+10 Jan 21 '28 45C-10 Jan 21 '28 60P+10 Dec 18 '26 20P449 days leftCSV ND 7.30entry $59
Spot
$25.35
CBOE 2026-10-29 16:00:09
When to roll⏸ WAIT
Wait until 23 Oct 2027
449 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 $1 of time value (39% of a year's carry on the strike): assignment risk is real; check it weekly.
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 16% of mid, open interest as low as 54): 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 $1,670, $332/mo with the open call chain marked to today's buyback; the last 90 days -$393/mo against a $788/mo floor and a $1,577/mo design.
Safe calls (at or above the $60 CC-SS) only pay a normal premium from about $54 (+113% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $508/mo at whole book's realized keep of 70% (658 closed calls).
The record shows it fights: $332/mo earned against a modelled $508/mo, so FIGHT income counts toward the time.
Extending to Dec 15 '28 buys 11 months. Expected income to expiry with FIGHT: $7,179 if you keep, $13,446 after the roll; safe calls alone: $677 vs $2,241. Odds safe calls restart: 9% vs 15%.
At the record's pace the extra 11 months are worth about $3,591.
Today, if you keep it
Value now (mid)
-$31,350
Unrealized vs CSV ND
-$38,650
Max loss from here
$8,650
Margin (model)
$7,216
this underlying
CC-SS
$60.45
safe call from $54
Net delta
+1100 sh
notional $25,350
Theta
-$14/day
net of the three legs
Short put time value
$0.93
assignment WATCH
If you close it today
Whole-life P/L
-$36,980
legs + call income, all in
Legs vs entry
-$38,650
close LC / SP / HP at mid vs CSV ND
Call income banked
+$1,670
since entry, incl. the open chain
Cash to close today
-$31,350
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
-$29,507
expected; -$36,980 if closed today
Chance of break-even
6%
whole-life P/L at or above zero
Max loss left
$8,650
82% of the $47,300 at entry already taken
Worst case if held
-$45,630
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 $7,216 of margin a close would free, counted dollar for dollar: holding beats closing by $256.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH, SAME STRIKES
-$1,600
cash at mid today (natural -$4,000)
LEAPS ONLYDec 15 '28+11 months
SELL 10 Jan 21 '28 45C (close)
BUY 10 Jan 21 '28 60P (close)
BUY 10 Dec 15 '28 45C (open)
SELL 10 Dec 15 '28 60P (open)
Net after hedge and margin
-$3,333
-$1,600 cash -$1,600 hedge extension -$133 margin
Margin change (IBKR)
+$977
asked at 00:00; model +$133, this underlying only
Hedge extension (est.)
-$1,600
kept hedge carried to the new expiry
Extra income (model)
+$6,267+$579/mo
FIGHT included, over the 11 months bought; safe calls alone +$1,564 (+$145/mo)
Restart odds
9% → 15%
safe calls paying before expiry
Max loss from here
$10,250
+$1,600 vs keep
CC-SS
$61.49
now $60.45
CSV ND after
8.90
at a mid fill
Income outlook
Income history · since 2026-05-31
Banked since entry
$1,670
closed calls + open chain premium
Life-to-date pace
$332/mo
open chain marked to today's buyback
Last 90 days
-$393/mo
Coverage Insights' window
Best month
$1,980
Jul 2026
May
Jun
$1,980
Jul
Aug
Sep
Oct
life pace $332/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
-$393/mo
floor $788
design $1,577
Banked so far
$1,670
Time with a call written
6%
Source: Coverage Insights 2026-10-29
Market now
Call IV (~35d)
59%
CBOE 30-day 61%
Regime
OVERSOLD
RSI 33
Next earnings
2027-02-02
96 days
FIGHT rate (model)
$508/mo
~0.30-delta calls x 70% keep
Where safe calls start paying
safe from $54
spot $25
Spot needs +113% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$7,179
Roll Dec 15 '28
$13,446
Odds safe calls start paying before expiry
Keep Jan 21 '28
9%
Roll Dec 15 '28
15%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$677
Roll Dec 15 '28
$2,241
Months bought
11
Worth at the record's pace
$3,591
Engine state
FIGHTING
Roll choices on Dec 15 '28
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 ONLYDec 15 '28also BEST WITH INCOMEalso MOST CASHalso SAME STRIKES
Cash at mid
-$1,600
Margin change
+$133
Strikes
45C / -60P / +20P (kept)
Cash at natural
-$4,000
Hedge extension (est.)
