Restructure: MSTR

Leg	Strike	Expiry	DTE	Qty	Mid	Intrinsic	Time Val	Delta	Unrealized
HP	$250.0P	Dec'27	605d	+10	$116.575	$80.930	$35.645	0.462	$29,031
SP	$500.0P	Dec'27	605d	-10	$337.450	$330.930	$6.520	0.786	$-99,537
LC	$750.0C	Dec'27	605d	+10	$12.725	$0.000	$12.725	0.200	$-128,333

CLOSE AND REBUILD (SP assignment risk) (ROLL)

Put SpreadEXHAUSTED (100% of max loss)

LC VitalityWEAK (delta 0.200)

SP DepthASSIGNMENT RISK (196% ITM, 3.0x stock, close and rebuild)

TimeSTRONG (605d remaining)

Safe Strike$741.03 (4.4x stock)

StructureSS 4.4x stock ($741)

CrossoverAI break-even $368 (2.2x) | less-bad than DN above $227 (1.3x)

Current Max Loss: $258,969 | Current Recovery: $758.97 | 399,683 candidates evaluated

BEST FOR CREDIT

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

Maximizes cash returned. You collect CR $102,960 (40% of current ML back). No new capital into the trade.

CostCR $102,960

ML Change+$142,040

Recovery$758.97 -> $406.01

Delta10.0

Margin+$51,480

Close:

Sell 10x 750C @ $11.15Buy 10x 500P @ $340.65Sell 10x 250P @ $114.65

Open:

Buy 10x Jan 21 '28 $700C @ $16.95Sell 10x Jan 21 '28 $500P @ $335.00Buy 10x Jan 21 '28 $5P @ $0.24

P&L Scenarios (Current BE: $758.97 | Repair BE: $406.01)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-399,825	$-258,969	$-140,856
$42.27	-75%	$-363,739	$-258,969	$-104,770
$84.53	-50%	$-321,479	$-258,969	$-62,510
$135.26	-20%	$-270,749	$-258,969	$-11,780
$169.07	0%	$-236,939	$-258,969	$+22,030
$211.34	25%	$-194,669	$-258,969	$+64,300
$250.00	48%	$-156,009	$-258,969	$+102,960
$253.60	50%	$-152,409	$-255,369	$+102,960
$338.14	100%	$-67,869	$-170,829	$+102,960
$406.01 ◀	140%	$1	$-102,959	$+102,960
$422.67	150%	$16,661	$-86,299	$+102,960
$500.00	196%	$93,991	$-8,969	$+102,960
$507.21	200%	$93,991	$-8,969	$+102,960
$676.28	300%	$93,991	$-8,969	$+102,960
$700.00	314%	$93,991	$-8,969	$+102,960
$750.00	344%	$143,991	$-8,969	$+152,960
$845.35	400%	$239,341	$86,381	$+152,960

BEST FOR MARGIN

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

Lowest ML increase among all credit candidates. ML change +$24,750 (10% increase vs current $258,969). Still collects CR $5,250.

CostCR $5,250

ML Change+$24,750

Recovery$758.97 -> $703.72

Delta6.0

Margin+$7,502

Close:

Sell 10x 750C @ $11.15Buy 10x 500P @ $340.65Sell 10x 250P @ $114.65

Open:

Buy 10x Jan 21 '28 $700C @ $16.95Sell 10x Jan 21 '28 $500P @ $335.00Buy 10x Jan 21 '28 $220P @ $97.95

P&L Scenarios (Current BE: $758.97 | Repair BE: $703.72)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-283,719	$-258,969	$-24,750
$42.27	-75%	$-283,719	$-258,969	$-24,750
$84.53	-50%	$-283,719	$-258,969	$-24,750
$135.26	-20%	$-283,719	$-258,969	$-24,750
$169.07	0%	$-283,719	$-258,969	$-24,750
$211.34	25%	$-283,719	$-258,969	$-24,750
$220.00	30%	$-283,719	$-258,969	$-24,750
$250.00	48%	$-253,719	$-258,969	$+5,250
$253.60	50%	$-250,119	$-255,369	$+5,250
$338.14	100%	$-165,579	$-170,829	$+5,250
$422.67	150%	$-81,049	$-86,299	$+5,250
$500.00	196%	$-3,719	$-8,969	$+5,250
$507.21	200%	$-3,719	$-8,969	$+5,250
$676.28	300%	$-3,719	$-8,969	$+5,250
$700.00	314%	$-3,719	$-8,969	$+5,250
$703.72 ◀	316%	$1	$-8,969	$+8,970
$750.00	344%	$46,281	$-8,969	$+55,250
$845.35	400%	$141,631	$86,381	$+55,250

