Portfolio — live-active-by-symbol-2026-04-08

Theta Concentration

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

Symbol	Apr 24, 26	May 1, 26	May 8, 26	May 15, 26	May 22, 26	Total
MSFT		5.652				5.652
NFLX		2.197				2.197
ORCL		1.812				1.812
UNH		1.699				1.699
HOOD			1.688			1.688
AAPL					1.674	1.674
MSTR			1.628			1.628
PLTR			1.627			1.627
TSM		1.575				1.575
COIN				1.354		1.354
PDD				1.327		1.327
UBER				1.273		1.273
INTC					1.177	1.177
BA				1.085		1.085
CRM				0.990		0.990
ASTS				0.989		0.989
CRWV				0.752		0.752
AMD	0.604					0.604
XOM				0.415		0.415
TOTAL	0.604	12.935	4.943	8.185	2.850	29.518

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	Apr 24, 26	May 1, 26	May 8, 26	May 15, 26	May 22, 26	Total
XOM				11.423		11.423
CRM				6.337		6.337
ORCL		5.955				5.955
PLTR			5.533			5.533
INTC					5.026	5.026
COIN				2.295		2.295
TSM		-4.735				-4.735
ASTS				-4.740		-4.740
MSTR			-4.898			-4.898
UNH		-6.566				-6.566
AAPL					-6.957	-6.957
CRWV				-7.365		-7.365
BA				-7.424		-7.424
AMD	-7.935					-7.935
PDD				-8.054		-8.054
MSFT		-8.065				-8.065
UBER				-8.752		-8.752
HOOD			-11.034			-11.034
NFLX		-16.090				-16.090
TOTAL	-7.935	-29.501	-10.400	-16.281	-1.931	-66.047

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	Apr 24, 26	May 1, 26	May 8, 26	May 15, 26	May 22, 26	Total
UBER				-1.013		-1.013
ASTS				-0.954		-0.954
TSM		-0.954				-0.954
PDD				-0.924		-0.924
PLTR			-0.715			-0.715
NFLX		-0.596				-0.596
INTC					-0.507	-0.507
AAPL					-0.477	-0.477
CRM				-0.477		-0.477
XOM				-0.477		-0.477
HOOD			-0.238			-0.238
MSFT		-0.238				-0.238
MSTR			-0.238			-0.238
ORCL		-0.119				-0.119
AMD	0.000					0.000
BA				0.000		0.000
UNH		0.000				0.000
COIN				0.238		0.238
CRWV				0.477		0.477
TOTAL	0.000	-1.907	-1.192	-3.129	-0.983	-7.212

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	Apr 24, 26	May 1, 26	May 8, 26	May 15, 26	May 22, 26	Total
MSFT		-6.217				-6.217
AAPL					-4.569	-4.569
PDD				-2.903		-2.903
CRM				-2.326		-2.326
UBER				-2.241		-2.241
ORCL		-2.005				-2.005
NFLX		-1.969				-1.969
PLTR			-1.789			-1.789
UNH		-1.522				-1.522
INTC					-1.485	-1.485
COIN				-1.475		-1.475
MSTR			-1.467			-1.467
BA				-1.447		-1.447
HOOD			-1.362			-1.362
XOM				-1.290		-1.290
TSM		-0.995				-0.995
ASTS				-0.607		-0.607
CRWV				-0.375		-0.375
AMD	0.104					0.104
TOTAL	0.104	-12.707	-4.618	-12.664	-6.054	-35.939

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
MSFT	May 1, 26	MSFT May 1st 400/410 Bear Call Spread	23.705
ORCL	May 1, 26	ORCL May 1st 125/130 Bull Put Spread	15.204
HOOD	May 8, 26	HOOD May 8th 80/85 Bear Call Spread	7.079
MSTR	May 8, 26	MSTR May 8th 150/155 Bear Call Spread	6.828
COIN	May 15, 26	COIN May 15th 130/135 Bull Put Spread	5.678
NFLX	May 1, 26	NFLX May 1st 103/108 Bear Call Spread	3.686
AAPL	May 22, 26	AAPL May 22nd 275/280 Bear Call Spread	3.510
INTC	May 22, 26	INTC May 22nd 38/43 Bull Put Spread	2.322
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	2.275
CRM	May 15, 26	CRM May 15th 160/165 Bull Put Spread	2.076
TSM	May 1, 26	TSM May 1st 375/380 Bear Call Spread	1.651
CRWV	May 15, 26	CRWV May 15th 95/100 Bear Call Spread	1.577
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	1.436
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	1.257
ASTS	May 15, 26	ASTS May 15th 115/120 Bear Call Spread	1.037
XOM	May 15, 26	XOM May 15th 150/155 Bull Put Spread	0.871
AMD	Apr 24, 26	AMD Apr 24th 230/235 Bear Call Spread	—
BA	May 15, 26	BA May 15th 225/230 Bear Call Spread	—
UNH	May 1, 26	UNH May 1st 315/320 Bear Call Spread	—