-$1,600
Extra income, FIGHT incl. (model)
+$6,267 (+$579/mo)
Extra safe income (model)
+$1,564 (+$145/mo)
Restart odds
15% (keep 9%)
Value incl. income
+$2,933
Max loss from here
$10,250 (+$1,600)
CC-SS
$61.49 (now $60.45)
Net delta
+1106 sh (now +1100)
CSV ND after
8.90
Worst spread / min OI
16% / 54
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 Dec 15 '28 45C (open)
SELL 10 Dec 15 '28 60P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYDec 15 '28also LOWEST MAX LOSS
Cash at mid
-$26,275
Margin change
-$2,561
Strikes
45C / -30P / +20P (kept)
Cash at natural
-$27,900
Hedge extension (est.)
-$1,600
Extra income, FIGHT incl. (model)
+$6,173 (+$570/mo)
Extra safe income (model)
+$1,139 (+$105/mo)
Restart odds
11% (keep 9%)
Value incl. income
-$19,142
Max loss from here
$4,925 (-$3,725)
CC-SS
$69.71 (now $60.45)
Net delta
+756 sh (now +1100)
CSV ND after
33.57
Worst spread / min OI
16% / 238
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 Dec 15 '28 45C (open)
SELL 10 Dec 15 '28 30P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYDec 15 '28
Cash at mid
-$2,625
Margin change
+$590
Strikes
40C / -60P / +20P (kept)
Cash at natural
-$4,900
Hedge extension (est.)
-$1,600
Extra income, FIGHT incl. (model)
+$6,279 (+$580/mo)
Extra safe income (model)
+$1,668 (+$154/mo)
Restart odds
16% (keep 9%)
Value incl. income
+$1,464
Max loss from here
$11,275 (+$2,625)
CC-SS
$60.12 (now $60.45)
Net delta
+1151 sh (now +1100)
CSV ND after
9.92
Worst spread / min OI
11% / 54
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 Dec 15 '28 40C (open)
SELL 10 Dec 15 '28 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
45
60
20
-
-
-
-
-
9%
-
$8,650
$60.45
+1100
BEST
LEAPS ONLY
Dec 15 '28
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
BEST WITH INCOME
LEAPS ONLY
Dec 15 '28
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
MOST CASH
LEAPS ONLY
Dec 15 '28
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
LEAST MARGIN
LEAPS ONLY
Dec 15 '28
45
30
20 (kept)
-$26,275
-$1,600
-$2,561
+$6,173 +$570/mo
+$1,139 +$105/mo
11%
-$19,142
$4,925
$69.71
+756
LOWEST MAX LOSS
LEAPS ONLY
Dec 15 '28
45
30
20 (kept)
-$26,275
-$1,600
-$2,561
+$6,173 +$570/mo
+$1,139 +$105/mo
11%
-$19,142
$4,925
$69.71
+756
INCOME ENGINE
LEAPS ONLY
Dec 15 '28
40
60
20 (kept)
-$2,625
-$1,600
+$590
+$6,279 +$580/mo
+$1,668 +$154/mo
16%
+$1,464
$11,275
$60.12
+1151
SAME STRIKES
LEAPS ONLY
Dec 15 '28
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
Cost of waiting
The BEST roll done later instead of today (-$1,600 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
449
-
-$1,600
-
2027-10-23
90
-$1,934
-$2,406
-$2,478
2027-12-07
45
-$1,913
-$2,550
-$3,056
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
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
Jan 19 '29
LEAPS ONLY
Jan 19 '29
45
55
20 (kept)
-$6,175
-$1,525
-$232
+$6,890 +$575/mo
+$1,684 +$141/mo
15%
-$578
$9,825
$62.52
+1057
Top 25 candidates on Dec 15 '28
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
Dec 15 '28
45
60
20 (kept)
-$1,600
-$1,600
+$133
+$6,267 +$579/mo
+$1,564 +$145/mo
15%
+$2,933
$10,250
$61.49
+1106
2
LEAPS ONLY
Dec 15 '28
40
60
20 (kept)
-$2,625
-$1,600
+$590
+$6,279 +$580/mo
+$1,668 +$154/mo
16%
+$1,464
$11,275
$60.12
+1151
3
LEAPS ONLY
Dec 15 '28
45
55