BEST FOR RECOVERY

LC $165C / SP $500P / HP $105P (ROLL)

Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $327.8 (1.9x stock), collects CR $18,450, ML change +$126,550.

CostCR $18,450

ML Change+$126,550

Recovery$758.97 -> $327.76

Delta13.5

Margin+$74,361

Close:

Sell 10x 750C @ $11.15Buy 10x 500P @ $340.65Sell 10x 250P @ $114.65

Open:

Buy 10x Jan 21 '28 $165C @ $74.75Sell 10x Jan 21 '28 $500P @ $335.00Buy 10x Jan 21 '28 $105P @ $26.95

P&L Scenarios (Current BE: $758.97 | Repair BE: $327.76)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-385,519	$-258,969	$-126,550
$42.27	-75%	$-385,519	$-258,969	$-126,550
$84.53	-50%	$-385,519	$-258,969	$-126,550
$105.00	-38%	$-385,519	$-258,969	$-126,550
$135.26	-20%	$-355,259	$-258,969	$-96,290
$165.00	-2%	$-325,519	$-258,969	$-66,550
$169.07	0%	$-317,379	$-258,969	$-58,410
$211.34	25%	$-232,839	$-258,969	$+26,130
$250.00	48%	$-155,519	$-258,969	$+103,450
$253.60	50%	$-148,319	$-255,369	$+107,050
$327.76 ◀	94%	$1	$-181,209	$+181,210
$338.14	100%	$20,761	$-170,829	$+191,590
$422.67	150%	$189,821	$-86,299	$+276,120
$500.00	196%	$344,481	$-8,969	$+353,450
$507.21	200%	$351,691	$-8,969	$+360,660
$676.28	300%	$520,761	$-8,969	$+529,730
$750.00	344%	$594,481	$-8,969	$+603,450
$845.35	400%	$689,831	$86,381	$+603,450

BEST ROLL (for ROI)

LC $175C / SP $500P / HP $150P (ROLL)

Highest pick_score among all rolls (capital-efficient upside per $ at risk). Rolls to Jan '28 (640d DTE). Costs DR $1,000, ML change +$101,000. Recovery at $342.5 (2.0x stock). Dead zone: $0.

CostDR $1,000

ML Change+$101,000

Recovery$758.97 -> $342.48

Delta12.3

Margin+$63,237

Close:

Sell 10x 750C @ $11.15Buy 10x 500P @ $340.65Sell 10x 250P @ $114.65

Open:

Buy 10x Jan 21 '28 $175C @ $70.85Sell 10x Jan 21 '28 $500P @ $335.00Buy 10x Jan 21 '28 $150P @ $50.30

P&L Scenarios (Current BE: $758.97 | Repair BE: $342.48)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-359,969	$-258,969	$-101,000
$42.27	-75%	$-359,969	$-258,969	$-101,000
$84.53	-50%	$-359,969	$-258,969	$-101,000
$135.26	-20%	$-359,969	$-258,969	$-101,000
$150.00	-11%	$-359,969	$-258,969	$-101,000
$169.07	0%	$-340,899	$-258,969	$-81,930
$175.00	4%	$-334,969	$-258,969	$-76,000
$211.34	25%	$-262,289	$-258,969	$-3,320
$250.00	48%	$-184,969	$-258,969	$+74,000
$253.60	50%	$-177,769	$-255,369	$+77,600
$338.14	100%	$-8,689	$-170,829	$+162,140
$342.48 ◀	103%	$-9	$-166,489	$+166,480
$422.67	150%	$160,371	$-86,299	$+246,670
$500.00	196%	$315,031	$-8,969	$+324,000
$507.21	200%	$322,241	$-8,969	$+331,210
$676.28	300%	$491,311	$-8,969	$+500,280
$750.00	344%	$565,031	$-8,969	$+574,000
$845.35	400%	$660,381	$86,381	$+574,000

AI TOP PICK

LC $165C / SP $500P / HP $250P (LC_ONLY)

Selected because it costs DR $61,600. ML increase +$61,600 (24%). recovery at $368 (2.2x stock). only changes LC (1-leg trade, simplest), and no dead zone (every dollar of upside generates P&L). Best Credit ($102,960 CR) has $41,360 more credit but recovery at $406 vs $368. Best Recovery ($328) has $40 lower break-even but collects $43,150 less credit.

