+20 Jan 21 '28 45C-20 Jan 21 '28 65P+20 Jan 21 '28 25P448 days leftCSV ND 3.00entry $58 -57.6%CC-SS $52.95 (+114% vs spot)BE-SS $56.50 (+129% vs spot)
Spot
$24.72
CBOE 2026-10-30 00:04:33
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 $23 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 11% of mid, open interest as low as 215): work the order at mid, never natural.
The best roll lowers the CC-SS from $53 to $52: covered calls can be written $1 closer to spot.
Is the time worth buying▲ RECONSIDER
The roll costs more than the income its time brings
Since 2026-05-12 it has banked $9,467, $1,457/mo with the open call chain marked to today's buyback; the last 90 days $928/mo against a $1,433/mo floor and a $2,867/mo design.
Safe calls (at or above the $53 CC-SS) only pay a normal premium from about $42 (+71% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $1,204/mo at IREN's realized keep of 51% (71 closed calls).
The record shows it fights: $1,457/mo earned against a modelled $1,204/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $22,229 if you keep, $46,959 after the roll; safe calls alone: $12,807 vs $32,359. Odds safe calls restart: 30% vs 29%.
At the record's pace the extra 12 months are worth about $17,449.
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).
Earnings 2026-11-05 (7 days): sell no new income into it.
Holding to expiry instead (15 months, calls written all the way, FIGHT included): expected whole-life -$33,257 vs -$47,043 if closed today; 12% chance to finish at break-even or better; worst case -$78,093 (another $31,050 if the legs end at their worst and no call pays); 64% of the entry max loss ($86,000) is already taken.
Closing wins once the $20,787 of margin it frees is counted (holding's edge is +$13,786 on average): consider closing.
Today, if you keep it
Value now (mid)
-$48,950
Unrealized vs CSV ND
-$54,950
Max loss from here
$31,050
Margin it holds (model)
$20,787
a close frees it; $20,787 on all IREN here
CC-SS
$52.95
safe call from $42
Net delta
+1896 sh
notional $49,440
Theta
-$23/day
net of the three legs
Short put time value
$0.09
assignment HIGH
If you close it today
Whole-life P/L
-$47,043
legs + call income, all in
Legs vs entry
-$54,950
close LC / SP / HP at mid vs CSV ND
Call income banked
+$9,467
since entry, incl. the open chain
Cash to close today
-$50,510
legs at mid + call buyback -$1,560
If you hold to expiry instead
Whole-life P/L at expiry
-$33,257
expected; -$47,043 if closed today
Chance of break-even
12%
whole-life P/L at or above zero
Max loss left
$31,050
64% of the $86,000 at entry already taken
Worst case if held
-$78,093
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 $20,787 of margin a close would free, counted dollar for dollar: holding trails closing by $7,001.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH
-$32,800
cash at mid today (natural -$39,400)
FULLJan 19 '29+12 months
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
SELL 20 Jan 21 '28 25P (close)
BUY 20 Jan 19 '29 30C (open)
SELL 20 Jan 19 '29 50P (open)
BUY 20 Jan 19 '29 20P (open)
Margin change
+$3,214
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
none
hedge rolled too
Income over the time bought
$17,449
actual: $1,457 a month x 12 months; covers 136% of the max loss it adds
Restart odds
30% → 29%
safe calls paying before expiry
Max loss from here
$43,850
+$12,800 vs keep
CC-SS
$52.12
now $52.95
CSV ND after
19.40
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 96% The holder exercises once the stock is at or below $26 in 6 months..
Close everything now: -$48,950. Wait for assignment: -$48,760 (the put spread -$62,710, plus the 45C you keep, worth $13,950). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $62,710 more ($31 a share). Basis 34.36; the 45C alone has CC-SS $65.10 (now $52.95), break-even $79, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 45C (at or above the call) about $640 a cycle; a 33C (~0.30 delta) about $2,950 a cycle, but a rally can cost up to $24,000 a cycle. The 45C loses about $666 a month to time.
Close the 45C at assignment, unless you want the upside bet.
