Short-put roll finder: buy back the deep-ITM put, sell a new one
2026-08-17 14:43 SGT · IBKR live, ET 2026-08-17 · read-only, no orders. Old put bought back at ASK, new put sold at BID, same contract count unless stated. Beta-delta uses Risk Navigator betas; margin proxy is a TIMS-style scan of the put alone at the name's IBKR margin interval (directional; the real number is the account whatIf).
How to read it. Plan 1B buys each deep put back outright: 100% of the put's delta gone, cash out = the intrinsic. A roll instead sells a new put at a lower strike, so you get some credit back but keep some delta and some assignment exposure. For each old put the table lists four named rolls per expiry (cash-neutral: lowest strike that still pays for the buyback; ATM; ~15% OTM; ~30% OTM) with: how much of the buyback's delta reduction it achieves, the net cash, the time value you would be selling, and whether the new put is already in early-exercise territory. Full strike ladders are under each "all strikes" toggle.
BMNR spot 18.28 · beta 2.94 · margin interval 51%
Joint: short 82 x BMNR 2028-01-21 65P mark 47.32 (bid 44.95 / ask 49.69) · intrinsic 46.72 · time value 0.60 · delta 0.76 (BS) · buyback at ask $407,425 · 1B removes $334,134 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 24 of 30 strike x expiry x quantity combinations pass (rejected: 0 on delta, 0 on cushion, 6 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-06 (669d) | 18 | -2% | 82 of 82 | 6.63 | 0.25 | 66% | $222,141 | $54,374 | -$353,051 | 9.7x | -$8,534 | -$19,385 | $26,699 |
| 2 | 2028-06 (669d) | 18 | -2% | 62 of 82 | 6.63 | 0.25 | 75% | $249,456 | $41,112 | -$366,313 | 9.7x | -$6,453 | -$14,657 | $20,187 |
| 3 | 2028-01 (522d) | 18 | -2% | 82 of 82 | 5.86 | 0.28 | 63% | $209,629 | $48,064 | -$359,361 | 8.6x | -$9,594 | -$22,010 | $30,448 |
| 4 | 2028-06 (669d) | 15 | -18% | 82 of 82 | 4.84 | 0.21 | 73% | $242,817 | $39,729 | -$367,696 | 8.5x | -$7,040 | -$16,220 | $22,553 |
| 5 | 2028-01 (522d) | 18 | -2% | 62 of 82 | 5.86 | 0.28 | 72% | $239,996 | $36,341 | -$371,084 | 8.6x | -$7,254 | -$16,642 | $23,022 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2028-01 (522d) | 18 | -2% | 5.86 | 6.17 | 0.28 | 63% | $209,629 | $48,064 | -$359,361 | 695 of 82 | $50,594 | $64,187 → $30,448 | no |
| ~15% OTM | 2028-01 (522d) | 15 | -18% | 4.07 | 4.28 | 0.23 | 70% | $234,576 | $33,341 | -$374,084 | 1002 of 82 | $35,096 | $64,187 → $25,624 | no |
| ~30% OTM | 2028-01 (522d) | 13 | -29% | 3.16 | 3.33 | 0.18 | 76% | $252,966 | $25,941 | -$381,484 | 1288 of 82 | $27,306 | $64,187 → $21,535 | no |
| ATM | 2028-06 (669d) | 18 | -2% | 6.63 | 6.98 | 0.25 | 66% | $222,141 | $54,374 | -$353,051 | 614 of 82 | $57,236 | $64,187 → $26,699 | no |
| ~15% OTM | 2028-06 (669d) | 15 | -18% | 4.84 | 5.10 | 0.21 | 73% | $242,817 | $39,729 | -$367,696 | 841 of 82 | $41,820 | $64,187 → $22,553 | no |
| ~30% OTM | 2028-06 (669d) | 13 | -29% | 3.80 | 4.00 | 0.17 | 77% | $257,677 | $31,160 | -$376,265 | 1072 of 82 | $32,800 | $64,187 → $19,381 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2028-01 | 10 | -45% | 1.87 | 2.07 | 86% | 0.12 | 1.97 | 84% | $279,620 | -$392,079 | 2177 | $15,457 | -$4,403 / -$10,727 | no | 6685 |
| 2028-01 | 13 | -29% | 3.16 | 3.50 | 85% | 0.18 | 3.33 | 76% | $252,966 | -$381,484 | 1288 | $21,535 | -$6,421 / -$15,227 | no | 1786 |
| 2028-01 | 15 | -18% | 4.07 | 4.49 | 83% | 0.23 | 4.28 | 70% | $234,576 | -$374,084 | 1002 | $25,624 | -$7,803 / -$18,277 | no | 12838 |
| 2028-01 | 18 | -2% | 5.86 | 6.48 | 84% | 0.28 | 6.17 | 63% | $209,629 | -$359,361 | 695 | $30,448 | -$9,594 / -$22,010 | no | 1690 |
| 2028-01 | 20 | +9% | 7.12 | 7.86 | 84% | 0.32 | 5.77 | 58% | $193,896 | -$349,078 | 573 | $33,415 | -$10,713 / -$24,320 | no | 10294 |
| 2028-06 | 10 | -45% | 2.37 | 2.61 | 88% | 0.12 | 2.49 | 84% | $280,224 | -$388,028 | 1722 | $14,380 | -$4,258 / -$10,123 | no | 334 |
| 2028-06 | 13 | -29% | 3.80 | 4.20 | 87% | 0.17 | 4.00 | 77% | $257,677 | -$376,265 | 1072 | $19,381 | -$5,943 / -$13,838 | no | 1171 |
| 2028-06 | 15 | -18% | 4.84 | 5.35 | 86% | 0.21 | 5.10 | 73% | $242,817 | -$367,696 | 841 | $22,553 | -$7,040 / -$16,220 | no | 2292 |
