Restructure: MSTR

Leg	Strike	Expiry	DTE	Qty	Mid	Intrinsic	Time Val	Delta	Unrealized
HP	$250.0P	Dec'27	604d	+10	$112.050	$71.300	$40.750	0.434	$31,146
SP	$500.0P	Dec'27	604d	-10	$328.775	$321.300	$7.475	0.759	$-92,358
LC	$750.0C	Dec'27	604d	+10	$15.125	$0.000	$15.125	0.215	$-135,572

CLOSE AND REBUILD (SP assignment risk) (ROLL)

Put SpreadEXHAUSTED (100% of max loss)

LC VitalityMODERATE (delta 0.215)

SP DepthASSIGNMENT RISK (180% ITM, 2.8x stock, close and rebuild)

TimeSTRONG (604d remaining)

Safe Strike$745.01 (4.2x stock)

StructureSS 4.2x stock ($745)

CrossoverAI break-even $373 (2.1x) | less-bad than DN above $241 (1.3x)

Current Max Loss: $254,987 | Current Recovery: $754.99 | 408,003 candidates evaluated

BEST FOR CREDIT

LC $700C / SP $500P / HP $5P (ROLL)

Maximizes cash returned. You collect CR $100,110 (39% of current ML back). No new capital into the trade.

CostCR $100,110

ML Change+$144,890

Recovery$754.99 -> $404.88

Delta9.8

Margin+$38,924

Close:

Sell 10x 750C @ $14.00Buy 10x 500P @ $331.95Sell 10x 250P @ $110.70

Open:

Buy 10x Jan 21 '28 $700C @ $18.40Sell 10x Jan 21 '28 $500P @ $326.00Buy 10x Jan 21 '28 $5P @ $0.24

P&L Scenarios (Current BE: $754.99 | Repair BE: $404.88)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-398,595	$-254,987	$-143,607
$44.67	-75%	$-360,207	$-254,987	$-105,220
$89.35	-50%	$-315,527	$-254,987	$-60,540
$142.96	-20%	$-261,917	$-254,987	$-6,930
$178.70	0%	$-226,177	$-254,987	$+28,810
$223.38	25%	$-181,497	$-254,987	$+73,490
$250.00	40%	$-154,877	$-254,987	$+100,110
$268.05	50%	$-136,827	$-236,937	$+100,110
$357.40	100%	$-47,477	$-147,587	$+100,110
$404.88 ◀	127%	$3	$-100,107	$+100,110
$446.75	150%	$41,873	$-58,237	$+100,110
$500.00	180%	$95,123	$-4,987	$+100,110
$536.10	200%	$95,123	$-4,987	$+100,110
$700.00	292%	$95,123	$-4,987	$+100,110
$714.80	300%	$109,923	$-4,987	$+114,910
$750.00	320%	$145,123	$-4,987	$+150,110
$893.50	400%	$288,623	$138,513	$+150,110

BEST FOR MARGIN

LC $700C / SP $500P / HP $220P (ROLL)

Lowest ML increase among all credit candidates. ML change +$24,650 (10% increase vs current $254,987). Still collects CR $5,350.

CostCR $5,350

ML Change+$24,650

Recovery$754.99 -> $499.64

Delta6.2

Margin+$9,871

Close:

Sell 10x 750C @ $14.00Buy 10x 500P @ $331.95Sell 10x 250P @ $110.70

Open:

Buy 10x Jan 21 '28 $700C @ $18.40Sell 10x Jan 21 '28 $500P @ $326.00Buy 10x Jan 21 '28 $220P @ $95.00

P&L Scenarios (Current BE: $754.99 | Repair BE: $499.64)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-279,637	$-254,987	$-24,650
$44.67	-75%	$-279,637	$-254,987	$-24,650
$89.35	-50%	$-279,637	$-254,987	$-24,650
$142.96	-20%	$-279,637	$-254,987	$-24,650
$178.70	0%	$-279,637	$-254,987	$-24,650
$220.00	23%	$-279,637	$-254,987	$-24,650
$223.38	25%	$-276,257	$-254,987	$-21,270
$250.00	40%	$-249,637	$-254,987	$+5,350
$268.05	50%	$-231,587	$-236,937	$+5,350
$357.40	100%	$-142,237	$-147,587	$+5,350
$446.75	150%	$-52,887	$-58,237	$+5,350
$499.64 ◀	180%	$3	$-5,347	$+5,350
$500.00	180%	$363	$-4,987	$+5,350
$536.10	200%	$363	$-4,987	$+5,350
$700.00	292%	$363	$-4,987	$+5,350
$714.80	300%	$15,163	$-4,987	$+20,150
$750.00	320%	$50,363	$-4,987	$+55,350
$893.50	400%	$193,863	$138,513	$+55,350

BEST FOR RECOVERY

LC $170C / SP $500P / HP $120P (ROLL)

Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $335.0 (1.9x stock), collects CR $4,950, ML change +$125,050.

