Portfolio — live-active-by-symbol-2026-06-25

Theta Concentration

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

Symbol	Jul 10, 26	Jul 17, 26	Jul 24, 26	Jul 31, 26	Total
NBIS			2.483		2.483
FCX		2.208			2.208
CRWV		2.172			2.172
CSCO		2.007			2.007
IBM		1.868			1.868
IONQ				1.703	1.703
NVDA	0.581		1.025		1.607
GOOGL		1.450			1.450
MRVL				1.345	1.345
HOOD			1.169		1.169
MSFT			0.512		0.512
AAPL				0.481	0.481
NOW		-0.111			-0.111
AMZN	-3.951				-3.951
TOTAL	-3.369	9.594	5.189	3.528	14.942

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	Jul 10, 26	Jul 17, 26	Jul 24, 26	Jul 31, 26	Total
FCX		18.057			18.057
NOW		15.259			15.259
CSCO		13.120			13.120
NVDA	13.088		-2.006		11.082
IONQ				10.772	10.772
AMZN	9.346				9.346
HOOD			8.892		8.892
AAPL				7.279	7.279
IBM		6.354			6.354
GOOGL		5.791			5.791
NBIS			1.874		1.874
MRVL				1.278	1.278
MSFT			-1.017		-1.017
CRWV		-4.752			-4.752
TOTAL	22.434	53.830	7.743	19.329	103.335

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	Jul 10, 26	Jul 17, 26	Jul 24, 26	Jul 31, 26	Total
FCX		-1.669			-1.669
CSCO		-0.954			-0.954
IONQ				-0.954	-0.954
IBM		-0.477			-0.477
CRWV		-0.238			-0.238
HOOD			-0.238		-0.238
AMZN	0.000				0.000
MRVL				0.000	0.000
MSFT			0.000		0.000
NOW		0.000			0.000
NVDA	0.238		-0.179		0.060
AAPL				0.477	0.477
GOOGL		0.477			0.477
NBIS			0.954		0.954
TOTAL	0.238	-2.861	0.536	-0.477	-2.563

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	Jul 10, 26	Jul 17, 26	Jul 24, 26	Jul 31, 26	Total
GOOGL		-2.813			-2.813
CSCO		-2.736			-2.736
NVDA	-1.074		-1.625		-2.698
IBM		-2.278			-2.278
AAPL				-2.201	-2.201
FCX		-1.917			-1.917
HOOD			-1.462		-1.462
IONQ				-1.427	-1.427
MSFT			-1.324		-1.324
MRVL				-1.285	-1.285
NBIS			-1.242		-1.242
CRWV		-1.095			-1.095
NOW		0.024			0.024
AMZN	3.493				3.493
TOTAL	2.419	-10.814	-5.653	-4.913	-18.961

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
CRWV	Jul 17, 26	CRWV Jul 17th 125/130 Bear Call Spread	9.109
NVDA	Jul 24, 26	NVDA Jul 24th 230/235 Bear Call Spread	5.734
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	4.903
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	3.917
GOOGL	Jul 17, 26	GOOGL Jul 17th 325/330 Bull Put Spread	3.041
NBIS	Jul 24, 26	NBIS Jul 24th 200/205 Bull Put Spread	2.604
NVDA	Jul 10, 26	NVDA Jul 10th 190/195 Bull Put Spread	2.438
CSCO	Jul 17, 26	CSCO Jul 17th 110/115 Bull Put Spread	2.105
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.786
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.323
AAPL	Jul 31, 26	AAPL Jul 31st 270/275 Bull Put Spread	1.008
AMZN	Jul 10, 26	AMZN Jul 10th 240/245 Bull Put Spread	—
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	—
MSFT	Jul 24, 26	MSFT Jul 24th 415/420 Bear Call Spread	—
NOW	Jul 17, 26	NOW Jul 17th 90/95 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\|
NBIS	Jul 24, 26	NBIS Jul 24th 200/205 Bull Put Spread	2.000
CRWV	Jul 17, 26	CRWV Jul 17th 125/130 Bear Call Spread	1.983
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.193
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.152
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	1.046
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	0.820
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	0.799
CSCO	Jul 17, 26	CSCO Jul 17th 110/115 Bull Put Spread	0.734
NVDA	Jul 24, 26	NVDA Jul 24th 230/235 Bear Call Spread	0.631
NVDA	Jul 10, 26	NVDA Jul 10th 190/195 Bull Put Spread	0.541
GOOGL	Jul 17, 26	GOOGL Jul 17th 325/330 Bull Put Spread	0.516
MSFT	Jul 24, 26	MSFT Jul 24th 415/420 Bear Call Spread	0.386
AAPL	Jul 31, 26	AAPL Jul 31st 270/275 Bull Put Spread	0.218
AMZN	Jul 10, 26	AMZN Jul 10th 240/245 Bull Put Spread	-1.131
NOW	Jul 17, 26	NOW Jul 17th 90/95 Bull Put Spread	-4.624

