LEAPS Extend · 2026-10-30 · All fortresses

IREN · Joint

+20 Jan 21 '28 25C-20 Jan 21 '28 47P+20 Jan 15 '27 35P448 days leftCSV ND 16.00entry $45 -46.0%CC-SS $49.82 (+105% vs spot)BE-SS $44.00 (+81% vs spot)
Spot
$24.29
CBOE 2026-10-30 13:50:09
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.
  • Holding as is costs about $50 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 2026-01-28 it has banked $10,825, $986/mo with the open call chain marked to today's buyback; the last 90 days $1,330/mo against a $933/mo floor and a $1,867/mo design.
  • Safe calls (at or above the $50 CC-SS) only pay a normal premium from about $39 (+62% from here).
  • FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $1,218/mo at IREN's realized keep of 51% (71 closed calls).
  • The record shows it fights: $1,330/mo earned against a modelled $1,218/mo, so FIGHT income counts toward the time.
  • Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $23,033 if you keep, $47,992 after the roll; safe calls alone: $14,064 vs $33,714. Odds safe calls restart: 33% vs 29%.
  • At the record's pace the extra 12 months are worth about $15,925.
  • Earnings 2026-11-05 (6 days): sell no new income into it.

Today, if you keep it

Value now (mid)
-$7,500
Unrealized vs CSV ND
-$39,500
Max loss from here
$16,500
Margin it holds (IBKR)
$10,109
a close frees it; model $8,681; $8,681 on all IREN here
CC-SS
$49.82
safe call from $39
Net delta
+1138 sh
notional $48,580
Theta
-$50/day
net of the three legs
Short put time value
$3.52
assignment LOW
If you close it today
Whole-life P/L
-$30,125
legs + call income, all in
Legs vs entry
-$39,500
close LC / SP / HP at mid vs CSV ND
Call income banked
+$10,825
since entry, incl. the open chain
Cash to close today
-$8,950
legs at mid + call buyback -$1,450
If you hold to expiry instead
Whole-life P/L at expiry
-$1,237
expected; -$30,125 if closed today
Chance of break-even
18%
whole-life P/L at or above zero
Max loss left
$16,500
71% of the $56,000 at entry already taken
Worst case if held
-$46,625
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 $8,681 of margin a close would free, counted dollar for dollar: holding beats closing by $20,207.

Recommended roll

BEST: cash + margin · also BEST WITH INCOME, MOST CASH, LEAST MARGIN, LOWEST MAX LOSS, SAME STRIKES
-$1,650
cash at mid today (natural -$4,800)
LEAPS ONLYJan 19 '29+12 months
SELL 20 Jan 21 '28 25C (close)
BUY 20 Jan 21 '28 47P (close)
BUY 20 Jan 19 '29 25C (open)
SELL 20 Jan 19 '29 47P (open)
Margin change (IBKR)
-$1,026
asked at 21:53; model -$1,035, this underlying only
Hedge extension (est.)
-$4,150
kept hedge carried to the new expiry
Income over the time bought
$11,802
actual: $986 a month x 12 months; covers 715% of the max loss it adds
Restart odds
33% → 29%
safe calls paying before expiry
Max loss from here
$18,150
+$1,650 vs keep
CC-SS
$51.48
now $49.82
CSV ND after
16.82
at a mid fill

If you're assigned

Income outlook

Income history · since 2026-01-28
Banked since entry
$10,825
closed calls + open chain premium
Life-to-date pace
$986/mo
open chain marked to today's buyback
Last 90 days
$1,330/mo
Coverage Insights' window
Best month
$2,420
Aug 2026
Jan
Feb
Mar
Apr
May
Jun
Jul
$2,420
Aug
Sep
Oct
$4,580
open
life pace $986/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
$1,330/mo
EARNING ITS KEEP
floor $933
design $1,867
$1,330/mo earned, at least half of the $1,867/mo it is designed to earn and above its hedge
Banked so far
$10,825
Whole-life P/L
-$28,415
Time with a call written
73%
Call roll chain
5 rolls down to 32.5, $2.29/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
111%
CBOE 30-day 112%
Regime
OVERSOLD
RSI 36
Next earnings
2026-11-05
6 days
FIGHT rate (model)
$1,218/mo
~0.30-delta calls x 51% keep
Where safe calls start paying
safe from $39
spot $24
Spot needs +62% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$23,033
Roll Jan 19 '29
$47,992
Odds safe calls start paying before expiry
Keep Jan 21 '28
33%
Roll Jan 19 '29
29%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$14,064
Roll Jan 19 '29
$33,714
Months bought
12
Worth at the record's pace
$15,925
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 LEAST MARGINalso LOWEST MAX LOSSalso SAME STRIKES
Cash at mid
-$1,650
Margin change
-$1,035
Strikes
25C / -47P / +35P (kept)
Cash at natural
-$4,800
Hedge extension (est.)
-$4,150
Extra income, FIGHT incl. (model)
+$24,959 (+$2,084/mo)
Extra safe income (model)
+$19,650 (+$1,641/mo)
Restart odds
29% (keep 33%)
Value incl. income
+$20,194
Max loss from here
$18,150 (+$1,650)
CC-SS
$51.48 (now $49.82)
Net delta
+1044 sh (now +1138)
CSV ND after
16.82
Worst spread / min OI
5% / 18
Order legs
SELL 20 Jan 21 '28 25C (close)
BUY 20 Jan 21 '28 47P (close)
BUY 20 Jan 19 '29 25C (open)
SELL 20 Jan 19 '29 47P (open)

