Portfolio — live-active-by-symbol-2026-04-17

Theta Concentration

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

Symbol	May 8, 26	May 15, 26	May 22, 26	Total
PLTR	2.472			2.472
UBER		1.895		1.895
PDD		1.617		1.617
CRM			1.320	1.320
ORCL			1.301	1.301
ASTS		1.241		1.241
NVDA			1.231	1.231
AAPL			1.062	1.062
IWM			0.973	0.973
TOTAL	2.472	4.753	5.887	13.112

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	May 8, 26	May 15, 26	May 22, 26	Total
PLTR	4.229			4.229
ORCL			3.632	3.632
IWM			2.929	2.929
NVDA			2.620	2.620
ASTS		-3.415		-3.415
CRM			-6.603	-6.603
AAPL			-8.841	-8.841
PDD		-8.851		-8.851
UBER		-15.176		-15.176
TOTAL	4.229	-27.442	-6.262	-29.475

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	May 8, 26	May 15, 26	May 22, 26	Total
UBER		-1.132		-1.132
CRM			-0.715	-0.715
PDD		-0.715		-0.715
ASTS		-0.238		-0.238
IWM			-0.238	-0.238
ORCL			-0.238	-0.238
PLTR	-0.119			-0.119
AAPL			0.000	0.000
NVDA			0.000	0.000
TOTAL	-0.119	-2.086	-1.192	-3.397

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	May 8, 26	May 15, 26	May 22, 26	Total
IWM			-3.259	-3.259
PDD		-2.530		-2.530
UBER		-2.312		-2.312
NVDA			-2.241	-2.241
ORCL			-2.145	-2.145
CRM			-1.986	-1.986
AAPL			-1.730	-1.730
PLTR	-1.724			-1.724
ASTS		-0.658		-0.658
TOTAL	-1.724	-5.499	-11.361	-18.584

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	20.738
ORCL	May 22, 26	ORCL May 22nd 145/150 Bull Put Spread	5.458
ASTS	May 15, 26	ASTS May 15th 115/120 Bear Call Spread	5.206
IWM	May 22, 26	IWM May 22nd 245/250 Bull Put Spread	4.082
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	2.261
CRM	May 22, 26	CRM May 22nd 195/200 Bear Call Spread	1.846
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	1.673
AAPL	May 22, 26	AAPL May 22nd 275/280 Bear Call Spread	—
NVDA	May 22, 26	NVDA May 22nd 165/170 Bull Put 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\|
ASTS	May 15, 26	ASTS May 15th 115/120 Bear Call Spread	1.886
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	1.434
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	0.820
CRM	May 22, 26	CRM May 22nd 195/200 Bear Call Spread	0.665
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	0.639
AAPL	May 22, 26	AAPL May 22nd 275/280 Bear Call Spread	0.614
ORCL	May 22, 26	ORCL May 22nd 145/150 Bull Put Spread	0.607
NVDA	May 22, 26	NVDA May 22nd 165/170 Bull Put Spread	0.549
IWM	May 22, 26	IWM May 22nd 245/250 Bull Put Spread	0.299

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
PLTR	Bull Put	May 8, 26	84.2%	$84	$84	$416	$5	2.472	-1.724	-0.1192	71.2%	20.74	1.43	23.2%

UBER	Bear Call	May 15, 26	73.3%	$56	$56	$445	-$78	1.895	-2.312	-1.1325	42.8%	1.67	0.82	-81.1%
PDD	Bear Call	May 15, 26	81.3%	$55	$55	$446	-$39	1.617	-2.530	-0.7153	37.8%	2.26	0.64	-5.5%
ASTS	Bear Call	May 15, 26	82.7%	$66	$66	$434	-$20	1.241	-0.658	-0.2384	116.5%	5.21	1.89	16.7%

CRM	Bear Call	May 22, 26	71.1%	$69	$69	$431	-$75	1.320	-1.986	-0.7153	42.6%	1.85	0.66	-81.2%
ORCL	Bull Put	May 22, 26	81.9%	$76	$76	$424	-$15	1.301	-2.145	-0.2384	55.4%	5.46	0.61	13.2%
NVDA	Bull Put	May 22, 26	88.9%	$62	$62	$438	$7	1.231	-2.241	0.0000	46.6%	—	0.55	34.7%
AAPL	Bear Call	May 22, 26	59.2%	$60	$60	$440	-$144	1.062	-1.730	0.0000	26.1%	—	0.61	-233.3%
IWM	Bull Put	May 22, 26	88.2%	$62	$62	$439	$3	0.973	-3.259	-0.2384	28.6%	4.08	0.30	40.6%

TOTAL / AVG			79.0% avg	$589	$589	$3912	-$357	13.112	-18.584	-3.3975	51.9% avg	3.86	7.51	-272.7%

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.