+6 Jan 21 '28 115C-6 Jan 21 '28 135P+6 Dec 18 '26 45P448 days leftCSV ND 26.55entry $148 -61.7%CC-SS $146.15 (+158% vs spot)BE-SS $141.55 (+150% vs spot)
Spot
$56.73
CBOE 2026-10-30 00:04:28
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 $25 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 9% of mid, open interest as low as 24): work the order at mid, never natural.
The best roll lowers the CC-SS from $146 to $144: covered calls can be written $2 closer to spot.
Is the time worth buying⚔ HOLD AND FIGHT
Don't roll, don't close: holding and writing calls beats closing
Since 2026-05-31 it has banked $10,710, $2,048/mo with the open call chain marked to today's buyback; the last 90 days $1,108/mo against a $1,166/mo floor and a $2,331/mo design.
Safe calls (at or above the $146 CC-SS) only pay a normal premium from about $126 (+123% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $906/mo at RKLB's realized keep of 77% (30 closed calls).
The record shows it fights: $2,048/mo earned against a modelled $906/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $12,826 if you keep, $25,061 after the roll; safe calls alone: $1,728 vs $6,144. Odds safe calls restart: 13% vs 19%.
At the record's pace the extra 12 months are worth about $24,523.
The roll costs more (cash and margin) than the income its extra time is expected to bring.
Coverage Insights: more income needs FIGHT's ladder or a rebuild in Rolls.
Earnings 2026-11-09 (11 days): sell no new income into it.
Holding to expiry instead (15 months, calls written all the way, FIGHT included): expected whole-life -$33,836 vs -$46,602 if closed today; 8% chance to finish at break-even or better; worst case -$59,709 (another $13,107 if the legs end at their worst and no call pays); 81% of the entry max loss ($69,930) is already taken.
Holding beats closing by about $2,997 on average, after charging it the $9,769 of margin a close would free: don't roll, don't close; keep writing calls.
Today, if you keep it
Value now (mid)
-$40,893
Unrealized vs CSV ND
-$56,823
Max loss from here
$13,107
Margin it holds (model)
$9,769
a close frees it; $9,769 on all RKLB here
CC-SS
$146.15
safe call from $126
Net delta
+613 sh
notional $34,038
Theta
-$25/day
net of the three legs
Short put time value
$0.00
assignment HIGH
If you close it today
Whole-life P/L
-$46,602
legs + call income, all in
Legs vs entry
-$56,823
close LC / SP / HP at mid vs CSV ND
Call income banked
+$10,710
since entry, incl. the open chain
Cash to close today
-$41,382
legs at mid + call buyback -$489
If you hold to expiry instead
Whole-life P/L at expiry
-$33,836
expected; -$46,602 if closed today
Chance of break-even
8%
whole-life P/L at or above zero
Max loss left
$13,107
81% of the $69,930 at entry already taken
Worst case if held
-$59,709
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 $9,769 of margin a close would free, counted dollar for dollar: holding beats closing by $2,997.
Recommended roll
BEST: cash + margin
-$25,395
cash at mid today (natural -$28,080)
LEAPS ONLYJan 19 '29+12 months
SELL 6 Jan 21 '28 115C (close)
BUY 6 Jan 21 '28 135P (close)
BUY 6 Jan 19 '29 70C (open)
SELL 6 Jan 19 '29 100P (open)
Margin change
+$475
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
-$2,265
kept hedge carried to the new expiry
Income over the time bought
$24,523
actual: $2,048 a month x 12 months; covers 558% of the max loss it adds
Restart odds
13% → 19%
safe calls paying before expiry
Max loss from here
$17,502
+$4,395 vs keep
CC-SS
$144.29
now $146.15
CSV ND after
68.88
at a mid fill
If you're assigned
Odds of early assignment within 12 months: 100% (exercised now).
Close everything now: -$40,893. Wait for assignment: -$41,415 (the put spread -$46,185, plus the 115C you keep, worth $4,770). About the same, and waiting keeps the call income.
On assignment: sell the shares and sell the hedge put (never exercise it): $46,185 more ($77 a share). Basis 103.53; the 115C alone has CC-SS none ≤ 3x spot (now $146.15), break-even $219, margin about zero.
Calls afterwards (Dec 04 '26, 35d): a 69C (~0.30 delta) about $1,470 a cycle, but a rally can cost up to $27,600 a cycle. The 115C loses about $335 a month to time.
Close the 115C at assignment, unless you want the upside bet.
Income outlook
Income history · since 2026-05-31
Banked since entry
$10,710
closed calls + open chain premium
Life-to-date pace
$2,048/mo
open chain marked to today's buyback
Last 90 days
$1,108/mo
Coverage Insights' window
Best month
$3,708
Jul 2026
May
Jun
$3,708
Jul
Aug
Sep
Oct
-$414
open
life pace $2,048/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
$1,108/mo
BELOW DESIGN
floor $1,166
design $2,331
$1,108/mo earned pays the hedge but is under half of the $2,331/mo it is designed to earn
Banked so far
$10,710
Whole-life P/L
-$46,602
Time with a call written
63%
Call roll chain
1 rolls down to 64, $-0.69/sh
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
74%
CBOE 30-day 77%
Regime
PULLBACK
RSI 43
Next earnings
2026-11-09
11 days
FIGHT rate (model)
$906/mo
~0.30-delta calls x 77% keep
Where safe calls start paying
safe from $126
spot $57
Spot needs +123% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$12,826
Roll Jan 19 '29
$25,061
Odds safe calls start paying before expiry
Keep Jan 21 '28
13%
Roll Jan 19 '29
19%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$1,728
Roll Jan 19 '29
$6,144
Months bought
12
Worth at the record's pace
$24,523
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 '29
Cash at mid
-$25,395
Margin change
+$475
Strikes
70C / -100P / +45P (kept)
Cash at natural
-$28,080
Hedge extension (est.)
-$2,265
Extra income, FIGHT incl. (model)
+$12,235 (+$1,022/mo)
Extra safe income (model)
+$4,416 (+$369/mo)
Restart odds
19% (keep 13%)
Value incl. income
-$15,899
Max loss from here
$17,502 (+$4,395)
CC-SS
$144.29 (now $146.15)
Net delta
+638 sh (now +613)
CSV ND after
68.88
Worst spread / min OI
9% / 24
Danger point
none to -60% (now none to -60%)
Order legs
SELL 6 Jan 21 '28 115C (close)
BUY 6 Jan 21 '28 135P (close)
BUY 6 Jan 19 '29 70C (open)
SELL 6 Jan 19 '29 100P (open)
BEST WITH INCOME
Cash + margin + the extra income the time buys, FIGHT included (model).
LEAPS ONLYJan 19 '29also MOST CASHalso SAME STRIKES
Cash at mid
-$24,975
Margin change
+$258
Strikes
75C / -100P / +45P (kept)
Cash at natural
-$27,840
Hedge extension (est.)
-$2,265
Extra income, FIGHT incl. (model)
+$12,230 (+$1,021/mo)
Extra safe income (model)
+$4,287 (+$358/mo)
Restart odds
18% (keep 13%)
Value incl. income
-$15,268
Max loss from here
$17,082 (+$3,975)
CC-SS
$145.66 (now $146.15)
Net delta
+624 sh (now +613)
CSV ND after
68.17
Worst spread / min OI
12% / 24
Danger point
none to -60% (now none to -60%)
Order legs
SELL 6 Jan 21 '28 115C (close)
BUY 6 Jan 21 '28 135P (close)
BUY 6 Jan 19 '29 75C (open)
SELL 6 Jan 19 '29 100P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29also LOWEST MAX LOSS
Cash at mid
-$27,795
Margin change
+$154
Strikes
70C / -95P / +45P (kept)
Cash at natural
-$30,510
Hedge extension (est.)
-$2,265
Extra income, FIGHT incl. (model)
+$12,230 (+$1,021/mo)
Extra safe income (model)
+$4,290 (+$358/mo)
Restart odds
18% (keep 13%)
Value incl. income
-$17,984
Max loss from here
$16,902 (+$3,795)
CC-SS
$145.62 (now $146.15)
Net delta
+623 sh (now +613)
CSV ND after
72.88
Worst spread / min OI
9% / 17
Danger point
none to -60% (now none to -60%)
Order legs
SELL 6 Jan 21 '28 115C (close)
BUY 6 Jan 21 '28 135P (close)
BUY 6 Jan 19 '29 70C (open)
SELL 6 Jan 19 '29 95P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$28,230
Margin change
+$1,551
Strikes
55C / -100P / +45P (kept)
Cash at natural
-$30,930
Hedge extension (est.)
