+5 Jan 21 '28 190C-5 Jan 21 '28 210P+5 Dec 18 '26 100P448 days leftCSV ND 34.00entry $228 -21.3%CC-SS $222.44 (+24% vs spot)BE-SS $224.00 (+25% vs spot)
Spot
$179.38
CBOE 2026-10-29 23:31:11
When to roll✓ OPPORTUNITY
A roll pays you and frees margin today
A roll exists today that pays you $125 and frees $134 of margin while keeping the upside: no reason to wait for it.
The new expiry is still wide (worst leg spread 8% of mid, open interest as low as 18): work the order at mid, never natural.
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 $10,480, $1,693/mo with the open call chain marked to today's buyback; the last 90 days $208/mo against a $1,200/mo floor and a $2,400/mo design.
Safe calls (at or above the $222 CC-SS) only pay a normal premium from about $201 (+12% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,087/mo at QCOM's realized keep of 88% (10 closed calls).
The record shows it fights: $1,693/mo earned against a modelled $2,087/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $29,976 if you keep, $57,882 after the roll; safe calls alone: $16,793 vs $33,907. Odds safe calls restart: 63% vs 61%.
At the record's pace the extra 12 months are worth about $20,276.
Coverage Insights: today's best pick pays only $289/mo: more income needs FIGHT's ladder or a rebuild in Rolls.
Earnings 2026-11-04 (6 days): sell no new income into it.
Today, if you keep it
Value now (mid)
-$5,658
Unrealized vs CSV ND
-$22,658
Max loss from here
$49,342
Margin it holds (model)
$16,696
a close frees it; $16,696 on all QCOM here
CC-SS
$222.44
safe call from $201
Net delta
+545 sh
notional $89,690
Theta
-$3/day
net of the three legs
Short put time value
$19.50
assignment LOW
If you close it today
Whole-life P/L
-$14,965
legs + call income, all in
Legs vs entry
-$22,658
close LC / SP / HP at mid vs CSV ND
Call income banked
+$10,480
since entry, incl. the open chain
Cash to close today
-$8,445
legs at mid + call buyback -$2,788
If you hold to expiry instead
Whole-life P/L at expiry
+$10,574
expected; -$14,965 if closed today
Chance of break-even
45%
whole-life P/L at or above zero
Max loss left
$49,342
31% of the $72,000 at entry already taken
Worst case if held
-$64,308
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 $16,696 of margin a close would free, counted dollar for dollar: holding beats closing by $8,843.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH
+$2,325
cash at mid today (natural -$1,575)
LEAPS ONLYJan 19 '29+12 months
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
BUY 5 Jan 19 '29 200C (open)
SELL 5 Jan 19 '29 220P (open)
Margin change
-$134
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
-$2,200
kept hedge carried to the new expiry
Income over the time bought
$20,276
actual: $1,693 a month x 12 months; covers 758% of the max loss it adds
Restart odds
63% → 61%
safe calls paying before expiry
Max loss from here
$52,018
+$2,675 vs keep
CC-SS
$223.40
now $222.44
CSV ND after
29.35
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 51% The holder exercises once the stock is at or below $114 in 6 months..
Close everything now: -$5,658. Wait for assignment: +$4,095 (the put spread -$15,280, plus the 190C you keep, worth $19,375). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $15,280 more ($31 a share). Basis 64.56; the 190C alone has CC-SS $220.48 (now $222.44), break-even $255, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 190C (at or above the call) about $5,025 a cycle; a 205C (~0.30 delta) about $2,750 a cycle, but a rally can cost up to $0 a cycle. The 190C loses about $537 a month to time.
Ride the 190C: safe calls out-earn its decay.
Income outlook
Income history · since 2026-05-31
Banked since entry
$10,480
closed calls + open chain premium
Life-to-date pace
$1,693/mo
open chain marked to today's buyback
Last 90 days
$208/mo
Coverage Insights' window
Best month
$5,190
Jun 2026
May
$5,190
Jun
Jul
Aug
Sep
Oct
$770
open
life pace $1,693/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
$208/mo
BELOW DESIGN
floor $1,200
design $2,400
$208/mo earned pays the hedge but is under half of the $2,400/mo it is designed to earn
Scanner's best pick today
$289/mo
Banked so far
$10,480
Whole-life P/L
-$14,828
Time with a call written
100%
Call roll chain
1 rolls down to 195, $1.54/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
54%
CBOE 30-day 56%
Regime
NEUTRAL
RSI 53
Next earnings
2026-11-04
6 days
FIGHT rate (model)
$2,087/mo
~0.30-delta calls x 88% keep
Where safe calls start paying
safe from $201
spot $179
Spot needs +12% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$29,976
Roll Jan 19 '29
$57,882
Odds safe calls start paying before expiry
Keep Jan 21 '28
63%
Roll Jan 19 '29
61%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$16,793
Roll Jan 19 '29
$33,907
Months bought
12
Worth at the record's pace
$20,276
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 CASH
Cash at mid
+$2,325
Margin change
-$134
Strikes
200C / -220P / +100P (kept)
Cash at natural
-$1,575
Hedge extension (est.)
