+25 Dec 17 '27 500C-25 Dec 17 '27 330P+25 Dec 17 '27 300P413 days leftCSV ND 63.00entry $330 -57.3%CC-SS $381.22 (+171% vs spot)BE-SS $563.00 (+300% vs spot)
Spot
$140.85
CBOE 2026-10-30 13:50:13
When to roll✕ ROLL NOW
Roll now
The short put has almost no time value left ($0 a share): early assignment can come any day, and it would break the structure.
Holding as is costs about $61 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 30% of mid, open interest as low as 6): work the order at mid, never natural.
The best roll lowers the CC-SS from $381 to $307: covered calls can be written $75 closer to spot.
Is the time worth buying✓ EXTEND
It fights for its income: the extra time pays for the roll
Last 90 days earned $7,994/mo against a $3,875/mo floor and a $7,750/mo design (EARNING ITS KEEP).
Safe calls (at or above the $381 CC-SS) only pay a normal premium from about $328 (+133% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $8,282/mo at COIN's realized keep of 67% (36 closed calls).
The record shows it fights: $7,994/mo earned against a modelled $8,282/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 13 months. Expected income to expiry with FIGHT: $108,634 if you keep, $246,713 after the roll; safe calls alone: $14,204 vs $105,187. Odds safe calls restart: 10% vs 25%.
At the record's pace the extra 13 months are worth about $104,920.
Today, if you keep it
Value now (mid)
-$62,650
Unrealized vs CSV ND
-$220,150
Max loss from here
$12,350
Margin it holds (IBKR)
$13,133
a close frees it; model $12,956; $54,305 on all COIN here
CC-SS
$381.22
safe call from $328
Net delta
+399 sh
notional $352,125
Theta
-$61/day
net of the three legs
Short put time value
$0.00
assignment HIGH
If you close it today
Whole-life P/L
-$220,150
legs + call income, all in
Legs vs entry
-$220,150
close LC / SP / HP at mid vs CSV ND
Call income banked
-
no history
Cash to close today
-$62,650
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
-$114,351
expected; -$220,150 if closed today
Chance of break-even
1%
whole-life P/L at or above zero
Max loss left
$12,350
95% of the $232,500 at entry already taken
Worst case if held
-$232,500
legs at their worst, no call income
No roll and no close: calls written every cycle to Dec 17 '27 (FIGHT included). Spot at expiry is spread lognormal at realized vol, zero drift. Holding keeps $12,956 of margin a close would free, counted dollar for dollar: holding beats closing by $92,843.
Recommended roll
BEST: cash + margin ยท WARNING: margin uses 14% of the account's spare room · also SAME STRIKES
+$54,912
cash at mid today (natural +$13,825)
FULLJan 19 '29+13 months
SELL 25 Dec 17 '27 500C (close)
BUY 25 Dec 17 '27 330P (close)
SELL 25 Dec 17 '27 300P (close)
BUY 25 Jan 19 '29 370C (open)
SELL 25 Jan 19 '29 240P (open)
BUY 25 Jan 19 '29 145P (open)
Margin change (IBKR)
+$71,991
asked at 21:53; model +$48,338, this underlying only
Hedge extension (est.)
none
hedge rolled too
Income over the time bought
$104,920
actual: $7,994 a month x 13 months; covers 98% of the max loss it adds
Restart odds
10% → 30%
safe calls paying before expiry
Max loss from here
$119,938
+$107,588 vs keep
CC-SS
$276.60
now $381.22
CSV ND after
41.03
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 100% (exercised now).
Close everything now: -$62,650. Wait for assignment: -$63,088 (the put spread -$72,563, plus the 500C you keep, worth $9,475). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $72,563 more ($29 a share). Basis 92.03; the 500C alone has CC-SS $412.43 (now $381.22), break-even $592, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 160C (~0.30 delta) about $16,500 a cycle, but a rally can cost up to $850,000 a cycle. The 500C loses about $1,612 a month to time.
Close the 500C at assignment, unless you want the upside bet.
