+50 Jan 21 '28 25C-50 Jan 21 '28 18P448 days leftCSV ND 40.83entry $22 -7.3%BE-SS $65.83 (+223% vs spot)
Spot
$20.39
CBOE 2026-10-30 00:23:15
When to roll✓ OPPORTUNITY
A roll pays you and frees margin today
A roll exists today that pays you $1,375 and frees $1,006 of margin while keeping the upside: no reason to wait for it.
The new expiry is still wide (worst leg spread 10% of mid, open interest as low as 191): work the order at mid, never natural.
Is the time worth buying▲ RECONSIDER
Engine stalled and time barely helps
Last 90 days earned $225/mo against a $4,902/mo floor and a $9,805/mo design.
No CC-SS within 3x spot: no covered call is safe at any strike today.
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $749/mo at BMNR's realized keep of 23% (18 closed calls).
The record does not show the FIGHT engine running ($225/mo earned vs $749/mo modelled): only safe-call income is credited.
Extending to Jun 16 '28 buys 5 months. Expected income to expiry with FIGHT: $10,354 if you keep, $14,669 after the roll; safe calls alone: $0 vs $0. Odds safe calls restart: 0% vs 0%.
At the record's pace the extra 5 months are worth about $1,088.
The extra time is unlikely to restart the safe engine (or costs more than the income it adds): it mostly buys hope. Compare with FIGHT's ladder, a rebuild in Rolls, or closing.
Earnings 2026-11-20 (22 days): sell no new income into it.
Holding to expiry instead (15 months, calls written all the way, safe calls only): expected whole-life -$204,505 vs -$192,650 if closed today; 2% chance to finish at break-even or better; worst case -$294,150 (another $101,500 if the legs end at their worst and no call pays); 65% of the entry max loss ($294,150) is already taken.
Closing wins once the $54,359 of margin it frees is counted (holding's edge is -$11,855 on average): consider closing.
Today, if you keep it
Value now (mid)
$11,500
Unrealized vs CSV ND
-$192,650
Max loss from here
$101,500
Margin it holds (model)
$54,359
a close frees it; $146,855 on all BMNR here
CC-SS
none ≤ 3x spot
safe call from -
Net delta
+4375 sh
notional $101,950
Theta
-$3/day
net of the three legs
Short put time value
$4.03
assignment LOW
If you close it today
Whole-life P/L
-$192,650
legs + call income, all in
Legs vs entry
-$192,650
close LC / SP / HP at mid vs CSV ND
Call income banked
-
no history
Cash to close today
+$11,500
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
-$204,505
expected; -$192,650 if closed today
Chance of break-even
2%
whole-life P/L at or above zero
Max loss left
$101,500
65% of the $294,150 at entry already taken
Worst case if held
-$294,150
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 $54,359 of margin a close would free, counted dollar for dollar: holding trails closing by $66,214.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LEAST MARGIN, LOWEST MAX LOSS, INCOME ENGINE
+$1,375
cash at mid today (natural -$2,000)
FULLJun 16 '28+5 months
SELL 50 Jan 21 '28 25C (close)
BUY 50 Jan 21 '28 18P (close)
BUY 50 Jun 16 '28 27C (open)
SELL 50 Jun 16 '28 18P (open)
Margin change
-$1,006
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
none
hedge rolled too
Income over the time bought
$1,088
actual: $225 a month x 5 months; covers all of the max loss it adds
Restart odds
0% → 0%
safe calls paying before expiry
Max loss from here
$100,125
-$1,375 vs keep
CC-SS
none ≤ 3x spot
now none ≤ 3x spot
CSV ND after
40.55
at a mid fill
Income outlook
Last 90 days vs design
$225/mo
floor $4,902
design $9,805
Time with a call written
0%
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)
$749/mo
~0.30-delta calls x 23% keep
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$10,354
Roll Jun 16 '28
$14,669
Odds safe calls start paying before expiry
Keep Jan 21 '28
0%
Roll Jun 16 '28
0%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$0
Roll Jun 16 '28
$0
Months bought
5
Worth at the record's pace
$1,088
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.
FULLJun 16 '28also BEST WITH INCOMEalso MOST CASHalso LEAST MARGINalso LOWEST MAX LOSSalso INCOME ENGINE
Cash at mid
+$1,375
Margin change
-$1,006
Strikes
27C / -18P / -
Cash at natural
-$2,000
Extra income, FIGHT incl. (model)
+$4,314 (+$892/mo)
Extra safe income (model)
+$0 (+$0/mo)
Restart odds
0% (keep 0%)
Value incl. income
+$6,695
Max loss from here
$100,125 (-$1,375)
CC-SS
none ≤ 3x spot (now none ≤ 3x spot)
Net delta
+4348 sh (now +4375)
CSV ND after
40.55
Worst spread / min OI
10% / 191
Danger point
none to -60% (now none to -60%)
Order legs
SELL 50 Jan 21 '28 25C (close)
BUY 50 Jan 21 '28 18P (close)
BUY 50 Jun 16 '28 27C (open)
SELL 50 Jun 16 '28 18P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
FULLJun 16 '28
Cash at mid
-$1,625
Margin change
+$1,234
Strikes
25C / -18P / -
Cash at natural
-$5,250
Extra income, FIGHT incl. (model)
+$4,314 (+$892/mo)
Extra safe income (model)
+$0 (+$0/mo)
Restart odds
0% (keep 0%)
Value incl. income
+$1,455
Max loss from here
$103,125 (+$1,625)
CC-SS
none ≤ 3x spot (now none ≤ 3x spot)
Net delta
+4502 sh (now +4375)
CSV ND after
41.16
Worst spread / min OI
10% / 191
Danger point
none to -60% (now none to -60%)
Order legs
SELL 50 Jan 21 '28 25C (close)
BUY 50 Jan 21 '28 18P (close)
BUY 50 Jun 16 '28 25C (open)
SELL 50 Jun 16 '28 18P (open)
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
25
18
-
-
-
-
-
-
0%
-
$101,500
none ≤ 3x spot
+4375
BEST
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
BEST WITH INCOME
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
MOST CASH
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
LEAST MARGIN
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
LOWEST MAX LOSS
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
INCOME ENGINE
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
SAME STRIKES
FULL
Jun 16 '28
25
18
-
-$1,625
-
+$1,234
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$1,455
$103,125
none ≤ 3x spot
+4502
Cost of waiting
The BEST roll done later instead of today (+$1,375 at mid). Black-Scholes at each leg's IV, aged and moved, anchored on today's market. Estimates.
Roll on
Days before expiry
Spot -30% ($14)
Spot +0% ($20)
Spot +30% ($27)
Today
448
-
+$1,375
-
2027-10-23
90
+$2,324
+$886
-$1,074
2027-12-07
45
+$3,517
+$960
-$3,233
How much time to buy
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
Jun 16 '28
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
Top 25 candidates on Jun 16 '28
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
1
FULL
Jun 16 '28
27
18
-
+$1,375
-
-$1,006
+$4,314 +$892/mo
+$0 +$0/mo
0%
+$6,695
$100,125
none ≤ 3x spot
+4348
How this was built
61 rolls on the real strikes of Jun 16 '28, Jan 19 '29; 1 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($65.83), 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 1.21), 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.