| 2028-06 | 18 | -2% | 6.63 | 7.33 | 87% | 0.25 | 6.98 | 66% | $222,141 | -$353,051 | 614 | $26,699 | -$8,534 / -$19,385 | no | 352 |
| 2028-06 | 20 | +9% | 7.93 | 8.77 | 87% | 0.28 | 6.63 | 63% | $209,675 | -$342,379 | 514 | $29,076 | -$9,421 / -$21,223 | no | 1848 |
Main: short 75 x BMNR 2028-01-21 65P mark 47.32 (bid 44.95 / ask 49.69) · intrinsic 46.72 · time value 0.60 · delta 0.76 (BS) · buyback at ask $372,645 · 1B removes $305,611 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 24 of 30 strike x expiry x quantity combinations pass (rejected: 0 on delta, 0 on cushion, 6 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-06 (669d) | 18 | -2% | 75 of 75 | 6.63 | 0.25 | 66% | $203,178 | $49,732 | -$322,912 | 9.7x | -$7,806 | -$17,730 | $24,420 |
| 2 | 2028-06 (669d) | 18 | -2% | 56 of 75 | 6.63 | 0.25 | 75% | $229,127 | $37,134 | -$335,511 | 9.7x | -$5,828 | -$13,238 | $18,233 |
| 3 | 2028-01 (522d) | 18 | -2% | 75 of 75 | 5.86 | 0.28 | 63% | $191,733 | $43,961 | -$328,684 | 8.6x | -$8,775 | -$20,131 | $27,849 |
| 4 | 2028-06 (669d) | 15 | -18% | 75 of 75 | 4.84 | 0.21 | 73% | $222,089 | $36,338 | -$336,308 | 8.5x | -$6,439 | -$14,835 | $20,628 |
| 5 | 2028-01 (522d) | 18 | -2% | 56 of 75 | 5.86 | 0.28 | 72% | $220,582 | $32,824 | -$339,821 | 8.6x | -$6,552 | -$15,031 | $20,794 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2028-01 (522d) | 18 | -2% | 5.86 | 6.17 | 0.28 | 63% | $191,733 | $43,961 | -$328,684 | 636 of 75 | $46,275 | $58,708 → $27,849 | no |
| ~15% OTM | 2028-01 (522d) | 15 | -18% | 4.07 | 4.28 | 0.23 | 70% | $214,551 | $30,495 | -$342,150 | 916 of 75 | $32,100 | $58,708 → $23,436 | no |
| ~30% OTM | 2028-01 (522d) | 13 | -29% | 3.16 | 3.33 | 0.18 | 76% | $231,372 | $23,726 | -$348,919 | 1178 of 75 | $24,975 | $58,708 → $19,697 | no |
| ATM | 2028-06 (669d) | 18 | -2% | 6.63 | 6.98 | 0.25 | 66% | $203,178 | $49,732 | -$322,912 | 562 of 75 | $52,350 | $58,708 → $24,420 | no |
| ~15% OTM | 2028-06 (669d) | 15 | -18% | 4.84 | 5.10 | 0.21 | 73% | $222,089 | $36,338 | -$336,308 | 769 of 75 | $38,250 | $58,708 → $20,628 | no |
| ~30% OTM | 2028-06 (669d) | 13 | -29% | 3.80 | 4.00 | 0.17 | 77% | $235,680 | $28,500 | -$344,145 | 981 of 75 | $30,000 | $58,708 → $17,727 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2028-01 | 10 | -45% | 1.87 | 2.07 | 86% | 0.12 | 1.97 | 84% | $255,750 | -$358,609 | 1991 | $14,138 | -$4,027 / -$9,812 | no | 6685 |
| 2028-01 | 13 | -29% | 3.16 | 3.50 | 85% | 0.18 | 3.33 | 76% | $231,372 | -$348,919 | 1178 | $19,697 | -$5,873 / -$13,927 | no | 1786 |
| 2028-01 | 15 | -18% | 4.07 | 4.49 | 83% | 0.23 | 4.28 | 70% | $214,551 | -$342,150 | 916 | $23,436 | -$7,137 / -$16,717 | no | 12838 |
| 2028-01 | 18 | -2% | 5.86 | 6.48 | 84% | 0.28 | 6.17 | 63% | $191,733 | -$328,684 | 636 | $27,849 | -$8,775 / -$20,131 | no | 1690 |
| 2028-01 | 20 | +9% | 7.12 | 7.86 | 84% | 0.32 | 5.77 | 58% | $177,344 | -$319,279 | 524 | $30,562 | -$9,798 / -$22,244 | no | 10294 |
| 2028-06 | 10 | -45% | 2.37 | 2.61 | 88% | 0.12 | 2.49 | 84% | $256,303 | -$354,904 | 1575 | $13,152 | -$3,895 / -$9,258 | no | 334 |
| 2028-06 | 13 | -29% | 3.80 | 4.20 | 87% | 0.17 | 4.00 | 77% | $235,680 | -$344,145 | 981 | $17,727 | -$5,436 / -$12,657 | no | 1171 |
| 2028-06 | 15 | -18% | 4.84 | 5.35 | 86% | 0.21 | 5.10 | 73% | $222,089 | -$336,308 | 769 | $20,628 | -$6,439 / -$14,835 | no | 2292 |
| 2028-06 | 18 | -2% | 6.63 | 7.33 | 87% | 0.25 | 6.98 | 66% | $203,178 | -$322,912 | 562 | $24,420 | -$7,806 / -$17,730 | no | 352 |
| 2028-06 | 20 | +9% | 7.93 | 8.77 | 87% | 0.28 | 6.63 | 63% | $191,776 | -$313,151 | 470 | $26,594 | -$8,616 / -$19,411 | no | 1848 |
Main: short 50 x BMNR 2028-01-21 45P mark 28.36 (bid 26.94 / ask 29.78) · intrinsic 26.72 · time value 1.64 · delta 0.63 (BS) · buyback at ask $148,890 · 1B removes $169,623 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 24 of 30 strike x expiry x quantity combinations pass (rejected: 1 on delta, 0 on cushion, 5 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-06 (669d) | 18 | -2% | 50 of 50 | 6.63 | 0.25 | 60% | $101,334 | $33,155 | -$115,735 | 9.7x | -$5,204 | -$11,820 | $16,280 |
| 2 | 2028-06 (669d) | 18 | -2% | 38 of 50 | 6.63 | 0.25 | 69% | $117,724 | $25,198 | -$123,692 | 9.7x | -$3,955 | -$8,983 | $12,373 |
