Portfolio — live-active-by-symbol-2026-05-11

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	3.069				3.069
TEAM		2.194			2.194
GLW				1.898	1.898
RDDT		1.796			1.796
HOOD			1.563		1.563
NOW		1.532			1.532
BKNG				1.457	1.457
NFLX			1.254		1.254
MRNA				1.196	1.196
DAL				1.151	1.151
UPS				1.105	1.105
BA				1.016	1.016
JPM			0.880		0.880
ZS	0.758				0.758
TOTAL	3.827	5.522	3.697	7.824	20.870

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
NFLX			20.303		20.303
DAL				11.005	11.005
TEAM		8.850			8.850
BKNG				7.378	7.378
UPS				7.333	7.333
HOOD			6.477		6.477
JPM			6.274		6.274
RDDT		5.157			5.157
CRM	4.888				4.888
MRNA				4.014	4.014
BA				2.835	2.835
GLW				1.937	1.937
ZS	-2.911				-2.911
NOW		-4.944			-4.944
TOTAL	1.977	9.063	33.054	34.502	78.596

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
NFLX			-1.967		-1.967
DAL				-1.371	-1.371
UPS				-1.103	-1.103
HOOD			-0.596		-0.596
NOW		-0.596			-0.596
RDDT		-0.477			-0.477
MRNA				-0.387	-0.387
BA				-0.358	-0.358
CRM	-0.358				-0.358
TEAM		-0.358			-0.358
BKNG				-0.238	-0.238
GLW				-0.238	-0.238
JPM			-0.238		-0.238
ZS	0.000				0.000
TOTAL	-0.358	-1.431	-2.801	-3.695	-8.285

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			-3.777		-3.777
NFLX			-3.449		-3.449
UPS				-3.086	-3.086
BKNG				-3.018	-3.018
BA				-2.785	-2.785
DAL				-2.432	-2.432
CRM	-2.001				-2.001
HOOD			-1.828		-1.828
RDDT		-1.820			-1.820
GLW				-1.801	-1.801
TEAM		-1.770			-1.770
NOW		-1.401			-1.401
MRNA				-1.137	-1.137
ZS	-0.725				-0.725
TOTAL	-2.726	-4.991	-9.055	-14.259	-31.030

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	8.582
GLW	Jun 18, 26	GLW Jun 18th 140/145 Bull Put Spread	7.962
TEAM	Jun 5, 26	TEAM Jun 5th 72/77 Bull Put Spread	6.135
BKNG	Jun 18, 26	BKNG Jun 18th 145/150 Bull Put Spread	6.113
RDDT	Jun 5, 26	RDDT Jun 5th 140/145 Bull Put Spread	3.766
JPM	Jun 12, 26	JPM Jun 12th 285/290 Bull Put Spread	3.691
MRNA	Jun 18, 26	MRNA Jun 18th 35/40 Bull Put Spread	3.087
BA	Jun 18, 26	BA Jun 18th 205/210 Bull Put Spread	2.842
HOOD	Jun 12, 26	HOOD Jun 12th 60/65 Bull Put Spread	2.622
NOW	Jun 5, 26	NOW Jun 5th 110/115 Bear Call Spread	2.571
UPS	Jun 18, 26	UPS Jun 18th 85/90 Bull Put Spread	1.002
DAL	Jun 18, 26	DAL Jun 18th 60/65 Bull Put Spread	0.840
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.638
ZS	May 29, 26	ZS May 29th 175/180 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\|
CRM	May 29, 26	CRM May 29th 155/160 Bull Put Spread	1.534
TEAM	Jun 5, 26	TEAM Jun 5th 72/77 Bull Put Spread	1.240
NOW	Jun 5, 26	NOW Jun 5th 110/115 Bear Call Spread	1.094
GLW	Jun 18, 26	GLW Jun 18th 140/145 Bull Put Spread	1.054
MRNA	Jun 18, 26	MRNA Jun 18th 35/40 Bull Put Spread	1.052
ZS	May 29, 26	ZS May 29th 175/180 Bear Call Spread	1.045
RDDT	Jun 5, 26	RDDT Jun 5th 140/145 Bull Put Spread	0.987
HOOD	Jun 12, 26	HOOD Jun 12th 60/65 Bull Put Spread	0.855
BKNG	Jun 18, 26	BKNG Jun 18th 145/150 Bull Put Spread	0.483
DAL	Jun 18, 26	DAL Jun 18th 60/65 Bull Put Spread	0.473
BA	Jun 18, 26	BA Jun 18th 205/210 Bull Put Spread	0.365
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.364
UPS	Jun 18, 26	UPS Jun 18th 85/90 Bull Put Spread	0.358
JPM	Jun 12, 26	JPM Jun 12th 285/290 Bull Put Spread	0.233

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	17	79.8%	$57	$57	$443	-$44	3.069	-2.001	-0.3576	63.5%	8.58	1.53	-45.6%	-5.9%
ZS	Bear Call	May 29, 26	17	79.9%	$56	$56	$444	-$44	0.758	-0.725	0.0000	91.1%	—	1.04	19.6%	—

TEAM	Bull Put	Jun 5, 26	24	72.8%	$91	$91	$409	-$45	2.194	-1.770	-0.3576	72.7%	6.14	1.24	-18.1%	-4.0%
RDDT	Bull Put	Jun 5, 26	24	75.9%	$77	$77	$423	-$44	1.796	-1.820	-0.4768	65.6%	3.77	0.99	-33.1%	-6.0%
NOW	Bear Call	Jun 5, 26	24	86.9%	$52	$52	$448	-$13	1.532	-1.401	-0.5960	59.3%	2.57	1.09	27.9%	—

HOOD	Bull Put	Jun 12, 26	31	87.7%	$78	$78	$422	$17	1.563	-1.828	-0.5960	66.3%	2.62	0.85	25.0%	—
NFLX	Bull Put	Jun 12, 26	31	65.4%	$71	$71	$429	-$102	1.254	-3.449	-1.9670	30.3%	0.64	0.36	-78.9%	-13.1%
JPM	Bull Put	Jun 12, 26	31	69.6%	$75	$75	$425	-$77	0.880	-3.777	-0.2384	26.5%	3.69	0.23	-40.7%	-7.2%

GLW	Bull Put	Jun 18, 26	37	89.8%	$76	$76	$424	$25	1.898	-1.801	-0.2384	81.4%	7.96	1.05	18.4%	—
BKNG	Bull Put	Jun 18, 26	37	71.2%	$69	$69	$431	-$75	1.457	-3.018	-0.2384	41.1%	6.11	0.48	-81.2%	-13.0%
MRNA	Bull Put	Jun 18, 26	37	88.8%	$56	$56	$444	-$0	1.196	-1.137	-0.3874	98.7%	3.09	1.05	31.3%	—
DAL	Bull Put	Jun 18, 26	37	76.5%	$72	$72	$428	-$46	1.151	-2.432	-1.3709	48.6%	0.84	0.47	-11.8%	-2.0%
UPS	Bull Put	Jun 18, 26	37	98.2%	$50	$50	$450	$41	1.105	-3.086	-1.1027	33.7%	1.00	0.36	13.0%	—
BA	Bull Put	Jun 18, 26	37	86.8%	$56	$56	$445	-$11	1.016	-2.785	-0.3576	36.7%	2.84	0.36	22.5%	—

TOTAL / AVG			—	80.7% avg	$936	$936	$6065	-$418	20.870	-31.030	-8.2850	58.2% avg	2.52	11.14	-151.7%	-2.0%

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.