Income outlook
Last 90 days vs design
$7,994/mo
EARNING ITS KEEP
floor $3,875
design $7,750
$7,994/mo earned, at least half of the $7,750/mo it is designed to earn
Scanner's best pick today
$6,186/mo
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)
$8,282/mo
~0.30-delta calls x 67% keep
Where safe calls start paying
safe from $328
spot $141
Spot needs +133% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Dec 17 '27
$108,634
Roll Jan 19 '29
$246,713
Odds safe calls start paying before expiry
Keep Dec 17 '27
10%
Roll Jan 19 '29
25%
Safe calls alone (never below the CC-SS)
Keep Dec 17 '27
$14,204
Roll Jan 19 '29
$105,187
Months bought
13
Worth at the record's pace
$104,920
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.
FULLJan 19 '29also SAME STRIKES
Cash at mid
+$54,912
Margin change
+$48,338
Strikes
370C / -240P / +145P
Cash at natural
+$13,825
Extra income, FIGHT incl. (model)
+$147,984 (+$11,275/mo)
Extra safe income (model)
+$110,163 (+$8,393/mo)
Restart odds
30% (keep 10%)
Value incl. income
+$154,559
Max loss from here
$119,938 (+$107,588)
CC-SS
$276.60 (now $381.22)
Net delta
+1518 sh (now +399)
CSV ND after
41.03
Worst spread / min OI
30% / 0
Order legs
SELL 25 Dec 17 '27 500C (close)
BUY 25 Dec 17 '27 330P (close)
SELL 25 Dec 17 '27 300P (close)
BUY 25 Jan 19 '29 370C (open)
SELL 25 Jan 19 '29 240P (open)
BUY 25 Jan 19 '29 145P (open)
BEST WITH INCOME
Cash + margin + the extra income the time buys, FIGHT included (model).
FULLJan 19 '29also MOST CASH
Cash at mid
+$83,788
Margin change
+$55,883
Strikes
370C / -240P / +125P
Cash at natural
+$43,575
Extra income, FIGHT incl. (model)
+$149,489 (+$11,390/mo)
Extra safe income (model)
+$113,281 (+$8,631/mo)
Restart odds
32% (keep 10%)
Value incl. income
+$177,394
Max loss from here
$141,062 (+$128,712)
CC-SS
$269.88 (now $381.22)
Net delta
+1661 sh (now +399)
CSV ND after
29.48
Worst spread / min OI
30% / 0
Danger point
-15% (now none to -60%)
Order legs
SELL 25 Dec 17 '27 500C (close)
BUY 25 Dec 17 '27 330P (close)
SELL 25 Dec 17 '27 300P (close)
BUY 25 Jan 19 '29 370C (open)
SELL 25 Jan 19 '29 240P (open)
BUY 25 Jan 19 '29 125P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
FULLJan 19 '29also LOWEST MAX LOSS
Cash at mid
-$99,275
Margin change
+$22,244
Strikes
370C / -150P / +140P
Cash at natural
-$137,675
Extra income, FIGHT incl. (model)
+$136,995 (+$10,438/mo)
Extra safe income (model)
+$89,073 (+$6,786/mo)
Restart odds
25% (keep 10%)
Value incl. income
+$15,476
Max loss from here
$61,625 (+$49,275)
CC-SS
$308.62 (now $381.22)
Net delta
+968 sh (now +399)
CSV ND after
102.71
Worst spread / min OI
30% / 13
Danger point
-21% (now none to -60%)
Order legs
SELL 25 Dec 17 '27 500C (close)
BUY 25 Dec 17 '27 330P (close)
SELL 25 Dec 17 '27 300P (close)
BUY 25 Jan 19 '29 370C (open)
SELL 25 Jan 19 '29 150P (open)
BUY 25 Jan 19 '29 140P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
FULLJan 19 '29
Cash at mid
-$80,025
Margin change
+$58,468
Strikes
210C / -195P / +145P
Cash at natural
-$117,800