| 3 | 2028-06 (669d) | 15 | -18% | 50 of 50 | 4.84 | 0.21 | 67% | $113,942 | $24,225 | -$124,665 | 8.5x | -$4,292 | -$9,890 | $13,752 |
| 4 | 2028-01 (522d) | 18 | -2% | 50 of 50 | 5.86 | 0.28 | 55% | $93,705 | $29,308 | -$119,582 | 8.6x | -$5,850 | -$13,421 | $18,566 |
| 5 | 2028-01 (522d) | 18 | -2% | 38 of 50 | 5.86 | 0.28 | 66% | $111,925 | $22,274 | -$126,616 | 8.6x | -$4,446 | -$10,200 | $14,110 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2028-01 (522d) | 18 | -2% | 5.86 | 6.17 | 0.28 | 55% | $93,705 | $29,308 | -$119,582 | 254 of 50 | $30,850 | $34,362 → $18,566 | no |
| ~15% OTM | 2028-01 (522d) | 15 | -18% | 4.07 | 4.28 | 0.23 | 64% | $108,917 | $20,330 | -$128,560 | 366 of 50 | $21,400 | $34,362 → $15,624 | no |
| ~30% OTM | 2028-01 (522d) | 13 | -29% | 3.16 | 3.33 | 0.18 | 71% | $120,130 | $15,818 | -$133,072 | 471 of 50 | $16,650 | $34,362 → $13,131 | no |
| ATM | 2028-06 (669d) | 18 | -2% | 6.63 | 6.98 | 0.25 | 60% | $101,334 | $33,155 | -$115,735 | 225 of 50 | $34,900 | $34,362 → $16,280 | no |
| ~15% OTM | 2028-06 (669d) | 15 | -18% | 4.84 | 5.10 | 0.21 | 67% | $113,942 | $24,225 | -$124,665 | 307 of 50 | $25,500 | $34,362 → $13,752 | no |
| ~30% OTM | 2028-06 (669d) | 13 | -29% | 3.80 | 4.00 | 0.17 | 73% | $123,003 | $19,000 | -$129,890 | 392 of 50 | $20,000 | $34,362 → $11,818 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2028-01 | 10 | -45% | 1.87 | 2.07 | 86% | 0.12 | 1.97 | 80% | $136,383 | -$139,532 | 796 | $9,425 | -$2,685 / -$6,541 | no | 6685 |
| 2028-01 | 13 | -29% | 3.16 | 3.50 | 85% | 0.18 | 3.33 | 71% | $120,130 | -$133,072 | 471 | $13,131 | -$3,915 / -$9,285 | no | 1786 |
| 2028-01 | 15 | -18% | 4.07 | 4.49 | 83% | 0.23 | 4.28 | 64% | $108,917 | -$128,560 | 366 | $15,624 | -$4,758 / -$11,145 | no | 12838 |
| 2028-01 | 18 | -2% | 5.86 | 6.48 | 84% | 0.28 | 6.17 | 55% | $93,705 | -$119,582 | 254 | $18,566 | -$5,850 / -$13,421 | no | 1690 |
| 2028-01 | 20 | +9% | 7.12 | 7.86 | 84% | 0.32 | 5.77 | 50% | $84,112 | -$113,312 | 209 | $20,375 | -$6,532 / -$14,829 | no | 10294 |
| 2028-06 | 10 | -45% | 2.37 | 2.61 | 88% | 0.12 | 2.49 | 81% | $136,751 | -$137,062 | 629 | $8,768 | -$2,597 / -$6,172 | no | 334 |
| 2028-06 | 13 | -29% | 3.80 | 4.20 | 87% | 0.17 | 4.00 | 73% | $123,003 | -$129,890 | 392 | $11,818 | -$3,624 / -$8,438 | no | 1171 |
| 2028-06 | 15 | -18% | 4.84 | 5.35 | 86% | 0.21 | 5.10 | 67% | $113,942 | -$124,665 | 307 | $13,752 | -$4,292 / -$9,890 | no | 2292 |
| 2028-06 | 18 | -2% | 6.63 | 7.33 | 87% | 0.25 | 6.98 | 60% | $101,334 | -$115,735 | 225 | $16,280 | -$5,204 / -$11,820 | no | 352 |
| 2028-06 | 20 | +9% | 7.93 | 8.77 | 87% | 0.28 | 6.63 | 55% | $93,733 | -$109,228 | 188 | $17,729 | -$5,744 / -$12,941 | no | 1848 |
MARA spot 9.32 · beta 3.03 · margin interval 29%
Main: short 200 x MARA 2028-01-21 25P mark 16.36 (bid 15.54 / ask 17.18) · intrinsic 15.68 · time value 0.68 · delta 0.64 (BS) · buyback at ask $343,560 · 1B removes $361,756 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 54 of 72 strike x expiry x quantity combinations pass (rejected: 5 on delta, 0 on cushion, 13 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-12 (851d) | 8 | -14% | 200 of 200 | 3.12 | 0.19 | 70% | $253,097 | $62,320 | -$281,240 | 10.2x | -$8,000 | -$18,131 | $12,244 |
| 2 | 2028-12 (851d) | 8 | -14% | 150 of 200 | 3.12 | 0.19 | 77% | $280,262 | $46,740 | -$296,820 | 10.2x | -$6,000 | -$13,598 | $9,183 |
| 3 | 2028-01 (522d) | 8 | -14% | 200 of 200 | 2.36 | 0.24 | 63% | $228,029 | $47,120 | -$296,440 | 7.8x | -$10,094 | -$23,444 | $15,622 |
| 4 | 2027-12 (487d) | 8 | -14% | 200 of 200 | 2.33 | 0.24 | 63% | $226,502 | $46,550 | -$297,010 | 7.7x | -$10,224 | -$23,776 | $15,833 |
| 5 | 2028-12 (851d) | 8 | -14% | 100 of 200 | 3.12 | 0.19 | 85% | $307,427 | $31,160 | -$312,400 | 10.2x | -$4,000 | -$9,065 | $6,122 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2027-06 (304d) | 10 | +7% | 2.94 | 2.41 | 0.36 | 43% | $156,018 | $58,710 | -$284,850 | 1170 of 200 | $48,200 | $37,592 → $23,995 | no |
| ~15% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 59% | $212,102 | $35,340 | -$308,220 | 1944 of 200 | $37,200 | $37,592 → $18,286 | no |
| ~30% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 59% | $212,102 | $35,340 | -$308,220 | 1944 of 200 | $37,200 | $37,592 → $18,286 | no |
