LEAPS Extend · 2026-10-30 · All fortresses

COIN · Main

+8 Jan 21 '28 165C-8 Jan 21 '28 240P+8 Dec 18 '26 90P448 days leftCSV ND 16.80entry $211 -33.2%CC-SS $213.74 (+52% vs spot)BE-SS $210.90 (+50% vs spot)
Spot
$140.85
CBOE 2026-10-30 13:50:13
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.
  • Short put deep in the money with $8 of time value (85% of a year's carry on the strike): assignment risk is real; check it weekly.
  • Holding as is costs about $23 a day in time decay (net theta of the three legs).
  • The new expiry is still wide (worst leg spread 15% of mid, open interest as low as 0): work the order at mid, never natural.
Re-run then, or sooner after a 15%+ drop (a lower price makes extending cheaper and more urgent).
Is the time worth buying✓ EXTEND
It fights for its income: the extra time pays for the roll
  • Since 2026-04-17 it has banked $10,274, $1,573/mo with the open call chain marked to today's buyback; the last 90 days $2,558/mo against a $2,224/mo floor and a $4,448/mo design.
  • Safe calls (at or above the $214 CC-SS) only pay a normal premium from about $184 (+31% from here).
  • FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,650/mo at COIN's realized keep of 67% (36 closed calls).
  • The record shows it fights: $2,558/mo earned against a modelled $2,650/mo, so FIGHT income counts toward the time.
  • Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $42,576 if you keep, $84,655 after the roll; safe calls alone: $22,174 vs $48,398. Odds safe calls restart: 46% vs 44%.
  • At the record's pace the extra 12 months are worth about $30,629.

Today, if you keep it

Value now (mid)
-$56,168
Unrealized vs CSV ND
-$69,608
Max loss from here
$63,832
Margin it holds (IBKR)
$41,369
a close frees it; model $41,349; $54,305 on all COIN here
CC-SS
$213.74
safe call from $184
Net delta
+986 sh
notional $112,680
Theta
-$23/day
net of the three legs
Short put time value
$8.15
assignment WATCH
If you close it today
Whole-life P/L
-$59,334
legs + call income, all in
Legs vs entry
-$69,608
close LC / SP / HP at mid vs CSV ND
Call income banked
+$10,274
since entry, incl. the open chain
Cash to close today
-$56,168
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
-$18,369
expected; -$59,334 if closed today
Chance of break-even
25%
whole-life P/L at or above zero
Max loss left
$63,832
52% of the $133,440 at entry already taken
Worst case if held
-$123,166
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 $41,349 of margin a close would free, counted dollar for dollar: holding trails closing by $385.

Recommended roll

BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LEAST MARGIN, LOWEST MAX LOSS, SAME STRIKES
-$6,220
cash at mid today (natural -$17,440)
LEAPS ONLYJan 19 '29+12 months
SELL 8 Jan 21 '28 165C (close)
BUY 8 Jan 21 '28 240P (close)
BUY 8 Jan 19 '29 165C (open)
SELL 8 Jan 19 '29 240P (open)
Margin change (IBKR)
-$427
asked at 21:53; model -$1,518, this underlying only
Hedge extension (est.)
-$5,720
kept hedge carried to the new expiry
Income over the time bought
$18,830
actual: $1,573 a month x 12 months; covers 303% of the max loss it adds
Restart odds
46% → 44%
safe calls paying before expiry
Max loss from here
$70,052
+$6,220 vs keep
CC-SS
$217.83
now $213.74
CSV ND after
24.58
at a mid fill

If you're assigned

Income outlook

Income history · since 2026-04-17
Banked since entry
$10,274
closed calls + open chain premium
Life-to-date pace
$1,573/mo
open chain marked to today's buyback
Last 90 days
$2,558/mo
Coverage Insights' window
Best month
$4,636
Oct 2026
Apr
May
Jun
Jul
Aug
Sep
$4,636
Oct
life pace $1,573/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
$2,558/mo
EARNING ITS KEEP
floor $2,224
design $4,448
$2,558/mo earned, at least half of the $4,448/mo it is designed to earn and above its hedge
Scanner's best pick today
$1,980/mo
Banked so far
$10,274
Whole-life P/L
-$42,714
Time with a call written
69%
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
75%
CBOE 30-day 69%
Regime
PULLBACK
RSI 39
Next earnings
2027-02-11
104 days
FIGHT rate (model)
$2,650/mo
~0.30-delta calls x 67% keep
Where safe calls start paying
safe from $184
spot $141
Spot needs +31% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$42,576
Roll Jan 19 '29
$84,655
Odds safe calls start paying before expiry
Keep Jan 21 '28
46%
Roll Jan 19 '29
44%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$22,174
Roll Jan 19 '29
$48,398
Months bought
12
Worth at the record's pace
$30,629
Engine state
FIGHTING

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.

