+6 Jan 21 '28 115C-6 Jan 21 '28 135P+6 Dec 18 '26 45P450 days leftCSV ND 26.55entry $148
Spot
$58.31
CBOE 2026-10-28 10:02:05
When to roll⏸ WAIT
Wait until 23 Jul 2027
450 days left. Nothing forces a roll before 23 Jul 2027 (6 months before expiry): waiting keeps today's structure and costs nothing extra in spread.
Short put deep in the money with $2 of time value (34% of a year's carry on the strike): assignment risk is real; check it weekly.
Holding as is costs about $26 a day in time decay (net theta of the three legs).
The new expiry is still wide (worst leg spread 13% of mid, open interest as low as 16): work the order at mid, never natural.
Re-run then, or sooner after a 15%+ drop (a lower price makes extending cheaper and more urgent).
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, $2,030/mo with the open call chain marked to today's buyback; the last 90 days $1,033/mo against a $1,166/mo floor and a $2,331/mo design.
Safe calls (at or above the $149 CC-SS) only pay a normal premium from about $130 (+123% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $880/mo at RKLB's realized keep of 77% (30 closed calls).
The record shows it fights: $2,030/mo earned against a modelled $880/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $12,417 if you keep, $24,218 after the roll; safe calls alone: $1,435 vs $4,651. Odds safe calls restart: 11% vs 16%.
At the record's pace the extra 12 months are worth about $24,311.
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 (13 days): sell no new income into it.
Holding to expiry instead (15 months, calls written all the way, FIGHT included): expected whole-life -$34,061 vs -$47,076 if closed today; 8% chance to finish at break-even or better; worst case -$59,778 (another $12,702 if the legs end at their worst and no call pays); 82% of the entry max loss ($69,930) is already taken.
Holding beats closing by about $13,015 on average: don't roll, don't close; keep writing calls.
Today, if you keep it
Value now (mid)
-$41,298
Unrealized vs CSV ND
-$57,228
Max loss from here
$12,702
Margin (model)
$9,160
this underlying
CC-SS
$148.90
safe call from $130
Net delta
+604 sh
notional $34,986
Theta
-$26/day
net of the three legs
Short put time value
$1.81
assignment WATCH
If you close it today
Whole-life P/L
-$47,076
legs + call income, all in
Legs vs entry
-$57,228
close LC / SP / HP at mid vs CSV ND
Call income banked
+$10,710
since entry, incl. the open chain
Cash to close today
-$41,856
legs at mid + call buyback -$558
If you hold to expiry instead
Whole-life P/L at expiry
-$34,061
expected; -$47,076 if closed today
Chance of break-even
8%
whole-life P/L at or above zero
Max loss left
$12,702
82% of the $69,930 at entry already taken
Worst case if held
-$59,778
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.
Recommended roll
BEST: cash + margin · also BEST WITH INCOME, MOST CASH, SAME STRIKES
-$12,630
cash at mid today (natural -$16,260)
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 115C (open)
SELL 6 Jan 19 '29 115P (open)
Cash + margin (score)
-$18,202
cash net of hedge est. minus margin added
Margin change
-$971
freed is good
Hedge extension (est.)
-$6,543
kept hedge carried to the new expiry
Extra income (model)
+$11,802+$986/mo
FIGHT included, over the 12 months bought; safe calls alone +$3,217 (+$269/mo)
Restart odds
11% → 16%
safe calls paying before expiry
Max loss from here
$13,332
+$630 vs keep
CC-SS
$156.05
now $148.90
CSV ND after
47.60
at a mid fill
Income outlook
Income history · since 2026-05-31
Banked since entry
$10,710
closed calls + open chain premium
Life-to-date pace
$2,030/mo
open chain marked to today's buyback
Last 90 days
$1,033/mo
Coverage Insights' window
Best month
$3,708
Jul 2026
May
Jun
$3,708
Jul
Aug
Sep
Oct
-$414
open
life pace $2,030/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
$1,033/mo
BELOW DESIGN
floor $1,166
design $2,331
$1,033/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
-$47,082
Time with a call written
60%
Call roll chain
1 rolls down to 64, $-0.69/sh
Source: Coverage Insights 2026-10-28
Market now
Call IV (~35d)
69%
CBOE 30-day 77%
Regime
PULLBACK
RSI 43
Next earnings
2026-11-09
13 days
FIGHT rate (model)
$880/mo
~0.30-delta calls x 77% keep
Where safe calls start paying
safe from $130
spot $58
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
$12,417
Roll Jan 19 '29
$24,218
Odds safe calls start paying before expiry
Keep Jan 21 '28
11%
Roll Jan 19 '29
16%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$1,435
Roll Jan 19 '29
$4,651
Months bought
12
Worth at the record's pace
$24,311
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 SAME STRIKES
Cash at mid
-$12,630
Margin change
-$971
Strikes
115C / -115P / +45P (kept)
Cash at natural
-$16,260
Hedge extension (est.)
