CURRENT POSITION
| Leg | Strike | Expiry | DTE | Qty |
Mid | Intrinsic | Time Val | Delta | Unrealized |
|---|
| LC | $25.0C | Jun'27 | 304d | +250 | $0.710 | $0.000 | $0.710 | 0.228 | $-47,919 |
| SP | $15.0P | Jun'27 | 304d | -250 | $6.850 | $5.760 | $1.090 | 0.587 | $-40,237 |
| HP | $13.0P | Jun'27 | 304d | +250 | $5.250 | $3.760 | $1.490 | 0.512 | $30,621 |
RESTRUCTURE (LC_SP)
Put SpreadEXHAUSTED (100% of max loss)
LC VitalityMODERATE (delta 0.228)
SP DepthDEEP ITM (62%)
TimeMODERATE (304d remaining)
Safe Strike$26.41 (2.9x stock)
Repairs7 of 8 lens picks LOWER the safe strike (improve recovery)
AI vs HoldAI pick recovers to $0 at $20 (2.2x) · starts beating do-nothing above $19 (2.0x)
Current Max Loss: $85,285 | Current Recovery: $26.41 | 651 candidates evaluated
BEST FOR CREDIT
LC $22C / SP $17P / HP $13P (LC_SP)
Maximizes cash returned. You collect CR $29,500 (35% of current ML back). No new capital into the trade.
CostCR $29,500
ML Change+$20,500
Recovery$26.41 -> $22.23
Delta103.0
E[P&L]$-34,082
P(Recovery)13%
SP Assign Cushion2.04 (LOW)
Margin+$7,854
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Open:
Buy 250x Jun 17 '27 $22C @ $0.97Sell 250x Jun 17 '27 $17P @ $8.45P&L Scenarios (Current BE: $26.41 | Repair BE: $22.23)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 81% | $-105,785 | $-85,285 | $-20,500 |
| $9.24 | 0% | 50% | $-105,785 | $-85,285 | $-20,500 |
| $13.86 | 50% | 30% | $-84,285 | $-63,785 | $-20,500 |
| $15.00 | 62% | 27% | $-55,785 | $-35,285 | $-20,500 |
| $17.00 | 84% | 22% | $-5,785 | $-35,285 | $+29,500 |
| $22.23 ◀ | 141% | 13% | $-35 | $-35,285 | $+35,250 |
| $23.10 | 150% | 12% | $21,715 | $-35,285 | $+57,000 |
| $25.00 | 171% | 10% | $69,215 | $-35,285 | $+104,500 |
| $27.72 | 200% | 8% | $137,215 | $32,715 | $+104,500 |
| $36.96 | 300% | 4% | $368,215 | $263,715 | $+104,500 |
| $46.20 | 400% | 2% | $599,215 | $494,715 | $+104,500 |
CC Income Overlay
Conservative (at SS)
$23C @ $0.01 | 31d (Sep '26) | 149% OTM
$242/mo
Normal (+5-15% above SS)
$25C @ $0.01 | 31d (Sep '26) | 171% OTM
$242/mo
Aggressive (+15%+ above SS)
$26C @ $0.01 | 31d (Sep '26) | 181% OTM
$242/mo
Best monthly: $242 | Annual ROI: 2.7% | Months to recover: 624 | Fill rate: 70%
BEST FOR MARGIN
LC $22C / SP $20P / HP $17P (FULL)
Lowest ML increase among all credit candidates. ML change +$16,750 (20% increase vs current $85,285). Still collects CR $8,250.