20 (kept)
-$6,125
-$1,600
-$211
+$6,257 +$578/mo
+$1,499 +$139/mo
14%
-$1,258
$9,775
$62.41
+1056
4
LEAPS ONLY
Dec 15 '28
40
55
20 (kept)
-$7,150
-$1,600
+$245
+$6,271 +$579/mo
+$1,600 +$148/mo
15%
-$2,724
$10,800
$60.99
+1101
5
LEAPS ONLY
Dec 15 '28
45
50
20 (kept)
-$10,600
-$1,600
-$543
+$6,246 +$577/mo
+$1,438 +$133/mo
14%
-$5,411
$9,250
$63.45
+1003
6
LEAPS ONLY
Dec 15 '28
40
50
20 (kept)
-$11,625
-$1,600
-$86
+$6,262 +$579/mo
+$1,531 +$141/mo
15%
-$6,877
$10,275
$61.96
+1049
7
LEAPS ONLY
Dec 15 '28
35
50
20 (kept)
-$12,400
-$1,600
+$286
+$6,274 +$580/mo
+$1,627 +$150/mo
16%
-$8,012
$11,050
$60.65
+1099
8
LEAPS ONLY
Dec 15 '28
45
45
20 (kept)
-$14,525
-$1,600
-$1,073
+$6,229 +$576/mo
+$1,355 +$125/mo
13%
-$8,823
$8,175
$64.94
+947
9
LEAPS ONLY
Dec 15 '28
40
45
20 (kept)
-$15,550
-$1,600
-$617
+$6,247 +$577/mo
+$1,443 +$133/mo
14%
-$10,286
$9,200
$63.37
+993
10
LEAPS ONLY
Dec 15 '28
35
45
20 (kept)
-$16,325
-$1,600
-$244
+$6,262 +$579/mo
+$1,530 +$141/mo
15%
-$11,420
$9,975
$61.98
+1043
11
LEAPS ONLY
Dec 15 '28
45
40
20 (kept)
-$18,775
-$1,600
-$1,494
+$6,212 +$574/mo
+$1,289 +$119/mo
12%
-$12,670
$7,425
$66.28
+888
12
LEAPS ONLY
Dec 15 '28
40
40
20 (kept)
-$19,800
-$1,600
-$1,038
+$6,233 +$576/mo
+$1,372 +$127/mo
13%
-$14,130
$8,450
$64.63
+933
13
FULL
Dec 15 '28
45
45
25
-$22,525
-
-$1,384
+$6,165 +$570/mo
+$1,113 +$103/mo
10%
-$14,977
$11,175
$70.34
+786
14
LEAPS ONLY
Dec 15 '28
35
40
20 (kept)
-$20,575
-$1,600
-$665
+$6,250 +$577/mo
+$1,455 +$134/mo
14%
-$15,261
$9,225
$63.16
+983
15
LEAPS ONLY
Dec 15 '28
45
35
20 (kept)
-$22,625
-$1,600
-$1,980
+$6,194 +$572/mo
+$1,215 +$112/mo
11%
-$16,051
$6,275
$67.92
+824
16
LEAPS ONLY
Dec 15 '28
40
35
20 (kept)
-$23,650
-$1,600
-$1,523
+$6,213 +$574/mo
+$1,294 +$120/mo
12%
-$17,514
$7,300
$66.17
+869
17
LEAPS ONLY
Dec 15 '28
35
35
20 (kept)
-$24,425
-$1,600
-$1,151
+$6,233 +$576/mo
+$1,373 +$127/mo
13%
-$18,642
$8,075
$64.62
+920
18
FULL
Dec 15 '28
45
40
25
-$26,775
-
-$1,804
+$6,142 +$567/mo
+$1,045 +$97/mo
10%
-$18,829
$10,425
$71.90
+727
19
LEAPS ONLY
Dec 15 '28
45
30
20 (kept)
-$26,275
-$1,600
-$2,561
+$6,173 +$570/mo
+$1,139 +$105/mo
11%
-$19,142
$4,925
$69.71
+756
20
LEAPS ONLY
Dec 15 '28
40
30
20 (kept)
-$27,300
-$1,600
-$2,104
+$6,195 +$572/mo
+$1,217 +$112/mo
12%
-$20,601
$5,950
$67.87
+802
21
FULL
Dec 15 '28
45
35
22.5
-$29,275
-
-$1,896
+$6,128 +$566/mo
+$1,007 +$93/mo
9%
-$21,251
$10,425
$72.80
+699
22
LEAPS ONLY
Dec 15 '28
35
30
20 (kept)
-$28,075
-$1,600
-$1,732
+$6,212 +$574/mo
+$1,291 +$119/mo
12%
-$21,731
$6,725
$66.23
+852
23
FULL
Dec 15 '28
45
30
17.5
-$30,125
-
-$1,981
+$6,128 +$566/mo
+$1,006 +$93/mo
9%
-$22,017
$11,275
$72.82
+706
24
FULL
Dec 15 '28
45
35
25
-$30,625
-
-$2,290
+$6,116 +$565/mo
+$967 +$89/mo
9%
-$22,219
$9,275
$73.77
+663
25
FULL
Dec 15 '28
45
30
20
-$31,500
-
-$2,392
+$6,115 +$565/mo
+$966 +$89/mo
9%
-$22,993
$10,150
$73.80
+669
How this was built
420 candidates on the real strikes of Dec 15 '28, Jan 19 '29; 50 keep the fortress shape, at least 95% of the upside at $59 and $88, and add no more than 10% max loss over the larger of keep and the same-strike roll.
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 (59%). 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 2026-10-29 23:56. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.