| ATM | 2027-10 (424d) | 10 | +7% | 3.46 | 2.96 | 0.32 | 50% | $179,968 | $69,160 | -$274,400 | 994 of 200 | $59,200 | $37,592 → $20,753 | no |
| ~15% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 68% | $246,735 | $34,770 | -$308,790 | 1976 of 200 | $36,600 | $37,592 → $13,772 | no |
| ~30% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 68% | $246,735 | $34,770 | -$308,790 | 1976 of 200 | $36,600 | $37,592 → $13,772 | no |
| ATM | 2027-11 (459d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 51% | $186,293 | $72,010 | -$271,550 | 954 of 200 | $62,200 | $37,592 → $19,932 | no |
| ~15% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 69% | $249,024 | $37,620 | -$305,940 | 1826 of 200 | $39,600 | $37,592 → $13,347 | no |
| ~30% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 69% | $249,024 | $37,620 | -$305,940 | 1826 of 200 | $39,600 | $37,592 → $13,347 | no |
| ATM | 2027-12 (487d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 52% | $187,528 | $72,010 | -$271,550 | 954 of 200 | $62,200 | $37,592 → $19,787 | no |
| ~15% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 63% | $226,502 | $46,550 | -$297,010 | 1476 of 200 | $49,000 | $37,592 → $15,833 | no |
| ~30% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 63% | $226,502 | $46,550 | -$297,010 | 1476 of 200 | $49,000 | $37,592 → $15,833 | no |
| ATM | 2028-01 (522d) | 10 | +7% | 3.63 | 3.14 | 0.30 | 53% | $189,988 | $72,580 | -$270,980 | 947 of 200 | $62,800 | $37,592 → $19,484 | no |
| ~15% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 63% | $228,029 | $47,120 | -$296,440 | 1458 of 200 | $49,600 | $37,592 → $15,622 | no |
| ~30% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 63% | $228,029 | $47,120 | -$296,440 | 1458 of 200 | $49,600 | $37,592 → $15,622 | no |
| ATM | 2028-12 (851d) | 10 | +7% | 4.34 | 3.89 | 0.24 | 62% | $225,567 | $86,830 | -$256,730 | 791 of 200 | $77,800 | $37,592 → $15,124 | no |
| ~15% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 70% | $253,097 | $62,320 | -$281,240 | 1103 of 200 | $65,600 | $37,592 → $12,244 | no |
| ~30% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 70% | $253,097 | $62,320 | -$281,240 | 1103 of 200 | $65,600 | $37,592 → $12,244 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2027-06 | 4 | -57% | 0.39 | 0.43 | 96% | 0.07 | 0.41 | 88% | $319,548 | -$335,770 | 8821 | $5,718 | -$3,512 / -$9,196 | no | 0 |
| 2027-06 | 5 | -46% | 0.61 | 0.67 | 90% | 0.11 | 0.64 | 82% | $297,572 | -$331,400 | 5651 | $8,516 | -$5,272 / -$13,526 | no | 0 |
| 2027-06 | 8 | -14% | 1.77 | 1.95 | 85% | 0.26 | 1.86 | 59% | $212,102 | -$308,220 | 1944 | $18,286 | -$11,656 / -$27,864 | no | 0 |
| 2027-06 | 10 | +7% | 2.94 | 3.24 | 86% | 0.36 | 2.41 | 43% | $156,018 | -$284,850 | 1170 | $23,995 | -$15,538 / -$35,798 | no | 0 |
| 2027-10 | 4 | -57% | 0.60 | 0.66 | 97% | 0.08 | 0.63 | 87% | $314,066 | -$331,590 | 5740 | $6,052 | -$3,799 / -$9,459 | no | 16 |
| 2027-10 | 5 | -46% | 0.89 | 0.99 | 93% | 0.12 | 0.94 | 81% | $293,289 | -$325,700 | 3847 | $8,539 | -$5,394 / -$13,220 | no | 105 |
| 2027-10 | 7 | -25% | 1.74 | 1.92 | 90% | 0.20 | 1.83 | 68% | $246,735 | -$308,790 | 1976 | $13,772 | -$8,826 / -$20,893 | no | 172 |
| 2027-10 | 10 | +7% | 3.46 | 3.82 | 90% | 0.32 | 2.96 | 50% | $179,968 | -$274,400 | 994 | $20,753 | -$13,519 / -$30,785 | no | 0 |
| 2027-11 | 4 | -57% | 0.64 | 0.70 | 96% | 0.09 | 0.67 | 87% | $313,577 | -$330,830 | 5398 | $6,060 | -$3,815 / -$9,435 | no | 1 |
| 2027-11 | 5 | -46% | 0.89 | 0.99 | 90% | 0.12 | 0.94 | 81% | $293,643 | -$325,700 | 3847 | $8,490 | -$5,364 / -$13,140 | no | 3390 |
| 2027-11 | 7 | -25% | 1.88 | 2.08 | 92% | 0.20 | 1.98 | 69% | $249,024 | -$305,940 | 1826 | $13,347 | -$8,583 / -$20,161 | no | 1931 |
| 2027-11 | 10 | +7% | 3.60 | 3.98 | 92% | 0.31 | 3.11 | 51% | $186,293 | -$271,550 | 954 | $19,932 | -$13,003 / -$29,525 | no | 0 |
| 2027-12 | 4 | -57% | 0.67 | 0.75 | 96% | 0.09 | 0.71 | 87% | $313,147 | -$330,070 | 5094 | $6,065 | -$3,828 / -$9,409 | no | 16 |
| 2027-12 | 5 | -46% | 1.05 | 1.17 | 95% | 0.12 | 1.11 | 81% | $292,804 | -$322,470 | 3258 | $8,398 | -$5,346 / -$12,873 | no | 25255 |