BEST: cash + margin

Most cash received net of margin added (the 2026-10-22 rule): the recommended roll.
LEAPS ONLYJan 19 '29also BEST WITH INCOMEalso MOST CASHalso LEAST MARGINalso LOWEST MAX LOSSalso SAME STRIKES
Cash at mid
-$6,220
Margin change
-$1,518
Strikes
165C / -240P / +90P (kept)
Cash at natural
-$17,440
Hedge extension (est.)
-$5,720
Extra income, FIGHT incl. (model)
+$42,079 (+$3,514/mo)
Extra safe income (model)
+$26,224 (+$2,190/mo)
Restart odds
44% (keep 46%)
Value incl. income
+$31,657
Max loss from here
$70,052 (+$6,220)
CC-SS
$217.83 (now $213.74)
Net delta
+962 sh (now +986)
CSV ND after
24.58
Worst spread / min OI
15% / 0
Order legs
SELL 8 Jan 21 '28 165C (close)
BUY 8 Jan 21 '28 240P (close)
BUY 8 Jan 19 '29 165C (open)
SELL 8 Jan 19 '29 240P (open)

INCOME ENGINE

Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$17,020
Margin change
+$2,193
Strikes
125C / -240P / +90P (kept)
Cash at natural
-$27,840
Hedge extension (est.)
-$5,720
Extra income, FIGHT incl. (model)
+$42,142 (+$3,520/mo)
Extra safe income (model)
+$27,528 (+$2,299/mo)
Restart odds
46% (keep 46%)
Value incl. income
+$17,209
Max loss from here
$80,852 (+$17,020)
CC-SS
$212.36 (now $213.74)
Net delta
+1040 sh (now +986)
CSV ND after
38.08
Worst spread / min OI
10% / 0
Danger point
none to -60% (now none to -60%)
Order legs
SELL 8 Jan 21 '28 165C (close)
BUY 8 Jan 21 '28 240P (close)
BUY 8 Jan 19 '29 125C (open)
SELL 8 Jan 19 '29 240P (open)

Side by side

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
KEEPheldJan 21 '2816524090-----46%-$63,832$213.74+986
BESTLEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
BEST WITH INCOMELEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
MOST CASHLEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
LEAST MARGINLEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
LOWEST MAX LOSSLEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
INCOME ENGINELEAPS ONLYJan 19 '2912524090 (kept)-$17,020-$5,720+$2,193+$42,142
+$3,520/mo
+$27,528
+$2,299/mo
46%+$17,209$80,852$212.36+1040
SAME STRIKESLEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962

Cost of waiting

The BEST roll done later instead of today (-$6,220 at mid). Black-Scholes at each leg's IV, aged and moved, anchored on today's market. Estimates.
Roll onDays before expirySpot -30% ($99)Spot +0% ($141)Spot +30% ($183)
Today448--$6,220-
2027-10-2390-$12,682-$13,003-$6,442
2027-12-0745-$13,089-$16,265-$8,231

How much time to buy

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
Jan 19 '29LEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
Top 25 candidates on Jan 19 '29
FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
1LEAPS ONLYJan 19 '2916524090 (kept)-$6,220-$5,720-$1,518+$42,079
+$3,514/mo
+$26,224
+$2,190/mo
44%+$31,657$70,052$217.83+962
2LEAPS ONLYJan 19 '2916024090 (kept)-$7,680-$5,720-$1,019+$42,085
+$3,515/mo
+$26,393
+$2,204/mo
44%+$29,705$71,512$217.08+972
3LEAPS ONLYJan 19 '2915524090 (kept)-$8,300-$5,720-$705+$42,090
+$3,515/mo
+$26,534
+$2,216/mo
44%+$28,775$72,132$216.46+981
4LEAPS ONLYJan 19 '2915024090 (kept)-$9,860-$5,720-$190+$42,095
+$3,516/mo
+$26,698
+$2,230/mo
45%+$26,704$73,692$215.72+990
5LEAPS ONLYJan 19 '2914524090 (kept)-$11,440-$5,720+$323+$42,098
+$3,516/mo
+$26,856
+$2,243/mo
45%+$24,615$75,272$215.01+1000
6LEAPS ONLYJan 19 '2914024090 (kept)-$12,480-$5,720+$728+$42,101
+$3,516/mo
+$27,001
+$2,255/mo
45%+$23,173$76,312$214.36+1010
7LEAPS ONLYJan 19 '2913524090 (kept)-$13,960-$5,720+$1,216+$42,116
+$3,517/mo
+$27,181
+$2,270/mo
45%+$21,220$77,792$213.68+1020
8LEAPS ONLYJan 19 '2915023090 (kept)-$16,440-$5,720-$878+$42,087
+$3,515/mo
+$26,454
+$2,209/mo
44%+$20,805$72,272$216.81+971
9LEAPS ONLYJan 19 '2913024090 (kept)-$15,540-$5,720+$1,714+$42,130
+$3,519/mo
+$27,357
+$2,285/mo
45%+$19,155$79,372$213.01+1030
10LEAPS ONLYJan 19 '2912524090 (kept)-$17,020-$5,720+$2,193+$42,142
+$3,520/mo
+$27,528
+$2,299/mo
46%+$17,209$80,852$212.36+1040
How this was built