+1 Jan 21 '28 1200C-1 Jan 21 '28 1380P+1 Feb 19 '27 810P448 days leftCSV ND 420.00entry $1636 -24.5%CC-SS $1643.93 (+33% vs spot)BE-SS $1620.00 (+31% vs spot)
Spot
$1234.81
CBOE 2026-10-30 13:52:18
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 $31 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 $1644 CC-SS) only pay a normal premium from about $1438 (+16% from here).
FIGHT engine (~0.30-delta calls below the CC-SS, where an assignment locks a loss): about $2,834/mo at whole book's realized keep of 71% (664 closed calls).
The record shows it fights: $5,095/mo earned against a modelled $2,834/mo, so FIGHT income counts toward the time.
Extending to Jan 19 '29 buys 12 months. Expected income to expiry with FIGHT: $44,542 if you keep, $87,706 after the roll; safe calls alone: $27,919 vs $56,813. Odds safe calls restart: 58% vs 54%.
At the record's pace the extra 12 months are worth about $61,010.
Today, if you keep it
Value now (mid)
$1,130
Unrealized vs CSV ND
-$40,870
Max loss from here
$58,130
Margin it holds (IBKR)
$31,210
a close frees it; model $36,643; $36,643 on all SNDK here
CC-SS
$1643.93
safe call from $1438
Net delta
+99 sh
notional $123,481
Theta
-$31/day
net of the three legs
Short put time value
$269.36
assignment LOW
If you close it today
Whole-life P/L
-$27,792
legs + call income, all in
Legs vs entry
-$40,870
close LC / SP / HP at mid vs CSV ND
Call income banked
+$13,078
since entry, incl. the open chain
Cash to close today
+$1,130
legs at mid + call buyback +$0
If you hold to expiry instead
Whole-life P/L at expiry
+$16,949
expected; -$27,792 if closed today
Chance of break-even
38%
whole-life P/L at or above zero
Max loss left
$58,130
41% 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 $36,643 of margin a close would free, counted dollar for dollar: holding beats closing by $8,098.
Recommended roll
BEST: cash + margin
+$1,230
cash at mid today (natural -$1,960)
LEAPS ONLYJan 19 '29+12 months
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Jan 19 '29 1240C (open)
SELL 1 Jan 19 '29 1440P (open)
Margin change (IBKR)
-$171
asked at 21:53; model -$84, this underlying only
Hedge extension (est.)
-$6,915
kept hedge carried to the new expiry
Income over the time bought
$21,628
actual: $1,806 a month x 12 months; covers 453% of the max loss it adds
Restart odds
58% → 54%
safe calls paying before expiry
Max loss from here
$62,900
+$4,770 vs keep
CC-SS
$1650.36
now $1643.93
CSV ND after
407.70
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 68%
Regime
PULLBACK
RSI 45
Next earnings
2027-02-15
108 days
FIGHT rate (model)
$2,834/mo
~0.30-delta calls x 71% keep
Where safe calls start paying
safe from $1438
spot $1235
Spot needs +16% before a safe call pays a normal premium.
What the time buys
Expected income to expiry, FIGHT included (model)
Keep Jan 21 '28
$44,542
Roll Jan 19 '29
$87,706
Odds safe calls start paying before expiry
Keep Jan 21 '28
58%
Roll Jan 19 '29
54%
Safe calls alone (never below the CC-SS)
Keep Jan 21 '28
$27,919
Roll Jan 19 '29
$56,813
Months bought
12
Worth at the record's pace
$61,010
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
+$1,230
Margin change
-$84
Strikes
1240C / -1440P / +810P (kept)
Cash at natural
-$1,960
Hedge extension (est.)
-$6,915
Extra income, FIGHT incl. (model)
+$43,163 (+$3,605/mo)
Extra safe income (model)
+$28,894 (+$2,413/mo)
Restart odds
54% (keep 58%)
Value incl. income
+$37,563
Max loss from here
$62,900 (+$4,770)
CC-SS
$1650.36 (now $1643.93)
Net delta
+99 sh (now +99)
CSV ND after
407.70
Worst spread / min OI
4% / 0
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Jan 19 '29 1240C (open)
SELL 1 Jan 19 '29 1440P (open)
BEST WITH INCOME
Cash + margin + the extra income the time buys, FIGHT included (model).