CostCR $4,950

ML Change+$125,050

Recovery$754.99 -> $335.02

Delta13.1

Margin+$76,860

Close:

Sell 10x 750C @ $14.00Buy 10x 500P @ $331.95Sell 10x 250P @ $110.70

Open:

Buy 10x Jan 21 '28 $170C @ $81.10Sell 10x Jan 21 '28 $500P @ $326.00Buy 10x Jan 21 '28 $120P @ $32.70

P&L Scenarios (Current BE: $754.99 | Repair BE: $335.02)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-380,037	$-254,987	$-125,050
$44.67	-75%	$-380,037	$-254,987	$-125,050
$89.35	-50%	$-380,037	$-254,987	$-125,050
$120.00	-33%	$-380,037	$-254,987	$-125,050
$142.96	-20%	$-357,077	$-254,987	$-102,090
$170.00	-5%	$-330,037	$-254,987	$-75,050
$178.70	0%	$-312,637	$-254,987	$-57,650
$223.38	25%	$-223,277	$-254,987	$+31,710
$250.00	40%	$-170,037	$-254,987	$+84,950
$268.05	50%	$-133,937	$-236,937	$+103,000
$335.02 ◀	87%	$3	$-169,967	$+169,970
$357.40	100%	$44,763	$-147,587	$+192,350
$446.75	150%	$223,463	$-58,237	$+281,700
$500.00	180%	$329,963	$-4,987	$+334,950
$536.10	200%	$366,063	$-4,987	$+371,050
$714.80	300%	$544,763	$-4,987	$+549,750
$750.00	320%	$579,963	$-4,987	$+584,950
$893.50	400%	$723,463	$138,513	$+584,950

BEST ROLL (for ROI)

LC $170C / SP $500P / HP $180P (ROLL)

Highest pick_score among all rolls (capital-efficient upside per $ at risk). Rolls to Jan '28 (639d DTE). Costs DR $28,700, ML change +$98,700. Recovery at $351.8 (2.0x stock). Dead zone: $0.

CostDR $28,700

ML Change+$98,700

Recovery$754.99 -> $351.84

Delta11.8

Margin+$64,035

Close:

Sell 10x 750C @ $14.00Buy 10x 500P @ $331.95Sell 10x 250P @ $110.70

Open:

Buy 10x Jan 21 '28 $170C @ $81.10Sell 10x Jan 21 '28 $500P @ $326.00Buy 10x Jan 21 '28 $180P @ $66.35

P&L Scenarios (Current BE: $754.99 | Repair BE: $351.84)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-353,687	$-254,987	$-98,700
$44.67	-75%	$-353,687	$-254,987	$-98,700
$89.35	-50%	$-353,687	$-254,987	$-98,700
$142.96	-20%	$-353,687	$-254,987	$-98,700
$170.00	-5%	$-353,687	$-254,987	$-98,700
$178.70	0%	$-344,987	$-254,987	$-90,000
$180.00	1%	$-343,687	$-254,987	$-88,700
$223.38	25%	$-256,927	$-254,987	$-1,940
$250.00	40%	$-203,687	$-254,987	$+51,300
$268.05	50%	$-167,587	$-236,937	$+69,350
$351.84 ◀	97%	$-7	$-153,147	$+153,140
$357.40	100%	$11,113	$-147,587	$+158,700
$446.75	150%	$189,813	$-58,237	$+248,050
$500.00	180%	$296,313	$-4,987	$+301,300
$536.10	200%	$332,413	$-4,987	$+337,400
$714.80	300%	$511,113	$-4,987	$+516,100
$750.00	320%	$546,313	$-4,987	$+551,300
$893.50	400%	$689,813	$138,513	$+551,300

AI TOP PICK

LC $180C / SP $500P / HP $250P (LC_ONLY)

Selected because it costs DR $60,900. ML increase +$60,900 (24%). recovery at $373 (2.1x stock). only changes LC (1-leg trade, simplest), and no dead zone (every dollar of upside generates P&L). Best Credit ($100,110 CR) has $39,210 more credit but recovery at $405 vs $373. Best Recovery ($335) has $38 lower break-even but collects $55,950 less credit.

