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Sample dataPerformance Oct 16, 2025 → Sep 17, 2026 · America/Denver · Max NAV Preservation (50/50)Allocator prices Sep 20, 2026

Practice trades · Friday close · version 0

Options benchmarks

Every Friday, at the end of the day in Denver, this page opens or rolls the same two option trades on MSTR. A roll means closing the old short option and opening a new one. These are paper trades: practice only, with no order sent to a broker.

The rules are locked as version 0, and they can be improved later. The series starts 2026-09-18. If a price quote is missing, the row is logged as blocked. The page does not invent a fill.

PMCC

Live

First row 2026-09-18. A long-dated call, plus a weekly call sold in the money.

Jade lizard

Live

First row 2026-09-18. Hold until the weekly option expires.

Logged trades

From data/options-benchmarks/trades.csv. Each new Friday adds a row. Premiums are the per-share middle price. A premium is the price of the option. Cash profit and loss uses the equity multiplier, ×100. Paper only.

PMCC · v0

OPEN · MSTR @ $153.92

2026-09-18 15:49 MT · America/Denver

$41.58 / sh

debit

Status
FILLED_YFINANCE_MID
Short expiry
2026-09-25
LEAPS expiry
2027-06-17

BTO 1x MSTR 120C 2027-06-17 @ mid 56.75 (bid 55.90 / ask 57.60 / Δ~0.78 / DTE 272); STO 1x MSTR 140C 2026-09-25 @ mid 15.175 (bid 15.00 / ask 15.35 / Δ~0.86 / ITM~13.92 / ext~1.255 ≈2.2% of LEAPS)

JADE LIZARD · v0

OPEN · MSTR @ $153.92

2026-09-18 15:49 MT · America/Denver

$2.88 / sh

credit

Status
FILLED_YFINANCE_MID
Short expiry
2026-09-25
LEAPS expiry
—

Width 2.5 · jade rule OK (no extra loss if the stock rises, beyond the cash collected)

STO 1x MSTR 145P 2026-09-25 @ mid 2.225 (bid 2.20 / ask 2.25 / Δ~-0.23); STO 1x MSTR 160C 2026-09-25 @ mid 3.775 (bid 3.70 / ask 3.85 / Δ~0.36); BTO 1x MSTR 162.5C 2026-09-25 @ mid 3.125 (bid 3.05 / ask 3.20 / Δ~0.31)

Pure jade: put+CS credit 2.875 ≥ width 2.5 (cushion 0.375). Used $2.5 call width so put stays ~20Δ. Hold to 2026-09-25. Paper only.

Friday end-of-day steps

  1. Save MSTR’s stock price and the option chain. The chain is the list of available option contracts. Never make up a premium.
  2. Weekly short options: the next listed Friday with DTE 5–8. DTE means days until the option expires. Do not open a new same-day option (0 DTE) at the end of the day.
  3. PMCC LEAPS: a listed expiry with DTE 180–400. A LEAPS is a long-dated option. Prefer the one with the most open interest near the target delta. Open interest is how many contracts are already open. Delta (Δ) is how much the option price tends to move when the stock moves $1.
  4. Write one row per strategy (`OPEN` or `ROLL_SHORT`). If the chain cannot be used, log `BLOCKED_NO_CHAIN` and leave the premiums empty.
  5. Timing: every Friday, America/Denver end of day (target about 15:45–16:00 ET). The price used is the mid, (bid + ask) / 2, when both are above 0. Otherwise use the last trade.

For now, each strategy is one set of contracts. Matching the size to the $50,000 share book is later work.

1 · PMCC version 0

Poor man’s covered call

A poor man’s covered call (PMCC) buys a long-dated call as a stand-in for the stock, then sells a short-dated call to collect a fee. The fee we want is extrinsic value: the extra price beyond what the option would be worth if you used it right now. In version 0 the short call is in the money (ITM), which means the stock is already above the strike. The strike is the contract’s price. Roll it every Friday at the close. This follows King’s “ITM lazy” idea, moved from a QQQ demo to MSTR.

  • Long call (LEAPS): DTE 180–400. Target Black-Scholes delta about 0.70–0.80 (prefer about 0.78–0.80).
  • Short call (weekly): next Friday, and in the money only in version 0. Extrinsic about 1.0–2.5% of the LEAPS mid debit (the middle price you pay for the long call). Prefer about $8–15 in the money when that matches the band. If several strikes fit, pick the highest open interest. If those tie, pick the one closer to 2.0% extrinsic versus the LEAPS price.
  • If you do not already hold the LEAPS: buy the package and log the net debit (the cash you pay). If you already hold it: roll only the short call to a new strike. Buy a new LEAPS only if DTE is under 180, or delta drifts outside 0.65–0.85.
  • Between Fridays, on paper: aim to close or roll the short call when 10–20% of the original extrinsic is left. If that does not happen, the Friday close roll is the one that counts. There is no required profit target on the LEAPS.

2 · Jade lizard version 0

Short put plus a short call spread

A jade lizard collects a credit, which is cash you receive up front. If that credit is at least as big as the call-spread width, there is no loss if the stock rises. Width is the dollar gap between the two call strikes. The risk is the short put, which loses if the stock falls. This is the standard textbook jade. Hold it until the weekly option expires.

  • Short put: next Friday, out of the money (OTM). Out of the money means the option would not be worth using right now. Absolute delta about 0.15–0.25 (prefer about 0.20).
  • Short call / long call: the same weekly expiry. Short-call delta about 0.15–0.30. The long call’s strike is the short strike plus the width.
  • Default width is $5. Use $2.50 if a $5 width cannot meet the jade rule while keeping the put’s absolute delta at or below 0.30.
  • A “pure” jade needs mid(put) + (mid(short call) − mid(long call)) ≥ width. Mid is the middle of the bid and ask. If it still fails after moving the put toward the stock price (cap absolute delta at 0.35), log jade_like_residual_upside and still take the weekly trade.