-$6,543
Extra income, FIGHT incl. (model)
+$11,802 (+$986/mo)
Extra safe income (model)
+$3,217 (+$269/mo)
Restart odds
16% (keep 11%)
Value incl. income
-$6,400
Max loss from here
$13,332 (+$630)
CC-SS
$156.05 (now $148.90)
Net delta
+563 sh (now +604)
CSV ND after
47.60
Worst spread / min OI
13% / 16
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 115C (open)
SELL 6 Jan 19 '29 115P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29also LOWEST MAX LOSS
Cash at mid
-$33,585
Margin change
-$3,440
Strikes
115C / -70P / +45P (kept)
Cash at natural
-$37,110
Hedge extension (est.)
-$6,543
Extra income, FIGHT incl. (model)
+$11,727 (+$979/mo)
Extra safe income (model)
+$2,653 (+$222/mo)
Restart odds
13% (keep 11%)
Value incl. income
-$24,961
Max loss from here
$7,287 (-$5,415)
CC-SS
$171.31 (now $148.90)
Net delta
+423 sh (now +604)
CSV ND after
82.53
Worst spread / min OI
13% / 135
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 115C (open)
SELL 6 Jan 19 '29 70P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYJan 19 '29
Cash at mid
-$19,815
Margin change
-$258
Strikes
90C / -105P / +45P (kept)
Cash at natural
-$24,300
Hedge extension (est.)
-$6,543
Extra income, FIGHT incl. (model)
+$11,828 (+$988/mo)
Extra safe income (model)
+$3,461 (+$289/mo)
Restart odds
17% (keep 11%)
Value incl. income
-$14,272
Max loss from here
$14,517 (+$1,815)
CC-SS
$151.62 (now $148.90)
Net delta
+589 sh (now +604)
CSV ND after
59.58
Worst spread / min OI
17% / 35
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 90C (open)
SELL 6 Jan 19 '29 105P (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
-
-
-
-
-
11%
-
$12,702
$148.90
+604
BEST
LEAPS ONLY
Jan 19 '29
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
BEST WITH INCOME
LEAPS ONLY
Jan 19 '29
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
MOST CASH
LEAPS ONLY
Jan 19 '29
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
115
70
45 (kept)
-$33,585
-$6,543
-$3,440
+$11,727 +$979/mo
+$2,653 +$222/mo
13%
-$24,961
$7,287
$171.31
+423
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
115
70
45 (kept)
-$33,585
-$6,543
-$3,440
+$11,727 +$979/mo
+$2,653 +$222/mo
13%
-$24,961
$7,287
$171.31
+423
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
90
105
45 (kept)
-$19,815
-$6,543
-$258
+$11,828 +$988/mo
+$3,461 +$289/mo
17%
-$14,272
$14,517
$151.62
+589
SAME STRIKES
LEAPS ONLY
Jan 19 '29
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
Cost of waiting
The BEST roll done later instead of today (-$12,630 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% ($41)
Spot +0% ($58)
Spot +30% ($76)
Today
450
-
-$12,630
-
2027-07-23
182
-$14,277
-$13,732
-$12,780
2027-10-22
91
-$14,546
-$14,298
-$13,578
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
110
125
45 (kept)
-$6,240
-$5,358
-$487
+$5,344 +$1,105/mo
+$1,330 +$275/mo
14%
-$5,767
$12,942
$151.87
+591
Dec 15 '28
LEAPS ONLY
Dec 15 '28
115
140
45 (kept)
+$630
-$6,648
-$21
+$10,744 +$993/mo
+$3,172 +$293/mo
17%
+$4,746
$15,072
$149.82
+628
Jan 19 '29
LEAPS ONLY
Jan 19 '29
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
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
115
115
45 (kept)
-$12,630
-$6,543
-$971
+$11,802 +$986/mo
+$3,217 +$269/mo
16%
-$6,400
$13,332
$156.05
+563
2
LEAPS ONLY
Jan 19 '29
110
115
45 (kept)
-$13,215
-$6,543
-$675
+$11,812 +$987/mo
+$3,302 +$276/mo
16%
-$7,271
$13,917
$154.41
+573
3
LEAPS ONLY
Jan 19 '29
105
115
45 (kept)
-$13,485
-$6,543
-$509
+$11,821 +$987/mo
+$3,373 +$282/mo
16%
-$7,698
$14,187
$153.15
+583
4
LEAPS ONLY
Jan 19 '29
115
110
45 (kept)
-$15,135
-$6,543
-$1,199
+$11,795 +$985/mo
+$3,150 +$263/mo
15%
-$8,684
$12,837
$157.50
+549
5
LEAPS ONLY
Jan 19 '29
110
110
45 (kept)
-$15,720
-$6,543
-$902
+$11,803 +$986/mo
+$3,227 +$270/mo
16%
-$9,558
$13,422
$155.82
+559
6
LEAPS ONLY
Jan 19 '29
105
110
45 (kept)
-$15,990
-$6,543
-$737
+$11,811 +$986/mo
+$3,295 +$275/mo
16%
-$9,985
$13,692
$154.53
+569
7
LEAPS ONLY
Jan 19 '29
115
105
45 (kept)
-$17,445
-$6,543
-$1,505
+$11,787 +$984/mo
+$3,075 +$257/mo
15%
-$10,696
$12,147
$159.19
+535
8
LEAPS ONLY
Jan 19 '29
100
110
45 (kept)
-$16,815
-$6,543
-$349
+$11,824 +$987/mo
+$3,396 +$284/mo
16%
-$11,186
$14,517
$152.74
+580
9
LEAPS ONLY
Jan 19 '29
110
105
45 (kept)
-$18,030
-$6,543
-$1,209
+$11,795 +$985/mo
+$3,151 +$263/mo
15%
-$11,570
$12,732
$157.47
+545
10
LEAPS ONLY
Jan 19 '29
105
105
45 (kept)
-$18,300
-$6,543
-$1,043
+$11,801 +$986/mo
+$3,212 +$268/mo
16%
-$11,998
$13,002
$156.15
+555
11
LEAPS ONLY
Jan 19 '29
115
100
45 (kept)
-$20,040
-$6,543
-$1,683
+$11,782 +$984/mo
+$3,018 +$252/mo
15%
-$13,119
$11,742
$160.57
+520
12
LEAPS ONLY
Jan 19 '29
100
105
45 (kept)
-$19,125
-$6,543
-$655
+$11,813 +$987/mo
+$3,307 +$276/mo
16%
-$13,200
$13,827
$154.32
+566
13
LEAPS ONLY
Jan 19 '29
110
100
45 (kept)
-$20,625
-$6,543
-$1,386
+$11,788 +$984/mo
+$3,090 +$258/mo
15%
-$13,995
$12,327
$158.82
+530
14
LEAPS ONLY
Jan 19 '29
90
105
45 (kept)
-$19,815
-$6,543
-$258
+$11,828 +$988/mo
+$3,461 +$289/mo
17%
-$14,272
$14,517
$151.62
+589
15
LEAPS ONLY
Jan 19 '29
105
100
45 (kept)
-$20,895
-$6,543
-$1,220
+$11,795 +$985/mo
+$3,151 +$263/mo
15%
-$14,423
$12,597
$157.47
+540
16
LEAPS ONLY
Jan 19 '29
115
95
45 (kept)
-$22,170
-$6,543
-$2,041
+$11,773 +$983/mo
+$2,944 +$246/mo
14%
-$14,898
$10,872
$162.43
+505
17
LEAPS ONLY
Jan 19 '29
100
100
45 (kept)
-$21,720
-$6,543
-$832
+$11,803 +$986/mo
+$3,237 +$270/mo
16%
-$15,627
$13,422
$155.60
+551
18
LEAPS ONLY
Jan 19 '29
110
95
45 (kept)
-$22,755
-$6,543
-$1,744
+$11,782 +$984/mo
+$3,015 +$252/mo
15%
-$15,772
$11,457
$160.64
+515
19
LEAPS ONLY
Jan 19 '29
105
95
45 (kept)
-$23,025
-$6,543
-$1,579
+$11,787 +$984/mo
+$3,072 +$257/mo
15%
-$16,202
$11,727
$159.25
+525
20
LEAPS ONLY
Jan 19 '29
90
100
45 (kept)
-$22,410
-$6,543
-$435
+$11,823 +$987/mo
+$3,390 +$283/mo
16%
-$16,695
$14,112
$152.84
+574
21
LEAPS ONLY
Jan 19 '29
95
100
45 (kept)
-$22,560
-$6,543
-$452
+$11,816 +$987/mo
+$3,334 +$278/mo
16%
-$16,835
$14,262
$153.84
+563
22
LEAPS ONLY
Jan 19 '29
115
90
45 (kept)
-$24,720
-$6,543
-$2,232
+$11,765 +$983/mo
+$2,889 +$241/mo
14%
-$17,266
$10,422
$163.94
+489
23
LEAPS ONLY
Jan 19 '29
100
95
45 (kept)
-$23,850
-$6,543
-$1,191
+$11,795 +$985/mo
+$3,157 +$264/mo
15%
-$17,406
$12,552
$157.34
+536
24
LEAPS ONLY
Jan 19 '29
110
90
45 (kept)
-$25,305
-$6,543
-$1,935
+$11,775 +$983/mo
+$2,956 +$247/mo
14%
-$18,138
$11,007
$162.11
+499
25
FULL
Jan 19 '29
115
100
60
-$31,908
-
-$1,916
+$11,712 +$978/mo
+$2,569 +$215/mo
12%
-$18,280
$14,610
$174.29
+435
How this was built
2568 candidates on the real strikes of Jun 16 '28, Dec 15 '28, Jan 19 '29; 424 keep the fortress shape, at least 95% of the upside at $148 and $222, 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 1.34), 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 (69%). 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 14:45. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.