CostDR $60,900

ML Change+$60,900

Recovery$754.99 -> $372.94

Delta10.3

Margin+$44,786

Close:

Sell 10x 750C @ $14.00

Open:

Buy 10x Dec 17 '27 $180C @ $74.90

P&L Scenarios (Current BE: $754.99 | Repair BE: $372.94)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-315,887	$-254,987	$-60,900
$44.67	-75%	$-315,887	$-254,987	$-60,900
$89.35	-50%	$-315,887	$-254,987	$-60,900
$142.96	-20%	$-315,887	$-254,987	$-60,900
$178.70	0%	$-315,887	$-254,987	$-60,900
$180.00	1%	$-315,887	$-254,987	$-60,900
$223.38	25%	$-272,507	$-254,987	$-17,520
$250.00	40%	$-245,887	$-254,987	$+9,100
$268.05	50%	$-209,787	$-236,937	$+27,150
$357.40	100%	$-31,087	$-147,587	$+116,500
$372.94 ◀	109%	$-7	$-132,047	$+132,040
$446.75	150%	$147,613	$-58,237	$+205,850
$500.00	180%	$254,113	$-4,987	$+259,100
$536.10	200%	$290,213	$-4,987	$+295,200
$714.80	300%	$468,913	$-4,987	$+473,900
$750.00	320%	$504,113	$-4,987	$+509,100
$893.50	400%	$647,613	$138,513	$+509,100

AI ALTERNATIVE (CREDIT)

LC $200C / SP $500P / HP $140P (ROLL)

Highest pick_score candidate with a net credit. It collects CR $5,200 (2% of ML), ML increase +$104,800 (41%), recovery at $350 (2.0x stock). shown because AI Top Pick costs DR $60,900 — this is the best pick_score candidate with a net credit, for traders who prefer not to add capital to the repair.

CostCR $5,200

ML Change+$104,800

Recovery$754.99 -> $349.89

Delta12.1

Margin+$67,734

Close:

Sell 10x 750C @ $14.00Buy 10x 500P @ $331.95Sell 10x 250P @ $110.70

Open:

Buy 10x Jan 21 '28 $200C @ $70.80Sell 10x Jan 21 '28 $500P @ $326.00Buy 10x Jan 21 '28 $140P @ $42.75

P&L Scenarios (Current BE: $754.99 | Repair BE: $349.89)

Stock	Change	P&L	Do Nothing	Diff
$1.79	-99%	$-359,787	$-254,987	$-104,800
$44.67	-75%	$-359,787	$-254,987	$-104,800
$89.35	-50%	$-359,787	$-254,987	$-104,800
$140.00	-22%	$-359,787	$-254,987	$-104,800
$142.96	-20%	$-356,827	$-254,987	$-101,840
$178.70	0%	$-321,087	$-254,987	$-66,100
$200.00	12%	$-299,787	$-254,987	$-44,800
$223.38	25%	$-253,027	$-254,987	$+1,960
$250.00	40%	$-199,787	$-254,987	$+55,200
$268.05	50%	$-163,687	$-236,937	$+73,250
$349.89 ◀	96%	$-7	$-155,097	$+155,090
$357.40	100%	$15,013	$-147,587	$+162,600
$446.75	150%	$193,713	$-58,237	$+251,950
$500.00	180%	$300,213	$-4,987	$+305,200
$536.10	200%	$336,313	$-4,987	$+341,300
$714.80	300%	$515,013	$-4,987	$+520,000
$750.00	320%	$550,213	$-4,987	$+555,200
$893.50	400%	$693,713	$138,513	$+555,200

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: MSTR (Dec 17, 2027, 604d remaining)

CURRENT POSITION

CLOSE AND REBUILD (SP assignment risk) (ROLL)

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:

AI ALTERNATIVE (CREDIT)

Close:

Open: