CURRENT POSITION
| Leg | Strike | Expiry | DTE | Qty |
Mid | Intrinsic | Time Val | Delta | Unrealized |
|---|
| LC | $500.0C | Dec'27 | 527d | +25 | $14.225 | $0.000 | $14.225 | 0.238 | $-163,801 |
| SP | $330.0P | Dec'27 | 527d | -25 | $184.225 | $171.370 | $12.855 | 0.669 | $-210,225 |
| HP | $300.0P | Dec'27 | 527d | +25 | $157.875 | $141.370 | $16.505 | 0.622 | $186,218 |
RESTRUCTURE (LC_SP)
Put SpreadEXHAUSTED (100% of max loss)
LC VitalityMODERATE (delta 0.238)
SP DepthDEEP ITM (108%)
TimeSTRONG (527d remaining)
Safe Strike$563.00 (3.5x stock)
Repairs8 of 8 lens picks LOWER the safe strike (improve recovery)
AI vs HoldAI pick recovers to $0 at $275 (1.7x) · starts beating do-nothing above $217 (1.4x)
Current Max Loss: $232,496 | Current Recovery: $563.00 | 71,077 candidates evaluated
BEST FOR CREDIT
LC $480C / SP $360P / HP $300P (LC_SP)
Maximizes cash returned. You collect CR $39,375 (17% of current ML back). No new capital into the trade.
CostCR $39,375
ML Change+$35,625
Recovery$563.00 -> $527.25
Delta8.6
E[P&L]$-139,364
P(Recovery)10%
SP Assign Cushion0.87 (ELEVATED)
Margin+$9,629
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Open:
Buy 25x Dec 17 '27 $480C @ $16.70Sell 25x Dec 17 '27 $360P @ $208.00P&L Scenarios (Current BE: $563.00 | Repair BE: $527.25)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 77% | $-268,121 | $-232,496 | $-35,625 |
| $158.63 | 0% | 50% | $-268,121 | $-232,496 | $-35,625 |
| $317.26 | 100% | 23% | $-224,971 | $-189,346 | $-35,625 |
| $330.00 | 108% | 21% | $-193,121 | $-157,496 | $-35,625 |
| $360.00 | 127% | 19% | $-118,121 | $-157,496 | $+39,375 |
| $500.00 | 215% | 11% | $-68,121 | $-157,496 | $+89,375 |
| $527.25 ◀ | 232% | 10% | $4 | $-89,371 | $+89,375 |
| $634.52 | 300% | 7% | $268,179 | $178,804 | $+89,375 |
| $793.15 | 400% | 4% | $664,754 | $575,379 | $+89,375 |
BEST FOR MARGIN
LC $480C / SP $350P / HP $300P (LC_SP)
Lowest ML increase among all credit candidates. ML change +$33,125 (14% increase vs current $232,496). Still collects CR $16,875.
CostCR $16,875
ML Change+$33,125
Recovery$563.00 -> $536.25
Delta8.3
E[P&L]$-141,625
P(Recovery)9%
SP Assign Cushion0.92 (ELEVATED)
Margin+$7,051
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Open:
Buy 25x Dec 17 '27 $480C @ $16.70Sell 25x Dec 17 '27 $350P @ $199.00P&L Scenarios (Current BE: $563.00 | Repair BE: $536.25)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 77% | $-265,621 | $-232,496 | $-33,125 |
| $158.63 | 0% | 50% | $-265,621 | $-232,496 | $-33,125 |
| $317.26 | 100% | 23% | $-222,471 | $-189,346 | $-33,125 |
| $330.00 | 108% | 21% | $-190,621 | $-157,496 | $-33,125 |
| $350.00 | 121% | 19% | $-140,621 | $-157,496 | $+16,875 |
| $500.00 | 215% | 11% | $-90,621 | $-157,496 | $+66,875 |
| $536.25 ◀ | 238% | 9% | $4 | $-66,871 | $+66,875 |
| $634.52 | 300% | 7% | $245,679 | $178,804 | $+66,875 |
| $793.15 | 400% | 4% | $642,254 | $575,379 | $+66,875 |
BEST FOR RECOVERY
LC $300C / SP $360P / HP $300P (LC_SP)
Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $362.8 (2.3x stock), collects CR $375, ML change +$74,625.
