+10 Jan 21 '28 45C-10 Jan 21 '28 60P+10 Dec 18 '26 20P448 days leftCSV ND 7.30entry $59 -57.2%CC-SS $57.91 (+129% vs spot)BE-SS $56.15 (+122% vs spot)
Spot
$25.26
CBOE 2026-10-30 02:18:10
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 $14 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 23% of mid, open interest as low as 0): work the order at mid, never natural.
Is the time worth buying▲ RECONSIDER
The roll costs more than the income its time brings
Since 2026-05-31 it has banked $1,930, $325/mo with the open call chain marked to today's buyback; the last 90 days -$402/mo against a $788/mo floor and a $1,577/mo design.
Safe calls (at or above the $58 CC-SS) only pay a normal premium from about $51 (+103% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $540/mo at whole book's realized keep of 71% (664 closed calls).
The record shows it fights: $325/mo earned against a modelled $540/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $7,683 if you keep, $15,049 after the roll; safe calls alone: $973 vs $3,523. Odds safe calls restart: 13% vs 20%.
At the record's pace the extra 12 months are worth about $3,887.
The roll costs more (cash and margin) than the income its extra time is expected to bring.
Coverage Insights: hold to expiry instead of buying back at a loss (your record: holding did better 39 of 54 times).
Holding to expiry instead (15 months, calls written all the way, FIGHT included): expected whole-life -$28,752 vs -$35,485 if closed today; 7% chance to finish at break-even or better; worst case -$45,715 (another $10,230 if the legs end at their worst and no call pays); 78% of the entry max loss ($47,300) is already taken.
Closing wins once the $7,553 of margin it frees is counted (holding's edge is +$6,733 on average): consider closing.
Today, if you keep it
Value now (mid)
-$29,770
Unrealized vs CSV ND
-$37,070
Max loss from here
$10,230
Margin it holds (model)
$7,553
a close frees it; $7,553 on all ENPH here
CC-SS
$57.91
safe call from $51
Net delta
+1102 sh
notional $25,259
Theta
-$14/day
net of the three legs
Short put time value
$0.00
assignment HIGH
If you close it today
Whole-life P/L
-$35,485
legs + call income, all in
Legs vs entry
-$37,070
close LC / SP / HP at mid vs CSV ND
Call income banked
+$1,930
since entry, incl. the open chain
Cash to close today
-$30,115
legs at mid + call buyback -$345
If you hold to expiry instead
Whole-life P/L at expiry
-$28,752
expected; -$35,485 if closed today
Chance of break-even
7%
whole-life P/L at or above zero
Max loss left
$10,230
78% of the $47,300 at entry already taken
Worst case if held
-$45,715
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 $7,553 of margin a close would free, counted dollar for dollar: holding trails closing by $820.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LOWEST MAX LOSS, SAME STRIKES
-$18,025
cash at mid today (natural -$22,600)
LEAPS ONLYJan 19 '29+12 months
SELL 10 Jan 21 '28 45C (close)
BUY 10 Jan 21 '28 60P (close)
BUY 10 Jan 19 '29 25C (open)
SELL 10 Jan 19 '29 45P (open)
Margin change
+$98
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
-$1,575
kept hedge carried to the new expiry
Income over the time bought
$3,887
actual: $325 a month x 12 months; covers 129% of the max loss it adds
Restart odds
13% → 20%
safe calls paying before expiry
Max loss from here
$13,255
+$3,025 vs keep
CC-SS
$57.77
now $57.91
CSV ND after
25.32
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 100% (exercised now).
Close everything now: -$29,770. Wait for assignment: -$29,786 (the put spread -$34,361, plus the 45C you keep, worth $4,575). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $34,361 more ($34 a share). Basis 41.66; the 45C alone has CC-SS none ≤ 3x spot (now $57.91), break-even $87, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 30C (~0.30 delta) about $735 a cycle, but a rally can cost up to $15,000 a cycle. The 45C loses about $255 a month to time.
Close the 45C at assignment, unless you want the upside bet.
Income outlook
Income history · since 2026-05-31
Banked since entry
$1,930
closed calls + open chain premium
Life-to-date pace
$325/mo
open chain marked to today's buyback
Last 90 days
-$402/mo
Coverage Insights' window
Best month
$1,980
Jul 2026
May
Jun
$1,980
Jul
Aug
Sep
Oct
$260
open
life pace $325/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
-$402/mo
NOT PAYING ITS HEDGE
floor $788
design $1,577
its calls LOST $402/mo net (closed + open marked to close)
Banked so far
$1,930
Time with a call written
6%
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
63%
CBOE 30-day 64%
Regime
OVERSOLD
RSI 34
Next earnings
2027-02-02
96 days
FIGHT rate (model)
$540/mo
~0.30-delta calls x 71% keep
Where safe calls start paying
safe from $51
spot $25
Spot needs +103% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$7,683
Roll Jan 19 '29
$15,049
Odds safe calls start paying before expiry
Keep Jan 21 '28
13%
Roll Jan 19 '29
20%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$973
Roll Jan 19 '29
$3,523
Months bought
12
Worth at the record's pace
$3,887
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 LOWEST MAX LOSSalso SAME STRIKES
Cash at mid
-$18,025
Margin change
+$98
Strikes
25C / -45P / +20P (kept)
Cash at natural
-$22,600
Hedge extension (est.)
-$1,575
Extra income, FIGHT incl. (model)
+$7,366 (+$615/mo)
Extra safe income (model)
+$2,551 (+$213/mo)
Restart odds
20% (keep 13%)
Value incl. income
-$12,332
Max loss from here
$13,255 (+$3,025)
CC-SS
$57.77 (now $57.91)
Net delta
+1153 sh (now +1102)
CSV ND after
25.32
Worst spread / min OI
23% / 0
Danger point
none to -60% (now none to -60%)
Order legs
SELL 10 Jan 21 '28 45C (close)
BUY 10 Jan 21 '28 60P (close)
BUY 10 Jan 19 '29 25C (open)
SELL 10 Jan 19 '29 45P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29
Cash at mid
-$23,225
Margin change
+$3
Strikes
22.5C / -40P / +20P (kept)
Cash at natural
-$27,200
Hedge extension (est.)
-$1,575
Extra income, FIGHT incl. (model)
+$7,365 (+$615/mo)
Extra safe income (model)
+$2,496 (+$208/mo)
Restart odds
19% (keep 13%)
Value incl. income
-$17,438
Max loss from here
$13,455 (+$3,225)
CC-SS
$58.08 (now $57.91)
Net delta
+1128 sh (now +1102)
CSV ND after
30.52
Worst spread / min OI
20% / 2
Danger point
none to -60% (now none to -60%)
Order legs
SELL 10 Jan 21 '28 45C (close)
BUY 10 Jan 21 '28 60P (close)
BUY 10 Jan 19 '29 22.5C (open)
SELL 10 Jan 19 '29 40P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$19,700
Margin change
+$695
Strikes
20C / -45P / +20P (kept)
Cash at natural
-$24,650
Hedge extension (est.)
-$1,575
Extra income, FIGHT incl. (model)
+$7,376 (+$616/mo)
Extra safe income (model)
+$2,803 (+$234/mo)
Restart odds
21% (keep 13%)
Value incl. income
-$14,594
Max loss from here
$14,930 (+$4,700)
CC-SS
$56.48 (now $57.91)
Net delta
+1215 sh (now +1102)
CSV ND after
27.00
Worst spread / min OI
26% / 0
Danger point
none to -60% (now none to -60%)
Order legs
SELL 10 Jan 21 '28 45C (close)
BUY 10 Jan 21 '28 60P (close)
BUY 10 Jan 19 '29 20C (open)
SELL 10 Jan 19 '29 45P (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
45
60
20
-
-
-
-
-
13%
-
$10,230
$57.91
+1102
BEST
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
BEST WITH INCOME
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
MOST CASH
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
22.5
40
20 (kept)
-$23,225
-$1,575
+$3
+$7,365 +$615/mo
+$2,496 +$208/mo
19%
-$17,438
$13,455
$58.08
+1128
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
20
45
20 (kept)
-$19,700
-$1,575
+$695
+$7,376 +$616/mo
+$2,803 +$234/mo
21%
-$14,594
$14,930
$56.48
+1215
SAME STRIKES
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
Cost of waiting
The BEST roll done later instead of today (-$18,025 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% ($18)
Spot +0% ($25)
Spot +30% ($33)
Today
448
-
-$18,025
-
2027-10-23
90
-$19,154
-$20,856
-$21,787
2027-12-07
45
-$19,199
-$21,251
-$22,840
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
Dec 15 '28
LEAPS ONLY
Dec 15 '28
25
45
20 (kept)
-$18,225
-$1,600
+$295
+$6,690 +$618/mo
+$2,314 +$214/mo
20%
-$13,429
$13,455
$57.41
+1159
Jan 19 '29
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
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
LEAPS ONLY
Jan 19 '29
25
45
20 (kept)
-$18,025
-$1,575
+$98
+$7,366 +$615/mo
+$2,551 +$213/mo
20%
-$12,332
$13,255
$57.77
+1153
2
LEAPS ONLY
Jan 19 '29
22.5
45
20 (kept)
-$19,000
-$1,575
+$417
+$7,370 +$615/mo
+$2,669 +$223/mo
20%
-$13,623
$14,230
$57.13
+1183
3
LEAPS ONLY
Jan 19 '29
20
45
20 (kept)
-$19,700
-$1,575
+$695
+$7,376 +$616/mo
+$2,803 +$234/mo
21%
-$14,594
$14,930
$56.48
+1215
4
LEAPS ONLY
Jan 19 '29
22.5
40
20 (kept)
-$23,225
-$1,575
+$3
+$7,365 +$615/mo
+$2,496 +$208/mo
19%
-$17,438
$13,455
$58.08
+1128
5
LEAPS ONLY
Jan 19 '29
20
40
20 (kept)
-$23,925
-$1,575
+$281
+$7,367 +$615/mo
+$2,615 +$218/mo
20%
-$18,414
$14,155
$57.40
+1159
How this was built
16 rolls on the real strikes of Dec 15 '28, Jan 19 '29; 9 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($56.15), 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 1.27), 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 (63%). 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.