LEAPS Builder — Margin Mode v6.0

NVDA | 2026-07-09 01:58:24
Per-chain Fortress comparison at a single normalized contract count. Two use cases: Stock replacement (Bucket A) and Moderate-bull (Bucket B). Best pick ★ = best return on max-loss, horizon-fitted to 1-2yr.

NVDA @ $202.27

Margin mode | NORMAL scoring | US RTH (live)

Stock replacement (1-2yr) (Bucket A) — 19 contracts/chain

Every chain's best Fortress sized to the SAME contract count for apples-to-apples capital / max-loss / margin comparison. Change the dropdown to resize. Tick up to 2 chains in the ☑ column to compare them side by side. Structure: + = bought (long), = sold (short). Click any BE & CC-Safe cell to open that chain's CC-Safe Strike card.

★ Score = (Weighted P&L ÷ Max Loss) × horizon-fit. Weighted P&L = expected expiry dollars across a weighted scenario basket. Moderate-bull basket (Bucket A weights): +25% carries the biggest weight, then +50% / +75%; flat and -20% count (they penalize high breakevens); +100% / +200% taper off — rewards stock-replacement structures that pay across the likely-bull range. ÷ Max Loss turns it into return-per-dollar-at-risk (capital efficiency, so a deeper/longer structure is not rewarded just for costing more). × horizon-fit peaks in the 1-2yr window (365-730 DTE) and tapers outside it, keeping the pick inside the thesis horizon. All three terms are size-invariant, so the ★ does not move when you change the contract count.

ChainStructure CtDelta Sh EqvIC MLMargin ThetaBE & CC-Safe PnL @ +100%
Jan '27 (190d)+$180C −$220P +$195P19+0.886/sh+1,683$49,210$96,710$68,677$-131/d
BE $212.95 (+5%)
CC-Safe
$+377,416
Feb '27 (225d)+$180C −$220P +$195P19+0.347/sh+660$55,575$103,075$69,166$-74/d
BE $214.62 (+6%)
CC-Safe
$+371,051
Mar '27 (253d)+$180C −$220P +$195P19+0.862/sh+1,637$57,760$105,260$69,572$-116/d
BE $215.20 (+6%)
CC-Safe
$+368,866
Jun '27 (343d) ★+$180C −$210P +$185P19+0.842/sh+1,600$68,970$116,470$69,984$-97/d
BE $216.30 (+7%)
CC-Safe
$+357,656
Sep '27 (435d)+$185C −$215P +$185P19+0.832/sh+1,581$68,210$125,210$72,078$-93/d
BE $220.90 (+9%)
CC-Safe
$+348,916
Dec '27 (526d)+$185C −$210P +$180P19+0.829/sh+1,574$77,900$134,900$72,968$-82/d
BE $226.00 (+12%)
CC-Safe
$+339,226
Jan '28 (561d)+$180C −$220P +$195P19+0.827/sh+1,571$87,780$135,280$74,392$-81/d
BE $226.20 (+12%)
CC-Safe
$+338,846
Jun '28 (708d)+$170C −$220P +$195P19+1.186/sh+2,253$110,580$158,080$78,172$-122/d
BE $228.20 (+13%)
CC-Safe
$+335,046
Dec '28 (890d)+$140C −$215P +$180P19+0.955/sh+1,814$144,590$211,090$84,489$-51/d
BE $216.10 (+7%)
CC-Safe
$+358,036

Margin = real IBKR portfolio (TIMS) maintenance margin from a whatIf order on the 3-leg open combo (BUY LC / SELL SP / BUY HP), the same engine TWS shows. This is the ongoing capital held; the one-time initial requirement to open is higher. Stored at the analyzed contract count and rescaled linearly by the dropdown (TIMS has mild concentration non-linearity, so verify the exact figure in TWS before sizing). For net-long Bucket A synthetics this runs well above the old Reg-T put-spread width, which ignored the long call's directional risk.