CostCR $375
ML Change+$74,625
Recovery$563.00 -> $362.85
Delta13.1
E[P&L]$-102,435
P(Recovery)18%
SP Assign Cushion0.87 (ELEVATED)
Margin+$37,622
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Open:
Buy 25x Dec 17 '27 $300C @ $32.30Sell 25x Dec 17 '27 $360P @ $208.00P&L Scenarios (Current BE: $563.00 | Repair BE: $362.85)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 77% | $-307,121 | $-232,496 | $-74,625 |
| $158.63 | 0% | 50% | $-307,121 | $-232,496 | $-74,625 |
| $317.26 | 100% | 23% | $-220,821 | $-189,346 | $-31,475 |
| $330.00 | 108% | 21% | $-157,121 | $-157,496 | $+375 |
| $360.00 | 127% | 19% | $-7,121 | $-157,496 | $+150,375 |
| $362.85 ◀ | 129% | 18% | $4 | $-157,496 | $+157,500 |
| $396.57 | 150% | 16% | $84,304 | $-157,496 | $+241,800 |
| $475.89 | 200% | 12% | $282,604 | $-157,496 | $+440,100 |
| $500.00 | 215% | 11% | $342,879 | $-157,496 | $+500,375 |
| $634.52 | 300% | 7% | $679,179 | $178,804 | $+500,375 |
| $793.15 | 400% | 4% | $1,075,754 | $575,379 | $+500,375 |
CC Income Overlay
Conservative (at SS)
$370C @ $0.01 | 8d (Jul '26) | 133% OTM
$94/mo
Normal (+5-15% above SS)
$390C @ $0.01 | 8d (Jul '26) | 146% OTM
$94/mo
Aggressive (+15%+ above SS)
$460C @ $0.01 | 8d (Jul '26) | 190% OTM
$94/mo
Best monthly: $94 | Annual ROI: 0.4% | Months to recover: N/A | Fill rate: 70%
FARTHEST ROLL (MAX RUNWAY)
LC $115C / SP $300P / HP $240P (ROLL)
Best E[P&L] per $ at risk on the farthest searched chain (Dec '28, 891d). Costs DR $179,250, ML change +109%. Recovery at $274.8 (1.7x stock). Buys 12.1 months of extra runway vs the current expiry. P(recovery by expiry) 32%.
CostDR $179,250
ML Change+$254,250
Recovery$563.00 -> $274.85
Delta23.2
E[P&L]$155,402
P(Recovery)32%
SP Assign Cushion1.23 (MODERATE)
Margin+$93,159
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Dec 15 '28 $115C @ $95.30Sell 25x Dec 15 '28 $300P @ $166.95Buy 25x Dec 15 '28 $240P @ $122.80P&L Scenarios (Current BE: $563.00 | Repair BE: $274.85)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 72% | $-486,746 | $-232,496 | $-254,250 |
| $126.90 | -20% | 57% | $-456,996 | $-232,496 | $-224,500 |
| $158.63 | 0% | 50% | $-377,671 | $-232,496 | $-145,175 |
| $198.29 | 25% | 43% | $-278,521 | $-232,496 | $-46,025 |
| $237.94 | 50% | 37% | $-179,396 | $-232,496 | $+53,100 |
| $240.00 | 51% | 37% | $-174,246 | $-232,496 | $+58,250 |
| $274.85 ◀ | 73% | 33% | $4 | $-232,496 | $+232,500 |
| $300.00 | 89% | 30% | $125,754 | $-232,496 | $+358,250 |
| $317.26 | 100% | 28% | $168,904 | $-189,346 | $+358,250 |
| $330.00 | 108% | 27% | $200,754 | $-157,496 | $+358,250 |
| $396.57 | 150% | 22% | $367,179 | $-157,496 | $+524,675 |
| $475.89 | 200% | 18% | $565,479 | $-157,496 | $+722,975 |
| $500.00 | 215% | 17% | $625,754 | $-157,496 | $+783,250 |
| $634.52 | 300% | 13% | $962,054 | $178,804 | $+783,250 |
| $793.15 | 400% | 9% | $1,358,629 | $575,379 | $+783,250 |
CC payback: 8.8 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $8.50 bid ≈ $20,284/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($275); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$285C @ $0.15 | 36d (Aug '26) | 80% OTM
$312/mo
Normal (+5-15% above SS)
$300C @ $0.15 | 36d (Aug '26) | 89% OTM
$312/mo
Aggressive (+15%+ above SS)
$320C @ $0.01 | 8d (Jul '26) | 102% OTM
$94/mo
Best monthly: $312 | Annual ROI: 0.8% | Months to recover: N/A | Fill rate: 70%
BEST ROLL (for ROI)
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $115C / SP $300P / HP $240P
REBUILD (FRESH ATM)
LC $150C / SP $135P / HP $110P (ROLL)
Closes the whole structure and re-opens near the money on the farthest chain (Dec '28) — a brand-new fortress instead of a repair anchored to the old strikes. Costs DR $226,250, ML change +92%. Recovery at $303.5 (1.91x stock, the lowest philosophy of any lens). P(recovery by expiry) 30%.
