LEAPS Extend · 2026-10-30 · All fortresses

CRWV · Neville

+5 Jan 21 '28 105C-5 Jan 21 '28 120P+5 Jan 15 '27 40P448 days leftCSV ND 20.45entry $128 -57.0%CC-SS $129.51 (+135% vs spot)BE-SS $125.45 (+128% vs spot)
Spot
$55.09
CBOE 2026-10-30 13:51:05
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.
  • Short put deep in the money with $3 of time value (62% of a year's carry on the strike): assignment risk is real; check it weekly.
  • Holding as is costs about $21 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✓ EXTEND
It fights for its income: the extra time pays for the roll
  • Since 2026-05-31 it has banked $3,825, $745/mo with the open call chain marked to today's buyback; the last 90 days $62/mo against a $837/mo floor and a $1,674/mo design.
  • Safe calls (at or above the $130 CC-SS) only pay a normal premium from about $106 (+92% from here).
  • FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $958/mo at CRWV's realized keep of 79% (10 closed calls).
  • The record shows it fights: $745/mo earned against a modelled $958/mo, so FIGHT income counts toward the time.
  • Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $13,827 if you keep, $27,811 after the roll; safe calls alone: $4,782 vs $13,985. Odds safe calls restart: 24% vs 25%.
  • At the record's pace the extra 12 months are worth about $8,921.
  • Coverage Insights: review the hedge in Rolls (no FIGHT or scanner pick to compare today).
  • Earnings 2026-11-10 (11 days): sell no new income into it.

Today, if you keep it

Value now (mid)
-$27,890
Unrealized vs CSV ND
-$38,115
Max loss from here
$12,110
Margin it holds (IBKR)
$9,276
a close frees it; model $7,719; $7,719 on all CRWV here
CC-SS
$129.51
safe call from $106
Net delta
+483 sh
notional $27,545
Theta
-$21/day
net of the three legs
Short put time value
$2.97
assignment WATCH
If you close it today
Whole-life P/L
-$34,345
legs + call income, all in
Legs vs entry
-$38,115
close LC / SP / HP at mid vs CSV ND
Call income banked
+$3,825
since entry, incl. the open chain
Cash to close today
-$27,945
legs at mid + call buyback -$55
If you hold to expiry instead
Whole-life P/L at expiry
-$19,226
expected; -$34,345 if closed today
Chance of break-even
12%
whole-life P/L at or above zero
Max loss left
$12,110
76% of the $50,225 at entry already taken
Worst case if held
-$46,455
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 $7,719 of margin a close would free, counted dollar for dollar: holding beats closing by $7,400.

Hold

No roll pays for itself: hold and keep writing calls
No roll's actual income ($745 a month, life to date (152 days)) covers 80% of the max loss it adds and of the cash it costs.

If you're assigned

Income outlook

Income history · since 2026-05-31
Banked since entry
$3,825
closed calls + open chain premium
Life-to-date pace
$745/mo
open chain marked to today's buyback
Last 90 days
$62/mo
Coverage Insights' window
Best month
$1,840
Jul 2026
May
Jun
$1,840
Jul
Aug
Sep
Oct
-$1,190
open
life pace $745/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
$62/mo
NOT PAYING ITS HEDGE
floor $837
design $1,674
$62/mo earned against $331/mo of hedge carry
Banked so far
$3,825
Whole-life P/L
-$32,420
Time with a call written
73%
Call roll chain
0 rolls down to 77, $-2.38/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
98%
CBOE 30-day 101%
Regime
PULLBACK
RSI 37
Next earnings
2026-11-10
11 days
FIGHT rate (model)
$958/mo
~0.30-delta calls x 79% keep
Where safe calls start paying
safe from $106
spot $55
Spot needs +92% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$13,827
Roll Jan 19 '29
$27,811
Odds safe calls start paying before expiry
Keep Jan 21 '28
24%
Roll Jan 19 '29
25%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$4,782
Roll Jan 19 '29
$13,985
Months bought
12
Worth at the record's pace
$8,921
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.

SAME STRIKES

The held strikes rolled straight out (reference).
LEAPS ONLYJan 19 '29
Cash at mid
-$1,600
Margin change
+$67
Strikes
105C / -120P / +40P (kept)
Cash at natural
-$3,375
Hedge extension (est.)
-$1,900
Extra income, FIGHT incl. (model)
+$13,984 (+$1,168/mo)
Extra safe income (model)
+$9,203 (+$769/mo)
Restart odds
25% (keep 24%)
Value incl. income
+$10,418
Max loss from here
$13,710 (+$1,600)
CC-SS
$130.95 (now $129.51)
Net delta
+489 sh (now +483)
CSV ND after
23.65
Worst spread / min OI
5% / 174
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 105C (close)
BUY 5 Jan 21 '28 120P (close)
BUY 5 Jan 19 '29 105C (open)
SELL 5 Jan 19 '29 120P (open)

Side by side

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
KEEPheldJan 21 '2810512040-----24%-$12,110$129.51+483
SAME STRIKESLEAPS ONLYJan 19 '2910512040 (kept)-$1,600-$1,900+$67+$13,984
+$1,168/mo
+$9,203
+$769/mo
25%+$10,418$13,710$130.95+489
Top 25 candidates on Jan 19 '29
FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
How this was built