Restructure: MSTR

Current Max Loss: $794,295 | Current Recovery: $576.51 | 186,236 candidates evaluated

Leg	Strike	Expiry	DTE	Qty	Mid	Intrinsic	Time Val	Delta	Unrealized
HP	$100.0P	Jan'28	640d	+45	$24.375	$0.000	$24.375	0.145	$-23,151
SP	$200.0P	Jan'28	640d	-45	$80.750	$33.180	$47.570	0.361	$19,038
LC	$500.0C	Jan'28	640d	+45	$23.400	$0.000	$23.400	0.320	$-26,701
SC	$600.0C	Jan'28	640d	-45	$18.675	$0.000	$18.675	0.266	$18,384

BEST FOR CREDIT

LC $490C / SP $410P / HP $210P (FULL)

Maximizes cash returned. You collect CR $428,175 (54% of current ML back). No new capital into the trade.

CostCR $428,175

ML Change+$21,825

Recovery$576.51 -> $391.36

Delta28.4

Margin+$50,757

Close:

Sell 45x 500C @ $21.45Buy 45x 200P @ $83.70Sell 45x 100P @ $22.60

Open:

Buy 45x Jan 21 '28 $490C @ $25.50Sell 45x Jan 21 '28 $410P @ $251.00Buy 45x Jan 21 '28 $210P @ $90.70

P&L Scenarios (Current BE: $576.51 | Repair BE: $391.36)

Stock	Change	P&L	Do Nothing	Diff
$1.67	-99%	$-816,120	$-794,295	$-21,825
$41.70	-75%	$-816,120	$-794,295	$-21,825
$83.41	-50%	$-816,120	$-794,295	$-21,825
$100.00	-40%	$-816,120	$-794,295	$-21,825
$133.46	-20%	$-816,120	$-643,725	$-172,395
$166.82	0%	$-816,120	$-493,605	$-322,515
$200.00	20%	$-816,120	$-344,295	$-471,825
$208.52	25%	$-816,120	$-344,295	$-471,825
$210.00	26%	$-816,120	$-344,295	$-471,825
$250.23	50%	$-635,085	$-344,295	$-290,790
$333.64	100%	$-259,740	$-344,295	$+84,555
$391.36 ◀	135%	$0	$-344,295	$+344,295
$410.00	146%	$83,880	$-344,295	$+428,175
$417.05	150%	$83,880	$-344,295	$+428,175
$490.00	194%	$83,880	$-344,295	$+428,175
$500.00	200%	$128,880	$-344,295	$+473,175
$500.46	200%	$130,950	$-342,225	$+473,175
$667.28	300%	$881,640	$408,465	$+473,175
$834.10	400%	$1,632,330	$1,159,155	$+473,175

BEST FOR MARGIN

LC $490C / SP $390P / HP $300P (FULL)

Lowest ML increase among all credit candidates. ML change +$-76,275 (-10% increase vs current $794,295). Still collects CR $31,275.

CostCR $31,275

ML Change-$76,275

Recovery$576.51 -> $559.56

Delta18.1

Margin-$43,748

Close:

Sell 45x 500C @ $21.45Buy 45x 200P @ $83.70Sell 45x 100P @ $22.60

Open:

Buy 45x Jan 21 '28 $490C @ $25.50Sell 45x Jan 21 '28 $390P @ $233.00Buy 45x Jan 21 '28 $300P @ $160.90

P&L Scenarios (Current BE: $576.51 | Repair BE: $559.56)