CostDR $226,250
ML Change+$213,750
Recovery$563.00 -> $303.50
Delta20.5
E[P&L]$133,785
P(Recovery)30%
SP Assign Cushion4.01 (LOW)
Margin+$73,900
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Dec 15 '28 $150C @ $81.50Sell 25x Dec 15 '28 $135P @ $47.85Buy 25x Dec 15 '28 $110P @ $36.30P&L Scenarios (Current BE: $563.00 | Repair BE: $303.50)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 72% | $-446,246 | $-232,496 | $-213,750 |
| $126.90 | -20% | 57% | $-403,996 | $-232,496 | $-171,500 |
| $135.00 | -15% | 55% | $-383,746 | $-232,496 | $-151,250 |
| $158.63 | 0% | 50% | $-362,171 | $-232,496 | $-129,675 |
| $198.29 | 25% | 43% | $-263,021 | $-232,496 | $-30,525 |
| $237.94 | 50% | 37% | $-163,896 | $-232,496 | $+68,600 |
| $300.00 | 89% | 30% | $-8,746 | $-232,496 | $+223,750 |
| $303.50 ◀ | 91% | 30% | $4 | $-223,746 | $+223,750 |
| $317.26 | 100% | 28% | $34,404 | $-189,346 | $+223,750 |
| $330.00 | 108% | 27% | $66,254 | $-157,496 | $+223,750 |
| $396.57 | 150% | 22% | $232,679 | $-157,496 | $+390,175 |
| $475.89 | 200% | 18% | $430,979 | $-157,496 | $+588,475 |
| $500.00 | 215% | 17% | $491,254 | $-157,496 | $+648,750 |
| $634.52 | 300% | 13% | $827,554 | $178,804 | $+648,750 |
| $793.15 | 400% | 9% | $1,224,129 | $575,379 | $+648,750 |
CC payback: 11.2 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $8.50 bid ≈ $20,284/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($303); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$305C @ $0.02 | 15d (Jul '26) | 92% OTM
$100/mo
Normal (+5-15% above SS)
$320C @ $0.01 | 8d (Jul '26) | 102% OTM
$94/mo
Aggressive (+15%+ above SS)
$370C @ $0.01 | 8d (Jul '26) | 133% OTM
$94/mo
Best monthly: $100 | Annual ROI: 0.3% | Months to recover: N/A | Fill rate: 70%
AI TOP PICK (= Best Roll (for ROI))
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $115C / SP $300P / HP $240P
AI ALTERNATIVE (CREDIT)
LC $460C / SP $390P / HP $330P (ROLL)
Best E[P&L]/capital among meaningful credits. It collects CR $2,500 (1% of ML), ML increase +$72,500 (31%), recovery at $522 (3.3x stock). shown because AI Top Pick costs DR $179,250 — this is the best E[P&L]-per-$ candidate with a meaningful credit (>= 1% of ML), for traders who prefer not to add capital to the repair.
CostCR $2,500
ML Change+$72,500
Recovery$563.00 -> $522.00
Delta10.7
E[P&L]$-84,667
P(Recovery)13%
SP Assign Cushion0.73 (ELEVATED)
Margin+$30,887
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Jun 16 '28 $460C @ $26.80Sell 25x Jun 16 '28 $390P @ $240.00Buy 25x Jun 16 '28 $330P @ $191.65P&L Scenarios (Current BE: $563.00 | Repair BE: $522.00)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $79.31 | -50% | 74% | $-304,996 | $-232,496 | $-72,500 |
| $158.63 | 0% | 50% | $-304,996 | $-232,496 | $-72,500 |
| $317.26 | 100% | 26% | $-304,996 | $-189,346 | $-115,650 |
| $330.00 | 108% | 25% | $-304,996 | $-157,496 | $-147,500 |
| $390.00 | 146% | 20% | $-154,996 | $-157,496 | $+2,500 |
| $475.89 | 200% | 15% | $-115,271 | $-157,496 | $+42,225 |
| $500.00 | 215% | 14% | $-54,996 | $-157,496 | $+102,500 |
| $522.00 ◀ | 229% | 13% | $4 | $-102,496 | $+102,500 |
| $634.52 | 300% | 10% | $281,304 | $178,804 | $+102,500 |
| $793.15 | 400% | 7% | $677,879 | $575,379 | $+102,500 |
BUDGET FRONTIER — the menu of efficient trade-offs
Every row is undominated: no other candidate is at least as good on cost, max-loss change, break-even AND expected P&L per dollar at once. Whatever budget or priority you apply, the answer comes from this list. The grey notes price each step up the ladder. Sorted cheapest first.