CostDR $61,600

ML Change+$61,600

Recovery$758.97 -> $367.78

Delta10.5

Margin+$40,570

Close:

Sell 10x 750C @ $11.15

Open:

Buy 10x Dec 17 '27 $165C @ $72.75

P&L Scenarios (Current BE: $758.97 | Repair BE: $367.78)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-320,569	$-258,969	$-61,600
$42.27	-75%	$-320,569	$-258,969	$-61,600
$84.53	-50%	$-320,569	$-258,969	$-61,600
$135.26	-20%	$-320,569	$-258,969	$-61,600
$165.00	-2%	$-320,569	$-258,969	$-61,600
$169.07	0%	$-316,499	$-258,969	$-57,530
$211.34	25%	$-274,229	$-258,969	$-15,260
$250.00	48%	$-235,569	$-258,969	$+23,400
$253.60	50%	$-228,369	$-255,369	$+27,000
$338.14	100%	$-59,289	$-170,829	$+111,540
$367.78 ◀	118%	$-9	$-141,189	$+141,180
$422.67	150%	$109,771	$-86,299	$+196,070
$500.00	196%	$264,431	$-8,969	$+273,400
$507.21	200%	$271,641	$-8,969	$+280,610
$676.28	300%	$440,711	$-8,969	$+449,680
$750.00	344%	$514,431	$-8,969	$+523,400
$845.35	400%	$609,781	$86,381	$+523,400

AI ALTERNATIVE (CREDIT)

LC $175C / SP $500P / HP $140P (ROLL)

Highest pick_score candidate with a net credit. It collects CR $4,550 (2% of ML), ML increase +$105,450 (41%), recovery at $340 (2.0x stock). shown because AI Top Pick costs DR $61,600 — this is the best pick_score candidate with a net credit, for traders who prefer not to add capital to the repair.

CostCR $4,550

ML Change+$105,450

Recovery$758.97 -> $339.71

Delta12.5

Margin+$65,275

Close:

Sell 10x 750C @ $11.15Buy 10x 500P @ $340.65Sell 10x 250P @ $114.65

Open:

Buy 10x Jan 21 '28 $175C @ $70.85Sell 10x Jan 21 '28 $500P @ $335.00Buy 10x Jan 21 '28 $140P @ $44.75

P&L Scenarios (Current BE: $758.97 | Repair BE: $339.71)

Stock	Change	P&L	Do Nothing	Diff
$1.69	-99%	$-364,419	$-258,969	$-105,450
$42.27	-75%	$-364,419	$-258,969	$-105,450
$84.53	-50%	$-364,419	$-258,969	$-105,450
$135.26	-20%	$-364,419	$-258,969	$-105,450
$140.00	-17%	$-364,419	$-258,969	$-105,450
$169.07	0%	$-335,349	$-258,969	$-76,380
$175.00	4%	$-329,419	$-258,969	$-70,450
$211.34	25%	$-256,739	$-258,969	$+2,230
$250.00	48%	$-179,419	$-258,969	$+79,550
$253.60	50%	$-172,219	$-255,369	$+83,150
$338.14	100%	$-3,139	$-170,829	$+167,690
$339.71 ◀	101%	$1	$-169,259	$+169,260
$422.67	150%	$165,921	$-86,299	$+252,220
$500.00	196%	$320,581	$-8,969	$+329,550
$507.21	200%	$327,791	$-8,969	$+336,760
$676.28	300%	$496,861	$-8,969	$+505,830
$750.00	344%	$570,581	$-8,969	$+579,550
$845.35	400%	$665,931	$86,381	$+579,550

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, 605d 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: