Portfolio — live-active-by-symbol-2026-04-20

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	May 29, 26	Total
PLTR	2.976				2.976
UBER		2.272			2.272
ORCL			1.919		1.919
PDD		1.729			1.729
ADBE				1.289	1.289
NVDA			1.222		1.222
IWM			1.071		1.071
WFC				1.051	1.051
CRM				0.845	0.845
TOTAL	2.976	4.001	4.211	3.185	14.374

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	May 29, 26	Total
WFC				10.142	10.142
PLTR	4.523				4.523
ORCL			3.808		3.808
CRM				3.115	3.115
IWM			2.755		2.755
NVDA			2.460		2.460
ADBE				-3.475	-3.475
PDD		-8.135			-8.135
UBER		-16.213			-16.213
TOTAL	4.523	-24.348	9.024	9.782	-1.019

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	May 29, 26	Total
WFC				-1.520	-1.520
UBER		-1.252			-1.252
PDD		-0.983			-0.983
PLTR	-0.358				-0.358
ADBE				-0.238	-0.238
CRM				-0.238	-0.238
IWM			0.000		0.000
NVDA			0.000		0.000
ORCL			0.119		0.119
TOTAL	-0.358	-2.235	0.119	-1.997	-4.470

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	May 29, 26	Total
WFC				-3.188	-3.188
IWM			-3.023		-3.023
ADBE				-2.459	-2.459
PDD		-2.434			-2.434
ORCL			-2.347		-2.347
UBER		-2.270			-2.270
CRM				-2.027	-2.027
NVDA			-2.026		-2.026
PLTR	-1.675				-1.675
TOTAL	-1.675	-4.705	-7.396	-7.674	-21.450

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
ORCL	May 22, 26	ORCL May 22nd 145/150 Bull Put Spread	16.097
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	8.322
ADBE	May 29, 26	ADBE May 29th 280/285 Bear Call Spread	5.407
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	3.542
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	1.815
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	1.758
WFC	May 29, 26	WFC May 29th 70/75 Bull Put Spread	0.692
IWM	May 22, 26	IWM May 22nd 245/250 Bull Put 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\|
PLTR	May 8, 26	PLTR May 8th 120/125 Bull Put Spread	1.777
UBER	May 15, 26	UBER May 15th 82.5/87.5 Bear Call Spread	1.001
ORCL	May 22, 26	ORCL May 22nd 145/150 Bull Put Spread	0.818
PDD	May 15, 26	PDD May 15th 115/120 Bear Call Spread	0.710
NVDA	May 22, 26	NVDA May 22nd 165/170 Bull Put Spread	0.603
ADBE	May 29, 26	ADBE May 29th 280/285 Bear Call Spread	0.524
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	0.417
IWM	May 22, 26	IWM May 22nd 245/250 Bull Put Spread	0.354
WFC	May 29, 26	WFC May 29th 70/75 Bull Put Spread	0.330

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	84.0%	$84	$84	$416	$4	2.976	-1.675	-0.3576	74.1%	8.32	1.78	20.2%

UBER	Bear Call	May 15, 26	71.5%	$56	$56	$445	-$87	2.272	-2.270	-1.2517	44.5%	1.82	1.00	-98.2%
PDD	Bear Call	May 15, 26	84.2%	$55	$55	$446	-$24	1.729	-2.434	-0.9835	37.8%	1.76	0.71	13.8%

ORCL	Bull Put	May 22, 26	84.4%	$76	$76	$424	-$2	1.919	-2.347	0.1192	56.9%	16.10	0.82	5.3%
NVDA	Bull Put	May 22, 26	89.5%	$62	$62	$438	$9	1.222	-2.026	0.0000	48.7%	—	0.60	40.3%
IWM	Bull Put	May 22, 26	88.8%	$62	$62	$439	$5	1.071	-3.023	0.0000	30.3%	—	0.35	43.9%

ADBE	Bear Call	May 29, 26	82.9%	$70	$70	$430	-$16	1.289	-2.459	-0.2384	40.4%	5.41	0.52	-4.3%
WFC	Bull Put	May 29, 26	84.3%	$50	$50	$450	-$28	1.051	-3.188	-1.5199	33.5%	0.69	0.33	-3.0%
CRM	Bull Put	May 29, 26	81.4%	$57	$57	$443	-$36	0.845	-2.027	-0.2384	52.9%	3.54	0.42	2.6%

TOTAL / AVG			83.4% avg	$571	$571	$3930	-$175	14.374	-21.450	-4.4703	46.6% avg	3.22	6.53	20.6%

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.