+1 Jan 21 '28 1200C-1 Jan 21 '28 1380P+1 Feb 19 '27 810P448 days leftCSV ND 420.00entry $1636 -21.8%CC-SS $1589.53 (+24% vs spot)BE-SS $1620.00 (+27% vs spot)
Spot
$1278.66
CBOE 2026-10-30 00:04:34
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 $22 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 2026-08-14 it has banked $13,078, $5,095/mo with the open call chain marked to today's buyback; the last 90 days $5,095/mo against a $1,650/mo floor and a $3,300/mo design.
Safe calls (at or above the $1590 CC-SS) only pay a normal premium from about $1390 (+9% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,939/mo at whole book's realized keep of 71% (664 closed calls).
The record shows it fights: $5,095/mo earned against a modelled $2,939/mo, so FIGHT income counts toward the time.
Extending to Dec 15 '28 buys 11 months. Expected income to expiry with FIGHT: $48,972 if you keep, $89,332 after the roll; safe calls alone: $36,519 vs $67,216. Odds safe calls restart: 66% vs 60%.
At the record's pace the extra 11 months are worth about $55,143.
Earnings 2026-10-30 (1 days): sell no new income into it.
Today, if you keep it
Value now (mid)
$11,290
Unrealized vs CSV ND
-$30,710
Max loss from here
$68,290
Margin it holds (model)
$36,431
a close frees it; $36,431 on all SNDK here
CC-SS
$1589.53
safe call from $1390
Net delta
+102 sh
notional $127,866
Theta
-$22/day
net of the three legs
Short put time value
$273.96
assignment LOW
If you close it today
Whole-life P/L
-$17,632
legs + call income, all in
Legs vs entry
-$30,710
close LC / SP / HP at mid vs CSV ND
Call income banked
+$13,078
since entry, incl. the open chain
Cash to close today
+$11,290
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
+$25,454
expected; -$17,632 if closed today
Chance of break-even
42%
whole-life P/L at or above zero
Max loss left
$68,290
31% of the $99,000 at entry already taken
Worst case if held
-$85,922
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 $36,431 of margin a close would free, counted dollar for dollar: holding beats closing by $6,655.
Recommended roll
BEST: cash + margin
+$2,020
cash at mid today (natural -$1,060)
LEAPS ONLYDec 15 '28+11 months
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 1250C (open)
SELL 1 Dec 15 '28 1440P (open)
Margin change
-$222
freed is good; IBKR: IBKR's margin engine answers only in US market hours (21:30-04:00 SGT)
Hedge extension (est.)
-$5,865
kept hedge carried to the new expiry
Income over the time bought
$19,548
actual: $1,806 a month x 11 months; covers 491% of the max loss it adds
Restart odds
66% → 60%
safe calls paying before expiry
Max loss from here
$72,270
+$3,980 vs keep
CC-SS
$1595.13
now $1589.53
CSV ND after
399.80
at a mid fill
Income outlook
Income history · since 2026-08-14
Banked since entry
$13,078
closed calls + open chain premium
Life-to-date pace
$5,095/mo
open chain marked to today's buyback
Last 90 days
$5,095/mo
Coverage Insights' window
Best month
$9,831
Oct 2026
Aug
Sep
$9,831
Oct
life pace $5,095/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
$5,095/mo
EARNING ITS KEEP
floor $1,650
design $3,300
$5,095/mo earned, at least half of the $3,300/mo it is designed to earn and above its hedge
Scanner's best pick today
$4,749/mo
Banked so far
$13,078
Whole-life P/L
-$19,210
Time with a call written
83%
Source: Coverage Insights 2026-10-30
Market now
Call IV (~35d)
69%
CBOE 30-day 71%
Regime
NEUTRAL
RSI 48
Next earnings
2026-10-30
1 days
FIGHT rate (model)
$2,939/mo
~0.30-delta calls x 71% keep
Where safe calls start paying
safe from $1390
spot $1279
Spot needs +9% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$48,972
Roll Dec 15 '28
$89,332
Odds safe calls start paying before expiry
Keep Jan 21 '28
66%
Roll Dec 15 '28
60%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$36,519
Roll Dec 15 '28
$67,216
Months bought
11
Worth at the record's pace
$55,143
Engine state
FIGHTING
Roll choices on Dec 15 '28
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 ONLYDec 15 '28
Cash at mid
+$2,020
Margin change
-$222
Strikes
1250C / -1440P / +810P (kept)
Cash at natural
-$1,060
Hedge extension (est.)