P&L Detail Panels

Jan '27 (190d) $180C/$220P/$195P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-96,710-197%
-25%$151.70$-96,710-197%
+0%$202.27$-40,584-82%
+25%$252.84$+89,181+181%
+50%$303.41$+185,260+376%
+75%$353.97$+281,338+572%
+100%$404.54$+377,416+767%
+125%$455.11$+473,494+962%
+150%$505.68$+569,572+1157%
+175%$556.24$+665,651+1353%
+200%$606.81$+761,729+1548%
+225%$657.38$+857,807+1743%
+250%$707.95$+953,886+1938%
+275%$758.51$+1,049,964+2134%
+300%$809.08$+1,146,042+2329%
Feb '27 (225d) $180C/$220P/$195P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-103,075-185%
-25%$151.70$-103,075-185%
+0%$202.27$-46,949-84%
+25%$252.84$+82,816+149%
+50%$303.41$+178,895+322%
+75%$353.97$+274,973+495%
+100%$404.54$+371,051+668%
+125%$455.11$+467,129+841%
+150%$505.68$+563,208+1013%
+175%$556.24$+659,286+1186%
+200%$606.81$+755,364+1359%
+225%$657.38$+851,442+1532%
+250%$707.95$+947,521+1705%
+275%$758.51$+1,043,599+1878%
+300%$809.08$+1,139,677+2051%
Mar '27 (253d) $180C/$220P/$195P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-105,260-182%
-25%$151.70$-105,260-182%
+0%$202.27$-49,134-85%
+25%$252.84$+80,631+140%
+50%$303.41$+176,710+306%
+75%$353.97$+272,788+472%
+100%$404.54$+368,866+639%
+125%$455.11$+464,944+805%
+150%$505.68$+561,022+971%
+175%$556.24$+657,101+1138%
+200%$606.81$+753,179+1304%
+225%$657.38$+849,257+1470%
+250%$707.95$+945,336+1637%
+275%$758.51$+1,041,414+1803%
+300%$809.08$+1,137,492+1969%
Jun '27 (343d) $180C/$210P/$185P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-116,470-169%
-25%$151.70$-116,470-169%
+0%$202.27$-41,344-60%
+25%$252.84$+69,421+101%
+50%$303.41$+165,500+240%
+75%$353.97$+261,578+379%
+100%$404.54$+357,656+519%
+125%$455.11$+453,734+658%
+150%$505.68$+549,812+797%
+175%$556.24$+645,891+936%
+200%$606.81$+741,969+1076%
+225%$657.38$+838,047+1215%
+250%$707.95$+934,126+1354%
+275%$758.51$+1,030,204+1494%
+300%$809.08$+1,126,282+1633%
Sep '27 (435d) $185C/$215P/$185P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-125,210-184%
-25%$151.70$-125,210-184%
+0%$202.27$-59,584-87%
+25%$252.84$+60,681+89%
+50%$303.41$+156,760+230%
+75%$353.97$+252,838+371%
+100%$404.54$+348,916+512%
+125%$455.11$+444,994+652%
+150%$505.68$+541,072+793%
+175%$556.24$+637,151+934%
+200%$606.81$+733,229+1075%
+225%$657.38$+829,307+1216%
+250%$707.95$+925,386+1357%
+275%$758.51$+1,021,464+1498%
+300%$809.08$+1,117,542+1638%
Dec '27 (526d) $185C/$210P/$180P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-134,900-173%
-25%$151.70$-134,900-173%
+0%$202.27$-59,774-77%
+25%$252.84$+50,991+65%
+50%$303.41$+147,070+189%
+75%$353.97$+243,148+312%
+100%$404.54$+339,226+435%
+125%$455.11$+435,304+559%
+150%$505.68$+531,382+682%
+175%$556.24$+627,461+805%
+200%$606.81$+723,539+929%
+225%$657.38$+819,617+1052%
+250%$707.95$+915,696+1175%
+275%$758.51$+1,011,774+1299%
+300%$809.08$+1,107,852+1422%
Jan '28 (561d) $180C/$220P/$195P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-135,280-154%
-25%$151.70$-135,280-154%
+0%$202.27$-79,154-90%
+25%$252.84$+50,611+58%
+50%$303.41$+146,690+167%
+75%$353.97$+242,768+277%
+100%$404.54$+338,846+386%
+125%$455.11$+434,924+495%
+150%$505.68$+531,002+605%
+175%$556.24$+627,081+714%
+200%$606.81$+723,159+824%
+225%$657.38$+819,237+933%
+250%$707.95$+915,316+1043%
+275%$758.51$+1,011,394+1152%
+300%$809.08$+1,107,472+1262%
Jun '28 (708d) $170C/$220P/$195P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-158,080-143%
-25%$151.70$-158,080-143%
+0%$202.27$-82,954-75%
+25%$252.84$+46,811+42%
+50%$303.41$+142,890+129%
+75%$353.97$+238,968+216%
+100%$404.54$+335,046+303%
+125%$455.11$+431,124+390%
+150%$505.68$+527,202+477%
+175%$556.24$+623,281+564%
+200%$606.81$+719,359+651%
+225%$657.38$+815,437+737%
+250%$707.95$+911,516+824%
+275%$758.51$+1,007,594+911%
+300%$809.08$+1,103,672+998%
Dec '28 (890d) $140C/$215P/$180P × 19ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-211,090-146%
-25%$151.70$-188,855-131%
+0%$202.27$-50,464-35%
+25%$252.84$+69,801+48%
+50%$303.41$+165,880+115%
+75%$353.97$+261,958+181%
+100%$404.54$+358,036+248%
+125%$455.11$+454,114+314%
+150%$505.68$+550,192+381%
+175%$556.24$+646,271+447%
+200%$606.81$+742,349+513%
+225%$657.38$+838,427+580%
+250%$707.95$+934,506+646%
+275%$758.51$+1,030,584+713%
+300%$809.08$+1,126,662+779%

Moderate-bull (1-2yr) (Bucket B) — 25 contracts/chain

Every chain's best Fortress sized to the SAME contract count for apples-to-apples capital / max-loss / margin comparison. Change the dropdown to resize. Tick up to 2 chains in the ☑ column to compare them side by side. Structure: + = bought (long), = sold (short). Click any BE & CC-Safe cell to open that chain's CC-Safe Strike card.

★ Score = (Weighted P&L ÷ Max Loss) × horizon-fit. Weighted P&L = expected expiry dollars across a weighted scenario basket. Convexity basket (Bucket B weights): +75% and +100% carry the biggest weight, +200% tail counted, downside (-20% / flat) lightly weighted — rewards OTM structures that pay big on a strong move. ÷ Max Loss turns it into return-per-dollar-at-risk (capital efficiency, so a deeper/longer structure is not rewarded just for costing more). × horizon-fit peaks in the 1-2yr window (365-730 DTE) and tapers outside it, keeping the pick inside the thesis horizon. All three terms are size-invariant, so the ★ does not move when you change the contract count.

ChainStructure CtDelta Sh EqvIC MLMargin ThetaBE & CC-Safe PnL @ +100%
Jan '27 (190d)+$200C −$230P +$205P25+0.762/sh+1,905$33,875$96,375$76,131$-200/d
BE $221.78 (+10%)
CC-Safe
$+477,475
Feb '27 (225d)+$200C −$230P +$205P25+1.190/sh+2,974$40,875$103,375$78,414$-318/d
BE $223.18 (+10%)
CC-Safe
$+470,475
Mar '27 (253d)+$200C −$230P +$205P25+0.755/sh+1,887$45,000$107,500$79,859$-169/d
BE $224.00 (+11%)
CC-Safe
$+466,350
Jun '27 (343d) ★+$200C −$230P +$205P25+0.752/sh+1,879$59,125$121,625$84,100$-146/d
BE $226.82 (+12%)
CC-Safe
$+452,225
Sep '27 (435d)+$200C −$230P +$205P25+1.148/sh+2,869$74,250$136,750$87,512$-234/d
BE $229.85 (+14%)
CC-Safe
$+437,100
Dec '27 (526d)+$200C −$230P +$200P25+0.774/sh+1,936$80,250$155,250$92,688$-116/d
BE $232.10 (+15%)
CC-Safe
$+431,100
Jan '28 (561d)+$200C −$230P +$205P25+0.757/sh+1,893$90,125$152,625$91,839$-113/d
BE $236.05 (+17%)
CC-Safe
$+421,225
Jun '28 (708d)+$195C −$220P +$195P25+1.111/sh+2,778$115,750$178,250$96,861$-170/d
BE $241.30 (+19%)
CC-Safe
$+408,100
Dec '28 (890d)+$200C −$230P +$200P25+0.786/sh+1,965$115,250$190,250$102,794$-88/d
BE $246.10 (+22%)
CC-Safe
$+396,100

Margin = real IBKR portfolio (TIMS) maintenance margin from a whatIf order on the 3-leg open combo (BUY LC / SELL SP / BUY HP), the same engine TWS shows. This is the ongoing capital held; the one-time initial requirement to open is higher. Stored at the analyzed contract count and rescaled linearly by the dropdown (TIMS has mild concentration non-linearity, so verify the exact figure in TWS before sizing). For net-long Bucket A synthetics this runs well above the old Reg-T put-spread width, which ignored the long call's directional risk.