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
NVDA	Bull Put	Jul 10, 26	14	51.0%	$60	$60	$440	-$185	0.581	-1.074	0.2384	37.5%	2.44	0.54	-245.8%	-33.5%
AMZN	Bull Put	Jul 10, 26	14	17.5%	$60	$60	$440	-$353	-3.951	3.493	0.0000	33.5%	—	-1.13	-562.5%	-76.7%

FCX	Bull Put	Jul 17, 26	21	66.3%	$80	$80	$420	-$89	2.208	-1.917	-1.6689	58.6%	1.32	1.15	-70.0%	-13.3%
CRWV	Bear Call	Jul 17, 26	21	84.0%	$54	$54	$446	-$26	2.172	-1.095	-0.2384	86.8%	9.11	1.98	-17.6%	-2.1%
CSCO	Bull Put	Jul 17, 26	21	69.9%	$74	$74	$426	-$77	2.007	-2.736	-0.9537	40.2%	2.10	0.73	-63.5%	-11.0%
IBM	Bull Put	Jul 17, 26	21	65.6%	$67	$67	$433	-$105	1.868	-2.278	-0.4768	42.7%	3.92	0.82	-135.1%	-20.9%
GOOGL	Bull Put	Jul 17, 26	21	67.2%	$70	$70	$430	-$94	1.450	-2.813	0.4768	34.0%	3.04	0.52	-89.3%	-14.5%
NOW	Bull Put	Jul 17, 26	21	40.8%	$57	$57	$443	-$239	-0.111	0.024	0.0000	57.2%	—	-4.62	-391.2%	-50.3%

NBIS	Bull Put	Jul 24, 26	28	75.8%	$100	$100	$400	-$21	2.483	-1.242	0.9537	122.0%	2.60	2.00	-40.0%	-10.0%
HOOD	Bull Put	Jul 24, 26	28	65.4%	$74	$74	$426	-$99	1.169	-1.462	-0.2384	70.8%	4.90	0.80	-88.5%	-15.4%
NVDA	Bear Call	Jul 24, 26	28	94.4%	$70	$70	$430	$42	1.025	-1.625	-0.1788	40.1%	5.73	0.63	70.7%	—
MSFT	Bear Call	Jul 24, 26	28	90.6%	$62	$62	$438	$15	0.512	-1.324	0.0000	39.3%	—	0.39	74.2%	—

IONQ	Bull Put	Jul 31, 26	35	71.0%	$99	$99	$401	-$46	1.703	-1.427	-0.9537	95.8%	1.79	1.19	-43.4%	-10.7%
MRVL	Bull Put	Jul 31, 26	35	83.3%	$72	$72	$428	-$11	1.345	-1.285	0.0000	102.0%	—	1.05	6.3%	—
AAPL	Bull Put	Jul 31, 26	35	57.6%	$66	$66	$434	-$146	0.481	-2.201	0.4768	29.7%	1.01	0.22	-176.5%	-26.8%

TOTAL / AVG			—	66.7% avg	$1065	$1065	$6435	-$1433	14.942	-18.961	-2.5630	59.3% avg	5.83	6.26	-1772.3%	-17.7%

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.