+20 Jan 21 '28 65C-20 Jan 21 '28 90P+20 Jan 21 '28 68P448 days leftCSV ND 28.40entry $93 -20.3%CC-SS $96.70 (+31% vs spot)BE-SS $93.40 (+26% vs spot)
Spot
$74.10
CBOE 2026-10-30 10:03:05
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 $15 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 52% of mid, open interest as low as 1): 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 2026-05-31 it has banked $12,220, $2,076/mo with the open call chain marked to today's buyback; the last 90 days $1,840/mo against a $1,680/mo floor and a $3,360/mo design.
Safe calls (at or above the $97 CC-SS) only pay a normal premium from about $90 (+22% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,085/mo at COPX's realized keep of 74% (20 closed calls).
The record shows it fights: $2,076/mo earned against a modelled $2,085/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $31,118 if you keep, $60,871 after the roll; safe calls alone: $10,750 vs $24,893. Odds safe calls restart: 45% vs 51%.
At the record's pace the extra 12 months are worth about $24,861.
Today, if you keep it
Value now (mid)
$11,200
Unrealized vs CSV ND
-$45,600
Max loss from here
$55,200
Margin it holds (IBKR)
$28,931
a close frees it; model $22,157; $22,157 on all COPX here
CC-SS
$96.70
safe call from $90
Net delta
+1982 sh
notional $148,200
Theta
-$15/day
net of the three legs
Short put time value
$5.90
assignment LOW
If you close it today
Whole-life P/L
-$35,280
legs + call income, all in
Legs vs entry
-$45,600
close LC / SP / HP at mid vs CSV ND
Call income banked
+$12,220
since entry, incl. the open chain
Cash to close today
+$9,300
legs at mid + call buyback -$1,900
If you hold to expiry instead
Whole-life P/L at expiry
-$13,331
expected; -$35,280 if closed today
Chance of break-even
33%
whole-life P/L at or above zero
Max loss left
$55,200
45% of the $100,800 at entry already taken
Worst case if held
-$90,480
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 $22,157 of margin a close would free, counted dollar for dollar: holding trails closing by $208.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH
-$2,100
cash at mid today (natural -$24,400)
FULLJan 19 '29+12 months
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
SELL 20 Jan 21 '28 68P (close)
BUY 20 Jan 19 '29 65C (open)
SELL 20 Jan 19 '29 94P (open)
BUY 20 Jan 19 '29 60P (open)
Margin change (IBKR)
+$2,724
asked at 21:53; model +$2,351, this underlying only
Hedge extension (est.)
none
hedge rolled too
Income over the time bought
$24,861
actual: $2,076 a month x 12 months; covers 95% of the max loss it adds
Restart odds
45% → 51%
safe calls paying before expiry
Max loss from here
$81,300
+$26,100 vs keep
CC-SS
$96.64
now $96.70
CSV ND after
29.45
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 57% The holder exercises once the stock is at or below $52 in 6 months..
Close everything now: +$11,200. Wait for assignment: +$23,000 (the put spread -$17,600, plus the 65C you keep, worth $40,600). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $17,600 more ($9 a share). Basis 37.20; the 65C alone has CC-SS $95.51 (now $96.70), break-even $102, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 65C (at or above the call) about $23,000 a cycle; a 82.5C (~0.30 delta) about $3,150 a cycle, but a rally can cost up to $0 a cycle. The 65C loses about $558 a month to time.
Ride the 65C: safe calls out-earn its decay.