INCOME ENGINE

Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$8,350
Margin change
+$1,614
Strikes
15C / -47P / +35P (kept)
Cash at natural
-$12,100
Hedge extension (est.)
-$4,150
Extra income, FIGHT incl. (model)
+$25,161 (+$2,101/mo)
Extra safe income (model)
+$20,117 (+$1,680/mo)
Restart odds
30% (keep 33%)
Value incl. income
+$11,047
Max loss from here
$24,850 (+$8,350)
CC-SS
$49.56 (now $49.82)
Net delta
+1235 sh (now +1138)
CSV ND after
20.18
Worst spread / min OI
6% / 18
Danger point
none to -60% (now none to -60%)
Order legs
SELL 20 Jan 21 '28 25C (close)
BUY 20 Jan 21 '28 47P (close)
BUY 20 Jan 19 '29 15C (open)
SELL 20 Jan 19 '29 47P (open)

Side by side

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
KEEPheldJan 21 '28254735-----33%-$16,500$49.82+1138
BESTLEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
BEST WITH INCOMELEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
MOST CASHLEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
LEAST MARGINLEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
LOWEST MAX LOSSLEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
INCOME ENGINELEAPS ONLYJan 19 '29154735 (kept)-$8,350-$4,150+$1,614+$25,161
+$2,101/mo
+$20,117
+$1,680/mo
30%+$11,047$24,850$49.56+1235
SAME STRIKESLEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044

Cost of waiting

The BEST roll done later instead of today (-$1,650 at mid). Black-Scholes at each leg's IV, aged and moved, anchored on today's market. Estimates.
Roll onDays before expirySpot -30% ($17)Spot +0% ($24)Spot +30% ($32)
Today448--$1,650-
2027-10-2390-$6,302-$4,466-$711
2027-12-0745-$7,598-$6,470-$1,299

How much time to buy

FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
Jan 19 '29LEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
Top 25 candidates on Jan 19 '29
FamilyExpiryLCSPHPCash midHedge estMargin chgExtra incomeExtra safeRestartValue incl. incomeMax lossCC-SSDelta sh
1LEAPS ONLYJan 19 '29254735 (kept)-$1,650-$4,150-$1,035+$24,959
+$2,084/mo
+$19,650
+$1,641/mo
29%+$20,194$18,150$51.48+1044
2LEAPS ONLYJan 19 '29234735 (kept)-$2,950-$4,150-$494+$25,010
+$2,089/mo
+$19,750
+$1,649/mo
29%+$18,404$19,450$51.07+1081
3LEAPS ONLYJan 19 '29204735 (kept)-$4,800-$4,150+$270+$25,071
+$2,094/mo
+$19,888
+$1,661/mo
30%+$15,851$21,300$50.49+1137
4LEAPS ONLYJan 19 '29234535 (kept)-$6,200-$4,150-$996+$24,971
+$2,085/mo
+$19,673
+$1,643/mo
29%+$15,617$18,700$51.39+1047
5LEAPS ONLYJan 19 '29204535 (kept)-$8,050-$4,150-$232+$25,040
+$2,091/mo
+$19,816
+$1,655/mo
29%+$13,072$20,550$50.80+1104
6LEAPS ONLYJan 19 '29154735 (kept)-$8,350-$4,150+$1,614+$25,161
+$2,101/mo
+$20,117
+$1,680/mo
30%+$11,047$24,850$49.56+1235
How this was built