-$5,865
Extra income, FIGHT incl. (model)
+$40,360 (+$3,729/mo)
Extra safe income (model)
+$30,697 (+$2,836/mo)
Restart odds
60% (keep 66%)
Value incl. income
+$36,737
Max loss from here
$72,270 (+$3,980)
CC-SS
$1595.13 (now $1589.53)
Net delta
+101 sh (now +102)
CSV ND after
399.80
Worst spread / min OI
4% / 19
Danger point
-24% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 1250C (open)
SELL 1 Dec 15 '28 1440P (open)
BEST WITH INCOME
Cash + margin + the extra income the time buys, FIGHT included (model).
LEAPS ONLYDec 15 '28also MOST CASH
Cash at mid
+$2,720
Margin change
-$453
Strikes
1270C / -1440P / +810P (kept)
Cash at natural
-$260
Hedge extension (est.)
-$5,865
Extra income, FIGHT incl. (model)
+$40,262 (+$3,720/mo)
Extra safe income (model)
+$30,501 (+$2,818/mo)
Restart odds
60% (keep 66%)
Value incl. income
+$37,570
Max loss from here
$71,570 (+$3,280)
CC-SS
$1596.82 (now $1589.53)
Net delta
+100 sh (now +102)
CSV ND after
392.80
Worst spread / min OI
4% / 19
Danger point
-24% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 1270C (open)
SELL 1 Dec 15 '28 1440P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
FULLDec 15 '28
Cash at mid
-$40,310
Margin change
-$806
Strikes
840C / -1410P / +1010P
Cash at natural
-$44,490
Extra income, FIGHT incl. (model)
+$39,943 (+$3,691/mo)
Extra safe income (model)
+$29,867 (+$2,760/mo)
Restart odds
60% (keep 66%)
Value incl. income
+$439
Max loss from here
$91,600 (+$23,310)
CC-SS
$1602.28 (now $1589.53)
Net delta
+98 sh (now +102)
CSV ND after
823.10
Worst spread / min OI
6% / 8
Danger point
-22% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
SELL 1 Feb 19 '27 810P (close)
BUY 1 Dec 15 '28 840C (open)
SELL 1 Dec 15 '28 1410P (open)
BUY 1 Dec 15 '28 1010P (open)
LOWEST MAX LOSS
Smallest worst-case loss from here.
LEAPS ONLYDec 15 '28
Cash at mid
-$16,680
Margin change
-$740
Strikes
1080C / -1240P / +810P (kept)
Cash at natural
-$19,660
Hedge extension (est.)
-$5,865
Extra income, FIGHT incl. (model)
+$40,297 (+$3,723/mo)
Extra safe income (model)
+$30,571 (+$2,825/mo)
Restart odds
60% (keep 66%)
Value incl. income
+$18,492
Max loss from here
$70,970 (+$2,680)
CC-SS
$1596.22 (now $1589.53)
Net delta
+99 sh (now +102)
CSV ND after
586.80
Worst spread / min OI
5% / 22
Danger point
-24% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 1080C (open)
SELL 1 Dec 15 '28 1240P (open)
INCOME ENGINE
Most expected income to the new expiry, FIGHT included (model).
LEAPS ONLYDec 15 '28
Cash at mid
-$21,280
Margin change
+$5,517
Strikes
760C / -1410P / +810P (kept)
Cash at natural
-$24,260
Hedge extension (est.)
-$5,865
Extra income, FIGHT incl. (model)
+$42,908 (+$3,965/mo)
Extra safe income (model)
+$35,044 (+$3,238/mo)
Restart odds
62% (keep 66%)
Value incl. income
+$10,246
Max loss from here
$92,570 (+$24,280)
CC-SS
$1558.65 (now $1589.53)
Net delta
+113 sh (now +102)
CSV ND after
632.80
Worst spread / min OI
3% / 45
Danger point
-21% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 760C (open)
SELL 1 Dec 15 '28 1410P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
LEAPS ONLYDec 15 '28
Cash at mid
-$3,680
Margin change
-$315
Strikes
1200C / -1380P / +810P (kept)
Cash at natural
-$6,660
Hedge extension (est.)
