%
whole-life P/L at or above zero
Max loss left
$32,825
36% of the $51,460 at entry already taken
Worst case if held
-$49,665
legs at their worst, no call income
No roll and no close: calls written every cycle to Jan 21 '28 (safe calls only). Spot at expiry is spread lognormal at realized vol, zero drift. Holding keeps $16,600 of margin a close would free, counted dollar for dollar: holding trails closing by $7,307.

Recommended roll

BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LOWEST MAX LOSS
+$6,825
cash at mid today (natural +$4,925)
LEAPS ONLYJun 16 '28+5 months
SELL 5 Jan 21 '28 200C (close)
BUY 5 Jan 21 '28 250P (close)
BUY 5 Jun 16 '28 220C (open)
SELL 5 Jun 16 '28 260P (open)
Margin change (IBKR)
-$337
asked at 21:53; model -$1,219, this underlying only
Hedge extension (est.)
-$1,639
kept hedge carried to the new expiry
Income over the time bought
$4,540
actual: $939 a month x 5 months; covers all of the max loss it adds
Restart odds
63% → 63%
safe calls paying before expiry
Max loss from here
$31,000
-$1,825 vs keep
CC-SS
$274.62
now $272.47
CSV ND after
54.27
at a mid fill

Income outlook

Income history · since 2026-08-12
Banked since entry
$1,795
closed calls + open chain premium
Life-to-date pace
$682/mo
open chain marked to today's buyback
Last 90 days
$682/mo
Coverage Insights' window
Best month
$1,365
Aug 2026
$1,365
Aug
Sep
Oct
life pace $682/mo
Closed call net per calendar month (first and last months are part months). The hatched bar is the open roll chain: premium collected but not yet closed. Hover a bar for detail.
Last 90 days vs design
$682/mo
NOT PAYING ITS HEDGE
floor $1,015
design $1,715
$682/mo earned against $1,015/mo of hedge carry
Scanner's best pick today
$542/mo
Banked so far
$1,795
Whole-life P/L
-$13,192
Time with a call written
58%
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
32%
CBOE 30-day 31%
Regime
OVERSOLD
RSI 42
Next earnings
2027-02-04
97 days
FIGHT rate (model)
$1,627/mo
~0.30-delta calls x 84% keep
Where safe calls start paying
safe from $258
spot $234
Spot needs +10% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$23,504
Roll Jun 16 '28
$33,397
Odds safe calls start paying before expiry
Keep Jan 21 '28
63%
Roll Jun 16 '28
63%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$11,076
Roll Jun 16 '28
$15,946
Months bought
5
Worth at the record's pace
$3,296
Engine state
STALLED

Roll choices on Jun 16 '28

Cash received is green, paid is red. Margin freed is green, added is red. Extra income is the model's expected income the extra time adds, FIGHT calls included at the realized keep; extra safe income counts calls at or above the CC-SS only.

BEST: cash + margin

Most cash received net of margin added (the 2026-10-22 rule): the recommended roll.
LEAPS ONLYJun 16 '28also BEST WITH INCOMEalso MOST CASHalso LOWEST MAX LOSS
Cash at mid
+$6,825
Margin change
-$1,219
Strikes
220C / -260P / +215P (kept)
Cash at natural
+$4,925
Hedge extension (est.)
-$1,639
Extra income, FIGHT incl. (model)
+$9,893 (+$2,046/mo)
Extra safe income (model)
+$4,871 (+$1,007/mo)
Restart odds
63% (keep 63%)
Value incl. income
+$16,298
Max loss from here
$31,000 (-$1,825)
CC-SS
$274.62 (now $272.47)
Net delta
+456 sh (now +479)
CSV ND after
54.27
Worst spread / min OI
6% / 1113
Order legs
SELL 5 Jan 21 '28 200C (close)
BUY 5 Jan 21 '28 250P (close)
BUY 5 Jun 16 '28 220C (open)
SELL 5 Jun 16 '28 260P (open)

LEAST MARGIN

Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJun 16 '28
Cash at mid
+$1,688
Margin change
-$1,433
Strikes
210C / -250P / +215P (kept)
Cash at natural
-$300
Hedge extension (est.)
-$1,639
Extra income, FIGHT incl. (model)
+$9,895 (+$2,046/mo)
Extra safe income (model)
+$4,926 (+$1,019/mo)
Restart odds
64% (keep 63%)
Value incl. income
+$11,377
Max loss from here
$31,138 (-$1,688)
CC-SS
$274.51 (now $272.47)
Net delta
+452 sh (now +479)
CSV ND after
64.55
Worst spread / min OI
6% / 310
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 200C (close)
BUY 5 Jan 21 '28 250P (close)
BUY 5 Jun 16 '28 210C (open)
SELL 5 Jun 16 '28 250P (open)