P&L Detail Panels

Jan '27 (190d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-96,375-285%
-25%$151.70$-96,375-285%
+0%$202.27$-90,700-268%
+25%$252.84$+98,219+290%
+50%$303.41$+224,638+663%
+75%$353.97$+351,056+1036%
+100%$404.54$+477,475+1410%
+125%$455.11$+603,894+1783%
+150%$505.68$+730,312+2156%
+175%$556.24$+856,731+2529%
+200%$606.81$+983,150+2902%
+225%$657.38$+1,109,569+3275%
+250%$707.95$+1,235,988+3649%
+275%$758.51$+1,362,406+4022%
+300%$809.08$+1,488,825+4395%
Feb '27 (225d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-103,375-253%
-25%$151.70$-103,375-253%
+0%$202.27$-97,700-239%
+25%$252.84$+91,219+223%
+50%$303.41$+217,638+532%
+75%$353.97$+344,056+842%
+100%$404.54$+470,475+1151%
+125%$455.11$+596,894+1460%
+150%$505.68$+723,312+1770%
+175%$556.24$+849,731+2079%
+200%$606.81$+976,150+2388%
+225%$657.38$+1,102,569+2697%
+250%$707.95$+1,228,988+3007%
+275%$758.51$+1,355,406+3316%
+300%$809.08$+1,481,825+3625%
Mar '27 (253d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-107,500-239%
-25%$151.70$-107,500-239%
+0%$202.27$-101,825-226%
+25%$252.84$+87,094+194%
+50%$303.41$+213,513+474%
+75%$353.97$+339,931+755%
+100%$404.54$+466,350+1036%
+125%$455.11$+592,769+1317%
+150%$505.68$+719,188+1598%
+175%$556.24$+845,606+1879%
+200%$606.81$+972,025+2160%
+225%$657.38$+1,098,444+2441%
+250%$707.95$+1,224,863+2722%
+275%$758.51$+1,351,281+3003%
+300%$809.08$+1,477,700+3284%
Jun '27 (343d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-121,625-206%
-25%$151.70$-121,625-206%
+0%$202.27$-115,950-196%
+25%$252.84$+72,969+123%
+50%$303.41$+199,388+337%
+75%$353.97$+325,806+551%
+100%$404.54$+452,225+765%
+125%$455.11$+578,644+979%
+150%$505.68$+705,062+1192%
+175%$556.24$+831,481+1406%
+200%$606.81$+957,900+1620%
+225%$657.38$+1,084,319+1834%
+250%$707.95$+1,210,738+2048%
+275%$758.51$+1,337,156+2262%
+300%$809.08$+1,463,575+2475%
Sep '27 (435d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-136,750-184%
-25%$151.70$-136,750-184%
+0%$202.27$-131,075-177%
+25%$252.84$+57,844+78%
+50%$303.41$+184,263+248%
+75%$353.97$+310,681+418%
+100%$404.54$+437,100+589%
+125%$455.11$+563,519+759%