LEAPS ONLYJan 19 '29also MOST CASHalso INCOME ENGINE
Cash at mid
+$1,830
Margin change
-$312
Strikes
1260C / -1440P / +810P (kept)
Cash at natural
-$1,360
Hedge extension (est.)
-$6,915
Extra income, FIGHT incl. (model)
+$43,163 (+$3,605/mo)
Extra safe income (model)
+$28,737 (+$2,400/mo)
Restart odds
54% (keep 58%)
Value incl. income
+$38,390
Max loss from here
$62,300 (+$4,170)
CC-SS
$1652.45 (now $1643.93)
Net delta
+98 sh (now +99)
CSV ND after
401.70
Worst spread / min OI
4% / 0
Danger point
none to -60% (now none to -60%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Jan 19 '29 1260C (open)
SELL 1 Jan 19 '29 1440P (open)
LEAST MARGIN
Largest drop (or smallest rise) in maintenance margin.
LEAPS ONLYJan 19 '29also LOWEST MAX LOSS
Cash at mid
-$6,570
Margin change
-$522
Strikes
1180C / -1350P / +810P (kept)
Cash at natural
-$9,560
Hedge extension (est.)
-$6,915
Extra income, FIGHT incl. (model)
+$43,163 (+$3,605/mo)
Extra safe income (model)
+$28,702 (+$2,397/mo)
Restart odds
54% (keep 58%)
Value incl. income
+$30,201
Max loss from here
$61,700 (+$3,570)
CC-SS
$1652.91 (now $1643.93)
Net delta
+98 sh (now +99)
CSV ND after
485.70
Worst spread / min OI
4% / 13
Danger point
none to -60% (now none to -60%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Jan 19 '29 1180C (open)
SELL 1 Jan 19 '29 1350P (open)
SAME STRIKES
The held strikes rolled straight out (reference).
LEAPS ONLYJan 19 '29
Cash at mid
-$3,970
Margin change
-$374
Strikes
1200C / -1380P / +810P (kept)
Cash at natural
-$6,960
Hedge extension (est.)
-$6,915
Extra income, FIGHT incl. (model)
+$43,163 (+$3,605/mo)
Extra safe income (model)
+$28,768 (+$2,403/mo)
Restart odds
54% (keep 58%)
Value incl. income
+$32,653
Max loss from here
$62,100 (+$3,970)
CC-SS
$1652.02 (now $1643.93)
Net delta
+98 sh (now +99)
CSV ND after
459.70
Worst spread / min OI
4% / 6
Danger point
none to -60% (now none to -60%)
Order legs
SELL 1 Jan 21 '28 1200C (close)
BUY 1 Jan 21 '28 1380P (close)
BUY 1 Jan 19 '29 1200C (open)
SELL 1 Jan 19 '29 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
-
-
-
-
-
58%
-
$58,130
$1643.93
+99
BEST
LEAPS ONLY
Jan 19 '29
1240
1440
810 (kept)
+$1,230
-$6,915
-$84
+$43,163 +$3,605/mo
+$28,894 +$2,413/mo
54%
+$37,563
$62,900
$1650.36
+99
BEST WITH INCOME
LEAPS ONLY
Jan 19 '29
1260
1440
810 (kept)
+$1,830
-$6,915
-$312
+$43,163 +$3,605/mo
+$28,737 +$2,400/mo
54%
+$38,390
$62,300
$1652.45
+98
MOST CASH
LEAPS ONLY
Jan 19 '29
1260
1440
810 (kept)
+$1,830
-$6,915
-$312
+$43,163 +$3,605/mo
+$28,737 +$2,400/mo
54%
+$38,390
$62,300
$1652.45
+98
LEAST MARGIN
LEAPS ONLY
Jan 19 '29
