Portfolio — live-active-by-symbol-2026-05-27

Theta Concentration

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

Symbol	Jun 12, 26	Jun 18, 26	Jun 26, 26	Jul 2, 26	Total
SHOP		1.871	1.561		3.432
NFLX	3.108				3.108
BA		2.451			2.451
MRNA		2.323			2.323
CRCL			2.247		2.247
CRWV			2.150		2.150
BX		2.113			2.113
BABA			1.893		1.893
XYZ			1.858		1.858
COIN		1.800			1.800
NOW				1.757	1.757
FCX			1.605		1.605
MSFT			1.592		1.592
TOTAL	3.108	10.558	12.905	1.757	28.328

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	Jun 12, 26	Jun 18, 26	Jun 26, 26	Jul 2, 26	Total
NFLX	20.079				20.079
BABA			9.845		9.845
FCX			8.874		8.874
MRNA		8.612			8.612
BX		8.607			8.607
XYZ			8.573		8.573
BA		7.389			7.389
COIN		6.275			6.275
CRWV			5.875		5.875
NOW				5.122	5.122
CRCL			4.829		4.829
MSFT			3.207		3.207
SHOP		-10.684	4.531		-6.153
TOTAL	20.079	20.199	45.734	5.122	91.134

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	Jun 12, 26	Jun 18, 26	Jun 26, 26	Jul 2, 26	Total
NFLX	-3.383				-3.383
XYZ			-1.371		-1.371
FCX			-1.281		-1.281
MRNA		-1.281			-1.281
BX		-0.656			-0.656
BA		-0.477			-0.477
CRWV			-0.477		-0.477
SHOP		0.000	-0.417		-0.417
BABA			-0.358		-0.358
NOW				-0.358	-0.358
CRCL			-0.238		-0.238
COIN		0.000			0.000
MSFT			0.000		0.000
TOTAL	-3.383	-2.414	-4.143	-0.358	-10.297

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	Jun 12, 26	Jun 18, 26	Jun 26, 26	Jul 2, 26	Total
MSFT			-4.062		-4.062
NFLX	-3.558				-3.558
BA		-3.373			-3.373
SHOP		-1.345	-1.816		-3.161
BABA			-3.055		-3.055
BX		-2.604			-2.604
XYZ			-2.573		-2.573
NOW				-2.154	-2.154
FCX			-2.049		-2.049
CRCL			-1.688		-1.688
CRWV			-1.597		-1.597
MRNA		-1.435			-1.435
COIN		-1.351			-1.351
TOTAL	-3.558	-10.109	-16.841	-2.154	-32.662

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
CRCL	Jun 26, 26	CRCL Jun 26th 80/85 Bull Put Spread	9.425
BABA	Jun 26, 26	BABA Jun 26th 115/120 Bull Put Spread	5.292
BA	Jun 18, 26	BA Jun 18th 205/210 Bull Put Spread	5.140
NOW	Jul 2, 26	NOW Jul 2nd 80/85 Bull Put Spread	4.913
CRWV	Jun 26, 26	CRWV Jun 26th 80/85 Bull Put Spread	4.508
SHOP	Jun 26, 26	SHOP Jun 26th 85/90 Bull Put Spread	3.742
BX	Jun 18, 26	BX Jun 18th 105/110 Bull Put Spread	3.223
MRNA	Jun 18, 26	MRNA Jun 18th 35/40 Bull Put Spread	1.813
XYZ	Jun 26, 26	XYZ Jun 26th 55/62 Bull Put Spread	1.355
FCX	Jun 26, 26	FCX Jun 26th 50/55 Bull Put Spread	1.252
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.919
COIN	Jun 18, 26	COIN Jun 18th 165/170 Bull Put Spread	—
MSFT	Jun 26, 26	MSFT Jun 26th 380/385 Bull Put Spread	—
SHOP	Jun 18, 26	SHOP Jun 18th 115/120 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\|
MRNA	Jun 18, 26	MRNA Jun 18th 35/40 Bull Put Spread	1.618
SHOP	Jun 18, 26	SHOP Jun 18th 115/120 Bear Call Spread	1.391
CRWV	Jun 26, 26	CRWV Jun 26th 80/85 Bull Put Spread	1.346
COIN	Jun 18, 26	COIN Jun 18th 165/170 Bull Put Spread	1.332
CRCL	Jun 26, 26	CRCL Jun 26th 80/85 Bull Put Spread	1.331
NFLX	Jun 12, 26	NFLX Jun 12th 80/85 Bull Put Spread	0.873
SHOP	Jun 26, 26	SHOP Jun 26th 85/90 Bull Put Spread	0.860
NOW	Jul 2, 26	NOW Jul 2nd 80/85 Bull Put Spread	0.816
BX	Jun 18, 26	BX Jun 18th 105/110 Bull Put Spread	0.811
FCX	Jun 26, 26	FCX Jun 26th 50/55 Bull Put Spread	0.783
BA	Jun 18, 26	BA Jun 18th 205/210 Bull Put Spread	0.727
XYZ	Jun 26, 26	XYZ Jun 26th 55/62 Bull Put Spread	0.722
BABA	Jun 26, 26	BABA Jun 26th 115/120 Bull Put Spread	0.619
MSFT	Jun 26, 26	MSFT Jun 26th 380/385 Bull Put Spread	0.392

