+150 Jan 21 '28 23C-82 Jan 21 '28 18P+150 Jan 21 '28 25P448 days leftCSV ND 13.42entry $17 +19.9%CC-SS $22.30 (+9% vs spot)BE-SS $36.42 (+79% vs spot)
Spot
$20.39
CBOE 2026-10-30 00:23:15
When to roll⏸ WAIT
Wait until 23 Oct 2027
448 days left. Nothing forces a roll before 23 Oct 2027 (90 days before expiry): waiting keeps today's structure and costs nothing extra in spread.
Holding as is costs about $152 a day in time decay (net theta of the three legs).
Re-run then, or sooner after a 15%+ drop (a lower price makes extending cheaper and more urgent).
Is the time worth buying• NO ROLL
Nothing to roll to: no admissible later expiry
Since 2026-04-08 it has banked $2,471, $329/mo with the open call chain marked to today's buyback; the last 90 days $1,850/mo against a $1,605/mo floor and a $3,210/mo design.
Spot is above $20, where a ~0.30-delta call already clears the CC-SS: safe calls pay now.
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,248/mo at BMNR's realized keep of 23% (18 closed calls).
No roll to judge the time on: no later LEAPS expiry, or no roll keeps the fortress's shape and upside.
Earnings 2026-11-20 (22 days): sell no new income into it.
Today, if you keep it
Value now (mid)
$196,120
Unrealized vs CSV ND
-$5,180
Max loss from here
$166,120
Margin it holds (model)
$19,054
a close frees it; $124,021 on all BMNR here
CC-SS
$22.30
safe call from $20
Net delta
+6035 sh
notional $305,850
Theta
-$152/day
net of the three legs
Short put time value
$4.03
assignment LOW
If you close it today
Whole-life P/L
-$2,934
legs + call income, all in
Legs vs entry
-$5,180
close LC / SP / HP at mid vs CSV ND
Call income banked
+$2,471
since entry, incl. the open chain
Cash to close today
+$195,895
legs at mid + call buyback -$225
If you hold to expiry instead
Whole-life P/L at expiry
+$62,644
expected; -$2,934 if closed today
Chance of break-even
76%
whole-life P/L at or above zero
Max loss left
$166,120
0% of the $96,300 at entry already taken
Worst case if held
-$169,054
legs at their worst, no call income
No roll and no close: calls written every cycle to Jan 21 '28 (FIGHT included). Spot at expiry is spread lognormal at realized vol, zero drift. Holding keeps $19,054 of margin a close would free, counted dollar for dollar: holding beats closing by $46,524.
Income outlook
Income history · since 2026-04-08
Banked since entry
$2,471
closed calls + open chain premium
Life-to-date pace
$329/mo
open chain marked to today's buyback
Last 90 days
$1,850/mo
Coverage Insights' window
Best month
$1,650
Oct 2026
Apr
May
Jun
Jul
Aug
Sep
$1,650
Oct
$2,100
open
life pace $329/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
$1,850/mo
EARNING ITS KEEP
floor $1,605
design $3,210
$1,850/mo earned, at least half of the $3,210/mo it is designed to earn
Scanner's best pick today
$6,362/mo
Banked so far
$2,471
Whole-life P/L
-$30,754
Time with a call written
9%
Call roll chain
2 rolls down to 23, $0.14/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
67%
CBOE 30-day 73%
Regime
NEUTRAL
RSI 49
Next earnings
2026-11-20
22 days
FIGHT rate (model)
$2,248/mo
~0.30-delta calls x 23% keep
Where safe calls start paying
safe from $20
spot $20
Safe calls pay now.
What the time buys
No admissible roll.
Roll choices on Jan 19 '29
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.
Side by side
Family
Expiry
LC
SP
HP
Cash mid
Hedge est
Margin chg
Extra income
Extra safe
Restart
Value incl. income
Max loss
CC-SS
Delta sh
KEEP
held
Jan 21 '28
23
18
25
-
-
-
-
-
100%
-
$166,120
$22.30
+6035
Top 25 candidates on Jan 19 '29
Family
Expiry
LC
SP
HP
Cash mid
Hedge est
Margin chg
Extra income
Extra safe
Restart
Value incl. income
Max loss
CC-SS
Delta sh
How this was built
0 rolls on the real strikes of Jun 16 '28, Jan 19 '29; 0 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($36.42), max loss within 10% over the entry max loss, CC-SS within 5% (no rule in Fight mode), margin added under 15% of the account's spare room. Early assignment is judged as the put's holder would: an American put priced at its market mid, exercised where that beats holding; at most 50% odds within 12 months.
FULL rolls all three legs (a held hedge). LEAPS ONLY keeps today's hedge for Repair's ledger, charged the estimated cost of carrying it to the new expiry. The short call never rolls.
Margin: the What-if model (IBKR-calibrated scan, calib 1.15), this underlying only. IBKR's what-if on the ticket is the final word.
Income model: one 35-day call per cycle while the LEAPS cover it; spot lognormal at realized vol = call IV x (1 - 0.15); premium Black-Scholes at the call IV (67%). SAFE writes at max(CC-SS, the ~0.30-delta strike); CC-SS held at today's value (no credit for banked income, so conservative). Track record mirrored from Coverage Insights.
Positions + margin model from Repair 2026-10-30 03:50. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.