CostCR $8,250
ML Change+$16,750
Recovery$26.41 -> $23.08
Delta87.2
E[P&L]$-43,239
P(Recovery)12%
SP Assign Cushion1.49 (MODERATE)
Margin+$765
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Sell 250x 13P @ $5.15Open:
Buy 250x Jun 17 '27 $22C @ $0.97Sell 250x Jun 17 '27 $20P @ $11.15Buy 250x Jun 17 '27 $17P @ $8.70P&L Scenarios (Current BE: $26.41 | Repair BE: $23.08)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 81% | $-102,035 | $-85,285 | $-16,750 |
| $9.24 | 0% | 50% | $-102,035 | $-85,285 | $-16,750 |
| $13.86 | 50% | 30% | $-102,035 | $-63,785 | $-38,250 |
| $15.00 | 62% | 27% | $-102,035 | $-35,285 | $-66,750 |
| $18.48 | 100% | 19% | $-65,035 | $-35,285 | $-29,750 |
| $20.00 | 116% | 16% | $-27,035 | $-35,285 | $+8,250 |
| $23.08 ◀ | 150% | 12% | $-35 | $-35,285 | $+35,250 |
| $23.10 ◀ | 150% | 12% | $465 | $-35,285 | $+35,750 |
| $25.00 | 171% | 10% | $47,965 | $-35,285 | $+83,250 |
| $27.72 | 200% | 8% | $115,965 | $32,715 | $+83,250 |
| $36.96 | 300% | 4% | $346,965 | $263,715 | $+83,250 |
| $46.20 | 400% | 2% | $577,965 | $494,715 | $+83,250 |
CC Income Overlay
Conservative (at SS)
No strikes available
Normal (+5-15% above SS)
$25C @ $0.01 | 31d (Sep '26) | 171% OTM
$242/mo
Aggressive (+15%+ above SS)
$27C @ $0.01 | 31d (Sep '26) | 192% OTM
$242/mo
Best monthly: $242 | Annual ROI: 2.8% | Months to recover: 602 | Fill rate: 70%
BEST FOR RECOVERY
LC $15C / SP $17P / HP $13P (LC_SP)
Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $16.4 (1.8x stock), collects CR $13,750, ML change +$36,250.
CostCR $13,750
ML Change+$36,250
Recovery$26.41 -> $16.43
Delta143.7
E[P&L]$-15,891
P(Recovery)23%
SP Assign Cushion2.04 (LOW)
Margin+$21,660
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Open:
Buy 250x Jun 17 '27 $15C @ $1.60Sell 250x Jun 17 '27 $17P @ $8.45P&L Scenarios (Current BE: $26.41 | Repair BE: $16.43)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 81% | $-121,535 | $-85,285 | $-36,250 |
| $9.24 | 0% | 50% | $-121,535 | $-85,285 | $-36,250 |
| $13.86 | 50% | 30% | $-100,035 | $-63,785 | $-36,250 |
| $15.00 | 62% | 27% | $-71,535 | $-35,285 | $-36,250 |
| $16.43 ◀ | 78% | 23% | $-35 | $-35,285 | $+35,250 |
| $17.00 | 84% | 22% | $28,465 | $-35,285 | $+63,750 |
| $18.48 | 100% | 19% | $65,465 | $-35,285 | $+100,750 |
| $23.10 | 150% | 12% | $180,965 | $-35,285 | $+216,250 |
| $25.00 | 171% | 10% | $228,465 | $-35,285 | $+263,750 |
| $27.72 | 200% | 8% | $296,465 | $32,715 | $+263,750 |
| $36.96 | 300% | 4% | $527,465 | $263,715 | $+263,750 |
| $46.20 | 400% | 2% | $758,465 | $494,715 | $+263,750 |
CC Income Overlay
Conservative (at SS)
$17C @ $0.03 | 31d (Sep '26) | 84% OTM
$726/mo
Normal (+5-15% above SS)
$18C @ $0.02 | 31d (Sep '26) | 95% OTM
$484/mo
Aggressive (+15%+ above SS)
$19C @ $0.02 | 31d (Sep '26) | 106% OTM
$484/mo
Best monthly: $726 | Annual ROI: 7.2% | Months to recover: 239 | Fill rate: 70%
FARTHEST ROLL (MAX RUNWAY)
LC $15C / SP $12P / HP $10P (ROLL)
Best E[P&L] per $ at risk on the farthest searched chain (Dec '28, 851d). Costs DR $95,000, ML change +111%. Recovery at $20.2 (2.2x stock). Buys 18.2 months of extra runway vs the current expiry. P(recovery by expiry) 28%.