-$5,865
Extra income, FIGHT incl. (model)
+$40,342 (+$3,728/mo)
Extra safe income (model)
+$30,661 (+$2,833/mo)
Restart odds
60% (keep 66%)
Value incl. income
+$31,112
Max loss from here
$71,970 (+$3,680)
CC-SS
$1595.44 (now $1589.53)
Net delta
+100 sh (now +102)
CSV ND after
456.80
Worst spread / min OI
3% / 27
Danger point
-24% (now -23%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Dec 15 '28 1200C (open)
SELL 1 Dec 15 '28 1380P (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
1200
1380
810
-
-
-
-
-
66%
-
$68,290
$1589.53
+102
BEST
LEAPS ONLY
Dec 15 '28
1250
1440
810 (kept)
+$2,020
-$5,865
-$222
+$40,360 +$3,729/mo
+$30,697 +$2,836/mo
60%
+$36,737
$72,270
$1595.13
+101
BEST WITH INCOME
LEAPS ONLY
Dec 15 '28
1270
1440
810 (kept)
+$2,720
-$5,865
-$453
+$40,262 +$3,720/mo
+$30,501 +$2,818/mo
60%
+$37,570
$71,570
$1596.82
+100
MOST CASH
LEAPS ONLY
Dec 15 '28
1270
1440
810 (kept)
+$2,720
-$5,865
-$453
+$40,262 +$3,720/mo
+$30,501 +$2,818/mo
60%
+$37,570
$71,570
$1596.82
+100
LEAST MARGIN
FULL
Dec 15 '28
840
1410
1010
-$40,310
-
-$806
+$39,943 +$3,691/mo
+$29,867 +$2,760/mo
60%
+$439
$91,600
$1602.28
+98
LOWEST MAX LOSS
LEAPS ONLY
Dec 15 '28
1080
1240
810 (kept)
-$16,680
-$5,865
-$740
+$40,297 +$3,723/mo
+$30,571 +$2,825/mo
60%
+$18,492
$70,970
$1596.22
+99
INCOME ENGINE
LEAPS ONLY
Dec 15 '28
760
1410
810 (kept)
-$21,280
-$5,865
+$5,517
+$42,908 +$3,965/mo
+$35,044 +$3,238/mo
62%
+$10,246
$92,570
$1558.65
+113
SAME STRIKES
LEAPS ONLY
Dec 15 '28
1200
1380
810 (kept)
-$3,680
-$5,865
-$315
+$40,342 +$3,728/mo
+$30,661 +$2,833/mo
60%
+$31,112
$71,970
$1595.44
+100
Cost of waiting
The BEST roll done later instead of today (+$2,020 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% ($895)
Spot +0% ($1279)
Spot +30% ($1662)
Today
448
-
+$2,020
-
2027-10-23
90
-$333
+$2,507
+$5,163
2027-12-07
45
-$1,304
+$2,631
+$6,692
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
LEAPS ONLY
Sep 15 '28
1290
1440
810 (kept)
+$4,495
-$4,565
-$659
+$27,899 +$3,564/mo
+$21,234 +$2,712/mo
61%
+$28,488
$69,795
$1597.51
+100
Dec 15 '28
LEAPS ONLY
Dec 15 '28
1270
1440
810 (kept)
+$2,720
-$5,865
-$453
+$40,262 +$3,720/mo
+$30,501 +$2,818/mo
60%
+$37,570
$71,570
$1596.82
+100
Jan 19 '29
LEAPS ONLY
Jan 19 '29
1260
1440
810 (kept)
+$1,720
-$8,586
-$298
+$44,429 +$3,711/mo
+$33,622 +$2,808/mo
60%
+$37,861
$72,570
$1596.20
+101
Top 25 candidates on Dec 15 '28
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
Dec 15 '28
1270
1440
810 (kept)
+$2,720
-$5,865
-$453
+$40,262 +$3,720/mo
+$30,501 +$2,818/mo
60%
+$37,570
$71,570
$1596.82
+100
2
LEAPS ONLY
Dec 15 '28
1260
1440
810 (kept)
+$2,320
-$5,865
-$329
+$40,312 +$3,725/mo
+$30,602 +$2,828/mo
60%
+$37,096
$71,970
$1595.95
+101
3
LEAPS ONLY
Dec 15 '28
1250
1440
810 (kept)
+$2,020
-$5,865
-$222
+$40,360 +$3,729/mo
+$30,697 +$2,836/mo
60%
+$36,737
$72,270
$1595.13
+101
4
LEAPS ONLY
Dec 15 '28
1260
1430
810 (kept)
+$1,620
-$5,865
-$433
+$40,270 +$3,721/mo
+$30,518 +$2,820/mo
60%
+$36,458
$71,670
$1596.68
+100
5
LEAPS ONLY
Dec 15 '28
1240
1440
810 (kept)
+$1,620
-$5,865
-$98
+$40,410 +$3,734/mo
+$30,797 +$2,846/mo
60%
+$36,263
$72,670
$1594.27
+101
6
LEAPS ONLY
Dec 15 '28
1250
1430