INCOME ENGINE

Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJun 16 '28
Cash at mid
+$362
Margin change
+$628
Strikes
195C / -260P / +215P (kept)
Cash at natural
-$1,725
Hedge extension (est.)
-$1,639
Extra income, FIGHT incl. (model)
+$9,927 (+$2,053/mo)
Extra safe income (model)
+$6,226 (+$1,288/mo)
Restart odds
66% (keep 63%)
Value incl. income
+$8,022
Max loss from here
$37,462 (+$4,638)
CC-SS
$271.74 (now $272.47)
Net delta
+496 sh (now +479)
CSV ND after
67.20
Worst spread / min OI
6% / 157
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 200C (close)
BUY 5 Jan 21 '28 250P (close)
BUY 5 Jun 16 '28 195C (open)
SELL 5 Jun 16 '28 260P (open)

SAME STRIKES

The held strikes rolled straight out (reference).
LEAPS ONLYJun 16 '28
Cash at mid
-$1,488
Margin change
-$694
Strikes
200C / -250P / +215P (kept)
Cash at natural
-$3,200
Hedge extension (est.)
-$1,639
Extra income, FIGHT incl. (model)
+$9,907 (+$2,049/mo)
Extra safe income (model)
+$5,418 (+$1,121/mo)
Restart odds
64% (keep 63%)
Value incl. income
+$7,475
Max loss from here
$34,312 (+$1,488)
CC-SS
$273.46 (now $272.47)
Net delta
+468 sh (now +479)
CSV ND after
70.89
Worst spread / min OI
6% / 620
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 200C (close)
BUY 5 Jan 21 '28 250P (close)
BUY 5 Jun 16 '28 200C (open)
SELL 5 Jun 16 '28 250P (open)

Side by side

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
KEEPheldJan 21 '28200250215-----63%-$32,825$272.47+479
BESTLEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
BEST WITH INCOMELEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
MOST CASHLEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
LEAST MARGINLEAPS ONLYJun 16 '28210250215 (kept)+$1,688-$1,639-$1,433+$9,895
+$2,046/mo
+$4,926
+$1,019/mo
64%+$11,377$31,138$274.51+452
LOWEST MAX LOSSLEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
INCOME ENGINELEAPS ONLYJun 16 '28195260215 (kept)+$362-$1,639+$628+$9,927
+$2,053/mo
+$6,226
+$1,288/mo
66%+$8,022$37,462$271.74+496
SAME STRIKESLEAPS ONLYJun 16 '28200250215 (kept)-$1,488-$1,639-$694+$9,907
+$2,049/mo
+$5,418
+$1,121/mo
64%+$7,475$34,312$273.46+468

Cost of waiting

The BEST roll done later instead of today (+$6,825 at mid). Black-Scholes at each leg's IV, aged and moved, anchored on today's market. Estimates.
Roll onDays before expirySpot -30% ($164)Spot +0% ($234)Spot +30% ($304)
Today448-+$6,825-
2027-10-2390+$2,076+$8,332+$11,000
2027-12-0745+$1,609+$9,111+$11,531

How much time to buy

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
Jun 16 '28LEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
Dec 15 '28LEAPS ONLYDec 15 '28210260215 (kept)+$2,475-$3,244-$952+$19,855
+$1,835/mo
+$10,981
+$1,015/mo
65%+$20,037$35,350$274.24+464
Jan 19 '29LEAPS ONLYJan 19 '29210260215 (kept)+$2,075-$3,512-$963+$21,848
+$1,825/mo
+$12,151
+$1,015/mo
65%+$21,374$35,750$274.30+465
Top 25 candidates on Jun 16 '28
FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
1LEAPS ONLYJun 16 '28220260215 (kept)+$6,825-$1,639-$1,219+$9,893
+$2,046/mo
+$4,871
+$1,007/mo
63%+$16,298$31,000$274.62+456
2LEAPS ONLYJun 16 '28210260215 (kept)+$4,675-$1,639-$491+$9,909
+$2,049/mo
+$5,474
+$1,132/mo
64%+$13,435$33,150$273.35+472
3LEAPS ONLYJun 16 '28210250215 (kept)+$1,688-$1,639-$1,433+$9,895
+$2,046/mo
+$4,926
+$1,019/mo
64%+$11,377$31,138$274.51+452
4LEAPS ONLYJun 16 '28200260215 (kept)+$1,500-$1,639+$249+$9,920
+$2,051/mo
+$5,941
+$1,229/mo
65%+$9,532$36,325$272.35+488
5LEAPS ONLYJun 16 '28195260215 (kept)+$362-$1,639+$628+$9,927
+$2,053/mo
+$6,226
+$1,288/mo
66%+$8,022$37,462$271.74+496
6LEAPS ONLYJun 16 '28200250215 (kept)-$1,488-$1,639-$694+$9,907
+$2,049/mo
+$5,418
+$1,121/mo
64%+$7,475$34,312$273.46+468
7LEAPS ONLYJun 16 '28195250215 (kept)-$2,625-$1,639-$315+$9,915
+$2,050/mo
+$5,720
+$1,183/mo
65%+$5,966$35,450$272.82+476
How this was built