Income outlook
Income history · since 2026-05-12
Banked since entry
$9,467
closed calls + open chain premium
Life-to-date pace
$1,457/mo
open chain marked to today's buyback
Last 90 days
$928/mo
Coverage Insights' window
Best month
$4,047
Jul 2026
May
Jun
$4,047
Jul
Aug
Sep
Oct
$900
open
life pace $1,457/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
$928/mo
BELOW DESIGN
floor $1,433
design $2,867
$928/mo earned pays the hedge but is under half of the $2,867/mo it is designed to earn
Banked so far
$9,467
Whole-life P/L
-$47,493
Time with a call written
51%
Call roll chain
1 rolls down to 33, $0.45/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
107%
CBOE 30-day 109%
Regime
PULLBACK
RSI 38
Next earnings
2026-11-05
7 days
FIGHT rate (model)
$1,204/mo
~0.30-delta calls x 51% keep
Where safe calls start paying
safe from $42
spot $25
Spot needs +71% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$22,229
Roll Jan 19 '29
$46,959
Odds safe calls start paying before expiry
Keep Jan 21 '28
30%
Roll Jan 19 '29
29%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$12,807
Roll Jan 19 '29
$32,359
Months bought
12
Worth at the record's pace
$17,449
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.
FULLJan 19 '29also BEST WITH INCOMEalso MOST CASH
Cash at mid
-$32,800
Margin change
+$3,214
Strikes
30C / -50P / +20P
Cash at natural
-$39,400
Extra income, FIGHT incl. (model)
+$24,730 (+$2,065/mo)
Extra safe income (model)
+$19,552 (+$1,633/mo)
Restart odds
29% (keep 30%)
Value incl. income
-$11,284
Max loss from here
$43,850 (+$12,800)
CC-SS
$52.12 (now $52.95)
Net delta
+2068 sh (now +1896)
CSV ND after
19.40
Worst spread / min OI
11% / 215
Danger point
-22% (now -23%)
Order legs
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
SELL 20 Jan 21 '28 25P (close)
BUY 20 Jan 19 '29 30C (open)
SELL 20 Jan 19 '29 50P (open)
BUY 20 Jan 19 '29 20P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29
Cash at mid
-$53,000
Margin change
+$28
Strikes
20C / -42P / +25P (kept)
Cash at natural
-$58,300
Hedge extension (est.)
-$5,200
Extra income, FIGHT incl. (model)
+$24,568 (+$2,052/mo)
Extra safe income (model)
+$19,244 (+$1,607/mo)
Restart odds
28% (keep 30%)
Value incl. income
-$33,659
Max loss from here
$38,050 (+$7,000)
CC-SS
$53.28 (now $52.95)
Net delta
+1910 sh (now +1896)
CSV ND after
29.50
Worst spread / min OI
6% / 88
Danger point
-23% (now -23%)
Order legs
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
BUY 20 Jan 19 '29 20C (open)
SELL 20 Jan 19 '29 42P (open)
LOWEST MAX LOSS
Smallest worst-case loss from here.
LEAPS ONLYJan 19 '29
Cash at mid
-$36,100
Margin change
+$349
Strikes
28C / -50P / +25P (kept)
Cash at natural
-$43,000
Hedge extension (est.)
-$5,200
Extra income, FIGHT incl. (model)
+$24,550 (+$2,050/mo)
Extra safe income (model)
+$19,211 (+$1,604/mo)
Restart odds
28% (keep 30%)
Value incl. income
-$17,099
Max loss from here
$37,150 (+$6,100)
CC-SS
$53.39 (now $52.95)
Net delta
+1902 sh (now +1896)
CSV ND after
21.05
Worst spread / min OI
15% / 215
Danger point
-23% (now -23%)
Order legs
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
BUY 20 Jan 19 '29 28C (open)
SELL 20 Jan 19 '29 50P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