-$2,200
Extra income, FIGHT incl. (model)
+$27,906 (+$2,331/mo)
Extra safe income (model)
+$17,114 (+$1,429/mo)
Restart odds
61% (keep 63%)
Value incl. income
+$28,165
Max loss from here
$52,018 (+$2,675)
CC-SS
$223.40 (now $222.44)
Net delta
+541 sh (now +545)
CSV ND after
29.35
Worst spread / min OI
8% / 18
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
BUY 5 Jan 19 '29 200C (open)
SELL 5 Jan 19 '29 220P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
FULLJan 19 '29
Cash at mid
-$15,058
Margin change
-$3,126
Strikes
165C / -220P / +140P
Cash at natural
-$19,195
Extra income, FIGHT incl. (model)
+$27,907 (+$2,331/mo)
Extra safe income (model)
+$15,316 (+$1,279/mo)
Restart odds
59% (keep 63%)
Value incl. income
+$15,976
Max loss from here
$49,400 (+$58)
CC-SS
$226.97 (now $222.44)
Net delta
+489 sh (now +545)
CSV ND after
64.11
Worst spread / min OI
6% / 9
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
SELL 5 Dec 18 '26 100P (close)
BUY 5 Jan 19 '29 165C (open)
SELL 5 Jan 19 '29 220P (open)
BUY 5 Jan 19 '29 140P (open)
LOWEST MAX LOSS
Smallest worst-case loss from here.
FULLJan 19 '29
Cash at mid
-$27,670
Margin change
-$2,943
Strikes
140C / -220P / +170P
Cash at natural
-$32,470
Extra income, FIGHT incl. (model)
+$27,907 (+$2,331/mo)
Extra safe income (model)
+$15,066 (+$1,258/mo)
Restart odds
59% (keep 63%)
Value incl. income
+$3,179
Max loss from here
$47,012 (-$2,330)
CC-SS
$227.47 (now $222.44)
Net delta
+479 sh (now +545)
CSV ND after
89.34
Worst spread / min OI
10% / 6
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
SELL 5 Dec 18 '26 100P (close)
BUY 5 Jan 19 '29 140C (open)
SELL 5 Jan 19 '29 220P (open)
BUY 5 Jan 19 '29 170P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$19,912
Margin change
+$4,641
Strikes
105C / -220P / +100P (kept)
Cash at natural
-$23,800
Hedge extension (est.)
-$2,200
Extra income, FIGHT incl. (model)
+$28,375 (+$2,370/mo)
Extra safe income (model)
+$22,782 (+$1,903/mo)
Restart odds
65% (keep 63%)
Value incl. income
+$1,621
Max loss from here
$74,255 (+$24,912)
CC-SS
$214.88 (now $222.44)
Net delta
+668 sh (now +545)
CSV ND after
73.83
Worst spread / min OI
5% / 2
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
BUY 5 Jan 19 '29 105C (open)
SELL 5 Jan 19 '29 220P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
LEAPS ONLYJan 19 '29
Cash at mid
-$2,725
Margin change
-$79
Strikes
190C / -210P / +100P (kept)
Cash at natural
-$6,650
Hedge extension (est.)
