Portfolio — live-active-by-symbol-2026-07-09

Theta Concentration

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

Symbol	Jul 31, 26	Aug 7, 26	Aug 21, 26	Total
MRVL	3.092			3.092
NBIS	2.660			2.660
ASTS		2.538		2.538
IWM	1.614			1.614
IONQ	1.480			1.480
HD			1.445	1.445
ADBE			1.305	1.305
CRM			1.253	1.253
TGT			1.187	1.187
BIDU			1.179	1.179
AVGO		0.352		0.352
TOTAL	8.846	2.890	6.369	18.106

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 31, 26	Aug 7, 26	Aug 21, 26	Total
IONQ	19.168			19.168
ASTS		7.311		7.311
CRM			5.248	5.248
TGT			4.744	4.744
IWM	4.496			4.496
ADBE			3.248	3.248
HD			3.107	3.107
NBIS	2.308			2.308
MRVL	2.272			2.272
AVGO		-3.181		-3.181
BIDU			-4.896	-4.896
TOTAL	28.244	4.131	11.450	43.824

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 31, 26	Aug 7, 26	Aug 21, 26	Total
AVGO		-0.954		-0.954
IONQ	-0.954			-0.954
ASTS		-0.477		-0.477
HD			-0.477	-0.477
IWM	-0.477			-0.477
MRVL	-0.477			-0.477
TGT			-0.298	-0.298
BIDU			-0.238	-0.238
CRM			-0.238	-0.238
ADBE			-0.119	-0.119
NBIS	0.000			0.000
TOTAL	-1.907	-1.431	-1.371	-4.709

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 31, 26	Aug 7, 26	Aug 21, 26	Total
HD			-4.035	-4.035
IWM	-3.991			-3.991
CRM			-2.870	-2.870
ADBE			-2.858	-2.858
TGT			-2.640	-2.640
BIDU			-1.634	-1.634
ASTS		-1.520		-1.520
MRVL	-1.428			-1.428
NBIS	-1.010			-1.010
IONQ	-0.821			-0.821
AVGO		-0.663		-0.663
TOTAL	-7.250	-2.183	-14.039	-23.471

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	10.949
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	6.485
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	5.322
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	5.256
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	4.944
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	3.983
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	3.386
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	3.031
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.552
AVGO	Aug 7, 26	AVGO Aug 7th 415/420 Bear Call Spread	0.370
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 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	2.635
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	2.166
IONQ	Jul 31, 26	IONQ Jul 31st 40/45 Bull Put Spread	1.802
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	1.670
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	0.721
AVGO	Aug 7, 26	AVGO Aug 7th 415/420 Bear Call Spread	0.531
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	0.457
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	0.450
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	0.437
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	0.405
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	0.358

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
MRVL	Bull Put	Jul 31, 26	21	80.2%	$72	$72	$428	-$27	3.092	-1.428	-0.4768	102.3%	6.48	2.17	-42.4%	-7.1%
NBIS	Bull Put	Jul 31, 26	21	73.2%	$78	$78	$422	-$56	2.660	-1.010	0.0000	136.7%	—	2.63	-76.3%	-14.1%
IWM	Bull Put	Jul 31, 26	21	86.3%	$73	$73	$427	$4	1.614	-3.991	-0.4768	24.3%	3.39	0.40	41.8%	—
IONQ	Bull Put	Jul 31, 26	21	54.4%	$99	$99	$401	-$129	1.480	-0.821	-0.9537	90.7%	1.55	1.80	-113.1%	-27.9%

ASTS	Bull Put	Aug 7, 26	28	77.1%	$78	$78	$422	-$37	2.538	-1.520	-0.4768	100.2%	5.32	1.67	-48.7%	-9.0%
AVGO	Bear Call	Aug 7, 26	28	59.7%	$66	$66	$434	-$135	0.352	-0.663	-0.9537	50.4%	0.37	0.53	-150.0%	-22.8%

HD	Bull Put	Aug 21, 26	42	83.3%	$77	$77	$424	-$7	1.445	-4.035	-0.4768	33.4%	3.03	0.36	-3.9%	-0.7%
ADBE	Bull Put	Aug 21, 26	42	84.6%	$62	$62	$438	-$15	1.305	-2.858	-0.1192	45.0%	10.95	0.46	-12.1%	-1.7%
CRM	Bull Put	Aug 21, 26	42	78.4%	$73	$73	$427	-$35	1.253	-2.870	-0.2384	44.8%	5.26	0.44	-23.3%	-4.0%
TGT	Bull Put	Aug 21, 26	42	86.1%	$72	$72	$428	$3	1.187	-2.640	-0.2980	46.0%	3.98	0.45	16.7%	—
BIDU	Bear Call	Aug 21, 26	42	81.4%	$72	$72	$428	-$21	1.179	-1.634	-0.2384	59.0%	4.94	0.72	-4.9%	-0.8%

TOTAL / AVG			—	76.8% avg	$822	$822	$4679	-$455	18.106	-23.471	-4.7088	66.6% avg	3.85	11.63	-416.2%	-7.0%

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.