FULLJan 19 '29
Cash at mid
-$38,950
Margin change
+$6,035
Strikes
20C / -50P / +20P
Cash at natural
-$45,700
Extra income, FIGHT incl. (model)
+$24,960 (+$2,085/mo)
Extra safe income (model)
+$20,023 (+$1,672/mo)
Restart odds
30% (keep 30%)
Value incl. income
-$20,025
Max loss from here
$50,000 (+$18,950)
CC-SS
$50.25 (now $52.95)
Net delta
+2241 sh (now +1896)
CSV ND after
22.48
Worst spread / min OI
11% / 215
Danger point
-21% (now -23%)
Order legs
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
SELL 20 Jan 21 '28 25P (close)
BUY 20 Jan 19 '29 20C (open)
SELL 20 Jan 19 '29 50P (open)
BUY 20 Jan 19 '29 20P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
FULLJan 19 '29
Cash at mid
-$8,200
Margin change
+$1,699
Strikes
45C / -65P / +25P
Cash at natural
-$15,500
Extra income, FIGHT incl. (model)
+$24,517 (+$2,048/mo)
Extra safe income (model)
+$19,155 (+$1,600/mo)
Restart odds
28% (keep 30%)
Value incl. income
+$14,618
Max loss from here
$39,250 (+$8,200)
CC-SS
$53.59 (now $52.95)
Net delta
+1968 sh (now +1896)
CSV ND after
7.10
Worst spread / min OI
9% / 1
Danger point
-22% (now -23%)
Order legs
SELL 20 Jan 21 '28 45C (close)
BUY 20 Jan 21 '28 65P (close)
SELL 20 Jan 21 '28 25P (close)
BUY 20 Jan 19 '29 45C (open)
SELL 20 Jan 19 '29 65P (open)
BUY 20 Jan 19 '29 25P (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
65
25
-
-
-
-
-
30%
-
$31,050
$52.95
+1896
BEST
FULL
Jan 19 '29
30
50
20
-$32,800
-
+$3,214
+$24,730 +$2,065/mo
+$19,552 +$1,633/mo
29%
-$11,284
$43,850
$52.12
+2068
BEST WITH INCOME
FULL
Jan 19 '29
30
50
20
-$32,800
-
+$3,214
+$24,730 +$2,065/mo
+$19,552 +$1,633/mo
29%
-$11,284
$43,850
$52.12
+2068
MOST CASH
FULL
Jan 19 '29
30
50
20
-$32,800
-
+$3,214
+$24,730 +$2,065/mo
+$19,552 +$1,633/mo
29%
-$11,284
$43,850
$52.12
+2068
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
20
42
25 (kept)
-$53,000
-$5,200
+$28
+$24,568 +$2,052/mo
+$19,244 +$1,607/mo
28%
-$33,659
$38,050
$53.28
+1910
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
28
50
25 (kept)
-$36,100
-$5,200
+$349
+$24,550 +$2,050/mo
+$19,211 +$1,604/mo
28%
-$17,099
$37,150
$53.39
+1902
INCOME ENGINE
FULL
Jan 19 '29
20
50
20
-$38,950
-
+$6,035
+$24,960 +$2,085/mo
+$20,023 +$1,672/mo
30%
-$20,025
$50,000
$50.25
+2241
SAME STRIKES
FULL
Jan 19 '29
45
65
25
-$8,200
-
+$1,699
+$24,517 +$2,048/mo
+$19,155 +$1,600/mo
28%
+$14,618
$39,250
$53.59
+1968
Cost of waiting
The BEST roll done later instead of today (-$32,800 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% ($17)
Spot +0% ($25)
Spot +30% ($32)
Today
448
-
-$32,800
-
2027-10-23
90
-$37,856
-$44,003
-$46,114
2027-12-07
45
-$38,807
-$47,043
-$50,225
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
Sep 15 '28
FULL
Sep 15 '28
25
45
20
-$41,500
-
+$3,000
+$15,583 +$1,990/mo
+$12,131 +$1,550/mo
30%
-$28,917
$42,550
$51.80
+2083
Jan 19 '29
FULL
Jan 19 '29
30
50
20
-$32,800
-
+$3,214
+$24,730 +$2,065/mo
+$19,552 +$1,633/mo
29%
-$11,284
$43,850
$52.12
+2068
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
30
50
20
-$32,800
-
+$3,214
+$24,730 +$2,065/mo
+$19,552 +$1,633/mo
29%
-$11,284
$43,850
$52.12
+2068
2
FULL
Jan 19 '29
28
50
20
-$34,300
-
+$3,965
+$24,789 +$2,070/mo
+$19,670 +$1,643/mo
30%
-$13,476
$45,350
$51.66
+2101
3