Income outlook
Income history · since 2026-05-31
Banked since entry
$12,220
closed calls + open chain premium
Life-to-date pace
$2,076/mo
open chain marked to today's buyback
Last 90 days
$1,840/mo
Coverage Insights' window
Best month
$5,120
Oct 2026
May
Jun
Jul
Aug
Sep
$5,120
Oct
$520
open
life pace $2,076/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
$1,840/mo
EARNING ITS KEEP
floor $1,680
design $3,360
$1,840/mo earned, at least half of the $3,360/mo it is designed to earn
Scanner's best pick today
$384/mo
Banked so far
$12,220
Whole-life P/L
-$33,980
Time with a call written
86%
Call roll chain
1 rolls down to 81, $0.26/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
38%
CBOE 30-day 40%
Regime
PULLBACK
RSI 39
FIGHT rate (model)
$2,085/mo
~0.30-delta calls x 74% keep
Where safe calls start paying
safe from $90
spot $74
Spot needs +22% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$31,118
Roll Jan 19 '29
$60,871
Odds safe calls start paying before expiry
Keep Jan 21 '28
45%
Roll Jan 19 '29
51%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$10,750
Roll Jan 19 '29
$24,893
Months bought
12
Worth at the record's pace
$24,861
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 BEST WITH INCOMEalso MOST CASH
Cash at mid
-$2,100
Margin change
+$2,351
Strikes
65C / -94P / +60P
Cash at natural
-$24,400
Extra income, FIGHT incl. (model)
+$29,753 (+$2,485/mo)
Extra safe income (model)
+$14,142 (+$1,181/mo)
Restart odds
51% (keep 45%)
Value incl. income
+$25,302
Max loss from here
$81,300 (+$26,100)
CC-SS
$96.64 (now $96.70)
Net delta
+2048 sh (now +1982)
CSV ND after
29.45
Worst spread / min OI
52% / 1
Order legs
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
SELL 20 Jan 21 '28 68P (close)
BUY 20 Jan 19 '29 65C (open)
SELL 20 Jan 19 '29 94P (open)
BUY 20 Jan 19 '29 60P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29
Cash at mid
-$5,000
Margin change
-$1,060
Strikes
65C / -91P / +68P (kept)
Cash at natural
-$21,400
Hedge extension (est.)
-$7,180
Extra income, FIGHT incl. (model)
+$29,629 (+$2,475/mo)
Extra safe income (model)
+$13,106 (+$1,095/mo)
Restart odds
49% (keep 45%)
Value incl. income
+$18,510
Max loss from here
$62,200 (+$7,000)
CC-SS
$98.16 (now $96.70)
Net delta
+1846 sh (now +1982)
CSV ND after
30.90
Worst spread / min OI
20% / 2
Danger point
none to -60% (now none to -60%)
Order legs
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
BUY 20 Jan 19 '29 65C (open)
SELL 20 Jan 19 '29 91P (open)
LOWEST MAX LOSS
Smallest worst-case loss from here.
LEAPS ONLYJan 19 '29
Cash at mid
-$3,000
Margin change
-$1,009
Strikes
65C / -92P / +68P (kept)
Cash at natural
-$19,400
Hedge extension (est.)
-$7,180
Extra income, FIGHT incl. (model)
+$29,637 (+$2,475/mo)
Extra safe income (model)
+$13,164 (+$1,099/mo)
Restart odds
49% (keep 45%)
Value incl. income
+$20,466
Max loss from here
$62,200 (+$7,000)
CC-SS
$98.05 (now $96.70)
Net delta
+1862 sh (now +1982)
CSV ND after
29.90
Worst spread / min OI
19% / 1
Danger point
none to -60% (now none to -60%)
Order legs
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
BUY 20 Jan 19 '29 65C (open)
SELL 20 Jan 19 '29 92P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$15,600
Margin change
+$2,589
Strikes
50C / -94P / +68P (kept)
Cash at natural
-$30,600
Hedge extension (est.)