| 2027-12 | 8 | -14% | 2.33 | 2.57 | 87% | 0.24 | 2.45 | 63% | $226,502 | -$297,010 | 1476 | $15,833 | -$10,224 / -$23,776 | no | 7075 |
| 2027-12 | 10 | +7% | 3.60 | 3.98 | 89% | 0.31 | 3.11 | 52% | $187,528 | -$271,550 | 954 | $19,787 | -$12,909 / -$29,308 | no | 7971 |
| 2028-01 | 4 | -57% | 0.71 | 0.79 | 95% | 0.09 | 0.75 | 86% | $312,859 | -$329,310 | 4822 | $6,054 | -$3,831 / -$9,362 | no | 0 |
| 2028-01 | 5 | -46% | 1.05 | 1.17 | 92% | 0.12 | 1.11 | 81% | $293,171 | -$322,470 | 3258 | $8,348 | -$5,316 / -$12,794 | no | 0 |
| 2028-01 | 8 | -14% | 2.36 | 2.60 | 86% | 0.24 | 2.48 | 63% | $228,029 | -$296,440 | 1458 | $15,622 | -$10,094 / -$23,444 | no | 2886 |
| 2028-01 | 10 | +7% | 3.63 | 4.01 | 88% | 0.30 | 3.14 | 53% | $189,988 | -$270,980 | 947 | $19,484 | -$12,715 / -$28,851 | no | 3994 |
| 2028-12 | 4 | -57% | 1.04 | 1.16 | 93% | 0.09 | 1.10 | 87% | $313,676 | -$322,660 | 3288 | $5,665 | -$3,644 / -$8,573 | no | 0 |
| 2028-12 | 5 | -46% | 1.43 | 1.59 | 90% | 0.11 | 1.51 | 82% | $297,579 | -$314,870 | 2395 | $7,492 | -$4,836 / -$11,283 | no | 0 |
| 2028-12 | 8 | -14% | 3.12 | 3.44 | 91% | 0.19 | 3.28 | 70% | $253,097 | -$281,240 | 1103 | $12,244 | -$8,000 / -$18,131 | no | 0 |
| 2028-12 | 10 | +7% | 4.34 | 4.80 | 90% | 0.24 | 3.89 | 62% | $225,567 | -$256,730 | 791 | $15,124 | -$9,932 / -$22,241 | no | 1002 |
Joint: short 50 x MARA 2028-01-21 17P mark 9.17 (bid 8.71 / ask 9.63) · intrinsic 7.68 · time value 1.49 · delta 0.50 (BS) · buyback at ask $48,142 · 1B removes $70,184 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 51 of 72 strike x expiry x quantity combinations pass (rejected: 14 on delta, 0 on cushion, 7 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-12 (851d) | 8 | -14% | 50 of 50 | 3.12 | 0.19 | 61% | $43,020 | $15,580 | -$32,562 | 10.2x | -$2,000 | -$4,533 | $3,061 |
| 2 | 2028-12 (851d) | 8 | -14% | 38 of 50 | 3.12 | 0.19 | 71% | $49,539 | $11,841 | -$36,302 | 10.2x | -$1,520 | -$3,445 | $2,326 |
| 3 | 2028-12 (851d) | 8 | -14% | 25 of 50 | 3.12 | 0.19 | 81% | $56,602 | $7,790 | -$40,352 | 10.2x | -$1,000 | -$2,266 | $1,530 |
| 4 | 2028-01 (522d) | 8 | -14% | 38 of 50 | 2.36 | 0.24 | 64% | $44,776 | $8,953 | -$39,190 | 7.8x | -$1,918 | -$4,454 | $2,968 |
| 5 | 2027-11 (459d) | 7 | -25% | 50 of 50 | 1.88 | 0.20 | 60% | $42,001 | $9,405 | -$38,738 | 7.1x | -$2,146 | -$5,040 | $3,337 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2027-06 (304d) | 10 | +7% | 2.94 | 2.41 | 0.36 | 27% | $18,750 | $14,677 | -$33,465 | 164 of 50 | $12,050 | $7,540 → $5,999 | no |
| ~15% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 47% | $32,771 | $8,835 | -$39,308 | 272 of 50 | $9,300 | $7,540 → $4,571 | no |
| ~30% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 47% | $32,771 | $8,835 | -$39,308 | 272 of 50 | $9,300 | $7,540 → $4,571 | no |
| ATM | 2027-10 (424d) | 10 | +7% | 3.46 | 2.96 | 0.32 | 35% | $24,737 | $17,290 | -$30,853 | 139 of 50 | $14,800 | $7,540 → $5,188 | no |
| ~15% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 59% | $41,429 | $8,692 | -$39,450 | 277 of 50 | $9,150 | $7,540 → $3,443 | no |
| ~30% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 59% | $41,429 | $8,692 | -$39,450 | 277 of 50 | $9,150 | $7,540 → $3,443 | no |
| ATM | 2027-11 (459d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 37% | $26,319 | $18,002 | -$30,140 | 134 of 50 | $15,550 | $7,540 → $4,983 | no |
| ~15% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 60% | $42,001 | $9,405 | -$38,738 | 256 of 50 | $9,900 | $7,540 → $3,337 | no |
| ~30% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 60% | $42,001 | $9,405 | -$38,738 | 256 of 50 | $9,900 | $7,540 → $3,337 | no |
| ATM | 2027-12 (487d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 38% | $26,627 | $18,002 | -$30,140 | 134 of 50 | $15,550 | $7,540 → $4,947 | no |
| ~15% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 52% | $36,371 | $11,638 | -$36,505 | 207 of 50 | $12,250 | $7,540 → $3,958 | no |
| ~30% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 52% | $36,371 | $11,638 | -$36,505 | 207 of 50 | $12,250 | $7,540 → $3,958 | no |
| ATM | 2028-01 (522d) | 10 | +7% | 3.63 | 3.14 | 0.30 | 39% | $27,242 | $18,145 | -$29,998 | 133 of 50 | $15,700 | $7,540 → $4,871 | no |