-$2,200
Extra income, FIGHT incl. (model)
+$27,906 (+$2,331/mo)
Extra safe income (model)
+$17,180 (+$1,435/mo)
Restart odds
61% (keep 63%)
Value incl. income
+$23,060
Max loss from here
$52,068 (+$2,725)
CC-SS
$223.30 (now $222.44)
Net delta
+540 sh (now +545)
CSV ND after
39.45
Worst spread / min OI
7% / 11
Danger point
none to -60% (now none to -60%)
Order legs
SELL 5 Jan 21 '28 190C (close)
BUY 5 Jan 21 '28 210P (close)
BUY 5 Jan 19 '29 190C (open)
SELL 5 Jan 19 '29 210P (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
190
210
100
-
-
-
-
-
63%
-
$49,342
$222.44
+545
BEST
LEAPS ONLY
Jan 19 '29
200
220
100 (kept)
+$2,325
-$2,200
-$134
+$27,906 +$2,331/mo
+$17,114 +$1,429/mo
61%
+$28,165
$52,018
$223.40
+541
BEST WITH INCOME
LEAPS ONLY
Jan 19 '29
200
220
100 (kept)
+$2,325
-$2,200
-$134
+$27,906 +$2,331/mo
+$17,114 +$1,429/mo
61%
+$28,165
$52,018
$223.40
+541
MOST CASH
LEAPS ONLY
Jan 19 '29
200
220
100 (kept)
+$2,325
-$2,200
-$134
+$27,906 +$2,331/mo
+$17,114 +$1,429/mo
61%
+$28,165
$52,018
$223.40
+541
LEAST MARGIN
FULL
Jan 19 '29
165
220
140
-$15,058
-
-$3,126
+$27,907 +$2,331/mo
+$15,316 +$1,279/mo
59%
+$15,976
$49,400
$226.97
+489
LOWEST MAX LOSS
FULL
Jan 19 '29
140
220
170
-$27,670
-
-$2,943
+$27,907 +$2,331/mo
+$15,066 +$1,258/mo
59%
+$3,179
$47,012
$227.47
+479
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
105
220
100 (kept)
-$19,912
-$2,200
+$4,641
+$28,375 +$2,370/mo
+$22,782 +$1,903/mo
65%
+$1,621
$74,255
$214.88
+668
SAME STRIKES
LEAPS ONLY
Jan 19 '29
190
210
100 (kept)
-$2,725
-$2,200
-$79
+$27,906 +$2,331/mo
+$17,180 +$1,435/mo
61%
+$23,060
$52,068
$223.30
+540
Cost of waiting
The BEST roll done later instead of today (+$2,325 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% ($126)
Spot +0% ($179)
Spot +30% ($233)
Today
448
-
+$2,325
-
2027-10-23
90
+$1,107
+$1,987
+$4,306
2027-12-07
45
+$1,003
+$1,532
+$5,141
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
Jun 16 '28
LEAPS ONLY
Jun 16 '28
200
220
100 (kept)
+$3,988
-$763
-$63
+$12,651 +$2,616/mo
+$7,773 +$1,608/mo
63%
+$15,939
$50,355
$222.97
+542
Dec 15 '28
LEAPS ONLY
Dec 15 '28
200
220
100 (kept)
+$3,050
-$1,813
-$230
+$25,358 +$2,343/mo
+$15,519 +$1,434/mo
61%
+$26,826
$51,292
$223.41
+542
Jan 19 '29
LEAPS ONLY
Jan 19 '29
200
220
100 (kept)
+$2,325
-$2,200
-$134
+$27,906 +$2,331/mo
+$17,114 +$1,429/mo
61%
+$28,165
$52,018
$223.40
+541
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
LEAPS ONLY
Jan 19 '29
200
220
100 (kept)
+$2,325
-$2,200
-$134
+$27,906 +$2,331/mo
+$17,114 +$1,429/mo
61%
+$28,165
$52,018
$223.40
+541
2
LEAPS ONLY
Jan 19 '29
195
220
100 (kept)
+$1,250
-$2,200
+$134
+$27,907 +$2,331/mo
+$17,456 +$1,458/mo
61%
+$26,823
$53,092
$222.85
+548
3
LEAPS ONLY
Jan 19 '29
190
220
100 (kept)
+$662
-$2,200
+$338
+$27,908 +$2,331/mo
+$17,767 +$1,484/mo
61%
+$26,032
$53,680
$222.34
+554
4
LEAPS ONLY
Jan 19 '29
185
220
100 (kept)
-$288
-$2,200
+$588
+$27,908 +$2,331/mo
+$18,087 +$1,511/mo
62%
+$24,833
$54,630
$221.81
