Restructure: MARA

CURRENT POSITION

Leg	Strike	Expiry	DTE	Qty	Mid	Intrinsic	Time Val	Delta	Unrealized
LC	$11.0C	Sep'26	135d	+200	$2.975	$0.910	$2.065	0.671	$29,705
HP	$14.0P	Sep'26	135d	+200	$3.675	$2.090	$1.585	0.515	$-48,989
SP	$25.0P	Sep'26	135d	-200	$13.250	$13.090	$0.160	0.858	$66,368

HOLD — OPTIMIZED (FULL)

Put SpreadEXHAUSTED (100% of max loss)

LC VitalityALIVE (delta 0.671)

SP DepthDEEP ITM (110%)

TimeLIMITED (135d remaining)

Safe Strike$13.47 (1.1x stock)

StructureOPTIMIZED (SS $13, all repairs increase SS)

CrossoverAI break-even $23 (1.9x) | less-bad than DN above $26 (2.1x)

Current Max Loss: $401,345 | Current Recovery: $22.53 | 3,456 candidates evaluated

BEST FOR CREDIT

LC $20C / SP $27P / HP $5P (ROLL)

Maximizes cash returned. You collect CR $77,600 (19% of current ML back). No new capital into the trade.

CostCR $77,600

ML Change+$142,400

Recovery$22.53 -> $26.09

Delta215.6

Margin+$28,071

Close:

Sell 200x 11C @ $2.80Buy 200x 25P @ $13.60Sell 200x 14P @ $3.60

Open:

Buy 200x Dec 17 '27 $20C @ $3.30Sell 200x Dec 17 '27 $27P @ $15.50Buy 200x Dec 17 '27 $5P @ $1.12

P&L Scenarios (Current BE: $22.53 | Repair BE: $26.09)

Stock	Change	P&L	Do Nothing	Diff
$0.12	-99%	$-543,745	$-401,345	$-142,400
$2.98	-75%	$-543,745	$-401,345	$-142,400
$5.00	-58%	$-530,730	$-401,345	$-129,385
$5.96	-50%	$-524,545	$-401,345	$-123,200
$9.53	-20%	$-453,145	$-401,345	$-51,800
$11.00	-8%	$-423,745	$-401,345	$-22,400
$11.91	0%	$-405,545	$-383,145	$-22,400
$14.00	18%	$-363,745	$-341,345	$-22,400
$14.89	25%	$-345,945	$-305,745	$-40,200
$17.87	50%	$-286,345	$-186,545	$-99,800
$20.00	68%	$-243,745	$-101,345	$-142,400
$23.82	100%	$-90,945	$51,455	$-142,400
$25.00	110%	$-43,745	$98,655	$-142,400
$26.09 ◀	119%	$-145	$120,455	$-120,600
$27.00	127%	$36,255	$138,655	$-102,400
$29.77	150%	$91,655	$194,055	$-102,400
$35.73	200%	$210,855	$313,255	$-102,400
$47.64	300%	$449,055	$551,455	$-102,400
$59.55	400%	$687,255	$789,655	$-102,400

BEST FOR MARGIN

LC $10C / SP $27P / HP $14P (LC_SP)

Lowest ML increase among all credit candidates. ML change +$34,000 (8% increase vs current $401,345). Still collects CR $6,000.

CostCR $6,000

ML Change+$34,000

Recovery$22.53 -> $22.88

Delta220.7

Margin+$7,459

Close:

Sell 200x 11C @ $2.80Buy 200x 25P @ $13.60

Open:

Buy 200x Sep 18 '26 $10C @ $3.65Sell 200x Sep 18 '26 $27P @ $14.75

P&L Scenarios (Current BE: $22.53 | Repair BE: $22.88)

Stock	Change	P&L	Do Nothing	Diff
$0.12	-99%	$-435,345	$-401,345	$-34,000
$2.98	-75%	$-435,345	$-401,345	$-34,000
$5.96	-50%	$-435,345	$-401,345	$-34,000
$9.53	-20%	$-435,345	$-401,345	$-34,000
$10.00	-16%	$-435,345	$-401,345	$-34,000
$11.00	-8%	$-415,345	$-401,345	$-14,000
$11.91	0%	$-397,145	$-383,145	$-14,000
$14.00	18%	$-355,345	$-341,345	$-14,000
$14.89	25%	$-319,745	$-305,745	$-14,000
$17.87	50%	$-200,545	$-186,545	$-14,000
$22.88 ◀	92%	$-145	$13,855	$-14,000
$23.82	100%	$37,455	$51,455	$-14,000
$25.00	110%	$84,655	$98,655	$-14,000
$27.00	127%	$164,655	$138,655	$+26,000
$29.77	150%	$220,055	$194,055	$+26,000
$35.73	200%	$339,255	$313,255	$+26,000
$47.64	300%	$577,455	$551,455	$+26,000
$59.55	400%	$815,655	$789,655	$+26,000

BEST FOR RECOVERY

LC $8C / SP $25P / HP $4P (FULL)

Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $20.7 (1.7x stock), collects CR $11,400, ML change +$188,600.

