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		2.232	2.243	4.475
FCX	2.713			2.713
DRAM			2.470	2.470
AAPL			2.467	2.467
IBM	2.383			2.383
IONQ			2.174	2.174
HOOD		1.571		1.571
CRWV			1.350	1.350
PLTR			1.298	1.298
IWM			1.141	1.141
MRVL			0.821	0.821
TOTAL	5.096	3.803	13.963	22.862

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	18.772			18.772
IONQ			10.349	10.349
HOOD		6.912		6.912
DRAM			6.106	6.106
IWM			3.936	3.936
IBM	3.292			3.292
NBIS		1.361	0.997	2.358
MRVL			0.635	0.635
CRWV			-3.384	-3.384
AAPL			-7.313	-7.313
PLTR			-9.263	-9.263
TOTAL	22.064	8.273	2.063	32.400

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	-2.086			-2.086
HOOD		-0.715		-0.715
NBIS		-0.477	0.000	-0.477
PLTR			-0.477	-0.477
IONQ			-0.358	-0.358
IWM			-0.358	-0.358
AAPL			-0.238	-0.238
CRWV			-0.238	-0.238
MRVL			-0.238	-0.238
DRAM			-0.119	-0.119
IBM	0.119			0.119
TOTAL	-1.967	-1.192	-2.027	-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			-4.214	-4.214
IWM			-3.970	-3.970
IBM	-2.298			-2.298
NBIS		-1.067	-1.139	-2.206
FCX	-1.920			-1.920
PLTR			-1.636	-1.636
HOOD		-1.610		-1.610
IONQ			-1.556	-1.556
DRAM			-1.524	-1.524
CRWV			-1.040	-1.040
MRVL			-0.815	-0.815
TOTAL	-4.218	-2.677	-15.896	-22.790

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
DRAM	Jul 31, 26	DRAM Jul 31st 52/57 Bull Put Spread	20.717
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	19.987
AAPL	Jul 31, 26	AAPL Jul 31st 305/310 Bear Call Spread	10.349
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	6.079
CRWV	Jul 31, 26	CRWV Jul 31st 130/135 Bear Call Spread	5.662
NBIS	Jul 24, 26	NBIS Jul 24th 200/205 Bull Put Spread	4.680
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	3.442
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	3.190
PLTR	Jul 31, 26	PLTR Jul 31st 125/130 Bear Call Spread	2.722
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	2.197
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.301
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 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	2.092
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	1.969
DRAM	Jul 31, 26	DRAM Jul 31st 52/57 Bull Put Spread	1.620
FCX	Jul 17, 26	FCX Jul 17th 55/60 Bull Put Spread	1.413
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.397
CRWV	Jul 31, 26	CRWV Jul 31st 130/135 Bear Call Spread	1.298
IBM	Jul 17, 26	IBM Jul 17th 250/255 Bull Put Spread	1.037
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	1.006
HOOD	Jul 24, 26	HOOD Jul 24th 84/89 Bull Put Spread	0.976
PLTR	Jul 31, 26	PLTR Jul 31st 125/130 Bear Call Spread	0.793
AAPL	Jul 31, 26	AAPL Jul 31st 305/310 Bear Call Spread	0.585
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	69.1%	$80	$80	$420	-$75	2.713	-1.920	-2.0862	58.6%	1.30	1.41	-41.3%	-7.9%
IBM	Bull Put	Jul 17, 26	16	84.3%	$67	$67	$433	-$12	2.383	-2.298	0.1192	46.0%	19.99	1.04	23.1%	—

NBIS	Bull Put	Jul 24, 26	23	82.1%	$100	$100	$400	$11	2.232	-1.067	-0.4768	129.2%	4.68	2.09	20.0%	—
HOOD	Bull Put	Jul 24, 26	23	75.9%	$74	$74	$426	-$47	1.571	-1.610	-0.7153	71.2%	2.20	0.98	-8.8%	-1.5%

DRAM	Bull Put	Jul 31, 26	30	82.4%	$76	$76	$424	-$12	2.470	-1.524	-0.1192	103.1%	20.72	1.62	-25.7%	-4.6%
AAPL	Bear Call	Jul 31, 26	30	75.5%	$66	$66	$434	-$57	2.467	-4.214	-0.2384	27.1%	10.35	0.59	-106.1%	-16.1%
NBIS	Bull Put	Jul 31, 26	30	88.3%	$78	$78	$422	$19	2.243	-1.139	0.0000	132.3%	—	1.97	16.7%	—
IONQ	Bull Put	Jul 31, 26	30	75.8%	$99	$99	$401	-$22	2.174	-1.556	-0.3576	93.1%	6.08	1.40	-14.7%	-3.6%
CRWV	Bear Call	Jul 31, 26	30	87.8%	$57	$57	$443	-$4	1.350	-1.040	-0.2384	82.0%	5.66	1.30	21.9%	—
PLTR	Bear Call	Jul 31, 26	30	69.9%	$64	$64	$436	-$87	1.298	-1.636	-0.4768	49.1%	2.72	0.79	-86.7%	-12.7%
IWM	Bull Put	Jul 31, 26	30	84.9%	$73	$73	$427	-$3	1.141	-3.970	-0.3576	25.3%	3.19	0.29	34.9%	—
MRVL	Bull Put	Jul 31, 26	30	89.9%	$72	$72	$428	$22	0.821	-0.815	-0.2384	107.2%	3.44	1.01	65.3%	—

TOTAL / AVG			—	80.5% avg	$906	$906	$5094	-$265	22.862	-22.790	-5.1856	77.0% avg	4.41	14.47	-101.2%	-1.3%

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.