1180
1350
810 (kept)
-$6,570
-$6,915
-$522
+$43,163 +$3,605/mo
+$28,702 +$2,397/mo
54%
+$30,201
$61,700
$1652.91
+98
LOWEST MAX LOSS
LEAPS ONLY
Jan 19 '29
1180
1350
810 (kept)
-$6,570
-$6,915
-$522
+$43,163 +$3,605/mo
+$28,702 +$2,397/mo
54%
+$30,201
$61,700
$1652.91
+98
INCOME ENGINE
LEAPS ONLY
Jan 19 '29
1260
1440
810 (kept)
+$1,830
-$6,915
-$312
+$43,163 +$3,605/mo
+$28,737 +$2,400/mo
54%
+$38,390
$62,300
$1652.45
+98
SAME STRIKES
LEAPS ONLY
Jan 19 '29
1200
1380
810 (kept)
-$3,970
-$6,915
-$374
+$43,163 +$3,605/mo
+$28,768 +$2,403/mo
54%
+$32,653
$62,100
$1652.02
+98
Cost of waiting
The BEST roll done later instead of today (+$1,230 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% ($864)
Spot +0% ($1235)
Spot +30% ($1605)
Today
448
-
+$1,230
-
2027-10-23
90
-$1,441
+$1,136
+$3,846
2027-12-07
45
-$2,409
+$918
+$5,267
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
1280
1440
810 (kept)
+$3,730
-$4,275
-$525
+$27,299 +$3,487/mo
+$17,986 +$2,297/mo
55%
+$27,278
$60,400
$1652.66
+98
Dec 15 '28
LEAPS ONLY
Dec 15 '28
1270
1440
810 (kept)
+$2,555
-$5,775
-$449
+$39,181 +$3,620/mo
+$25,988 +$2,401/mo
54%
+$36,410
$61,575
$1653.10
+98
Jan 19 '29
LEAPS ONLY
Jan 19 '29
1260
1440
810 (kept)
+$1,830
-$6,915
-$312
+$43,163 +$3,605/mo
+$28,737 +$2,400/mo
54%
+$38,390
$62,300
$1652.45
+98
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
1260
1440
810 (kept)
+$1,830
-$6,915
-$312
+$43,163 +$3,605/mo
+$28,737 +$2,400/mo
54%
+$38,390
$62,300
$1652.45
+98
2
LEAPS ONLY
Jan 19 '29
1240
1440
810 (kept)
+$1,230
-$6,915
-$84
+$43,163 +$3,605/mo
+$28,894 +$2,413/mo
54%
+$37,563
$62,900
$1650.36
+99
3
LEAPS ONLY
Jan 19 '29
1240
1430
810 (kept)
+$530
-$6,915
-$227
+$43,163 +$3,605/mo
+$28,815 +$2,407/mo
54%
+$37,006
$62,600
$1651.40
+99
4
LEAPS ONLY
Jan 19 '29
1220
1440
810 (kept)
+$530
-$6,915
+$161
+$43,163 +$3,605/mo
+$29,054 +$2,426/mo
54%
+$36,618
$63,600
$1648.23
+100
5
LEAPS ONLY
Jan 19 '29
1240
1420
810 (kept)
-$170
-$6,915
-$320
+$43,163 +$3,605/mo
+$28,751 +$2,401/mo
54%
+$36,398
$62,300
$1652.25
+98
6
LEAPS ONLY
Jan 19 '29
1220
1430
810 (kept)
-$170
-$6,915
+$18
+$43,163 +$3,605/mo
+$28,976 +$2,420/mo
54%
+$36,060
$63,300
$1649.26
+99
7
LEAPS ONLY
Jan 19 '29
1240
1410
810 (kept)
-$780
-$6,915
-$460
+$43,163 +$3,605/mo
+$28,673 +$2,395/mo
54%
+$35,928
$61,910
$1653.29
+98
8
LEAPS ONLY
Jan 19 '29
1200
1440
810 (kept)
+$30
-$6,915
+$370
+$43,163 +$3,605/mo
+$29,205 +$2,439/mo
54%
+$35,908
$64,100
$1646.21
+100
9
LEAPS ONLY
Jan 19 '29
1220
1420
810 (kept)
-$870
-$6,915
-$74
+$43,163 +$3,605/mo
+$28,913 +$2,415/mo
54%
+$35,453
$63,000
$1650.10
+99
10