Stock	Change	P&L	Do Nothing	Diff
$1.67	-99%	$-718,020	$-794,295	$+76,275
$41.70	-75%	$-718,020	$-794,295	$+76,275
$83.41	-50%	$-718,020	$-794,295	$+76,275
$100.00	-40%	$-718,020	$-794,295	$+76,275
$133.46	-20%	$-718,020	$-643,725	$-74,295
$166.82	0%	$-718,020	$-493,605	$-224,415
$200.00	20%	$-718,020	$-344,295	$-373,725
$208.52	25%	$-718,020	$-344,295	$-373,725
$250.23	50%	$-718,020	$-344,295	$-373,725
$300.00	80%	$-718,020	$-344,295	$-373,725
$333.64	100%	$-566,640	$-344,295	$-222,345
$390.00	134%	$-313,020	$-344,295	$+31,275
$417.05	150%	$-313,020	$-344,295	$+31,275
$490.00	194%	$-313,020	$-344,295	$+31,275
$500.00	200%	$-268,020	$-344,295	$+76,275
$500.46	200%	$-265,950	$-342,225	$+76,275
$559.56 ◀	235%	$-0	$-76,275	$+76,275
$667.28	300%	$484,740	$408,465	$+76,275
$834.10	400%	$1,235,430	$1,159,155	$+76,275

BEST FOR RECOVERY

LC $150C / SP $290P / HP $100P (LC_SP)

Lowest recovery among credit candidates with ML increase under 50% of current ML. Recovery at $255.6 (1.5x stock), collects CR $23,625, ML change +$381,375.

CostCR $23,625

ML Change+$381,375

Recovery$576.51 -> $255.63

Delta51.0

Margin+$258,976

Close:

Sell 45x 500C @ $21.45Buy 45x 200P @ $83.70

Open:

Buy 45x Jan 21 '28 $150C @ $78.50Sell 45x Jan 21 '28 $290P @ $146.00

P&L Scenarios (Current BE: $576.51 | Repair BE: $255.63)

Stock	Change	P&L	Do Nothing	Diff
$1.67	-99%	$-1,175,670	$-794,295	$-381,375
$41.70	-75%	$-1,175,670	$-794,295	$-381,375
$83.41	-50%	$-1,175,670	$-794,295	$-381,375
$100.00	-40%	$-1,175,670	$-794,295	$-381,375
$133.46	-20%	$-1,025,100	$-643,725	$-381,375
$150.00	-10%	$-950,670	$-569,295	$-381,375
$166.82	0%	$-799,290	$-493,605	$-305,685
$200.00	20%	$-500,670	$-344,295	$-156,375
$208.52	25%	$-423,990	$-344,295	$-79,695
$250.23	50%	$-48,600	$-344,295	$+295,695
$255.63 ◀	53%	$-0	$-344,295	$+344,295
$290.00	74%	$309,330	$-344,295	$+653,625
$333.64	100%	$505,710	$-344,295	$+850,005
$417.05	150%	$881,055	$-344,295	$+1,225,350
$500.00	200%	$1,254,330	$-344,295	$+1,598,625
$500.46	200%	$1,256,400	$-342,225	$+1,598,625
$667.28	300%	$2,007,090	$408,465	$+1,598,625
$834.10	400%	$2,757,780	$1,159,155	$+1,598,625

BEST ROLL (for ROI)

LC $160C / SP $300P / HP $170P (ROLL)

Highest pick_score among all rolls (capital-efficient upside per $ at risk). Rolls to Jun '28 (787d DTE). Costs DR $151,425, ML change +$286,425. Recovery at $285.1 (1.7x stock). Dead zone: $0.

CostDR $151,425

ML Change+$286,425

Recovery$576.51 -> $285.08

Delta43.7

Margin+$200,420

Close:

Sell 45x 500C @ $21.45Buy 45x 200P @ $83.70Sell 45x 100P @ $22.60

Open:

Buy 45x Jun 16 '28 $160C @ $85.00Sell 45x Jun 16 '28 $300P @ $160.00Buy 45x Jun 16 '28 $170P @ $69.00

P&L Scenarios (Current BE: $576.51 | Repair BE: $285.08)

Stock	Change	P&L	Do Nothing	Diff
$1.67	-99%	$-1,080,720	$-794,295	$-286,425
$41.70	-75%	$-1,080,720	$-794,295	$-286,425
$83.41	-50%	$-1,080,720	$-794,295	$-286,425
$100.00	-40%	$-1,080,720	$-794,295	$-286,425
$133.46	-20%	$-1,080,720	$-643,725	$-436,995
$160.00	-4%	$-1,080,720	$-524,295	$-556,425
$166.82	0%	$-1,050,030	$-493,605	$-556,425
$170.00	2%	$-1,035,720	$-479,295	$-556,425
$200.00	20%	$-765,720	$-344,295	$-421,425
$208.52	25%	$-689,040	$-344,295	$-344,745
$250.23	50%	$-313,650	$-344,295	$+30,645
$285.08 ◀	71%	$-0	$-344,295	$+344,295
$300.00	80%	$134,280	$-344,295	$+478,575
$333.64	100%	$285,660	$-344,295	$+629,955
$417.05	150%	$661,005	$-344,295	$+1,005,300
$500.00	200%	$1,034,280	$-344,295	$+1,378,575
$500.46	200%	$1,036,350	$-342,225	$+1,378,575
$667.28	300%	$1,787,040	$408,465	$+1,378,575
$834.10	400%	$2,537,730	$1,159,155	$+1,378,575

AI TOP PICK

LC $150C / SP $410P / HP $210P (FULL)

Selected because it collects CR $189,675 (24% of ML). ML increase +$260,325 (33%). recovery at $297 (1.8x stock), and no dead zone (every dollar of upside generates P&L). Best Credit ($428,175 CR) has $238,500 more credit but recovery at $391 vs $297. Best Recovery ($256) has $42 lower break-even but collects $166,050 less credit.

CostCR $189,675

ML Change+$260,325

Recovery$576.51 -> $297.18

Delta47.7

Margin+$224,267

Close:

Sell 45x 500C @ $21.45Buy 45x 200P @ $83.70Sell 45x 100P @ $22.60

Open:

Buy 45x Jan 21 '28 $150C @ $78.50Sell 45x Jan 21 '28 $410P @ $251.00Buy 45x Jan 21 '28 $210P @ $90.70

P&L Scenarios (Current BE: $576.51 | Repair BE: $297.18)

Stock	Change	P&L	Do Nothing	Diff
$1.67	-99%	$-1,054,620	$-794,295	$-260,325
$41.70	-75%	$-1,054,620	$-794,295	$-260,325
$83.41	-50%	$-1,054,620	$-794,295	$-260,325
$100.00	-40%	$-1,054,620	$-794,295	$-260,325
$133.46	-20%	$-1,054,620	$-643,725	$-410,895
$150.00	-10%	$-1,054,620	$-569,295	$-485,325
$166.82	0%	$-978,930	$-493,605	$-485,325
$200.00	20%	$-829,620	$-344,295	$-485,325
$208.52	25%	$-791,280	$-344,295	$-446,985
$210.00	26%	$-784,620	$-344,295	$-440,325
$250.23	50%	$-422,550	$-344,295	$-78,255
$297.18 ◀	78%	$0	$-344,295	$+344,295
$333.64	100%	$328,140	$-344,295	$+672,435
$410.00	146%	$1,015,380	$-344,295	$+1,359,675
$417.05	150%	$1,047,105	$-344,295	$+1,391,400
$500.00	200%	$1,420,380	$-344,295	$+1,764,675
$500.46	200%	$1,422,450	$-342,225	$+1,764,675
$667.28	300%	$2,173,140	$408,465	$+1,764,675
$834.10	400%	$2,923,830	$1,159,155	$+1,764,675

RESTRUCTURE ANALYSIS: MSTR (Jan 21, 2028, 640d remaining)

CURRENT POSITION

RESTRUCTURE (FULL)

BEST FOR CREDIT

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Open:

BEST FOR MARGIN

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Open:

BEST FOR RECOVERY

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Open:

BEST ROLL (for ROI)

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AI TOP PICK

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