CostCR $11,400

ML Change+$188,600

Recovery$22.53 -> $20.75

Delta335.4

Margin-$11,079

Close:

Sell 200x 11C @ $2.80Buy 200x 25P @ $13.60Sell 200x 14P @ $3.60

Open:

Buy 200x Sep 18 '26 $8C @ $5.00Sell 200x Sep 18 '26 $25P @ $12.90Buy 200x Sep 18 '26 $4P @ $0.13

P&L Scenarios (Current BE: $22.53 | Repair BE: $20.75)

Stock	Change	P&L	Do Nothing	Diff
$0.12	-99%	$-589,945	$-401,345	$-188,600
$2.98	-75%	$-589,945	$-401,345	$-188,600
$4.00	-66%	$-576,527	$-401,345	$-175,183
$5.96	-50%	$-550,745	$-401,345	$-149,400
$8.00	-33%	$-509,945	$-401,345	$-108,600
$9.53	-20%	$-448,745	$-401,345	$-47,400
$11.00	-8%	$-389,945	$-401,345	$+11,400
$11.91	0%	$-353,545	$-383,145	$+29,600
$14.00	18%	$-269,945	$-341,345	$+71,400
$14.89	25%	$-234,345	$-305,745	$+71,400
$17.87	50%	$-115,145	$-186,545	$+71,400
$20.75 ◀	74%	$55	$-71,345	$+71,400
$23.82	100%	$122,855	$51,455	$+71,400
$25.00	110%	$170,055	$98,655	$+71,400
$29.77	150%	$265,455	$194,055	$+71,400
$35.73	200%	$384,655	$313,255	$+71,400
$47.64	300%	$622,855	$551,455	$+71,400
$59.55	400%	$861,055	$789,655	$+71,400

BEST ROLL (for ROI)

LC $13C / SP $27P / HP $10P (ROLL)

Highest pick_score among all rolls (capital-efficient upside per $ at risk). Rolls to Jun '27 (407d DTE). Collects CR $20,400, ML change +$99,600. Recovery at $24.0 (2.0x stock). Dead zone: $0.

CostCR $20,400

ML Change+$99,600

Recovery$22.53 -> $24.02

Delta226.6

Margin+$33,430

Close:

Sell 200x 11C @ $2.80Buy 200x 25P @ $13.60Sell 200x 14P @ $3.60

Open:

Buy 200x Jun 17 '27 $13C @ $4.20Sell 200x Jun 17 '27 $27P @ $15.25Buy 200x Jun 17 '27 $10P @ $2.83

P&L Scenarios (Current BE: $22.53 | Repair BE: $24.02)

Stock	Change	P&L	Do Nothing	Diff
$0.12	-99%	$-500,945	$-401,345	$-99,600
$2.98	-75%	$-500,945	$-401,345	$-99,600
$5.96	-50%	$-500,945	$-401,345	$-99,600
$9.53	-20%	$-500,945	$-401,345	$-99,600
$10.00	-16%	$-500,945	$-401,345	$-99,600
$11.00	-8%	$-480,945	$-401,345	$-79,600
$11.91	0%	$-462,745	$-383,145	$-79,600
$13.00	9%	$-440,945	$-361,345	$-79,600
$14.00	18%	$-400,945	$-341,345	$-59,600
$14.89	25%	$-365,345	$-305,745	$-59,600
$17.87	50%	$-246,145	$-186,545	$-59,600
$23.82	100%	$-8,145	$51,455	$-59,600
$24.02 ◀	102%	$-145	$59,455	$-59,600
$25.00	110%	$39,055	$98,655	$-59,600
$27.00	127%	$119,055	$138,655	$-19,600
$29.77	150%	$174,455	$194,055	$-19,600
$35.73	200%	$293,655	$313,255	$-19,600
$47.64	300%	$531,855	$551,455	$-19,600
$59.55	400%	$770,055	$789,655	$-19,600

AI TOP PICK

LC $11C / SP $27P / HP $14P (LC_SP)

Selected because it collects CR $16,000 (4% of ML). ML increase +$24,000 (6%). recovery at $23 (1.9x stock). keeps existing HP (2-leg trade, simpler execution), and no dead zone (every dollar of upside generates P&L). Best Credit ($77,600 CR) has $61,600 more credit but recovery at $26 vs $23. Best Recovery ($21) has $2 lower break-even but collects $4,600 less credit.

CostCR $16,000

ML Change+$24,000

Recovery$22.53 -> $23.13

Delta208.2

Margin-$49,551

Close:

Sell 200x 11C @ $2.80Buy 200x 25P @ $13.60

Open:

Buy 200x Sep 18 '26 $11C @ $3.15Sell 200x Sep 18 '26 $27P @ $14.75

P&L Scenarios (Current BE: $22.53 | Repair BE: $23.13)

Stock	Change	P&L	Do Nothing	Diff
$0.12	-99%	$-425,345	$-401,345	$-24,000
$2.98	-75%	$-425,345	$-401,345	$-24,000
$5.96	-50%	$-425,345	$-401,345	$-24,000
$9.53	-20%	$-425,345	$-401,345	$-24,000
$11.00	-8%	$-425,345	$-401,345	$-24,000
$11.91	0%	$-407,145	$-383,145	$-24,000
$14.00	18%	$-365,345	$-341,345	$-24,000
$14.89	25%	$-329,745	$-305,745	$-24,000
$17.87	50%	$-210,545	$-186,545	$-24,000
$23.13 ◀	94%	$-145	$23,855	$-24,000
$23.82	100%	$27,455	$51,455	$-24,000
$25.00	110%	$74,655	$98,655	$-24,000
$27.00	127%	$154,655	$138,655	$+16,000
$29.77	150%	$210,055	$194,055	$+16,000
$35.73	200%	$329,255	$313,255	$+16,000
$47.64	300%	$567,455	$551,455	$+16,000
$59.55	400%	$805,655	$789,655	$+16,000

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.

RESTRUCTURE ANALYSIS: MARA (Sep 18, 2026, 135d remaining)

CURRENT POSITION

HOLD — OPTIMIZED (FULL)

BEST FOR CREDIT

Close:

Open:

BEST FOR MARGIN

Close:

Open:

BEST FOR RECOVERY

Close:

Open:

BEST ROLL (for ROI)

Close:

Open:

AI TOP PICK

Close:

Open: