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 | 0.237 | $-163,801 |
| SP | $330.0P | Dec'27 | 527d | -25 | $184.225 | $172.210 | $12.015 | 0.672 | $-210,225 |
| HP | $300.0P | Dec'27 | 527d | +25 | $157.875 | $142.210 | $15.665 | 0.622 | $186,218 |
RESTRUCTURE (LC_SP)
Put SpreadEXHAUSTED (100% of max loss)
LC VitalityMODERATE (delta 0.237)
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 $283 (1.8x) · starts beating do-nothing above $234 (1.5x)
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 -> $527.25
Delta8.6
E[P&L]$-140,783
P(Recovery)9%
SP Assign Cushion0.83 (ELEVATED)
Margin+$9,598
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 |
|---|
| $78.89 | -50% | 77% | $-268,121 | $-232,496 | $-35,625 |
| $157.79 | 0% | 50% | $-268,121 | $-232,496 | $-35,625 |
| $315.58 | 100% | 23% | $-229,171 | $-193,546 | $-35,625 |
| $330.00 | 109% | 21% | $-193,121 | $-157,496 | $-35,625 |
| $360.00 | 128% | 18% | $-118,121 | $-157,496 | $+39,375 |
| $500.00 | 217% | 10% | $-68,121 | $-157,496 | $+89,375 |
| $527.25 ◀ | 234% | 9% | $4 | $-89,371 | $+89,375 |
| $631.16 | 300% | 7% | $259,779 | $170,404 | $+89,375 |
| $788.95 | 400% | 4% | $654,254 | $564,879 | $+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 -> $536.25
Delta8.3
E[P&L]$-143,002
P(Recovery)9%
SP Assign Cushion0.88 (ELEVATED)
Margin+$7,037
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 |
|---|
| $78.89 | -50% | 77% | $-265,621 | $-232,496 | $-33,125 |
| $157.79 | 0% | 50% | $-265,621 | $-232,496 | $-33,125 |
| $315.58 | 100% | 23% | $-226,671 | $-193,546 | $-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% | 10% | $-90,621 | $-157,496 | $+66,875 |
| $536.25 ◀ | 240% | 9% | $4 | $-66,871 | $+66,875 |
| $631.16 | 300% | 7% | $237,279 | $170,404 | $+66,875 |
| $788.95 | 400% | 4% | $631,754 | $564,879 | $+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 -> $362.85
Delta13.1
E[P&L]$-104,467
P(Recovery)18%
SP Assign Cushion0.83 (ELEVATED)
Margin+$37,321
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 |
|---|
| $78.89 | -50% | 77% | $-307,121 | $-232,496 | $-74,625 |
| $157.79 | 0% | 50% | $-307,121 | $-232,496 | $-74,625 |
| $315.58 | 100% | 23% | $-229,221 | $-193,546 | $-35,675 |
| $330.00 | 109% | 21% | $-157,121 | $-157,496 | $+375 |
| $360.00 | 128% | 18% | $-7,121 | $-157,496 | $+150,375 |
| $362.85 ◀ | 130% | 18% | $4 | $-157,496 | $+157,500 |
| $394.47 | 150% | 16% | $79,054 | $-157,496 | $+236,550 |
| $473.37 | 200% | 12% | $276,304 | $-157,496 | $+433,800 |
| $500.00 | 217% | 10% | $342,879 | $-157,496 | $+500,375 |
| $631.16 | 300% | 7% | $670,779 | $170,404 | $+500,375 |
| $788.95 | 400% | 4% | $1,065,254 | $564,879 | $+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) | 192% OTM
$94/mo
Best monthly: $94 | Annual ROI: 0.4% | Months to recover: N/A | Fill rate: 70%
FARTHEST ROLL (MAX RUNWAY)
LC $145C / SP $300P / HP $240P (ROLL)
Best E[P&L] per $ at risk on the farthest searched chain (Dec '28, 891d). Costs DR $146,250, ML change +95%. Recovery at $283.2 (1.8x stock). Buys 12.1 months of extra runway vs the current expiry. P(recovery by expiry) 32%.
CostDR $146,250
ML Change+$221,250
Recovery$563.00 -> $283.25
Delta21.8
E[P&L]$148,273
P(Recovery)32%
SP Assign Cushion1.20 (MODERATE)
Margin+$91,356
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Dec 15 '28 $145C @ $82.40Sell 25x Dec 15 '28 $300P @ $167.00Buy 25x Dec 15 '28 $240P @ $122.55P&L Scenarios (Current BE: $563.00 | Repair BE: $283.25)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $78.89 | -50% | 72% | $-453,746 | $-232,496 | $-221,250 |
| $157.79 | 0% | 50% | $-421,771 | $-232,496 | $-189,275 |
| $197.24 | 25% | 43% | $-323,146 | $-232,496 | $-90,650 |
| $236.69 | 50% | 37% | $-224,521 | $-232,496 | $+7,975 |
| $240.00 | 52% | 37% | $-216,246 | $-232,496 | $+16,250 |
| $283.25 ◀ | 80% | 32% | $4 | $-232,496 | $+232,500 |
| $300.00 | 90% | 30% | $83,754 | $-232,496 | $+316,250 |
| $315.58 | 100% | 28% | $122,704 | $-193,546 | $+316,250 |
| $330.00 | 109% | 27% | $158,754 | $-157,496 | $+316,250 |
| $394.47 | 150% | 23% | $319,929 | $-157,496 | $+477,425 |
| $473.37 | 200% | 18% | $517,179 | $-157,496 | $+674,675 |
| $500.00 | 217% | 17% | $583,754 | $-157,496 | $+741,250 |
| $631.16 | 300% | 13% | $911,654 | $170,404 | $+741,250 |
| $788.95 | 400% | 9% | $1,306,129 | $564,879 | $+741,250 |
CC payback: 7.5 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $8.15 bid ≈ $19,449/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($283); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$285C @ $0.15 | 36d (Aug '26) | 81% OTM
$312/mo
Normal (+5-15% above SS)
$300C @ $0.15 | 36d (Aug '26) | 90% OTM
$312/mo
Aggressive (+15%+ above SS)
$370C @ $0.01 | 8d (Jul '26) | 134% 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 $145C / SP $300P / HP $240P
REBUILD (FRESH ATM)
LC $145C / 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 $228,375, ML change +93%. Recovery at $299.3 (1.90x stock, the lowest philosophy of any lens). P(recovery by expiry) 30%.
CostDR $228,375
ML Change+$215,875
Recovery$563.00 -> $299.35
Delta20.7
E[P&L]$140,530
P(Recovery)30%
SP Assign Cushion4.01 (LOW)
Margin+$74,554
Close:
Sell 25x 500C @ $11.90Buy 25x 330P @ $187.45Sell 25x 300P @ $155.00Open:
Buy 25x Dec 15 '28 $145C @ $82.40Sell 25x Dec 15 '28 $135P @ $47.90Buy 25x Dec 15 '28 $110P @ $36.30P&L Scenarios (Current BE: $563.00 | Repair BE: $299.35)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $78.89 | -50% | 72% | $-448,371 | $-232,496 | $-215,875 |
| $126.23 | -20% | 57% | $-407,796 | $-232,496 | $-175,300 |
| $135.00 | -14% | 55% | $-385,871 | $-232,496 | $-153,375 |
| $157.79 | 0% | 50% | $-353,896 | $-232,496 | $-121,400 |
| $197.24 | 25% | 43% | $-255,271 | $-232,496 | $-22,775 |
| $236.69 | 50% | 37% | $-156,646 | $-232,496 | $+75,850 |
| $299.35 ◀ | 90% | 30% | $4 | $-232,496 | $+232,500 |
| $300.00 | 90% | 30% | $1,629 | $-232,496 | $+234,125 |
| $315.58 | 100% | 28% | $40,579 | $-193,546 | $+234,125 |
| $330.00 | 109% | 27% | $76,629 | $-157,496 | $+234,125 |
| $394.47 | 150% | 23% | $237,804 | $-157,496 | $+395,300 |
| $473.37 | 200% | 18% | $435,054 | $-157,496 | $+592,550 |
| $500.00 | 217% | 17% | $501,629 | $-157,496 | $+659,125 |
| $631.16 | 300% | 13% | $829,529 | $170,404 | $+659,125 |
| $788.95 | 400% | 9% | $1,224,004 | $564,879 | $+659,125 |
CC payback: 11.7 months of covered calls repays this debit (writing $167.5C Jul 31 22d @ $8.15 bid ≈ $19,449/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($299); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$300C @ $0.15 | 36d (Aug '26) | 90% OTM
$312/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: $312 | Annual ROI: 0.8% | Months to recover: N/A | Fill rate: 70%
AI TOP PICK (= Best Roll (for ROI))
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $145C / SP $300P / HP $240P
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 $146,250 — this is the best E[P&L]-per-$ candidate with a meaningful credit (>= 1% of ML), for traders who prefer not to add capital to the repair.
CostCR $3,500
ML Change+$71,500
Recovery$563.00 -> $541.60
Delta10.4
E[P&L]$-92,088
P(Recovery)12%
SP Assign Cushion0.74 (ELEVATED)
Margin+$29,584
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 |
|---|
| $78.89 | -50% | 74% | $-303,996 | $-232,496 | $-71,500 |
| $157.79 | 0% | 50% | $-303,996 | $-232,496 | $-71,500 |
| $315.58 | 100% | 26% | $-303,996 | $-193,546 | $-110,450 |
| $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 |
| $631.16 | 300% | 10% | $223,904 | $170,404 | $+53,500 |
| $788.95 | 400% | 7% | $618,379 | $564,879 | $+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 (3.47x) | 9% | $-145,846 | -0.545 | - |
| LC $310 / SP $360 / HP $300 | Dec'27 | CR $7,250 | $67,750 | $370 (2.35x) | 18% | $-103,508 | -0.345 | - |
| ↑ +$32,500 cash buys -$177 break-even and +$42,338 E[P&L] |
| LC $450 / SP $330 / HP $300 | Dec'27 | DR $15,250 | $15,250 | $519 (3.29x) | 10% | $-126,223 | -0.509 | - |
| ↑ +$22,500 cash buys +$149 break-even and -$22,715 E[P&L] |
| LC $240 / SP $320 / HP $260 | Dec'27 | DR $37,625 | $112,625 | $319 (2.02x) | 22% | $-93,925 | -0.272 | - |
| ↑ +$22,375 cash buys -$200 break-even and +$32,298 E[P&L] |
| LC $200 / SP $300 / HP $240 | Dec'27 | DR $68,750 | $143,750 | $295 (1.87x) | 25% | $-85,237 | -0.227 | - |
| ↑ +$31,125 cash buys -$24 break-even and +$8,688 E[P&L] |
| LC $160 / SP $270 / HP $210 | Dec'27 | DR $104,625 | $179,625 | $267 (1.69x) | 28% | $-69,958 | -0.170 | - |
| ↑ +$35,875 cash buys -$28 break-even and +$15,279 E[P&L] |
| LC $430 / SP $150 / HP $145 | Jun'28 | DR $130,000 | $67,500 | $545 (3.45x) | 12% | $-95,686 | -0.319 | - |
| ↑ +$25,375 cash buys +$278 break-even and -$25,728 E[P&L] |
| LC $400 / SP $195 / HP $190 | Dec'28 | DR $155,000 | $92,500 | $525 (3.33x) | 16% | $14,659 | 0.045 | - |
| ↑ +$25,000 cash buys -$20 break-even and +$110,345 E[P&L] |
| LC $100 / SP $240 / HP $180 | Dec'27 | DR $178,500 | $253,500 | $237 (1.50x) | 33% | $-47,748 | -0.098 | - |
| ↑ +$23,500 cash buys -$288 break-even and -$62,407 E[P&L] |
| LC $170 / SP $85 / HP $80 | Dec'27 | DR $200,000 | $137,500 | $313 (1.98x) | 23% | $-79,196 | -0.214 | - |
| ↑ +$21,500 cash buys +$76 break-even and -$31,448 E[P&L] |
| LC $115 / SP $155 / HP $110 | Dec'28 | DR $231,500 | $269,000 | $271 (1.71x) | 33% | $156,099 | 0.311 | - |
| ↑ +$31,500 cash buys -$42 break-even and +$235,295 E[P&L] |
| LC $35 / SP $220 / HP $160 | Dec'27 | DR $292,250 | $367,250 | $217 (1.38x) | 36% | $-21,633 | -0.036 | - |
| ↑ +$60,750 cash buys -$53 break-even and -$177,732 E[P&L] |
| LC $25 / SP $330 / HP $300 | Dec'27 | DR $320,250 | $320,250 | $246 (1.56x) | 31% | $3,141 | 0.006 | - |
| ↑ +$28,000 cash buys +$29 break-even and +$24,774 E[P&L] |
| LC $40 / SP $135 / HP $130 | Dec'27 | DR $370,875 | $308,375 | $251 (1.59x) | 31% | $-30,624 | -0.057 | - |
| ↑ +$50,625 cash buys +$5 break-even and -$33,765 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.