Extra income, FIGHT incl. (model)
+$151,912 (+$11,574/mo)
Extra safe income (model)
+$119,306 (+$9,090/mo)
Restart odds
35% (keep 10%)
Value incl. income
+$13,419
Max loss from here
$142,375 (+$130,025)
CC-SS
$255.08 (now $381.22)
Net delta
+1808 sh (now +399)
CSV ND after
95.01
Worst spread / min OI
10% / 9
Danger point
-15% (now none to -60%)
Order legs
SELL 25 Dec 17 '27 500C (close)
BUY 25 Dec 17 '27 330P (close)
SELL 25 Dec 17 '27 300P (close)
BUY 25 Jan 19 '29 210C (open)
SELL 25 Jan 19 '29 195P (open)
BUY 25 Jan 19 '29 145P (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
Dec 17 '27
500
330
300
-
-
-
-
-
10%
-
$12,350
$381.22
+399
BEST
FULL
Jan 19 '29
370
240
145
+$54,912
-
+$48,338
+$147,984 +$11,275/mo
+$110,163 +$8,393/mo
30%
+$154,559
$119,938
$276.60
+1518
BEST WITH INCOME
FULL
Jan 19 '29
370
240
125
+$83,788
-
+$55,883
+$149,489 +$11,390/mo
+$113,281 +$8,631/mo
32%
+$177,394
$141,062
$269.88
+1661
MOST CASH
FULL
Jan 19 '29
370
240
125
+$83,788
-
+$55,883
+$149,489 +$11,390/mo
+$113,281 +$8,631/mo
32%
+$177,394
$141,062
$269.88
+1661
LEAST MARGIN
FULL
Jan 19 '29
370
150
140
-$99,275
-
+$22,244
+$136,995 +$10,438/mo
+$89,073 +$6,786/mo
25%
+$15,476
$61,625
$308.62
+968
LOWEST MAX LOSS
FULL
Jan 19 '29
370
150
140
-$99,275
-
+$22,244
+$136,995 +$10,438/mo
+$89,073 +$6,786/mo
25%
+$15,476
$61,625
$308.62
+968
INCOME ENGINE
FULL
Jan 19 '29
210
195
145
-$80,025
-
+$58,468
+$151,912 +$11,574/mo
+$119,306 +$9,090/mo
35%
+$13,419
$142,375
$255.08
+1808
SAME STRIKES
FULL
Jan 19 '29
370
240
145
+$54,912
-
+$48,338
+$147,984 +$11,275/mo
+$110,163 +$8,393/mo
30%
+$154,559
$119,938
$276.60
+1518
Cost of waiting
The BEST roll done later instead of today (+$54,912 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% ($99)
Spot +0% ($141)
Spot +30% ($183)
Today
413
-
+$54,912
-
2027-09-18
90
-$65,838
-$88,421
-$119,189
2027-11-02
45
-$64,437
-$85,377
-$115,946
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
510
195
135
+$17,100
-
+$23,197
+$63,736 +$10,646/mo
+$30,213 +$5,047/mo
19%
+$57,639
$70,250
$336.54
+912
Dec 15 '28
FULL
Dec 15 '28
460
220
115
+$72,662
-
+$45,860
+$131,987 +$11,023/mo
+$94,615 +$7,902/mo
28%
+$158,790
$127,188
$290.39
+1411
Jan 19 '29
FULL
Jan 19 '29
370
240
125
+$83,788
-
+$55,883
+$149,489 +$11,390/mo
+$113,281 +$8,631/mo
32%
+$177,394
$141,062
$269.88
+1661
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
1
FULL
Jan 19 '29
370
240
125
+$83,788
-
+$55,883
+$149,489 +$11,390/mo
+$113,281 +$8,631/mo
32%
+$177,394
$141,062
$269.88
+1661
2
FULL
Jan 19 '29
360
240
125
+$81,412
-
+$57,077
+$149,874 +$11,419/mo
+$114,138 +$8,696/mo
32%
+$174,209
$143,438
$267.90
+1686
3
FULL
Jan 19 '29
370
240
130
+$77,100
-
+$54,190
+$149,161 +$11,365/mo
+$112,567 +$8,577/mo
31%
+$172,070
$135,250
$271.50
+1625
4
FULL
Jan 19 '29
360
240
130
+$74,725
-
+$55,385
+$149,566 +$11,396/mo
+$113,451 +$8,644/mo
32%
+$168,907
$137,625
$269.49
+1650
5
FULL
Jan 19 '29
370
240
135
+$70,038
-
+$52,409
+$148,800 +$11,337/mo
+$111,808 +$8,519/mo
31%
+$166,429
$129,812
