Portfolio — live-active-by-symbol-2026-05-08

Theta Concentration

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

Symbol	May 29, 26	Jun 5, 26	Jun 12, 26	Jun 18, 26	Total
CRM	3.537				3.537
ZS	3.026				3.026
BA		2.880			2.880
AA	2.582				2.582
RDDT		2.276			2.276
WFC	2.003				2.003
TEAM		1.741			1.741
NOW		1.641			1.641
HOOD			1.590		1.590
BKNG				1.575	1.575
GLW				1.466	1.466
NFLX			1.188		1.188
UPS				1.148	1.148
NEM		1.132			1.132
DAL				1.074	1.074
JPM			0.835		0.835
TOTAL	11.148	9.671	3.613	5.264	29.695

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 29, 26	Jun 5, 26	Jun 12, 26	Jun 18, 26	Total
WFC	20.878				20.878
NFLX			18.693		18.693
AA	10.103				10.103
DAL				8.941	8.941
TEAM		8.759			8.759
HOOD			8.352		8.352
UPS				7.441	7.441
RDDT		6.450			6.450
CRM	5.888				5.888
BKNG				5.394	5.394
JPM			5.107		5.107
BA		4.763			4.763
NEM		4.418			4.418
GLW				1.845	1.845
ZS	-4.882				-4.882
NOW		-4.990			-4.990
TOTAL	31.987	19.401	32.152	23.620	107.161

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 29, 26	Jun 5, 26	Jun 12, 26	Jun 18, 26	Total
WFC	-4.292				-4.292
NFLX			-1.848		-1.848
AA	-1.580				-1.580
DAL				-0.954	-0.954
UPS				-0.834	-0.834
HOOD			-0.656		-0.656
NEM		-0.477			-0.477
TEAM		-0.477			-0.477
BKNG				-0.358	-0.358
CRM	-0.358				-0.358
BA		-0.298			-0.298
ZS	-0.238				-0.238
NOW		-0.179			-0.179
JPM			0.000		0.000
RDDT		0.238			0.238
GLW				0.358	0.358
TOTAL	-6.467	-1.192	-2.503	-1.788	-11.951

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 29, 26	Jun 5, 26	Jun 12, 26	Jun 18, 26	Total
JPM			-4.036		-4.036
BA		-3.939			-3.939
WFC	-3.768				-3.768
NFLX			-3.531		-3.531
BKNG				-3.405	-3.405
UPS				-3.222	-3.222
CRM	-2.434				-2.434
DAL				-2.399	-2.399
HOOD			-2.138		-2.138
RDDT		-2.128			-2.128
AA	-2.072				-2.072
NEM		-1.829			-1.829
TEAM		-1.814			-1.814
GLW				-1.702	-1.702
NOW		-1.470			-1.470
ZS	-1.376				-1.376
TOTAL	-9.649	-11.181	-9.705	-10.728	-41.263

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
ZS	May 29, 26	ZS May 29th 175/180 Bear Call Spread	12.694
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	9.890
BA	Jun 5, 26	BA Jun 5th 205/210 Bull Put Spread	9.665
RDDT	Jun 5, 26	RDDT Jun 5th 140/145 Bull Put Spread	9.547
NOW	Jun 5, 26	NOW Jun 5th 110/115 Bear Call Spread	9.179
BKNG	Jun 18, 26	BKNG Jun 18th 145/150 Bull Put Spread	4.404
GLW	Jun 18, 26	GLW Jun 18th 140/145 Bull Put Spread	4.100
TEAM	Jun 5, 26	TEAM Jun 5th 72/77 Bull Put Spread	3.650
HOOD	Jun 12, 26	HOOD Jun 12th 60/65 Bull Put Spread	2.424
NEM	Jun 5, 26	NEM Jun 5th 95/100 Bull Put Spread	2.374
AA	May 29, 26	AA May 29th 50/55 Bull Put Spread	1.634
UPS	Jun 18, 26	UPS Jun 18th 85/90 Bull Put Spread	1.376
DAL	Jun 18, 26	DAL Jun 18th 60/65 Bull Put Spread	1.127
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.643
WFC	May 29, 26	WFC May 29th 70/75 Bull Put Spread	0.467
JPM	Jun 12, 26	JPM Jun 12th 285/290 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\|
ZS	May 29, 26	ZS May 29th 175/180 Bear Call Spread	2.199
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	1.453
AA	May 29, 26	AA May 29th 50/55 Bull Put Spread	1.246
NOW	Jun 5, 26	NOW Jun 5th 110/115 Bear Call Spread	1.116
RDDT	Jun 5, 26	RDDT Jun 5th 140/145 Bull Put Spread	1.070
TEAM	Jun 5, 26	TEAM Jun 5th 72/77 Bull Put Spread	0.960
GLW	Jun 18, 26	GLW Jun 18th 140/145 Bull Put Spread	0.861
HOOD	Jun 12, 26	HOOD Jun 12th 60/65 Bull Put Spread	0.743
BA	Jun 5, 26	BA Jun 5th 205/210 Bull Put Spread	0.731
NEM	Jun 5, 26	NEM Jun 5th 95/100 Bull Put Spread	0.619
WFC	May 29, 26	WFC May 29th 70/75 Bull Put Spread	0.532
BKNG	Jun 18, 26	BKNG Jun 18th 145/150 Bull Put Spread	0.463
DAL	Jun 18, 26	DAL Jun 18th 60/65 Bull Put Spread	0.448
UPS	Jun 18, 26	UPS Jun 18th 85/90 Bull Put Spread	0.356
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.337
JPM	Jun 12, 26	JPM Jun 12th 285/290 Bull Put Spread	0.207