LEAPS ONLY
Jan 19 '29
1200
1430
810 (kept)
-$670
-$6,915
+$228
+$43,163 +$3,605/mo
+$29,128 +$2,433/mo
54%
+$35,351
$63,800
$1647.24
+100
11
LEAPS ONLY
Jan 19 '29
1180
1440
810 (kept)
-$470
-$6,915
+$579
+$43,163 +$3,605/mo
+$29,355 +$2,452/mo
55%
+$35,199
$64,600
$1644.20
+101
12
LEAPS ONLY
Jan 19 '29
1220
1410
810 (kept)
-$1,480
-$6,915
-$214
+$43,163 +$3,605/mo
+$28,835 +$2,408/mo
54%
+$34,983
$62,610
$1651.14
+99
13
LEAPS ONLY
Jan 19 '29
1200
1420
810 (kept)
-$1,370
-$6,915
+$135
+$43,163 +$3,605/mo
+$29,065 +$2,427/mo
54%
+$34,743
$63,500
$1648.07
+99
14
LEAPS ONLY
Jan 19 '29
1180
1430
810 (kept)
-$1,170
-$6,915
+$437
+$43,163 +$3,605/mo
+$29,279 +$2,445/mo
54%
+$34,641
$64,300
$1645.22
+100
15
LEAPS ONLY
Jan 19 '29
1220
1400
810 (kept)
-$2,170
-$6,915
-$330
+$43,163 +$3,605/mo
+$28,764 +$2,402/mo
54%
+$34,409
$62,300
$1652.08
+98
16
LEAPS ONLY
Jan 19 '29
1200
1410
810 (kept)
-$1,980
-$6,915
-$5
+$43,163 +$3,605/mo
+$28,989 +$2,421/mo
54%
+$34,274
$63,110
$1649.10
+99
17
LEAPS ONLY
Jan 19 '29
1160
1440
810 (kept)
-$1,370
-$6,915
+$843
+$43,162 +$3,605/mo
+$29,515 +$2,465/mo
55%
+$34,035
$65,500
$1642.06
+101
18
LEAPS ONLY
Jan 19 '29
1180
1420
810 (kept)
-$1,870
-$6,915
+$344
+$43,163 +$3,605/mo
+$29,217 +$2,440/mo
54%
+$34,034
$64,000
$1646.04
+100
19
LEAPS ONLY
Jan 19 '29
1200
1400
810 (kept)
-$2,670
-$6,915
-$121
+$43,163 +$3,605/mo
+$28,918 +$2,415/mo
54%
+$33,700
$62,800
$1650.04
+99
20
LEAPS ONLY
Jan 19 '29
1180
1410
810 (kept)
-$2,480
-$6,915
+$204
+$43,163 +$3,605/mo
+$29,141 +$2,434/mo
54%
+$33,564
$63,610
$1647.06
+100
21
LEAPS ONLY
Jan 19 '29
1160
1430
810 (kept)
-$2,070
-$6,915
+$700
+$43,162 +$3,605/mo
+$29,440 +$2,459/mo
55%
+$33,478
$65,200
$1643.07
+101
22
LEAPS ONLY
Jan 19 '29
1140
1440
810 (kept)
-$1,970
-$6,915
+$1,072
+$43,162 +$3,605/mo
+$29,667 +$2,478/mo
55%
+$33,205
$66,100
$1640.02
+102
23
LEAPS ONLY
Jan 19 '29
1200
1390
810 (kept)
-$3,370
-$6,915
-$235
+$43,163 +$3,605/mo
+$28,847 +$2,409/mo
54%
+$33,114
$62,500
$1650.98
+99
24
LEAPS ONLY
Jan 19 '29
1180
1400
810 (kept)
-$3,170
-$6,915
+$88
+$43,163 +$3,605/mo
+$29,072 +$2,428/mo
54%
+$32,990
$63,300
$1647.99
+99
25
LEAPS ONLY
Jan 19 '29
1160
1420
810 (kept)
-$2,770
-$6,915
+$608
+$43,163 +$3,605/mo
+$29,378 +$2,454/mo
55%
+$32,870
$64,900
$1643.89
+101
How this was built
10288 rolls on the real strikes of Sep 15 '28, Dec 15 '28, Jan 19 '29; 903 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 1.34), 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 2026-10-30 21:34. The open covered call is untouched. Read-only: no order is placed or staged. leaps_extend v1.2.