FULL
Jan 19 '29
25
50
20
-$36,550
-
+$4,915
+$24,872 +$2,077/mo
+$19,825 +$1,656/mo
30%
-$16,594
$47,600
$51.06
+2152
4
LEAPS ONLY
Jan 19 '29
28
50
25 (kept)
-$36,100
-$5,200
+$349
+$24,550 +$2,050/mo
+$19,211 +$1,604/mo
28%
-$17,099
$37,150
$53.39
+1902
5
FULL
Jan 19 '29
23
50
20
-$37,400
-
+$5,023
+$24,902 +$2,080/mo
+$19,885 +$1,661/mo
30%
-$17,521
$48,450
$50.83
+2187
6
FULL
Jan 19 '29
25
50
23
-$40,050
-
+$3,845
+$24,795 +$2,071/mo
+$19,680 +$1,644/mo
30%
-$19,100
$45,100
$51.62
+2092
7
LEAPS ONLY
Jan 19 '29
25
50
25 (kept)
-$38,350
-$5,200
+$1,299
+$24,648 +$2,059/mo
+$19,387 +$1,619/mo
29%
-$20,200
$39,400
$52.75
+1954
8
FULL
Jan 19 '29
23
50
23
-$40,900
-
+$3,953
+$24,829 +$2,074/mo
+$19,744 +$1,649/mo
30%
-$20,023
$45,950
$51.38
+2127
9
FULL
Jan 19 '29
20
50
20
-$38,950
-
+$6,035
+$24,960 +$2,085/mo
+$20,023 +$1,672/mo
30%
-$20,025
$50,000
$50.25
+2241
10
LEAPS ONLY
Jan 19 '29
23
50
25 (kept)
-$39,200
-$5,200
+$1,406
+$24,682 +$2,061/mo
+$19,454 +$1,625/mo
29%
-$21,124
$40,250
$52.50
+1989
11
FULL
Jan 19 '29
25
47
20
-$41,650
-
+$4,366
+$24,820 +$2,073/mo
+$19,727 +$1,648/mo
30%
-$21,196
$46,700
$51.44
+2104
12
FULL
Jan 19 '29
23
47
20
-$42,500
-
+$4,473
+$24,853 +$2,076/mo
+$19,790 +$1,653/mo
30%
-$22,120
$47,550
$51.20
+2139
13
FULL
Jan 19 '29
20
50
23
-$42,450
-
+$4,965
+$24,907 +$2,080/mo
+$19,894 +$1,662/mo
30%
-$22,508
$47,500
$50.79
+2180
14
FULL
Jan 19 '29
23
50
25
-$44,400
-
+$3,551
+$24,790 +$2,070/mo
+$19,671 +$1,643/mo
30%
-$23,161
$45,450
$51.65
+2087
15
LEAPS ONLY
Jan 19 '29
20
50
25 (kept)
-$40,750
-$5,200
+$2,418
+$24,758 +$2,068/mo
+$19,610 +$1,638/mo
29%
-$23,610
$41,800
$51.89
+2042
16
FULL
Jan 19 '29
23
45
20
-$45,500
-
+$3,797
+$24,805 +$2,072/mo
+$19,698 +$1,645/mo
30%
-$24,493
$46,550
$51.55
+2105
17
FULL
Jan 19 '29
23
47
23
-$46,000
-
+$3,403
+$24,774 +$2,069/mo
+$19,642 +$1,640/mo
29%
-$24,629
$45,050
$51.76
+2078
18
FULL
Jan 19 '29
20
47
20
-$44,050
-
+$5,486
+$24,925 +$2,082/mo
+$19,937 +$1,665/mo
30%
-$24,611
$49,100
$50.61
+2192
19
LEAPS ONLY
Jan 19 '29
23
47
25 (kept)
-$44,300
-$5,200
+$857
+$24,627 +$2,057/mo
+$19,347 +$1,616/mo
29%
-$25,729
$39,350
$52.90
+1940
20
FULL
Jan 19 '29
20
50
25
-$45,950
-
+$4,563
+$24,872 +$2,077/mo
+$19,827 +$1,656/mo
30%
-$25,641
$47,000
$51.05
+2140
21
FULL
Jan 19 '29
20
45
20
-$47,050
-
+$4,810
+$24,885 +$2,078/mo
+$19,852 +$1,658/mo
30%
-$26,974
$48,100
$50.95
+2159
22
FULL
Jan 19 '29
20
47
23
-$47,550
-
+$4,415
+$24,858 +$2,076/mo
+$19,800 +$1,654/mo
30%
-$27,107
$46,600
$51.16
+2132
23
LEAPS ONLY
Jan 19 '29
23
45
25 (kept)
-$47,300
-$5,200
+$181
+$24,567 +$2,052/mo
+$19,242 +$1,607/mo
28%
-$28,113
$38,350
$53.28
+1907
24
LEAPS ONLY
Jan 19 '29
20
47
25 (kept)
-$45,850
-$5,200
+$1,869
+$24,710 +$2,064/mo
+$19,511 +$1,629/mo
29%
-$28,208
$40,900
$52.28
+1994
25
FULL
Jan 19 '29
20
45
23
-$50,550
-
+$3,740
+$24,810 +$2,072/mo
+$19,708 +$1,646/mo
30%
-$29,480
$45,600
$51.51
+2099
How this was built
44 rolls on the real strikes of Jun 16 '28, Sep 15 '28, Jan 19 '29; 33 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($56.50), 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 1.27), 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 (107%). 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.