$273.17
+1590
6
FULL
Jan 19 '29
350
240
130
+$73,288
-
+$56,186
+$149,866 +$11,418/mo
+$114,120 +$8,695/mo
32%
+$166,968
$139,062
$267.94
+1677
7
FULL
Jan 19 '29
360
240
135
+$67,662
-
+$53,604
+$149,240 +$11,371/mo
+$112,737 +$8,590/mo
31%
+$163,299
$132,188
$271.12
+1615
8
FULL
Jan 19 '29
340
240
130
+$70,725
-
+$57,464
+$150,230 +$11,446/mo
+$114,973 +$8,760/mo
32%
+$163,492
$141,625
$265.93
+1704
9
FULL
Jan 19 '29
370
240
140
+$62,850
-
+$49,842
+$148,402 +$11,307/mo
+$110,997 +$8,457/mo
31%
+$161,410
$124,500
$274.87
+1554
10
FULL
Jan 19 '29
350
240
135
+$66,225
-
+$54,404
+$149,556 +$11,395/mo
+$113,429 +$8,642/mo
32%
+$161,377
$133,625
$269.54
+1641
11
FULL
Jan 19 '29
360
240
140
+$60,475
-
+$51,037
+$148,891 +$11,344/mo
+$111,994 +$8,533/mo
31%
+$158,329
$126,875
$272.78
+1579
12
FULL
Jan 19 '29
340
240
135
+$63,662
-
+$55,682
+$149,951 +$11,425/mo
+$114,313 +$8,710/mo
32%
+$157,931
$136,188
$267.49
+1669
13
FULL
Jan 19 '29
350
240
140
+$59,038
-
+$51,838
+$149,229 +$11,370/mo
+$112,715 +$8,588/mo
31%
+$156,429
$128,312
$271.17
+1606
14
FULL
Jan 19 '29
370
240
145
+$54,912
-
+$48,338
+$147,984 +$11,275/mo
+$110,163 +$8,393/mo
30%
+$154,559
$119,938
$276.60
+1518
15
FULL
Jan 19 '29
330
240
135
+$61,288
-
+$56,882
+$150,292 +$11,451/mo
+$115,122 +$8,771/mo
32%
+$154,698
$138,562
$265.58
+1697
16
FULL
Jan 19 '29
340
240
140
+$56,475
-
+$53,116
+$149,646 +$11,402/mo
+$113,627 +$8,657/mo
32%
+$153,005
$130,875
$269.08
+1633
17
FULL
Jan 19 '29
370
220
115
+$56,600
-
+$53,452
+$148,963 +$11,350/mo
+$112,143 +$8,544/mo
31%
+$152,110
$143,250
$272.46
+1612
18
FULL
Jan 19 '29
360
240
145
+$52,538
-
+$49,532
+$148,498 +$11,314/mo
+$111,191 +$8,472/mo
31%
+$151,503
$122,312
$274.47
+1544
19
FULL
Jan 19 '29
350
240
145
+$51,100
-
+$50,333
+$148,880 +$11,343/mo
+$111,972 +$8,531/mo
31%
+$149,647
$123,750
$272.83
+1570
20
FULL
Jan 19 '29
330
240
140
+$54,100
-
+$54,315
+$150,019 +$11,430/mo
+$114,467 +$8,721/mo
32%
+$149,804
$133,250
$267.13
+1662
21
FULL
Jan 19 '29
320
240
135
+$58,038
-
+$58,459
+$150,663 +$11,479/mo
+$116,040 +$8,841/mo
33%
+$150,242
$141,812
$263.36
+1727
22
FULL
Jan 19 '29
370
220
120
+$50,538
-
+$51,804
+$148,588 +$11,321/mo
+$111,373 +$8,486/mo
31%
+$147,321
$136,812
$274.09
+1576
23
FULL
Jan 19 '29
340
240
145
+$48,538
-
+$51,611
+$149,325 +$11,377/mo
+$112,922 +$8,604/mo
31%
+$146,251
$126,312
$270.70
+1598
24
FULL
Jan 19 '29
360
220
120
+$48,162
-
+$52,999
+$149,060 +$11,357/mo
+$112,350 +$8,560/mo
31%
+$144,223
$139,188
$271.99
+1601
25
FULL
Jan 19 '29
320
240
140
+$50,850
-
+$55,892
+$150,412 +$11,460/mo
+$115,415 +$8,793/mo
33%
+$145,369
$136,500
$264.88
+1692
How this was built
5292 rolls on the real strikes of Jun 16 '28, Dec 15 '28, Jan 19 '29; 3011 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($563.00), 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 1.24), 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 (75%). 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 21:34. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.