+561
5
FULL
Jan 19 '29
185
220
100
-$4,732
-
-$1,242
+$27,908 +$2,331/mo
+$16,159 +$1,350/mo
60%
+$24,418
$59,075
$225.30
+515
6
FULL
Jan 19 '29
185
220
105
-$5,145
-
-$1,445
+$27,908 +$2,331/mo
+$15,983 +$1,335/mo
60%
+$24,208
$56,988
$225.65
+509
7
LEAPS ONLY
Jan 19 '29
180
220
100 (kept)
-$1,138
-$2,200
+$827
+$27,908 +$2,331/mo
+$18,398 +$1,537/mo
62%
+$23,744
$55,480
$221.30
+568
8
FULL
Jan 19 '29
180
220
100
-$5,582
-
-$1,003
+$27,908 +$2,331/mo
+$16,449 +$1,374/mo
60%
+$23,328
$59,925
$224.72
+522
9
FULL
Jan 19 '29
180
220
105
-$5,995
-
-$1,206
+$27,908 +$2,331/mo
+$16,277 +$1,359/mo
60%
+$23,119
$57,838
$225.06
+516
10
LEAPS ONLY
Jan 19 '29
190
210
100 (kept)
-$2,725
-$2,200
-$79
+$27,906 +$2,331/mo
+$17,180 +$1,435/mo
61%
+$23,060
$52,068
$223.30
+540
11
FULL
Jan 19 '29
180
220
110
-$6,858
-
-$1,436
+$27,908 +$2,331/mo
+$16,059 +$1,341/mo
60%
+$22,486
$56,200
$225.50
+510
12
LEAPS ONLY
Jan 19 '29
175
220
100 (kept)
-$2,162
-$2,200
+$1,083
+$27,908 +$2,331/mo
+$18,705 +$1,562/mo
62%
+$22,463
$56,505
$220.79
+575
13
FULL
Jan 19 '29
180
220
115
-$7,470
-
-$1,692
+$27,908 +$2,331/mo
+$15,784 +$1,318/mo
60%
+$22,130
$54,312
$226.04
+503
14
FULL
Jan 19 '29
175
220
100
-$6,608
-
-$747
+$27,907 +$2,331/mo
+$16,734 +$1,398/mo
61%
+$22,046
$60,950
$224.14
+529
15
LEAPS ONLY
Jan 19 '29
185
210
100 (kept)
-$3,675
-$2,200
+$170
+$27,907 +$2,331/mo
+$17,515 +$1,463/mo
61%
+$21,862
$53,018
$222.75
+546
16
FULL
Jan 19 '29
175
220
105
-$7,020
-
-$950
+$27,907 +$2,331/mo
+$16,566 +$1,384/mo
60%
+$21,837
$58,862
$224.48
+523
17
LEAPS ONLY
Jan 19 '29
170
220
100 (kept)
-$3,125
-$2,200
+$1,333
+$27,908 +$2,331/mo
+$19,006 +$1,587/mo
62%
+$21,250
$57,468
$220.29
+582
18
FULL
Jan 19 '29
175
220
110
-$7,882
-
-$1,180
+$27,908 +$2,331/mo
+$16,353 +$1,366/mo
60%
+$21,205
$57,225
$224.91
+517
19
FULL
Jan 19 '29
175
220
115
-$8,495
-
-$1,436
+$27,908 +$2,331/mo
+$16,084 +$1,343/mo
60%
+$20,849
$55,338
$225.45
+510
20
FULL
Jan 19 '29
170
220
100
-$7,570
-
-$497
+$27,906 +$2,331/mo
+$17,013 +$1,421/mo
61%
+$20,833
$61,912
$223.58
+535
21
LEAPS ONLY
Jan 19 '29
180
210
100 (kept)
-$4,525
-$2,200
+$410
+$27,908 +$2,331/mo
+$17,841 +$1,490/mo
61%
+$20,773
$53,868
$222.21
+553
22
FULL
Jan 19 '29
170
220
105
-$7,982
-
-$700
+$27,906 +$2,331/mo
+$16,849 +$1,407/mo
61%
+$20,624
$59,825
$223.91
+530
23
FULL
Jan 19 '29
175
220
125
-$10,295
-
-$2,474
+$27,908 +$2,331/mo
+$15,535 +$1,297/mo
59%
+$20,087
$52,138
$226.54
+497
24
FULL
Jan 19 '29
170
220
110
-$8,845
-
-$930
+$27,907 +$2,331/mo
+$16,641 +$1,390/mo
61%
+$19,992
$58,188
$224.33
+523
25
LEAPS ONLY
Jan 19 '29
165
220
100 (kept)
-$4,138
-$2,200
+$1,586
+$27,907 +$2,331/mo
+$19,300 +$1,612/mo
63%
+$19,983
$58,480
$219.80
+588
How this was built
5089 rolls on the real strikes of Jun 16 '28, Dec 15 '28, Jan 19 '29; 3929 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($224.00), 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 (54%). 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.