Portfolio — live-active-by-symbol-2026-08-25

Theta Concentration

Daily time decay accrual by underlying and expiration. Sorted by row total descending. Grand total = portfolio theta.

Symbol	Type	Sep 11, 26	Sep 18, 26	Oct 2, 26	Total
UNH	Bull Put	2.597			2.597
UPS	Bull Put		2.094		2.094
IBM	Bull Put		2.086		2.086
GOOGL	Bull Put		2.012		2.012
CRCL	Bull Put			2.003	2.003
UBER	Bear Call		1.987		1.987
C	Bull Put		1.936		1.936
AMZN	Bull Put		1.832		1.832
AAPL	Bull Put		1.770		1.770
TGT	Bull Put			1.119	1.119
TOTAL		2.597	13.717	3.122	19.435

Delta Concentration — Directional Exposure

Net directional exposure by underlying and expiration. Bull Put spreads are positive delta, Bear Call spreads are negative. Sorted most positive first.

Symbol	Type	Sep 11, 26	Sep 18, 26	Oct 2, 26	Total
UPS	Bull Put		16.266		16.266
C	Bull Put		10.546		10.546
AMZN	Bull Put		7.455		7.455
UNH	Bull Put	6.658			6.658
TGT	Bull Put			6.257	6.257
GOOGL	Bull Put		5.454		5.454
CRCL	Bull Put			4.342	4.342
AAPL	Bull Put		4.268		4.268
IBM	Bull Put		4.017		4.017
UBER	Bear Call		-21.845		-21.845
TOTAL		6.658	26.162	10.599	43.419

Gamma Concentration — Convexity Risk

All values are negative (credit spreads are short gamma). More red = more exposure to large moves in either direction. Sorted by row total ascending (most exposed first).

Symbol	Type	Sep 11, 26	Sep 18, 26	Oct 2, 26	Total
UPS	Bull Put		-2.682		-2.682
UBER	Bear Call		-1.609		-1.609
C	Bull Put		-1.073		-1.073
AMZN	Bull Put		-0.477		-0.477
AAPL	Bull Put		-0.358		-0.358
CRCL	Bull Put			-0.298	-0.298
IBM	Bull Put		-0.298		-0.298
GOOGL	Bull Put		-0.238		-0.238
TGT	Bull Put			-0.238	-0.238
UNH	Bull Put	0.238			0.238
TOTAL		0.238	-6.735	-0.536	-7.033

Vega Concentration — Short Volatility Risk

All values are negative (short premium = short vega). Sorted by row total ascending (most exposed first). Grand total = how much the book loses per 1% rise in IV across all positions.

Symbol	Type	Sep 11, 26	Sep 18, 26	Oct 2, 26	Total
UPS	Bull Put		-4.644		-4.644
GOOGL	Bull Put		-4.063		-4.063
AAPL	Bull Put		-3.992		-3.992
UNH	Bull Put	-3.927			-3.927
C	Bull Put		-3.772		-3.772
AMZN	Bull Put		-3.687		-3.687
TGT	Bull Put			-3.482	-3.482
IBM	Bull Put		-3.179		-3.179
UBER	Bear Call		-2.486		-2.486
CRCL	Bull Put			-1.782	-1.782
TOTAL		-3.927	-25.822	-5.264	-35.013

Theta / |Gamma| Quality

Daily time decay collected per unit of convexity risk. Higher = better compensated. Sorted best → worst.

Symbol	Expiry	Position	Θ / \|Γ\|
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	10.891
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	8.438
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	7.000
CRCL	Oct 2, 26	CRCL Oct 2nd 60/65 Bull Put Spread	6.720
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	4.950
TGT	Oct 2, 26	TGT Oct 2nd 145/150 Bull Put Spread	4.692
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	3.842
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.804
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	1.235
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.781

Theta / |Vega| Quality

Daily time decay collected per unit of volatility exposure. Higher = better compensated for a vol spike. Sorted best → worst.

Symbol	Expiry	Position	Θ / \|V\|
CRCL	Oct 2, 26	CRCL Oct 2nd 60/65 Bull Put Spread	1.124
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.799
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.661
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	0.656
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.513
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.497
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.495
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.451
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	0.443
TGT	Oct 2, 26	TGT Oct 2nd 145/150 Bull Put Spread	0.321

Position Scorecard

Each column normalized independently. Grouped by expiration, sorted by Theta within each group.