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\|
AMD	Apr 24, 26	AMD Apr 24th 230/235 Bear Call Spread	5.826
CRWV	May 15, 26	CRWV May 15th 95/100 Bear Call Spread	2.008
ASTS	May 15, 26	ASTS May 15th 115/120 Bear Call Spread	1.628
TSM	May 1, 26	TSM May 1st 375/380 Bear Call Spread	1.582
HOOD	May 8, 26	HOOD May 8th 80/85 Bear Call Spread	1.239
UNH	May 1, 26	UNH May 1st 315/320 Bear Call Spread	1.117
NFLX	May 1, 26	NFLX May 1st 103/108 Bear Call Spread	1.116
MSTR	May 8, 26	MSTR May 8th 150/155 Bear Call Spread	1.110
COIN	May 15, 26	COIN May 15th 130/135 Bull Put Spread	0.918
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	0.910
MSFT	May 1, 26	MSFT May 1st 400/410 Bear Call Spread	0.909
ORCL	May 1, 26	ORCL May 1st 125/130 Bull Put Spread	0.904
INTC	May 22, 26	INTC May 22nd 38/43 Bull Put Spread	0.792
BA	May 15, 26	BA May 15th 225/230 Bear Call Spread	0.750
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	0.568
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	0.457
CRM	May 15, 26	CRM May 15th 160/165 Bull Put Spread	0.426
AAPL	May 22, 26	AAPL May 22nd 275/280 Bear Call Spread	0.366
XOM	May 15, 26	XOM May 15th 150/155 Bull Put Spread	0.322

Position Scorecard

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

Symbol	Type	Expiry	Chance	Credit	Max Profit	Max Loss	EV	Θ Theta	Vega	Γ Gamma	IV	Θ/\|Γ\|	Θ/\|V\|	Return
AMD	Bear Call	Apr 24, 26	48.8%	$65	$65	$436	-$192	0.604	0.104	0.0000	51.9%	—	5.83	-291.5%

MSFT	Bear Call	May 1, 26	78.6%	$130	$130	$870	-$84	5.652	-6.217	-0.2384	36.6%	23.70	0.91	-51.1%
NFLX	Bear Call	May 1, 26	65.5%	$64	$64	$436	-$108	2.197	-1.969	-0.5960	42.6%	3.69	1.12	-128.9%
ORCL	Bull Put	May 1, 26	80.0%	$84	$84	$416	-$16	1.812	-2.005	-0.1192	57.4%	15.20	0.90	5.4%
UNH	Bear Call	May 1, 26	61.9%	$59	$59	$441	-$132	1.699	-1.522	0.0000	37.4%	—	1.12	-213.6%
TSM	Bear Call	May 1, 26	60.4%	$75	$75	$425	-$123	1.575	-0.995	-0.9537	44.9%	1.65	1.58	-170.0%

HOOD	Bear Call	May 8, 26	73.1%	$70	$70	$430	-$65	1.688	-1.362	-0.2384	66.0%	7.08	1.24	-62.9%
MSTR	Bear Call	May 8, 26	79.8%	$72	$72	$428	-$29	1.628	-1.467	-0.2384	65.5%	6.83	1.11	-6.3%
PLTR	Bull Put	May 8, 26	73.5%	$84	$84	$416	-$48	1.627	-1.789	-0.7153	68.6%	2.28	0.91	-36.9%

COIN	Bull Put	May 15, 26	84.7%	$83	$83	$417	$7	1.354	-1.475	0.2384	88.1%	5.68	0.92	16.9%
PDD	Bear Call	May 15, 26	83.9%	$55	$55	$446	-$26	1.327	-2.903	-0.9239	33.4%	1.44	0.46	6.4%
UBER	Bear Call	May 15, 26	86.7%	$56	$56	$445	-$11	1.273	-2.241	-1.0133	41.8%	1.26	0.57	14.4%
BA	Bear Call	May 15, 26	61.7%	$56	$56	$444	-$136	1.085	-1.447	0.0000	36.8%	—	0.75	-234.8%
CRM	Bull Put	May 15, 26	69.0%	$86	$86	$414	-$69	0.990	-2.326	-0.4768	45.6%	2.08	0.43	-48.3%
ASTS	Bear Call	May 15, 26	70.8%	$66	$66	$434	-$80	0.989	-0.607	-0.9537	106.1%	1.04	1.63	-78.0%
CRWV	Bear Call	May 15, 26	60.6%	$60	$60	$440	-$137	0.752	-0.375	0.4768	89.8%	1.58	2.01	-195.8%
XOM	Bull Put	May 15, 26	51.7%	$68	$68	$432	-$173	0.415	-1.290	-0.4768	35.2%	0.87	0.32	-227.2%

AAPL	Bear Call	May 22, 26	77.5%	$60	$60	$440	-$53	1.674	-4.569	-0.4768	24.9%	3.51	0.37	-99.2%
INTC	Bull Put	May 22, 26	89.4%	$75	$75	$425	$22	1.177	-1.485	-0.5066	80.8%	2.32	0.79	39.3%

TOTAL / AVG			71.4% avg	$1367	$1367	$8634	-$1453	29.518	-35.939	-7.2122	55.4% avg	4.09	22.95	-1762.0%

Column guide — EV & Greeks

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.
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. Colour is diverging: green for positive return, red for negative.