| Structure | Expiry | Cost | ML Chg | Recovery | P(Rec) | E[P&L] | E/Cap | TIMS |
|---|
| LC $500 / SP $360 / HP $300 | Dec'27 | CR $39,750 | $35,250 | $547 (3.45x) | 9% | $-144,504 | -0.540 | - |
| LC $480 / SP $390 / HP $330 | Jun'28 | CR $6,125 | $68,875 | $541 (3.41x) | 13% | $-88,783 | -0.295 | - |
| ↑ +$33,625 cash buys -$7 break-even and +$55,721 E[P&L] |
| LC $240 / SP $360 / HP $300 | Dec'27 | DR $19,500 | $94,500 | $335 (2.11x) | 21% | $-79,953 | -0.244 | - |
| ↑ +$25,625 cash buys -$205 break-even and +$8,830 E[P&L] |
| LC $370 / SP $370 / HP $310 | Dec'28 | DR $41,750 | $116,750 | $450 (2.83x) | 19% | $39,159 | 0.112 | - |
| ↑ +$22,250 cash buys +$114 break-even and +$119,112 E[P&L] |
| LC $200 / SP $290 / HP $230 | Dec'27 | DR $73,875 | $148,875 | $293 (1.84x) | 25% | $-85,662 | -0.225 | - |
| ↑ +$32,125 cash buys -$157 break-even and -$124,821 E[P&L] |
| LC $160 / SP $270 / HP $210 | Dec'27 | DR $104,625 | $179,625 | $267 (1.69x) | 28% | $-67,125 | -0.163 | - |
| ↑ +$30,750 cash buys -$25 break-even and +$18,537 E[P&L] |
| LC $130 / SP $250 / HP $190 | Jan'28 | DR $133,000 | $208,000 | $248 (1.56x) | 32% | $-29,664 | -0.067 | - |
| ↑ +$28,375 cash buys -$19 break-even and +$37,461 E[P&L] |
| LC $300 / SP $195 / HP $190 | Jun'28 | DR $160,000 | $97,500 | $427 (2.69x) | 18% | $-53,439 | -0.162 | - |
| ↑ +$27,000 cash buys +$179 break-even and -$23,775 E[P&L] |
| LC $115 / SP $290 / HP $230 | Dec'28 | DR $185,250 | $260,250 | $271 (1.71x) | 33% | $151,111 | 0.307 | - |
| ↑ +$25,250 cash buys -$156 break-even and +$204,550 E[P&L] |
| LC $115 / SP $210 / HP $155 | Dec'28 | DR $206,250 | $268,750 | $260 (1.64x) | 34% | $153,813 | 0.307 | - |
| ↑ +$21,000 cash buys -$11 break-even and +$2,702 E[P&L] |
| LC $115 / SP $155 / HP $110 | Dec'28 | DR $231,500 | $269,000 | $271 (1.71x) | 33% | $154,044 | 0.307 | - |
| ↑ +$25,250 cash buys +$10 break-even and +$231 E[P&L] |
| LC $40 / SP $220 / HP $160 | Dec'27 | DR $282,250 | $357,250 | $218 (1.37x) | 36% | $-19,958 | -0.034 | - |
| ↑ +$50,750 cash buys -$53 break-even and -$174,002 E[P&L] |
| LC $25 / SP $330 / HP $300 | Dec'27 | DR $320,250 | $320,250 | $246 (1.55x) | 32% | $6,367 | 0.011 | - |
| ↑ +$38,000 cash buys +$28 break-even and +$26,325 E[P&L] |
| LC $5 / SP $135 / HP $80 | Dec'27 | DR $390,750 | $453,250 | $224 (1.41x) | 35% | $-2,452 | -0.004 | - |
| ↑ +$70,500 cash buys -$22 break-even and -$8,819 E[P&L] |
NOTES:
- EST = estimated prices (deep ITM, after hours). Verify during market hours.
- Safe Strike = Max(LC + ND, (LC + SP + ND) / 2). See Fortress formula.
- Execute as combo/spread orders in TWS for best fills.
- P&L scenarios assume hold to expiry.