CostDR $95,000
ML Change+$95,000
Recovery$26.41 -> $20.21
Delta175.2
E[P&L]$185,782
P(Recovery)28%
SP Assign Cushion3.18 (LOW)
Margin+$42,939
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Sell 250x 13P @ $5.15Open:
Buy 250x Dec 15 '28 $15C @ $3.80Sell 250x Dec 15 '28 $12P @ $5.85Buy 250x Dec 15 '28 $10P @ $4.70P&L Scenarios (Current BE: $26.41 | Repair BE: $20.21)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 70% | $-180,285 | $-85,285 | $-95,000 |
| $9.24 | 0% | 50% | $-180,285 | $-85,285 | $-95,000 |
| $11.55 | 25% | 43% | $-141,535 | $-85,285 | $-56,250 |
| $12.00 | 30% | 42% | $-130,285 | $-85,285 | $-45,000 |
| $13.86 | 50% | 38% | $-130,285 | $-63,785 | $-66,500 |
| $15.00 | 62% | 36% | $-130,285 | $-35,285 | $-95,000 |
| $18.48 | 100% | 30% | $-43,285 | $-35,285 | $-8,000 |
| $20.21 ◀ | 119% | 28% | $-35 | $-35,285 | $+35,250 |
| $23.10 | 150% | 25% | $72,215 | $-35,285 | $+107,500 |
| $25.00 | 171% | 23% | $119,715 | $-35,285 | $+155,000 |
| $27.72 | 200% | 21% | $187,715 | $32,715 | $+155,000 |
| $36.96 | 300% | 15% | $418,715 | $263,715 | $+155,000 |
| $46.20 | 400% | 12% | $649,715 | $494,715 | $+155,000 |
CC payback: 9.2 months of covered calls repays this debit (writing $10C Sep 11 24d @ $0.47 bid ≈ $10,281/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($20); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$21C @ $0.01 | 31d (Sep '26) | 127% OTM
$242/mo
Normal (+5-15% above SS)
$23C @ $0.01 | 31d (Sep '26) | 149% OTM
$242/mo
Aggressive (+15%+ above SS)
$25C @ $0.01 | 31d (Sep '26) | 171% OTM
$242/mo
Best monthly: $242 | Annual ROI: 1.6% | Months to recover: N/A | Fill rate: 70%
BEST ROLL (for ROI)
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $15C / SP $12P / HP $10P
REBUILD (FRESH ATM)
LC $10C / SP $10P / HP $8P (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 $125,000, ML change +147%. Recovery at $16.4 (1.78x stock, the lowest philosophy of any lens). P(recovery by expiry) 34%.