-$2,265
Extra income, FIGHT incl. (model)
+$12,260 (+$1,024/mo)
Extra safe income (model)
+$4,886 (+$408/mo)
Restart odds
20% (keep 13%)
Value incl. income
-$19,786
Max loss from here
$20,337 (+$7,230)
CC-SS
$139.96 (now $146.15)
Net delta
+684 sh (now +613)
CSV ND after
73.60
Worst spread / min OI
8% / 24
Danger point
none to -60% (now none to -60%)
Order legs
SELL 6 Jan 21 '28 115C (close)
BUY 6 Jan 21 '28 135P (close)
BUY 6 Jan 19 '29 55C (open)
SELL 6 Jan 19 '29 100P (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
115
135
45
-
-
-
-
-
13%
-
$13,107
$146.15
+613
BEST
LEAPS ONLY
Jan 19 '29
70
100
45 (kept)
-$25,395
-$2,265
+$475
+$12,235 +$1,022/mo
+$4,416 +$369/mo
19%
-$15,899
$17,502
$144.29
+638
BEST WITH INCOME
LEAPS ONLY
Jan 19 '29
75
100
45 (kept)
-$24,975
-$2,265
+$258
+$12,230 +$1,021/mo
+$4,287 +$358/mo
18%
-$15,268
$17,082
$145.66
+624
MOST CASH
LEAPS ONLY
Jan 19 '29
75
100
45 (kept)
-$24,975
-$2,265
+$258
+$12,230 +$1,021/mo
+$4,287 +$358/mo
18%
-$15,268
$17,082
$145.66
+624
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
70
95
45 (kept)
-$27,795
-$2,265
+$154
+$12,230 +$1,021/mo
+$4,290 +$358/mo
18%
-$17,984
$16,902
$145.62
+623
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
70
95
45 (kept)
-$27,795
-$2,265
+$154
+$12,230 +$1,021/mo
+$4,290 +$358/mo
18%
-$17,984
$16,902
$145.62
+623
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
55
100
45 (kept)
-$28,230
-$2,265
+$1,551
+$12,260 +$1,024/mo
+$4,886 +$408/mo
20%
-$19,786
$20,337
$139.96
+684
SAME STRIKES
LEAPS ONLY
Jan 19 '29
75
100
45 (kept)
-$24,975
-$2,265
+$258
+$12,230 +$1,021/mo
+$4,287 +$358/mo
18%
-$15,268
$17,082
$145.66
+624
Cost of waiting
The BEST roll done later instead of today (-$25,395 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% ($40)
Spot +0% ($57)
Spot +30% ($74)
Today
448
-
-$25,395
-
2027-10-23
90
-$25,775
-$27,451
-$28,718
2027-12-07
45
-$25,800
-$27,648
-$29,388
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
Jan 19 '29
LEAPS ONLY
Jan 19 '29
75
100
45 (kept)
-$24,975
-$2,265
+$258
+$12,230 +$1,021/mo
+$4,287 +$358/mo
18%
-$15,268
$17,082
$145.66
+624
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
75
100
45 (kept)
-$24,975
-$2,265
+$258
+$12,230 +$1,021/mo
+$4,287 +$358/mo
18%
-$15,268
$17,082
$145.66
+624
2
LEAPS ONLY
Jan 19 '29
70
100
45 (kept)
-$25,395
-$2,265
+$475
+$12,235 +$1,022/mo
+$4,416 +$369/mo
19%
-$15,899
$17,502
$144.29
+638
3
LEAPS ONLY
Jan 19 '29
65
100
45 (kept)
-$26,445
-$2,265
+$865
+$12,243 +$1,022/mo
+$4,564 +$381/mo
19%
-$17,332
$18,552
$142.78
+653
4
LEAPS ONLY
Jan 19 '29
70
95
45 (kept)
-$27,795
-$2,265
+$154
+$12,230 +$1,021/mo
+$4,290 +$358/mo
18%
-$17,984
$16,902
$145.62
+623
5
LEAPS ONLY
Jan 19 '29
60
100
45 (kept)
-$26,985
-$2,265
+$1,126
+$12,251 +$1,023/mo
+$4,721 +$394/mo
20%
-$18,125
$19,092
$141.37
+668
6
LEAPS ONLY
Jan 19 '29
55
100
45 (kept)
-$28,230
-$2,265
+$1,551
+$12,260 +$1,024/mo
+$4,886 +$408/mo
20%
-$19,786
$20,337
$139.96
+684
How this was built
66 rolls on the real strikes of Jun 16 '28, Dec 15 '28, Jan 19 '29; 6 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($141.55), 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 (74%). 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.