+12 Jan 21 '28 70C450 days leftCSV ND 26.50entry $85
Spot
$111.29
CBOE 2026-10-28 15:19:37
When to roll⏸ WAIT
Wait until 23 Oct 2027
450 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.
The best roll lowers the CC-SS from $88 to $87: covered calls can be written $1 closer to spot.
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, -$223/mo with the open call chain marked to today's buyback; the last 90 days -$1,388/mo against a $530/mo floor and a $1,060/mo design.
Spot is above $83, 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 $2,081/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: $31,240 if you keep, $59,744 after the roll; safe calls alone: $30,111 vs $55,590. Odds safe calls restart: 100% vs 100%.
Today, if you keep it
Value now (mid)
$57,000
Unrealized vs CSV ND
+$25,200
Max loss from here
$57,000
Margin (model)
$20,331
this underlying
CC-SS
$87.77
safe call from $83
Net delta
+1104 sh
notional $133,548
Theta
-$2/day
net of the three legs
Short put time value
-
If you close it today
Whole-life P/L
+$23,532
legs + call income, all in
Legs vs entry
+$25,200
close LC / SP / HP at mid vs CSV ND
Call income banked
+$1,044
since entry, incl. the open chain
Cash to close today
+$54,288
legs at mid + call buyback -$2,712
If you hold to expiry instead
Whole-life P/L at expiry
+$48,270
expected; +$23,532 if closed today
Chance of break-even
90%
whole-life P/L at or above zero
Max loss left
$57,000
0% of the $31,800 at entry already taken
Worst case if held
-$33,468
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 $20,331 of margin a close would free, counted dollar for dollar: holding beats closing by $4,407.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LEAST MARGIN, LOWEST MAX LOSS, INCOME ENGINE, SAME STRIKES
-$5,370
cash at mid today (natural -$8,160)
FULLJan 19 '29+12 months
SELL 12 Jan 21 '28 70C (close)
BUY 12 Jan 19 '29 70C (open)
Net after hedge and margin
-$4,970
-$5,370 cash +$400 margin
Margin change (IBKR)
+$0
model -$400, this underlying only
Hedge extension (est.)
none
hedge rolled too
Extra income (model)
+$28,503+$2,381/mo
FIGHT included, over the 12 months bought; safe calls alone +$25,480 (+$2,128/mo)
Restart odds
100% → 100%
safe calls paying before expiry
Max loss from here
$62,370
+$5,370 vs keep
CC-SS
$87.24
now $87.77
CSV ND after
30.98
at a mid fill
Income outlook
Income history · since 2026-03-18
Banked since entry
$1,044
closed calls + open chain premium
Life-to-date pace
-$223/mo
open chain marked to today's buyback
Last 90 days
-$1,388/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
-$1,388/mo
floor $530
design $1,060
Scanner's best pick today
$1,441/mo
Banked so far
$1,044
Whole-life P/L
+$22,914
Time with a call written
100%
Call roll chain
7 rolls down to 121, $-1.74/sh
Source: Coverage Insights 2026-10-28
Market now
Call IV (~35d)
33%
CBOE 30-day 32%
Regime
EXTENDED
RSI 60
FIGHT rate (model)
$2,081/mo
~0.30-delta calls x 92% keep
Where safe calls start paying
safe from $83
spot $111
Safe calls pay now.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$31,240
Roll Jan 19 '29
$59,744
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
$30,111
Roll Jan 19 '29
$55,590
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.
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 CASHalso LEAST MARGINalso LOWEST MAX LOSSalso INCOME ENGINEalso SAME STRIKES
Cash at mid
-$5,370
Margin change
-$400
Strikes
70C / - / -
Cash at natural
-$8,160
Extra income, FIGHT incl. (model)
+$28,503 (+$2,381/mo)
Extra safe income (model)
+$25,480 (+$2,128/mo)
Restart odds
100% (keep 100%)
Value incl. income
+$23,534
Max loss from here
$62,370 (+$5,370)
CC-SS
$87.24 (now $87.77)
Net delta
+1073 sh (now +1104)
CSV ND after
30.98
Worst spread / min OI
5% / 50
Danger point
-23% (now -23%)
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%
-
$57,000
$87.77
+1104
BEST
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
BEST WITH INCOME
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
MOST CASH
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
LEAST MARGIN
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
LOWEST MAX LOSS
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
INCOME ENGINE
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
SAME STRIKES
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
Cost of waiting
The BEST roll done later instead of today (-$5,370 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% ($78)
Spot +0% ($111)
Spot +30% ($145)
Today
450
-
-$5,370
-
2027-10-23
90
-$9,138
-$5,741
-$4,056
2027-12-07
45
-$10,172
-$5,470
-$3,915
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
FULL
Dec 15 '28
70
-
-
-$4,860
-
-$388
+$25,910 +$2,394/mo
+$23,153 +$2,139/mo
100%
+$21,438
$61,860
$87.25
+1074
Jan 19 '29
FULL
Jan 19 '29
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
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
70
-
-
-$5,370
-
-$400
+$28,503 +$2,381/mo
+$25,480 +$2,128/mo
100%
+$23,534
$62,370
$87.24
+1073
2
FULL
Jan 19 '29
65
-
-
-$9,780
-
+$224
+$28,492 +$2,380/mo
+$25,347 +$2,117/mo
100%
+$18,488
$66,780
$87.93
+1095
How this was built
24 candidates on the real strikes of Dec 15 '28, Jan 19 '29; 4 keep the fortress shape, at least 95% of the upside at $128 and $192, 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 1.33), 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 2026-10-28 21:34. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.