+150%$505.68$+689,938+929%
+175%$556.24$+816,356+1099%
+200%$606.81$+942,775+1270%
+225%$657.38$+1,069,194+1440%
+250%$707.95$+1,195,613+1610%
+275%$758.51$+1,322,031+1781%
+300%$809.08$+1,448,450+1951%
Dec '27 (526d) $200C/$230P/$200P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-155,250-193%
-25%$151.70$-155,250-193%
+0%$202.27$-143,900-179%
+25%$252.84$+51,844+65%
+50%$303.41$+178,263+222%
+75%$353.97$+304,681+380%
+100%$404.54$+431,100+537%
+125%$455.11$+557,519+695%
+150%$505.68$+683,938+852%
+175%$556.24$+810,356+1010%
+200%$606.81$+936,775+1167%
+225%$657.38$+1,063,194+1325%
+250%$707.95$+1,189,613+1482%
+275%$758.51$+1,316,031+1640%
+300%$809.08$+1,442,450+1797%
Jan '28 (561d) $200C/$230P/$205P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-152,625-169%
-25%$151.70$-152,625-169%
+0%$202.27$-146,950-163%
+25%$252.84$+41,969+47%
+50%$303.41$+168,388+187%
+75%$353.97$+294,806+327%
+100%$404.54$+421,225+467%
+125%$455.11$+547,644+608%
+150%$505.68$+674,062+748%
+175%$556.24$+800,481+888%
+200%$606.81$+926,900+1028%
+225%$657.38$+1,053,319+1169%
+250%$707.95$+1,179,738+1309%
+275%$758.51$+1,306,156+1449%
+300%$809.08$+1,432,575+1590%
Jun '28 (708d) $195C/$220P/$195P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-178,250-154%
-25%$151.70$-178,250-154%
+0%$202.27$-141,900-123%
+25%$252.84$+28,844+25%
+50%$303.41$+155,263+134%
+75%$353.97$+281,681+243%
+100%$404.54$+408,100+353%
+125%$455.11$+534,519+462%
+150%$505.68$+660,938+571%
+175%$556.24$+787,356+680%
+200%$606.81$+913,775+789%
+225%$657.38$+1,040,194+899%
+250%$707.95$+1,166,613+1008%
+275%$758.51$+1,293,031+1117%
+300%$809.08$+1,419,450+1226%
Dec '28 (890d) $200C/$230P/$200P × 25ct — P&L curve (-50% to +300%)
MoveStock at P&L (expiry)ROI on IC
-50%$101.14$-190,250-165%
-25%$151.70$-190,250-165%
+0%$202.27$-178,900-155%
+25%$252.84$+16,844+15%
+50%$303.41$+143,263+124%
+75%$353.97$+269,681+234%
+100%$404.54$+396,100+344%
+125%$455.11$+522,519+453%
+150%$505.68$+648,938+563%
+175%$556.24$+775,356+673%
+200%$606.81$+901,775+782%
+225%$657.38$+1,028,194+892%
+250%$707.95$+1,154,613+1002%
+275%$758.51$+1,281,031+1112%
+300%$809.08$+1,407,450+1221%