+12 Jan 21 '28 70C448 days leftCSV ND 26.50entry $85 +25.4%CC-SS $87.12 (-18% vs spot)BE-SS $96.50 (-9% vs spot)
Spot
$106.55
CBOE 2026-10-29 23:19:05
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.
Re-run then, or sooner after a 15%+ drop (a lower price makes extending cheaper and more urgent).
Is the time worth buying✓ EXTEND
Safe calls are paying: buy them more time
Since 2026-03-18 it has banked $1,044, -$53/mo with the open call chain marked to today's buyback; the last 90 days -$966/mo against a $530/mo floor and a $1,060/mo design.
Spot is above $82, where a ~0.30-delta call already clears the CC-SS: safe calls pay now.
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $1,987/mo at IGV's realized keep of 92% (8 closed calls).
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $29,783 if you keep, $56,998 after the roll; safe calls alone: $28,270 vs $52,513. Odds safe calls restart: 100% vs 100%.
Today, if you keep it
Value now (mid)
$52,500
Unrealized vs CSV ND
+$20,700
Max loss from here
$52,500
Margin it holds (model)
$18,476
a close frees it; $18,476 on all IGV here
CC-SS
$87.12
safe call from $82
Net delta
+1087 sh
notional $127,860
Theta
-$2/day
net of the three legs
Short put time value
-
If you close it today
Whole-life P/L
+$20,046
legs + call income, all in
Legs vs entry
+$20,700
close LC / SP / HP at mid vs CSV ND
Call income banked
+$1,044
since entry, incl. the open chain
Cash to close today
+$50,802
legs at mid + call buyback -$1,698
If you hold to expiry instead
Whole-life P/L at expiry
+$42,441
expected; +$20,046 if closed today
Chance of break-even
86%
whole-life P/L at or above zero
Max loss left
$52,500
0% of the $31,800 at entry already taken
Worst case if held
-$32,454
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 $18,476 of margin a close would free, counted dollar for dollar: holding beats closing by $3,919.
Income outlook
Income history · since 2026-03-18
Banked since entry
$1,044
closed calls + open chain premium
Life-to-date pace
-$53/mo
open chain marked to today's buyback
Last 90 days
-$966/mo
Coverage Insights' window
Best month
$1,596
Jul 2026
Mar
Apr
May
Jun
$1,596
Jul
Aug
Sep
Oct
-$2,088
open
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
-$966/mo
floor $530
design $1,060
Scanner's best pick today
$988/mo
Banked so far
$1,044
Whole-life P/L
+$20,046
Time with a call written
100%
Call roll chain
7 rolls down to 121, $-1.74/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
33%
CBOE 30-day 32%
Regime
NEUTRAL
RSI 57
FIGHT rate (model)
$1,987/mo
~0.30-delta calls x 92% keep
Where safe calls start paying
safe from $82
spot $107
Safe calls pay now.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$29,783
Roll Jan 19 '29
$56,998
Odds safe calls start paying before expiry
Keep Jan 21 '28
100%
Roll Jan 19 '29
100%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$28,270
Roll Jan 19 '29
$52,513
Months bought
12
Engine state
SAFE CALLS PAYING
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).
FULLJan 19 '29
Cash at mid
-$5,580
Margin change
-$378
Strikes
70C / - / -
Cash at natural
-$8,520
Extra income, FIGHT incl. (model)
+$27,215 (+$2,273/mo)
Extra safe income (model)
+$24,242 (+$2,025/mo)
Restart odds
100% (keep 100%)
Value incl. income
+$22,013
Max loss from here
$58,080 (+$5,580)
CC-SS
$86.61 (now $87.12)
Net delta
+1054 sh (now +1087)
CSV ND after
31.15
Worst spread / min OI
5% / 50
Danger point
none to -60% (now none to -60%)
Order legs
SELL 12 Jan 21 '28 70C (close)
BUY 12 Jan 19 '29 70C (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
70
-
-
-
-
-
-
-
100%
-
$52,500
$87.12
+1087
SAME STRIKES
FULL
Jan 19 '29
70
-
-
-$5,580
-
-$378
+$27,215 +$2,273/mo
+$24,242 +$2,025/mo
100%
+$22,013
$58,080
$86.61
+1054
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
How this was built
2 rolls on the real strikes of Dec 15 '28, Jan 19 '29; 0 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($96.50), 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 1.21), 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 (33%). 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.