Symbol	Type	Expiry	DTE	Chance	Credit	Max Profit	Max Loss	EV	Θ Theta	Vega	Γ Gamma	IV	Θ/\|Γ\|	Θ/\|V\|	Return	Loss/Risk
UNH	Bull Put	Sep 11, 26	16	71.0%	$86	$86	$414	-$59	2.597	-3.927	0.2384	27.6%	10.89	0.66	-43.6%	-9.1%

UPS	Bull Put	Sep 18, 26	23	77.4%	$73	$73	$428	-$41	2.094	-4.644	-2.6822	25.1%	0.78	0.45	3.5%	—
IBM	Bull Put	Sep 18, 26	23	89.0%	$59	$59	$442	$4	2.086	-3.179	-0.2980	35.4%	7.00	0.66	17.9%	—
GOOGL	Bull Put	Sep 18, 26	23	75.9%	$89	$89	$411	-$32	2.012	-4.063	-0.2384	29.0%	8.44	0.50	-13.5%	-2.9%
UBER	Bear Call	Sep 18, 26	23	65.5%	$59	$59	$441	-$113	1.987	-2.486	-1.6093	35.0%	1.23	0.80	-117.0%	-15.6%
C	Bull Put	Sep 18, 26	23	79.5%	$56	$56	$444	-$47	1.936	-3.772	-1.0729	30.4%	1.80	0.51	-21.4%	-2.7%
AMZN	Bull Put	Sep 18, 26	23	72.1%	$69	$69	$431	-$71	1.832	-3.687	-0.4768	30.3%	3.84	0.50	-65.2%	-10.4%
AAPL	Bull Put	Sep 18, 26	23	84.2%	$69	$69	$431	-$10	1.770	-3.992	-0.3576	27.0%	4.95	0.44	23.9%	—

CRCL	Bull Put	Oct 2, 26	37	99.0%	$61	$61	$439	$56	2.003	-1.782	-0.2980	85.5%	6.72	1.12	-9.0%	-1.3%
TGT	Bull Put	Oct 2, 26	37	81.3%	$60	$60	$440	-$33	1.119	-3.482	-0.2384	32.6%	4.69	0.32	-9.2%	-1.3%

TOTAL / AVG			—	79.5% avg	$680	$680	$4320	-$346	19.435	-35.013	-7.0333	35.8% avg	2.76	5.96	-233.6%	-3.6%

Column guide — EV & Greeks

DTE: Days to expiration as of when this report was generated. Highlighted in amber when ≤ 21 — the target window to close or roll positions to avoid gamma risk and assignment complications near expiry.
Loss/Risk: Current loss expressed as a percentage of maximum possible loss (i.e. the capital at risk). Only shown for losing positions — blank for positions currently at a gain. Formula: (current P&L / max loss) × 100. Highlighted in red when ≤ −25%, which is the stop-loss close-out threshold. Unlike Return (which is % of max profit), this metric uses the same denominator as the actual risk taken.
Return: Current mark-to-market return on the position as a percentage of max profit. 100% means the spread has expired worthless and you kept all the premium. Negative means the position is currently at a loss relative to entry. Highlighted in green when ≥ 50%, the take-profit close-out threshold. Colour is diverging: green for positive return, red for negative.
EV: Binary-outcome expected value: Chance × Max Profit − (1 − Chance) × Max Loss. Treats the trade as either expiring fully worthless (max profit) or reaching max loss — nothing in between. Negative EV is normal and expected for credit spreads: max loss is typically 4–10× max profit, so even an 80% winner produces a negative number. Use EV as a relative ranking across positions, not as an absolute signal. A less-negative EV means the risk/reward ratio is better for a given probability.
Θ Theta: Daily time decay in dollars. Positive means the position earns money each day that passes with everything else held constant. Credit spreads are short premium, so theta is always positive — you are the one collecting the decay. The Theta Concentration section at the top of this page shows how this is distributed across underlyings and expirations.
Vega: Dollar change in position value per 1% rise in implied volatility (IV). Negative for all credit spreads — you sold premium, so a spike in IV increases the value of what you owe and hurts you. The magnitude tells you how exposed a position is to a volatility event. The Vega Concentration section shows this aggregated across the book.
Γ Gamma: Rate of change of delta per $1 move in the underlying. Negative for credit spreads — a large move in either direction increases your directional exposure in the wrong direction (losses accelerate as the underlying moves against you). Near-expiry, at-the-money positions carry the most gamma risk.
IV: Implied volatility of the underlying at the time the position was entered. Higher IV at entry means you collected more premium relative to the width of the spread — generally a more favourable entry environment for credit strategies. Not updated in real time; it reflects the entry conditions.
Θ / |Γ|: Quality ratio: how much daily theta you earn per unit of gamma risk. Higher is better — the position is well compensated for the convexity exposure it carries. Useful for comparing two positions with similar probability profiles but different risk/reward dynamics. Positions with gamma = 0 (deep in- or out-of-the-money, no convexity) are excluded from ranking.
Θ / |V|: How much daily theta you earn per dollar lost if implied volatility rises by 1%. Higher is better — the position is well compensated for its volatility exposure. Low values identify positions that are cheapest to close into a vol spike: you are earning little time decay relative to how much a sustained IV expansion would hurt you. Complements Θ/|Γ| — gamma risk is acute and move-driven, vega risk is broader and regime-driven. A position can score well on one and poorly on the other.