810 (kept)
+$1,320
-$5,865
-$326
+$40,318 +$3,725/mo
+$30,614 +$2,829/mo
60%
+$36,099
$71,970
$1595.86
+101
7
LEAPS ONLY
Dec 15 '28
1230
1440
810 (kept)
+$1,320
-$5,865
+$9
+$40,457 +$3,738/mo
+$30,891 +$2,854/mo
60%
+$35,904
$72,970
$1593.46
+101
8
LEAPS ONLY
Dec 15 '28
1240
1430
810 (kept)
+$920
-$5,865
-$202
+$40,368 +$3,730/mo
+$30,714 +$2,838/mo
60%
+$35,625
$72,370
$1594.99
+101
9
LEAPS ONLY
Dec 15 '28
1250
1420
810 (kept)
+$620
-$5,865
-$428
+$40,276 +$3,722/mo
+$30,530 +$2,821/mo
60%
+$35,458
$71,670
$1596.58
+100
10
LEAPS ONLY
Dec 15 '28
1220
1440
810 (kept)
+$920
-$5,865
+$132
+$40,518 +$3,744/mo
+$30,996 +$2,864/mo
60%
+$35,441
$73,370
$1592.60
+102
11
LEAPS ONLY
Dec 15 '28
1230
1430
810 (kept)
+$620
-$5,865
-$95
+$40,416 +$3,734/mo
+$30,809 +$2,847/mo
60%
+$35,266
$72,670
$1594.17
+101
12
LEAPS ONLY
Dec 15 '28
1240
1420
810 (kept)
+$220
-$5,865
-$303
+$40,326 +$3,726/mo
+$30,630 +$2,830/mo
60%
+$34,985
$72,070
$1595.71
+101
13
LEAPS ONLY
Dec 15 '28
1210
1440
810 (kept)
+$520
-$5,865
+$256
+$40,581 +$3,750/mo
+$31,101 +$2,874/mo
60%
+$34,980
$73,770
$1591.76
+102
14
LEAPS ONLY
Dec 15 '28
1220
1430
810 (kept)
+$220
-$5,865
+$28
+$40,466 +$3,739/mo
+$30,908 +$2,856/mo
60%
+$34,792
$73,070
$1593.31
+101
15
LEAPS ONLY
Dec 15 '28
1230
1420
810 (kept)
-$80
-$5,865
-$197
+$40,374 +$3,731/mo
+$30,726 +$2,839/mo
60%
+$34,626
$72,370
$1594.89
+101
16
LEAPS ONLY
Dec 15 '28
1240
1410
810 (kept)
-$480
-$5,865
-$405
+$40,284 +$3,722/mo
+$30,546 +$2,822/mo
60%
+$34,344
$71,770
$1596.44
+100
17
LEAPS ONLY
Dec 15 '28
1200
1440
810 (kept)
+$220
-$5,865
+$362
+$40,641 +$3,755/mo
+$31,201 +$2,883/mo
60%
+$34,634
$74,070
$1590.95
+102
18
LEAPS ONLY
Dec 15 '28
1210
1430
810 (kept)
-$180
-$5,865
+$152
+$40,529 +$3,745/mo
+$31,013 +$2,866/mo
60%
+$34,332
$73,470
$1592.46
+102
19
LEAPS ONLY
Dec 15 '28
1220
1420
810 (kept)
-$480
-$5,865
-$73
+$40,424 +$3,735/mo
+$30,825 +$2,848/mo
60%
+$34,152
$72,770
$1594.03
+101
20
LEAPS ONLY
Dec 15 '28
1230
1410
810 (kept)
-$780
-$5,865
-$298
+$40,332 +$3,727/mo
+$30,642 +$2,831/mo
60%
+$33,986
$72,070
$1595.61
+101
21
LEAPS ONLY
Dec 15 '28
1190
1440
810 (kept)
-$80
-$5,865
+$470
+$40,701 +$3,761/mo
+$31,301 +$2,892/mo
60%
+$34,287
$74,370
$1590.13
+102
22
LEAPS ONLY
Dec 15 '28
1200
1430
810 (kept)
-$480
-$5,865
+$258
+$40,589 +$3,750/mo
+$31,114 +$2,875/mo
60%
+$33,986
$73,770
$1591.65
+102
23
LEAPS ONLY
Dec 15 '28
1210
1420
810 (kept)
-$880
-$5,865
+$51
+$40,476 +$3,740/mo
+$30,925 +$2,858/mo
60%
+$33,681
$73,170
$1593.17
+101
24
LEAPS ONLY
Dec 15 '28
1230
1400
810 (kept)
-$1,375
-$5,865
-$424
+$40,286 +$3,722/mo
+$30,549 +$2,823/mo
60%
+$33,469
$71,665
$1596.41
+100
25
LEAPS ONLY
Dec 15 '28
1220
1410
810 (kept)
-$1,180
-$5,865
-$175
+$40,382 +$3,731/mo
+$30,742 +$2,841/mo
60%
+$33,512
$72,470
$1594.75
+101
How this was built
8684 rolls on the real strikes of Sep 15 '28, Dec 15 '28, Jan 19 '29; 1530 pass the rules: the new short put keeps real time value, the break-even at expiry stays within 3% of today's ($1620.00), 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 (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 2026-10-30 03:50. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.