Portfolio Risk & Liquidation Cockpit

Moves are beta-weighted: an S&P -20% is a ~-55% move in the crypto/miner names at their betas. "Liquidation" is the first move where excess liquidity hits zero (crash-vol spikes IV as prices fall with put skew (puts ramp harder than calls, crypto hardest), which is realistic. Flat holds IV constant (a crash with no vol spike, which cannot happen), so for this net-long-volatility book it UNDERSTATES survivability; the truth sits between the two, nearer crash-vol for the well-hedged accounts. The PM floor is where NLV drops below ~$100k and IBKR reverts the account to Reg-T, which force-reduces it regardless of the crossover; it is the effective liquidation point for the thin accounts. Both liquidation and PM-floor columns now share the same vol assumption (flat / crash-vol), so read each as a range. House margin hikes on volatile names in a real crash pull both ends closer.

A deep-in-the-money put with less time value than the interest on its strike (cushion < 1.0x) is rational for the holder to exercise early; you would be assigned the stock at the strike and must fund it in cash (red = the account cannot, so it goes on a margin loan). Roll it down or buy it back to remove the overhang on your timing.

Selling stock frees roughly its margin interval times its value, and the position carries no convexity, so it is the cleanest maintenance lever. But the valve shrinks in the drawdown where you would pull it (a stock worth half as much frees half as much margin); it is a cushion, not a rescue, and it does nothing for the PM floor since it converts stock to cash without moving NLV.

Instant reval (if the name gapped to that price today), Black-Scholes at each leg's implied vol, all accounts, shares plus every option leg. "Breakeven vs today" is the price at which holding neither gains nor loses from here; it drifts up over time as near-ATM long calls burn time value. "Vs basis" adds back the unrealized loss already on the book (approximate; uses IBKR average cost).