CostDR $125,000
ML Change+$125,000
Recovery$26.41 -> $16.41
Delta203.1
E[P&L]$210,449
P(Recovery)34%
SP Assign Cushion4.29 (LOW)
Margin+$49,208
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Sell 250x 13P @ $5.15Open:
Buy 250x Dec 15 '28 $10C @ $4.85Sell 250x Dec 15 '28 $10P @ $4.35Buy 250x Dec 15 '28 $8P @ $3.35P&L Scenarios (Current BE: $26.41 | Repair BE: $16.41)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 70% | $-210,285 | $-85,285 | $-125,000 |
| $9.24 | 0% | 50% | $-179,285 | $-85,285 | $-94,000 |
| $10.00 | 8% | 48% | $-160,285 | $-85,285 | $-75,000 |
| $11.55 | 25% | 43% | $-121,535 | $-85,285 | $-36,250 |
| $13.00 | 41% | 40% | $-85,285 | $-85,285 | $+0 |
| $13.86 | 50% | 38% | $-63,785 | $-63,785 | $+0 |
| $15.00 | 62% | 36% | $-35,285 | $-35,285 | $+0 |
| $16.41 ◀ | 78% | 34% | $-35 | $-35,285 | $+35,250 |
| $18.48 | 100% | 30% | $51,715 | $-35,285 | $+87,000 |
| $23.10 | 150% | 25% | $167,215 | $-35,285 | $+202,500 |
| $25.00 | 171% | 23% | $214,715 | $-35,285 | $+250,000 |
| $27.72 | 200% | 21% | $282,715 | $32,715 | $+250,000 |
| $36.96 | 300% | 15% | $513,715 | $263,715 | $+250,000 |
| $46.20 | 400% | 12% | $744,715 | $494,715 | $+250,000 |
CC payback: 12.2 months of covered calls repays this debit (writing $10C Sep 11 24d @ $0.47 bid ≈ $10,281/mo at 70% fill). Caution: that write strike is below this candidate's safe strike ($16); assignment there caps the recovery.
CC Income Overlay
Conservative (at SS)
$17C @ $0.03 | 31d (Sep '26) | 84% OTM
$726/mo
Normal (+5-15% above SS)
$18C @ $0.02 | 31d (Sep '26) | 95% OTM
$484/mo
Aggressive (+15%+ above SS)
$19C @ $0.02 | 31d (Sep '26) | 106% OTM
$484/mo
Best monthly: $726 | Annual ROI: 4.1% | Months to recover: 414 | Fill rate: 70%
AI TOP PICK (= Best Roll (for ROI))
Same trade as FARTHEST ROLL (MAX RUNWAY) above: LC $15C / SP $12P / HP $10P
AI ALTERNATIVE (CREDIT)
LC $27C / SP $17P / HP $13P (ROLL)
Best E[P&L]/capital among meaningful credits. It collects CR $11,500 (13% of ML), ML increase +$38,500 (45%), recovery at $28 (3.0x stock). shown because AI Top Pick costs DR $95,000 — this is the best E[P&L]-per-$ candidate with a meaningful credit (>= 1% of ML), for traders who prefer not to add capital to the repair.
CostCR $11,500
ML Change+$38,500
Recovery$26.41 -> $27.95
Delta111.9
E[P&L]$3,496
P(Recovery)14%
SP Assign Cushion1.87 (MODERATE)
Margin+$16,669
Close:
Sell 250x 25C @ $0.65Buy 250x 15P @ $6.95Sell 250x 13P @ $5.15Open:
Buy 250x Jan 21 '28 $27C @ $1.34Sell 250x Jan 21 '28 $17P @ $9.05Buy 250x Jan 21 '28 $13P @ $6.10P&L Scenarios (Current BE: $26.41 | Repair BE: $27.95)
| Stock | Change | P(≥) | P&L | Do Nothing | Diff |
|---|
| $4.62 | -50% | 75% | $-123,785 | $-85,285 | $-38,500 |
| $9.24 | 0% | 50% | $-123,785 | $-85,285 | $-38,500 |
| $13.86 | 50% | 35% | $-102,285 | $-63,785 | $-38,500 |
| $15.00 | 62% | 32% | $-73,785 | $-35,285 | $-38,500 |
| $17.00 | 84% | 28% | $-23,785 | $-35,285 | $+11,500 |
| $27.00 | 192% | 15% | $-23,785 | $14,715 | $-38,500 |
| $27.72 | 200% | 14% | $-5,785 | $32,715 | $-38,500 |
| $27.95 ◀ | 202% | 14% | $-35 | $38,465 | $-38,500 |
| $36.96 | 300% | 9% | $225,215 | $263,715 | $-38,500 |
| $46.20 | 400% | 6% | $456,215 | $494,715 | $-38,500 |
CC Income Overlay
Conservative (at SS)
No strikes available
Normal (+5-15% above SS)
$30C @ $0.01 | 31d (Sep '26) | 225% OTM
$242/mo
Aggressive (+15%+ above SS)
$40C @ $0.01 | 31d (Sep '26) | 333% OTM
$242/mo
Best monthly: $242 | Annual ROI: 2.3% | Months to recover: 731 | Fill rate: 70%
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 $25 / SP $17 / HP $13 | Jun'27 | CR $34,500 | $15,500 | $25 (2.71x) | 10% | $-38,007 | -0.377 | - |
| LC $25 / SP $20 / HP $17 | Jun'27 | CR $13,250 | $11,750 | $26 (2.80x) | 10% | $-47,164 | -0.486 | - |
| ↑ +$21,250 cash buys +$1 break-even and -$9,157 E[P&L] |
| LC $13 / SP $17 / HP $13 | Jun'27 | CR $3,250 | $46,750 | $16 (1.69x) | 25% | $-11,383 | -0.086 | - |
| ↑ +$10,000 cash buys -$10 break-even and +$35,781 E[P&L] |
| LC $17 / SP $17 / HP $13 | Jan'28 | DR $11,250 | $61,250 | $19 (2.04x) | 25% | $32,026 | 0.219 | - |
| ↑ +$14,500 cash buys +$3 break-even and +$43,409 E[P&L] |
| LC $17 / SP $17 / HP $15 | Jun'27 | DR $25,000 | $25,000 | $19 (2.10x) | 17% | $-31,835 | -0.289 | - |
| ↑ +$13,750 cash buys +$1 break-even and -$63,861 E[P&L] |
| LC $25 / SP $12 / HP $8 | Dec'28 | DR $31,750 | $81,750 | $28 (3.00x) | 21% | $152,660 | 0.914 | - |
| ↑ +$6,750 cash buys +$8 break-even and +$184,495 E[P&L] |
| LC $10 / SP $17 / HP $13 | Jan'28 | DR $50,000 | $100,000 | $15 (1.65x) | 32% | $56,717 | 0.306 | - |
| ↑ +$18,250 cash buys -$12 break-even and -$95,943 E[P&L] |
| LC $20 / SP $15 / HP $12 | Dec'28 | DR $56,250 | $81,250 | $24 (2.56x) | 24% | $166,453 | 1.000 | - |
| ↑ +$6,250 cash buys +$8 break-even and +$109,736 E[P&L] |
| LC $22 / SP $17 / HP $15 | Dec'28 | DR $70,000 | $70,000 | $26 (2.84x) | 22% | $152,000 | 0.979 | - |
| ↑ +$13,750 cash buys +$3 break-even and -$14,453 E[P&L] |
| LC $17 / SP $17 / HP $15 | Dec'28 | DR $85,000 | $85,000 | $22 (2.36x) | 26% | $173,336 | 1.018 | - |
| ↑ +$15,000 cash buys -$4 break-even and +$21,336 E[P&L] |
| LC $8 / SP $12 / HP $8 | Dec'28 | DR $101,250 | $151,250 | $13 (1.46x) | 39% | $232,065 | 0.981 | - |
| ↑ +$16,250 cash buys -$8 break-even and +$58,729 E[P&L] |
| LC $10 / SP $17 / HP $15 | Dec'28 | DR $118,750 | $118,750 | $17 (1.79x) | 33% | $208,402 | 1.021 | - |
| ↑ +$17,500 cash buys +$3 break-even and -$23,663 E[P&L] |
| LC $8 / SP $12 / HP $10 | Dec'28 | DR $135,000 | $135,000 | $15 (1.60x) | 36% | $222,896 | 1.012 | - |
| ↑ +$16,250 cash buys -$2 break-even and +$14,494 E[P&L] |
| LC $3 / SP $10 / HP $8 | Jun'27 | DR $175,250 | $175,250 | $11 (1.24x) | 39% | $7,042 | 0.027 | - |
| ↑ +$40,250 cash buys -$3 break-even and -$215,854 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.