-$7,180
Extra income, FIGHT incl. (model)
+$29,815 (+$2,490/mo)
Extra safe income (model)
+$14,874 (+$1,242/mo)
Restart odds
52% (keep 45%)
Value incl. income
+$4,446
Max loss from here
$78,800 (+$23,600)
CC-SS
$95.69 (now $96.70)
Net delta
+2102 sh (now +1982)
CSV ND after
36.20
Worst spread / min OI
17% / 1
Danger point
none to -60% (now none to -60%)
Order legs
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
BUY 20 Jan 19 '29 50C (open)
SELL 20 Jan 19 '29 94P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
FULLJan 19 '29
Cash at mid
-$4,500
Margin change
+$1,848
Strikes
65C / -92P / +60P
Cash at natural
-$27,200
Extra income, FIGHT incl. (model)
+$29,731 (+$2,483/mo)
Extra safe income (model)
+$13,947 (+$1,165/mo)
Restart odds
51% (keep 45%)
Value incl. income
+$23,382
Max loss from here
$79,700 (+$24,500)
CC-SS
$96.92 (now $96.70)
Net delta
+2017 sh (now +1982)
CSV ND after
30.65
Worst spread / min OI
52% / 1
Danger point
none to -60% (now none to -60%)
Order legs
SELL 20 Jan 21 '28 65C (close)
BUY 20 Jan 21 '28 90P (close)
SELL 20 Jan 21 '28 68P (close)
BUY 20 Jan 19 '29 65C (open)
SELL 20 Jan 19 '29 92P (open)
BUY 20 Jan 19 '29 60P (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
65
90
68
-
-
-
-
-
45%
-
$55,200
$96.70
+1982
BEST
FULL
Jan 19 '29
65
94
60
-$2,100
-
+$2,351
+$29,753 +$2,485/mo
+$14,142 +$1,181/mo
51%
+$25,302
$81,300
$96.64
+2048
BEST WITH INCOME
FULL
Jan 19 '29
65
94
60
-$2,100
-
+$2,351
+$29,753 +$2,485/mo
+$14,142 +$1,181/mo
51%
+$25,302
$81,300
$96.64
+2048
MOST CASH
FULL
Jan 19 '29
65
94
60
-$2,100
-
+$2,351
+$29,753 +$2,485/mo
+$14,142 +$1,181/mo
51%
+$25,302
$81,300
$96.64
+2048
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
65
91
68 (kept)
-$5,000
-$7,180
-$1,060
+$29,629 +$2,475/mo
+$13,106 +$1,095/mo
49%
+$18,510
$62,200
$98.16
+1846
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
65
92
68 (kept)
-$3,000
-$7,180
-$1,009
+$29,637 +$2,475/mo
+$13,164 +$1,099/mo
49%
+$20,466
$62,200
$98.05
+1862
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
50
94
68 (kept)
-$15,600
-$7,180
+$2,589
+$29,815 +$2,490/mo
+$14,874 +$1,242/mo
52%
+$4,446
$78,800
$95.69
+2102
SAME STRIKES
FULL
Jan 19 '29
65
92
60
-$4,500
-
+$1,848
+$29,731 +$2,483/mo
+$13,947 +$1,165/mo
51%
+$23,382
$79,700
$96.92
+2017
Cost of waiting
The BEST roll done later instead of today (-$2,100 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% ($52)
Spot +0% ($74)
Spot +30% ($96)
Today
448
-
-$2,100
-
2027-10-23
90
-$1,116
-$7,176
+$2,677
2027-12-07
45
-$1,561
-$9,393
+$6,104
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
Jan 19 '29
FULL
Jan 19 '29
65
94
60
-$2,100
-
+$2,351
+$29,753 +$2,485/mo
+$14,142 +$1,181/mo
51%
+$25,302
$81,300
$96.64
+2048
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
65
94
60
-$2,100
-
+$2,351
+$29,753 +$2,485/mo
+$14,142 +$1,181/mo
51%
+$25,302
$81,300
$96.64
+2048
2
FULL
Jan 19 '29
65
93
60
-$3,500
-
+$2,147
+$29,743 +$2,484/mo
+$14,053 +$1,174/mo
51%
+$24,096
$80,700
$96.77
+2033
3
FULL
Jan 19 '29
65
92
60
-$4,500
-
+$1,848
+$29,731 +$2,483/mo
+$13,947 +$1,165/mo
51%
+$23,382
$79,700