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
NFLX	Bull Put	Jun 12, 26	15	74.3%	$71	$71	$429	-$58	3.108	-3.558	-3.3826	32.3%	0.92	0.87	-14.1%	-2.3%

BA	Bull Put	Jun 18, 26	21	74.1%	$56	$56	$445	-$74	2.451	-3.373	-0.4768	36.2%	5.14	0.73	-94.6%	-11.8%
MRNA	Bull Put	Jun 18, 26	21	87.7%	$56	$56	$444	-$6	2.323	-1.435	-1.2815	80.2%	1.81	1.62	17.0%	—
BX	Bull Put	Jun 18, 26	21	79.1%	$72	$72	$428	-$33	2.113	-2.604	-0.6557	44.7%	3.22	0.81	1.4%	—
SHOP	Bear Call	Jun 18, 26	21	68.1%	$74	$74	$426	-$86	1.871	-1.345	0.0000	57.5%	—	1.39	-82.4%	-14.3%
COIN	Bull Put	Jun 18, 26	21	63.0%	$74	$74	$426	-$111	1.800	-1.351	0.0000	67.5%	—	1.33	-143.2%	-24.9%

CRCL	Bull Put	Jun 26, 26	29	82.5%	$62	$62	$438	-$26	2.247	-1.688	-0.2384	86.0%	9.42	1.33	-37.9%	-5.4%
CRWV	Bull Put	Jun 26, 26	29	76.3%	$69	$69	$431	-$49	2.150	-1.597	-0.4768	88.8%	4.51	1.35	-67.4%	-10.8%
BABA	Bull Put	Jun 26, 26	29	77.4%	$70	$70	$430	-$43	1.893	-3.055	-0.3576	41.2%	5.29	0.62	-62.1%	-10.1%
XYZ	Bull Put	Jun 26, 26	29	87.6%	$89	$89	$611	$2	1.858	-2.573	-1.3709	52.0%	1.35	0.72	46.6%	—
FCX	Bull Put	Jun 26, 26	29	82.9%	$70	$70	$430	-$15	1.605	-2.049	-1.2815	55.9%	1.25	0.78	25.7%	—
MSFT	Bull Put	Jun 26, 26	29	82.1%	$68	$68	$433	-$22	1.592	-4.062	0.0000	28.9%	—	0.39	-1.5%	-0.2%
SHOP	Bull Put	Jun 26, 26	29	87.5%	$80	$80	$420	$18	1.561	-1.816	-0.4172	63.0%	3.74	0.86	37.5%	—

NOW	Bull Put	Jul 2, 26	35	86.1%	$72	$72	$428	$2	1.757	-2.154	-0.3576	62.8%	4.91	0.82	9.7%	—

TOTAL / AVG			—	79.2% avg	$982	$982	$6218	-$500	28.328	-32.662	-10.2967	56.9% avg	2.75	13.62	-365.3%	-3.8%

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.