CURRENT POSITION
| Leg | Strike | Expiry | DTE | Qty |
Mid | Intrinsic | Time Val | Delta | Unrealized |
|---|
| HP | $300.0P | Dec'27 | 527d | +25 | $157.875 | $142.060 | $15.815 | 0.621 | $188,951 |
| SP | $330.0P | Dec'27 | 527d | -25 | $184.225 | $172.060 | $12.165 | 0.671 | $-212,532 |
| LC | $500.0C | Dec'27 | 527d | +25 | $14.225 | $0.000 | $14.225 | 0.238 | $-164,619 |
RESTRUCTURE (LC_SP)
Put SpreadEXHAUSTED (100% of max loss)
LC VitalityMODERATE (delta 0.238)
SP DepthDEEP ITM (109%)
TimeSTRONG (527d remaining)
Safe Strike$563.00 (3.6x stock)
Repairs8 of 8 lens picks LOWER the safe strike (improve recovery)
AI vs HoldAI pick recovers to $0 at $308 (1.9x) · starts beating do-nothing above $215 (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 -> $527.25
Delta8.7
E[P&L]$-140,137
P(Recovery)9%
SP Assign Cushion0.84 (ELEVATED)
Margin+$9,588
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 |
|---|
| $78.97 | -50% | 77% | $-268,121 | $-232,496 | $-35,625 |
| $157.94 | 0% | 50% | $-268,121 | $-232,496 | $-35,625 |
| $315.88 | 100% | 23% | $-228,421 | $-192,796 | $-35,625 |
| $330.00 | 109% | 21% | $-193,121 | $-157,496 | $-35,625 |
| $360.00 | 128% | 19% | $-118,121 | $-157,496 | $+39,375 |
| $500.00 | 217% | 11% | $-68,121 | $-157,496 | $+89,375 |
| $527.25 ◀ | 234% | 9% | $4 | $-89,371 | $+89,375 |
| $631.76 | 300% | 7% | $261,279 | $171,904 | $+89,375 |
| $789.70 | 400% | 4% | $656,129 | $566,754 | $+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 -> $536.25
Delta8.3
E[P&L]$-142,369
P(Recovery)9%
SP Assign Cushion0.89 (ELEVATED)
Margin+$7,033
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 |
|---|
| $78.97 | -50% | 77% | $-265,621 | $-232,496 | $-33,125 |
| $157.94 | 0% | 50% | $-265,621 | $-232,496 | $-33,125 |
| $315.88 | 100% | 23% | $-225,921 | $-192,796 | $-33,125 |
| $330.00 | 109% | 21% | $-190,621 | $-157,496 | $-33,125 |
| $350.00 | 122% | 19% | $-140,621 | $-157,496 | $+16,875 |
| $500.00 | 217% | 11% | $-90,621 | $-157,496 | $+66,875 |
| $536.25 ◀ | 240% | 9% | $4 | $-66,871 | $+66,875 |
| $631.76 | 300% | 7% | $238,779 | $171,904 | $+66,875 |
| $789.70 | 400% | 4% | $633,629 | $566,754 | $+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 -> $362.85
Delta13.1
E[P&L]$-103,620
P(Recovery)18%
SP Assign Cushion0.84 (ELEVATED)
Margin+$37,221
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 |
|---|
| $78.97 | -50% | 77% | $-307,121 | $-232,496 | $-74,625 |
| $157.94 | 0% | 50% | $-307,121 | $-232,496 | $-74,625 |
| $315.88 | 100% | 23% | $-227,721 | $-192,796 | $-34,925 |
| $330.00 | 109% | 21% | $-157,121 | $-157,496 | $+375 |
| $360.00 | 128% | 19% | $-7,121 | $-157,496 | $+150,375 |
| $362.85 ◀ | 130% | 18% | $4 | $-157,496 | $+157,500 |
| $394.85 | 150% | 16% | $80,004 | $-157,496 | $+237,500 |
| $473.82 | 200% | 12% | $277,429 | $-157,496 | $+434,925 |
| $500.00 | 217% | 11% | $342,879 | $-157,496 | $+500,375 |
| $631.76 | 300% | 7% | $672,279 | $171,904 | $+500,375 |
| $789.70 | 400% | 4% | $1,067,129 | $566,754 | $+500,375 |
CC Income Overlay
Conservative (at SS)
$370C @ $0.01 | 8d (Jul '26) | 134% OTM
$94/mo
Normal (+5-15% above SS)
$410C @ $0.01 | 8d (Jul '26) | 160% OTM
$94/mo
Aggressive (+15%+ above SS)
$460C @ $0.01 | 8d (Jul '26) | 191% 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 $370P / HP $310P (ROLL)
Best E[P&L] per $ at risk on the farthest searched chain (Dec '28, 891d). Costs DR $173,875, ML change +107%. Recovery at $307.5 (1.9x stock). Buys 12.1 months of extra runway vs the current expiry. P(recovery by expiry) 29%.
CostDR $173,875
ML Change+$248,875
Recovery$563.00 -> $307.55
Delta22.9
E[P&L]$156,426
P(Recovery)29%
SP Assign Cushion0.79 (ELEVATED)
Margin+$93,614
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 $370P @ $227.30Buy 25x Dec 15 '28 $310P @ $181.00P&L Scenarios (Current BE: $563.00 | Repair BE: $307.55)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $78.97 | -50% | 72% | $-481,371 | $-232,496 | $-248,875 |
| $126.35 | -20% | 57% | $-452,996 | $-232,496 | $-220,500 |
| $157.94 | 0% | 50% | $-374,021 | $-232,496 | $-141,525 |
| $197.43 | 25% | 43% | $-275,296 | $-232,496 | $-42,800 |
| $236.91 | 50% | 37% | $-176,596 | $-232,496 | $+55,900 |
| $300.00 | 90% | 30% | $-18,871 | $-232,496 | $+213,625 |
| $307.55 ◀ | 95% | 29% | $4 | $-213,621 | $+213,625 |
| $308.77 | 95% | 29% | $3,054 | $-210,571 | $+213,625 |
| $310.00 | 96% | 29% | $6,129 | $-207,496 | $+213,625 |
| $315.88 | 100% | 28% | $35,529 | $-192,796 | $+228,325 |
| $330.00 | 109% | 27% | $106,129 | $-157,496 | $+263,625 |
| $370.00 | 134% | 24% | $306,129 | $-157,496 | $+463,625 |
| $394.85 | 150% | 23% | $368,254 | $-157,496 | $+525,750 |
| $473.82 | 200% | 18% | $565,679 | $-157,496 | $+723,175 |
| $500.00 | 217% | 17% | $631,129 | $-157,496 | $+788,625 |
| $631.76 | 300% | 13% | $960,529 | $171,904 | $+788,625 |
| $789.70 | 400% | 9% | $1,355,379 | $566,754 | $+788,625 |
CC payback: 9.4 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $7.75 bid ≈ $18,494/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($309); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$320C @ $0.01 | 8d (Jul '26) | 103% OTM
$94/mo
Normal (+5-15% above SS)
No strikes available
Aggressive (+15%+ above SS)
$370C @ $0.01 | 8d (Jul '26) | 134% OTM
$94/mo
Best monthly: $94 | Annual ROI: 0.2% | Months to recover: N/A | Fill rate: 70%
BEST ROLL (for ROI)
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $115C / SP $370P / HP $310P
REBUILD (FRESH ATM)
LC $150C / SP $140P / 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 $220,500, ML change +95%. Recovery at $301.2 (1.91x stock, the lowest philosophy of any lens). P(recovery by expiry) 30%.
CostDR $220,500
ML Change+$220,500
Recovery$563.00 -> $301.20
Delta20.7
E[P&L]$139,442
P(Recovery)30%
SP Assign Cushion4.05 (LOW)
Margin+$74,271
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 $140P @ $50.15Buy 25x Dec 15 '28 $110P @ $36.30P&L Scenarios (Current BE: $563.00 | Repair BE: $301.20)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $78.97 | -50% | 72% | $-452,996 | $-232,496 | $-220,500 |
| $126.35 | -20% | 57% | $-412,121 | $-232,496 | $-179,625 |
| $140.00 | -11% | 54% | $-377,996 | $-232,496 | $-145,500 |
| $157.94 | 0% | 50% | $-358,146 | $-232,496 | $-125,650 |
| $197.43 | 25% | 43% | $-259,421 | $-232,496 | $-26,925 |
| $236.91 | 50% | 37% | $-160,721 | $-232,496 | $+71,775 |
| $300.00 | 90% | 30% | $-2,996 | $-232,496 | $+229,500 |
| $301.20 ◀ | 91% | 30% | $4 | $-229,496 | $+229,500 |
| $315.88 | 100% | 28% | $36,704 | $-192,796 | $+229,500 |
| $330.00 | 109% | 27% | $72,004 | $-157,496 | $+229,500 |
| $394.85 | 150% | 23% | $234,129 | $-157,496 | $+391,625 |
| $473.82 | 200% | 18% | $431,554 | $-157,496 | $+589,050 |
| $500.00 | 217% | 17% | $497,004 | $-157,496 | $+654,500 |
| $631.76 | 300% | 13% | $826,404 | $171,904 | $+654,500 |
| $789.70 | 400% | 9% | $1,221,254 | $566,754 | $+654,500 |
CC payback: 11.9 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $7.75 bid ≈ $18,494/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($301); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$305C @ $0.02 | 15d (Jul '26) | 93% OTM
$100/mo
Normal (+5-15% above SS)
$320C @ $0.01 | 8d (Jul '26) | 103% OTM
$94/mo
Aggressive (+15%+ above SS)
$370C @ $0.01 | 8d (Jul '26) | 134% 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 $370P / HP $310P
AI ALTERNATIVE (CREDIT)
LC $480C / SP $380P / HP $320P (ROLL)
Best E[P&L]/capital among meaningful credits. It collects CR $3,500 (2% of ML), ML increase +$71,500 (31%), recovery at $542 (3.4x stock). shown because AI Top Pick costs DR $173,875 — this is the best E[P&L]-per-$ candidate with a meaningful credit (>= 1% of ML), for traders who prefer not to add capital to the repair.
CostCR $3,500
ML Change+$71,500
Recovery$563.00 -> $541.60
Delta10.4
E[P&L]$-91,052
P(Recovery)12%
SP Assign Cushion0.74 (ELEVATED)
Margin+$29,534
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Jun 16 '28 $480C @ $25.35Sell 25x Jun 16 '28 $380P @ $231.00Buy 25x Jun 16 '28 $320P @ $183.70P&L Scenarios (Current BE: $563.00 | Repair BE: $541.60)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $78.97 | -50% | 74% | $-303,996 | $-232,496 | $-71,500 |
| $157.94 | 0% | 50% | $-303,996 | $-232,496 | $-71,500 |
| $315.88 | 100% | 26% | $-303,996 | $-192,796 | $-111,200 |
| $320.00 | 103% | 25% | $-303,996 | $-182,496 | $-121,500 |
| $330.00 | 109% | 25% | $-278,996 | $-157,496 | $-121,500 |
| $380.00 | 141% | 21% | $-153,996 | $-157,496 | $+3,500 |
| $500.00 | 217% | 14% | $-103,996 | $-157,496 | $+53,500 |
| $541.60 ◀ | 243% | 12% | $4 | $-53,496 | $+53,500 |
| $631.76 | 300% | 10% | $225,404 | $171,904 | $+53,500 |
| $789.70 | 400% | 7% | $620,254 | $566,754 | $+53,500 |
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 (3.46x) | 9% | $-145,229 | -0.542 | - |
| LC $480 / SP $380 / HP $320 | Jun'28 | CR $3,500 | $71,500 | $542 (3.43x) | 12% | $-91,052 | -0.299 | $29,534 |
| ↑ +$36,250 cash buys -$6 break-even and +$54,177 E[P&L] |
| LC $380 / SP $380 / HP $320 | Jun'28 | DR $18,000 | $93,000 | $450 (2.85x) | 16% | $-68,640 | -0.211 | - |
| ↑ +$21,500 cash buys -$91 break-even and +$22,412 E[P&L] |
| LC $390 / SP $370 / HP $310 | Dec'28 | DR $40,875 | $115,875 | $469 (2.97x) | 19% | $34,176 | 0.098 | - |
| ↑ +$22,875 cash buys +$19 break-even and +$102,816 E[P&L] |
| LC $200 / SP $290 / HP $230 | Dec'27 | DR $73,875 | $148,875 | $293 (1.85x) | 25% | $-87,271 | -0.229 | - |
| ↑ +$33,000 cash buys -$177 break-even and -$121,447 E[P&L] |
| LC $210 / SP $370 / HP $310 | Dec'28 | DR $101,000 | $176,000 | $342 (2.16x) | 26% | $111,636 | 0.273 | - |
| ↑ +$27,125 cash buys +$49 break-even and +$198,907 E[P&L] |
| LC $140 / SP $250 / HP $190 | Jan'28 | DR $127,500 | $202,500 | $254 (1.61x) | 31% | $-40,263 | -0.093 | - |
| ↑ +$26,500 cash buys -$88 break-even and -$151,899 E[P&L] |
| LC $150 / SP $300 / HP $240 | Dec'28 | DR $150,250 | $225,250 | $287 (1.81x) | 31% | $141,086 | 0.308 | - |
| ↑ +$22,750 cash buys +$33 break-even and +$181,349 E[P&L] |
| LC $115 / SP $360 / HP $300 | Dec'28 | DR $177,375 | $252,375 | $304 (1.93x) | 30% | $154,177 | 0.318 | - |
| ↑ +$27,125 cash buys +$18 break-even and +$13,091 E[P&L] |
| LC $90 / SP $230 / HP $170 | Dec'27 | DR $197,000 | $272,000 | $232 (1.47x) | 34% | $-44,378 | -0.088 | - |
| ↑ +$19,625 cash buys -$73 break-even and -$198,555 E[P&L] |
| LC $115 / SP $195 / HP $155 | Dec'28 | DR $233,500 | $258,500 | $271 (1.72x) | 33% | $153,732 | 0.313 | - |
| ↑ +$36,500 cash buys +$40 break-even and +$198,110 E[P&L] |
| LC $115 / SP $145 / HP $125 | Dec'28 | DR $270,125 | $245,125 | $286 (1.81x) | 31% | $147,968 | 0.310 | - |
| ↑ +$36,625 cash buys +$15 break-even and -$5,764 E[P&L] |
| LC $10 / SP $360 / HP $300 | Dec'27 | DR $301,375 | $376,375 | $254 (1.61x) | 30% | $46 | 0.000 | - |
| ↑ +$31,250 cash buys -$33 break-even and -$147,922 E[P&L] |
| LC $45 / SP $135 / HP $130 | Dec'27 | DR $360,875 | $298,375 | $252 (1.60x) | 31% | $-31,155 | -0.059 | - |
| ↑ +$59,500 cash buys -$1 break-even and -$31,201 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.