| ~15% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 52% | $36,753 | $11,780 | -$36,362 | 204 of 50 | $12,400 | $7,540 → $3,906 | no |
| ~30% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 52% | $36,753 | $11,780 | -$36,362 | 204 of 50 | $12,400 | $7,540 → $3,906 | no |
| ATM | 2028-12 (851d) | 10 | +7% | 4.34 | 3.89 | 0.24 | 51% | $36,137 | $21,708 | -$26,435 | 111 of 50 | $19,450 | $7,540 → $3,781 | no |
| ~15% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 61% | $43,020 | $15,580 | -$32,562 | 155 of 50 | $16,400 | $7,540 → $3,061 | no |
| ~30% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 61% | $43,020 | $15,580 | -$32,562 | 155 of 50 | $16,400 | $7,540 → $3,061 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2027-06 | 4 | -57% | 0.39 | 0.43 | 96% | 0.07 | 0.41 | 85% | $59,632 | -$46,195 | 1236 | $1,430 | -$878 / -$2,299 | no | 0 |
| 2027-06 | 5 | -46% | 0.61 | 0.67 | 90% | 0.11 | 0.64 | 77% | $54,138 | -$45,102 | 792 | $2,129 | -$1,318 / -$3,382 | no | 0 |
| 2027-06 | 8 | -14% | 1.77 | 1.95 | 85% | 0.26 | 1.86 | 47% | $32,771 | -$39,308 | 272 | $4,571 | -$2,914 / -$6,966 | no | 0 |
| 2027-06 | 10 | +7% | 2.94 | 3.24 | 86% | 0.36 | 2.41 | 27% | $18,750 | -$33,465 | 164 | $5,999 | -$3,885 / -$8,950 | no | 0 |
| 2027-10 | 4 | -57% | 0.60 | 0.66 | 97% | 0.08 | 0.63 | 83% | $58,262 | -$45,150 | 804 | $1,513 | -$950 / -$2,365 | no | 16 |
| 2027-10 | 5 | -46% | 0.89 | 0.99 | 93% | 0.12 | 0.94 | 76% | $53,068 | -$43,678 | 539 | $2,135 | -$1,349 / -$3,305 | no | 105 |
| 2027-10 | 7 | -25% | 1.74 | 1.92 | 90% | 0.20 | 1.83 | 59% | $41,429 | -$39,450 | 277 | $3,443 | -$2,206 / -$5,223 | no | 172 |
| 2027-10 | 10 | +7% | 3.46 | 3.82 | 90% | 0.32 | 2.96 | 35% | $24,737 | -$30,853 | 139 | $5,188 | -$3,380 / -$7,696 | no | 0 |
| 2027-11 | 4 | -57% | 0.64 | 0.70 | 96% | 0.09 | 0.67 | 83% | $58,139 | -$44,960 | 756 | $1,515 | -$954 / -$2,359 | no | 1 |
| 2027-11 | 5 | -46% | 0.89 | 0.99 | 90% | 0.12 | 0.94 | 76% | $53,156 | -$43,678 | 539 | $2,122 | -$1,341 / -$3,285 | no | 3390 |
| 2027-11 | 7 | -25% | 1.88 | 2.08 | 92% | 0.20 | 1.98 | 60% | $42,001 | -$38,738 | 256 | $3,337 | -$2,146 / -$5,040 | no | 1931 |
| 2027-11 | 10 | +7% | 3.60 | 3.98 | 92% | 0.31 | 3.11 | 37% | $26,319 | -$30,140 | 134 | $4,983 | -$3,251 / -$7,381 | no | 0 |
| 2027-12 | 4 | -57% | 0.67 | 0.75 | 96% | 0.09 | 0.71 | 83% | $58,032 | -$44,770 | 714 | $1,516 | -$957 / -$2,352 | no | 16 |
| 2027-12 | 5 | -46% | 1.05 | 1.17 | 95% | 0.12 | 1.11 | 75% | $52,946 | -$42,870 | 457 | $2,099 | -$1,337 / -$3,218 | no | 25255 |
| 2027-12 | 8 | -14% | 2.33 | 2.57 | 87% | 0.24 | 2.45 | 52% | $36,371 | -$36,505 | 207 | $3,958 | -$2,556 / -$5,944 | no | 7075 |
| 2027-12 | 10 | +7% | 3.60 | 3.98 | 89% | 0.31 | 3.11 | 38% | $26,627 | -$30,140 | 134 | $4,947 | -$3,227 / -$7,327 | no | 7971 |
| 2028-01 | 4 | -57% | 0.71 | 0.79 | 95% | 0.09 | 0.75 | 83% | $57,960 | -$44,580 | 676 | $1,514 | -$958 / -$2,340 | no | 0 |
| 2028-01 | 5 | -46% | 1.05 | 1.17 | 92% | 0.12 | 1.11 | 76% | $53,038 | -$42,870 | 457 | $2,087 | -$1,329 / -$3,199 | no | 0 |
| 2028-01 | 8 | -14% | 2.36 | 2.60 | 86% | 0.24 | 2.48 | 52% | $36,753 | -$36,362 | 204 | $3,906 | -$2,523 / -$5,861 | no | 2886 |
| 2028-01 | 10 | +7% | 3.63 | 4.01 | 88% | 0.30 | 3.14 | 39% | $27,242 | -$29,998 | 133 | $4,871 | -$3,179 / -$7,213 | no | 3994 |
| 2028-12 | 4 | -57% | 1.04 | 1.16 | 93% | 0.09 | 1.10 | 83% | $58,164 | -$42,918 | 461 | $1,416 | -$911 / -$2,143 | no | 0 |
| 2028-12 | 5 | -46% | 1.43 | 1.59 | 90% | 0.11 | 1.51 | 77% | $54,140 | -$40,970 | 336 | $1,873 | -$1,209 / -$2,821 | no | 0 |
| 2028-12 | 8 | -14% | 3.12 | 3.44 | 91% | 0.19 | 3.28 | 61% | $43,020 | -$32,562 | 155 | $3,061 | -$2,000 / -$4,533 | no | 0 |
| 2028-12 | 10 | +7% | 4.34 | 4.80 | 90% | 0.24 | 3.89 | 51% | $36,137 | -$26,435 | 111 | $3,781 | -$2,483 / -$5,560 | no | 1002 |
Neville: short 250 x MARA 2027-06-17 15P mark 6.90 (bid 6.55 / ask 7.25) · intrinsic 5.68 · time value 1.22 · delta 0.57 (BS) · buyback at ask $181,125 · 1B removes $399,898 of beta-delta
Best rolls under the 1B-roll gates (delta cut ≥ 55% of the buyback, time value ≥ 1.0x carry, strike ≥ 0% below spot), ranked by balanced: 53 of 72 strike x expiry x quantity combinations pass (rejected: 7 on delta, 0 on cushion, 12 on OTM, 0 on give-back).
