Portfolio — live-active-by-symbol-2026-06-30

Theta Concentration

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

Symbol	Jul 17, 26	Jul 24, 26	Jul 31, 26	Total
NBIS		2.901	2.315	5.216
FCX	3.061			3.061
IONQ			2.549	2.549
IBM	2.380			2.380
AAPL			2.149	2.149
HOOD		2.038		2.038
CRWV			1.899	1.899
DRAM			1.804	1.804
PLTR			1.554	1.554
MRVL			1.503	1.503
IWM			1.144	1.144
TOTAL	5.441	4.939	14.916	25.296

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 17, 26	Jul 24, 26	Jul 31, 26	Total
FCX	18.882			18.882
IONQ			10.426	10.426
HOOD		6.628		6.628
DRAM			5.454	5.454
IWM			4.161	4.161
IBM	3.653			3.653
NBIS		1.302	0.896	2.198
MRVL			0.867	0.867
CRWV			-4.109	-4.109
AAPL			-6.149	-6.149
PLTR			-9.462	-9.462
TOTAL	22.536	7.930	2.084	32.550

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 17, 26	Jul 24, 26	Jul 31, 26	Total
FCX	-1.967			-1.967
IONQ			-0.834	-0.834
HOOD		-0.715		-0.715
AAPL			-0.477	-0.477
DRAM			-0.477	-0.477
IBM	-0.358			-0.358
CRWV			-0.238	-0.238
PLTR			-0.238	-0.238
IWM			-0.119	-0.119
NBIS		0.000	0.000	0.000
MRVL			0.238	0.238
TOTAL	-2.325	-0.715	-2.146	-5.186

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 17, 26	Jul 24, 26	Jul 31, 26	Total
AAPL			-4.220	-4.220
IWM			-3.988	-3.988
IBM	-2.367			-2.367
NBIS		-1.163	-1.119	-2.283
FCX	-2.039			-2.039
PLTR			-1.727	-1.727
HOOD		-1.724		-1.724
IONQ			-1.635	-1.635
DRAM			-1.313	-1.313
CRWV			-1.283	-1.283
MRVL			-1.090	-1.090
TOTAL	-4.406	-2.887	-16.375	-23.668

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	9.600
CRWV	Jul 31, 26	CRWV Jul 31st 130/135 Bear Call Spread	7.963
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	6.655
PLTR	Jul 31, 26	PLTR Jul 31st 125/130 Bear Call Spread	6.516
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	6.305
AAPL	Jul 31, 26	AAPL Jul 31st 305/310 Bear Call Spread	4.506
DRAM	Jul 31, 26	DRAM Jul 31st 52/57 Bull Put Spread	3.782
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	3.055
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	2.849
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.556
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	—
NBIS	Jul 24, 26	NBIS Jul 24th 200/205 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	2.494
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	2.068
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.559
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.501
CRWV	Jul 31, 26	CRWV Jul 31st 130/135 Bear Call Spread	1.480
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	1.379
DRAM	Jul 31, 26	DRAM Jul 31st 52/57 Bull Put Spread	1.373
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	1.182
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	1.006
PLTR	Jul 31, 26	PLTR Jul 31st 125/130 Bear Call Spread	0.900
AAPL	Jul 31, 26	AAPL Jul 31st 305/310 Bear Call Spread	0.509
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	0.287

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
FCX	Bull Put	Jul 17, 26	16	69.9%	$80	$80	$420	-$71	3.061	-2.039	-1.9670	58.0%	1.56	1.50	-44.4%	-8.5%
IBM	Bull Put	Jul 17, 26	16	82.6%	$67	$67	$433	-$20	2.380	-2.367	-0.3576	46.0%	6.66	1.01	11.2%	—

NBIS	Bull Put	Jul 24, 26	23	84.5%	$100	$100	$400	$23	2.901	-1.163	0.0000	131.7%	—	2.49	15.0%	—
HOOD	Bull Put	Jul 24, 26	23	78.9%	$74	$74	$426	-$31	2.038	-1.724	-0.7153	72.1%	2.85	1.18	-11.5%	-2.0%

IONQ	Bull Put	Jul 31, 26	30	76.0%	$99	$99	$401	-$21	2.549	-1.635	-0.8345	95.5%	3.06	1.56	-25.8%	-6.4%
NBIS	Bull Put	Jul 31, 26	30	89.7%	$78	$78	$422	$27	2.315	-1.119	0.0000	136.5%	—	2.07	19.9%	—
AAPL	Bear Call	Jul 31, 26	30	80.0%	$66	$66	$434	-$34	2.149	-4.220	-0.4768	27.1%	4.51	0.51	-50.8%	-7.7%
CRWV	Bear Call	Jul 31, 26	30	87.4%	$57	$57	$443	-$6	1.899	-1.283	-0.2384	81.9%	7.96	1.48	-0.9%	-0.1%
DRAM	Bull Put	Jul 31, 26	30	81.8%	$76	$76	$424	-$15	1.804	-1.313	-0.4768	105.3%	3.78	1.37	-5.3%	-0.9%
PLTR	Bear Call	Jul 31, 26	30	70.6%	$64	$64	$436	-$83	1.554	-1.727	-0.2384	49.7%	6.52	0.90	-99.2%	-14.6%
MRVL	Bull Put	Jul 31, 26	30	89.8%	$72	$72	$428	$21	1.503	-1.090	0.2384	106.6%	6.30	1.38	41.0%	—
IWM	Bull Put	Jul 31, 26	30	83.2%	$73	$73	$427	-$11	1.144	-3.988	-0.1192	25.9%	9.60	0.29	27.4%	—

TOTAL / AVG			—	81.2% avg	$906	$906	$5094	-$222	25.296	-23.668	-5.1856	78.0% avg	4.88	15.74	-123.3%	-1.6%

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.