$96.92
+2017
4
LEAPS ONLY
Jan 19 '29
65
94
68 (kept)
-$600
-$7,180
-$507
+$29,662 +$2,477/mo
+$13,372 +$1,117/mo
49%
+$22,389
$63,800
$97.75
+1892
5
LEAPS ONLY
Jan 19 '29
65
93
68 (kept)
-$2,000
-$7,180
-$710
+$29,651 +$2,476/mo
+$13,277 +$1,109/mo
49%
+$21,181
$63,200
$97.89
+1877
6
LEAPS ONLY
Jan 19 '29
65
92
68 (kept)
-$3,000
-$7,180
-$1,009
+$29,637 +$2,475/mo
+$13,164 +$1,099/mo
49%
+$20,466
$62,200
$98.05
+1862
7
LEAPS ONLY
Jan 19 '29
65
91
68 (kept)
-$5,000
-$7,180
-$1,060
+$29,629 +$2,475/mo
+$13,106 +$1,095/mo
49%
+$18,510
$62,200
$98.16
+1846
8
FULL
Jan 19 '29
60
93
60
-$8,500
-
+$3,165
+$29,794 +$2,488/mo
+$14,516 +$1,212/mo
52%
+$18,129
$85,700
$96.10
+2105
9
FULL
Jan 19 '29
60
92
60
-$9,500
-
+$2,866
+$29,783 +$2,487/mo
+$14,415 +$1,204/mo
52%
+$17,418
$84,700
$96.24
+2089
10
LEAPS ONLY
Jan 19 '29
60
94
68 (kept)
-$5,600
-$7,180
+$511
+$29,721 +$2,482/mo
+$13,859 +$1,157/mo
50%
+$16,430
$68,800
$97.05
+1964
11
FULL
Jan 19 '29
60
91
60
-$11,500
-
+$2,815
+$29,776 +$2,487/mo
+$14,350 +$1,198/mo
51%
+$15,462
$84,700
$96.34
+2074
12
LEAPS ONLY
Jan 19 '29
60
93
68 (kept)
-$7,000
-$7,180
+$307
+$29,710 +$2,481/mo
+$13,769 +$1,150/mo
50%
+$15,223
$68,200
$97.18
+1949
13
FULL
Jan 19 '29
60
94
65
-$12,400
-
+$2,213
+$29,747 +$2,484/mo
+$14,084 +$1,176/mo
51%
+$15,134
$81,600
$96.73
+2039
14
FULL
Jan 19 '29
60
90
60
-$12,500
-
+$2,522
+$29,765 +$2,486/mo
+$14,249 +$1,190/mo
51%
+$14,743
$83,700
$96.49
+2058
15
LEAPS ONLY
Jan 19 '29
60
92
68 (kept)
-$8,000
-$7,180
+$8
+$29,697 +$2,480/mo
+$13,662 +$1,141/mo
50%
+$14,510
$67,200
$97.34
+1934
16
FULL
Jan 19 '29
60
89
60
-$13,500
-
+$2,235
+$29,754 +$2,485/mo
+$14,147 +$1,182/mo
51%
+$14,018
$82,700
$96.63
+2042
17
FULL
Jan 19 '29
60
93
65
-$13,800
-
+$2,009
+$29,736 +$2,483/mo
+$13,995 +$1,169/mo
51%
+$13,927
$81,000
$96.86
+2024
18
FULL
Jan 19 '29
60
92
65
-$14,800
-
+$1,710
+$29,724 +$2,482/mo
+$13,887 +$1,160/mo
51%
+$13,214
$80,000
$97.01
+2008
19
LEAPS ONLY
Jan 19 '29
60
91
68 (kept)
-$10,000
-$7,180
-$43
+$29,689 +$2,480/mo
+$13,592 +$1,135/mo
50%
+$12,552
$67,200
$97.44
+1918
20
FULL
Jan 19 '29
60
88
60
-$15,500
-
+$2,198
+$29,745 +$2,484/mo
+$14,074 +$1,175/mo
51%
+$12,047
$82,700
$96.74
+2026
21
LEAPS ONLY
Jan 19 '29
60
90
68 (kept)
-$11,000
-$7,180
-$335
+$29,676 +$2,478/mo
+$13,483 +$1,126/mo
50%
+$11,831
$66,200
$97.60
+1902
22
LEAPS ONLY
Jan 19 '29
60
89
68 (kept)
-$12,000
-$7,180
-$622
+$29,663 +$2,477/mo
+$13,374 +$1,117/mo
49%
+$11,105
$65,200
$97.75
+1886
23
LEAPS ONLY
Jan 19 '29
55
94
68 (kept)
-$10,100
-$7,180
+$1,548
+$29,777 +$2,487/mo
+$14,357 +$1,199/mo
52%
+$10,950
$73,300
$96.33
+2035
24
LEAPS ONLY
Jan 19 '29
55
93
68 (kept)
-$11,500
-$7,180
+$1,344
+$29,768 +$2,486/mo
+$14,273 +$1,192/mo
51%
+$9,744
$72,700
$96.45
+2019
25
FULL
Jan 19 '29
55
94
65
-$16,900
-
+$3,250
+$29,799 +$2,489/mo
+$14,603 +$1,220/mo
52%
+$9,649
$86,100
$96.00
+2109
How this was built
249 rolls on the real strikes of Jan 19 '29; 70 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($93.40), 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 (38%). 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.