| # | Expiry | Strike | vs spot | New qty | Bid | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash | Time value / carry | Give-back at -20% (vs buyback) | at -40% | Margin proxy new |
|---|
| 1 | 2028-12 (851d) | 8 | -14% | 250 of 250 | 3.12 | 0.19 | 66% | $264,075 | $77,900 | -$103,225 | 10.2x | -$10,000 | -$22,663 | $15,305 |
| 2 | 2028-12 (851d) | 8 | -14% | 188 of 250 | 3.12 | 0.19 | 74% | $297,759 | $58,581 | -$122,544 | 10.2x | -$7,520 | -$17,043 | $11,509 |
| 3 | 2028-01 (522d) | 8 | -14% | 250 of 250 | 2.36 | 0.24 | 58% | $232,740 | $58,900 | -$122,225 | 7.8x | -$12,617 | -$29,304 | $19,528 |
| 4 | 2027-12 (487d) | 8 | -14% | 250 of 250 | 2.33 | 0.24 | 58% | $230,831 | $58,188 | -$122,938 | 7.7x | -$12,780 | -$29,720 | $19,791 |
| 5 | 2028-12 (851d) | 8 | -14% | 125 of 250 | 3.12 | 0.19 | 83% | $331,986 | $38,950 | -$142,175 | 10.2x | -$5,000 | -$11,332 | $7,652 |
Reference rolls (full quantity)
| Roll to | Expiry | Strike | vs spot | Bid | Time value / sh | New delta | Delta removed vs 1B | Beta-delta removed | Credit | Net cash (credit - buyback) | Cash-neutral qty | Time value sold | Margin proxy old → new | Early-exercise risk on new put |
|---|
| ATM | 2027-06 (304d) | 10 | +7% | 2.94 | 2.41 | 0.36 | 36% | $142,726 | $73,387 | -$107,738 | 617 of 250 | $60,250 | $43,517 → $29,993 | no |
| ~15% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 53% | $212,831 | $44,175 | -$136,950 | 1025 of 250 | $46,500 | $43,517 → $22,857 | no |
| ~30% OTM | 2027-06 (304d) | 8 | -14% | 1.77 | 1.86 | 0.26 | 53% | $212,831 | $44,175 | -$136,950 | 1025 of 250 | $46,500 | $43,517 → $22,857 | no |
| ATM | 2027-10 (424d) | 10 | +7% | 3.46 | 2.96 | 0.32 | 43% | $172,664 | $86,450 | -$94,675 | 524 of 250 | $74,000 | $43,517 → $25,941 | no |
| ~15% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 64% | $256,121 | $43,462 | -$137,663 | 1042 of 250 | $45,750 | $43,517 → $17,215 | no |
| ~30% OTM | 2027-10 (424d) | 7 | -25% | 1.74 | 1.83 | 0.20 | 64% | $256,121 | $43,462 | -$137,663 | 1042 of 250 | $45,750 | $43,517 → $17,215 | no |
| ATM | 2027-11 (459d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 45% | $180,569 | $90,012 | -$91,113 | 503 of 250 | $77,750 | $43,517 → $24,916 | no |
| ~15% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 65% | $258,983 | $47,025 | -$134,100 | 963 of 250 | $49,500 | $43,517 → $16,684 | no |
| ~30% OTM | 2027-11 (459d) | 7 | -25% | 1.88 | 1.98 | 0.20 | 65% | $258,983 | $47,025 | -$134,100 | 963 of 250 | $49,500 | $43,517 → $16,684 | no |
| ATM | 2027-12 (487d) | 10 | +7% | 3.60 | 3.11 | 0.31 | 46% | $182,114 | $90,012 | -$91,113 | 503 of 250 | $77,750 | $43,517 → $24,734 | no |
| ~15% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 58% | $230,831 | $58,188 | -$122,938 | 778 of 250 | $61,250 | $43,517 → $19,791 | no |
| ~30% OTM | 2027-12 (487d) | 8 | -14% | 2.33 | 2.45 | 0.24 | 58% | $230,831 | $58,188 | -$122,938 | 778 of 250 | $61,250 | $43,517 → $19,791 | no |
| ATM | 2028-01 (522d) | 10 | +7% | 3.63 | 3.14 | 0.30 | 46% | $185,188 | $90,725 | -$90,400 | 499 of 250 | $78,500 | $43,517 → $24,356 | no |
| ~15% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 58% | $232,740 | $58,900 | -$122,225 | 769 of 250 | $62,000 | $43,517 → $19,528 | no |
| ~30% OTM | 2028-01 (522d) | 8 | -14% | 2.36 | 2.48 | 0.24 | 58% | $232,740 | $58,900 | -$122,225 | 769 of 250 | $62,000 | $43,517 → $19,528 | no |
| ATM | 2028-12 (851d) | 10 | +7% | 4.34 | 3.89 | 0.24 | 57% | $229,661 | $108,538 | -$72,588 | 417 of 250 | $97,250 | $43,517 → $18,905 | no |
| ~15% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 66% | $264,075 | $77,900 | -$103,225 | 581 of 250 | $82,000 | $43,517 → $15,305 | no |
| ~30% OTM | 2028-12 (851d) | 8 | -14% | 3.12 | 3.28 | 0.19 | 66% | $264,075 | $77,900 | -$103,225 | 581 of 250 | $82,000 | $43,517 → $15,305 | no |
all strikes