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
CRM	Bull Put	May 29, 26	20	78.8%	$57	$57	$443	-$49	3.537	-2.434	-0.3576	59.4%	9.89	1.45	-99.1%	-12.8%
ZS	Bear Call	May 29, 26	20	78.6%	$56	$56	$444	-$51	3.026	-1.376	-0.2384	79.3%	12.69	2.20	-76.8%	-9.7%
AA	Bull Put	May 29, 26	20	82.5%	$55	$55	$445	-$32	2.582	-2.072	-1.5795	56.1%	1.63	1.25	10.0%	—
WFC	Bull Put	May 29, 26	20	72.3%	$50	$50	$450	-$88	2.003	-3.768	-4.2915	28.5%	0.47	0.53	-42.0%	-4.7%

BA	Bull Put	Jun 5, 26	27	91.9%	$74	$74	$426	$34	2.880	-3.939	-0.2980	38.8%	9.67	0.73	-6.1%	-1.1%
RDDT	Bull Put	Jun 5, 26	27	71.8%	$77	$77	$423	-$64	2.276	-2.128	0.2384	60.2%	9.55	1.07	-90.3%	-16.4%
TEAM	Bull Put	Jun 5, 26	27	76.1%	$91	$91	$409	-$28	1.741	-1.814	-0.4768	68.2%	3.65	0.96	-12.6%	-2.8%
NOW	Bear Call	Jun 5, 26	27	88.3%	$52	$52	$448	-$7	1.641	-1.470	-0.1788	62.1%	9.18	1.12	18.3%	—
NEM	Bull Put	Jun 5, 26	27	86.2%	$70	$70	$430	$1	1.132	-1.829	-0.4768	51.0%	2.37	0.62	48.6%	—

HOOD	Bull Put	Jun 12, 26	34	80.7%	$78	$78	$422	-$18	1.590	-2.138	-0.6557	60.7%	2.42	0.74	1.3%	—
NFLX	Bull Put	Jun 12, 26	34	66.3%	$71	$71	$429	-$97	1.188	-3.531	-1.8477	30.6%	0.64	0.34	-71.1%	-11.8%
JPM	Bull Put	Jun 12, 26	34	74.7%	$75	$75	$425	-$52	0.835	-4.036	0.0000	25.7%	—	0.21	-4.0%	-0.7%

BKNG	Bull Put	Jun 18, 26	40	85.2%	$69	$69	$431	-$5	1.575	-3.405	-0.3576	40.4%	4.40	0.46	-19.6%	-3.1%
GLW	Bull Put	Jun 18, 26	40	89.0%	$76	$76	$424	$21	1.466	-1.702	0.3576	78.0%	4.10	0.86	26.3%	—
UPS	Bull Put	Jun 18, 26	40	100.0%	$50	$50	$450	$50	1.148	-3.222	-0.8345	34.7%	1.38	0.36	1.0%	—
DAL	Bull Put	Jun 18, 26	40	80.6%	$72	$72	$428	-$25	1.074	-2.399	-0.9537	48.7%	1.13	0.45	9.7%	—

TOTAL / AVG			—	81.4% avg	$1073	$1073	$6927	-$411	29.695	-41.263	-11.9507	51.4% avg	2.48	13.34	-306.4%	-2.8%

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.