| Expiry | Strike | vs spot | Bid | Ask | IV | Delta | Time value / sh | Delta removed vs 1B | Beta-delta removed | Net cash | Cash-neutral qty | Margin proxy new | Give-back at -20% / -40% | Early-exercise | OI |
|---|
| 2027-06 | 4 | -57% | 0.39 | 0.43 | 96% | 0.07 | 0.41 | 87% | $347,139 | -$171,388 | 4650 | $7,148 | -$4,390 / -$11,495 | no | 0 |
| 2027-06 | 5 | -46% | 0.61 | 0.67 | 90% | 0.11 | 0.64 | 80% | $319,668 | -$165,925 | 2979 | $10,645 | -$6,590 / -$16,908 | no | 0 |
| 2027-06 | 8 | -14% | 1.77 | 1.95 | 85% | 0.26 | 1.86 | 53% | $212,831 | -$136,950 | 1025 | $22,857 | -$14,570 / -$34,830 | no | 0 |
| 2027-06 | 10 | +7% | 2.94 | 3.24 | 86% | 0.36 | 2.41 | 36% | $142,726 | -$107,738 | 617 | $29,993 | -$19,423 / -$44,748 | no | 0 |
| 2027-10 | 4 | -57% | 0.60 | 0.66 | 97% | 0.08 | 0.63 | 85% | $340,285 | -$166,163 | 3026 | $7,565 | -$4,748 / -$11,824 | no | 16 |
| 2027-10 | 5 | -46% | 0.89 | 0.99 | 93% | 0.12 | 0.94 | 79% | $314,315 | -$158,800 | 2028 | $10,674 | -$6,743 / -$16,525 | no | 105 |
| 2027-10 | 7 | -25% | 1.74 | 1.92 | 90% | 0.20 | 1.83 | 64% | $256,121 | -$137,663 | 1042 | $17,215 | -$11,032 / -$26,116 | no | 172 |
| 2027-10 | 10 | +7% | 3.46 | 3.82 | 90% | 0.32 | 2.96 | 43% | $172,664 | -$94,675 | 524 | $25,941 | -$16,898 / -$38,481 | no | 0 |
| 2027-11 | 4 | -57% | 0.64 | 0.70 | 96% | 0.09 | 0.67 | 85% | $339,674 | -$165,213 | 2846 | $7,575 | -$4,769 / -$11,793 | no | 1 |
| 2027-11 | 5 | -46% | 0.89 | 0.99 | 90% | 0.12 | 0.94 | 79% | $314,757 | -$158,800 | 2028 | $10,612 | -$6,705 / -$16,425 | no | 3390 |
| 2027-11 | 7 | -25% | 1.88 | 2.08 | 92% | 0.20 | 1.98 | 65% | $258,983 | -$134,100 | 963 | $16,684 | -$10,729 / -$25,202 | no | 1931 |
| 2027-11 | 10 | +7% | 3.60 | 3.98 | 92% | 0.31 | 3.11 | 45% | $180,569 | -$91,113 | 503 | $24,916 | -$16,253 / -$36,906 | no | 0 |
| 2027-12 | 4 | -57% | 0.67 | 0.75 | 96% | 0.09 | 0.71 | 85% | $339,137 | -$164,263 | 2685 | $7,581 | -$4,785 / -$11,761 | no | 16 |
| 2027-12 | 5 | -46% | 1.05 | 1.17 | 95% | 0.12 | 1.11 | 78% | $313,708 | -$154,763 | 1718 | $10,497 | -$6,683 / -$16,091 | no | 25255 |
| 2027-12 | 8 | -14% | 2.33 | 2.57 | 87% | 0.24 | 2.45 | 58% | $230,831 | -$122,938 | 778 | $19,791 | -$12,780 / -$29,720 | no | 7075 |
| 2027-12 | 10 | +7% | 3.60 | 3.98 | 89% | 0.31 | 3.11 | 46% | $182,114 | -$91,113 | 503 | $24,734 | -$16,136 / -$36,635 | no | 7971 |
| 2028-01 | 4 | -57% | 0.71 | 0.79 | 95% | 0.09 | 0.75 | 85% | $338,777 | -$163,313 | 2542 | $7,568 | -$4,789 / -$11,702 | no | 0 |
| 2028-01 | 5 | -46% | 1.05 | 1.17 | 92% | 0.12 | 1.11 | 79% | $314,167 | -$154,763 | 1718 | $10,435 | -$6,644 / -$15,993 | no | 0 |
| 2028-01 | 8 | -14% | 2.36 | 2.60 | 86% | 0.24 | 2.48 | 58% | $232,740 | -$122,225 | 769 | $19,528 | -$12,617 / -$29,304 | no | 2886 |
| 2028-01 | 10 | +7% | 3.63 | 4.01 | 88% | 0.30 | 3.14 | 46% | $185,188 | -$90,400 | 499 | $24,356 | -$15,894 / -$36,063 | no | 3994 |
| 2028-12 | 4 | -57% | 1.04 | 1.16 | 93% | 0.09 | 1.10 | 85% | $339,798 | -$155,000 | 1733 | $7,081 | -$4,556 / -$10,717 | no | 0 |
| 2028-12 | 5 | -46% | 1.43 | 1.59 | 90% | 0.11 | 1.51 | 80% | $319,677 | -$145,263 | 1263 | $9,365 | -$6,045 / -$14,104 | no | 0 |
| 2028-12 | 8 | -14% | 3.12 | 3.44 | 91% | 0.19 | 3.28 | 66% | $264,075 | -$103,225 | 581 | $15,305 | -$10,000 / -$22,663 | no | 0 |
| 2028-12 | 10 | +7% | 4.34 | 4.80 | 90% | 0.24 | 3.89 | 57% | $229,661 | -$72,588 | 417 | $18,905 | -$12,415 / -$27,801 | no | 1002 |
Caveats. Off-RTH quotes are FROZEN/DELAYED; re-run in RTH before acting. Bid for the new put is conservative (you may fill nearer mid). Time value sold is upfront credit that decays in your favour only if the stock stays above the new strike; it is not covered-call income. Beta-delta removed is what the roll does to leverage today; a lower-strike put re-accumulates delta as the stock falls. The margin proxy ignores the long call and hedge put in the same sleeve; the fortress as a whole will need less than the put alone. This tool places no orders.