Portfolio — live-active-by-symbol-2026-07-10

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
NBIS	2.802			2.802
ASTS		2.741		2.741
MRVL	2.545			2.545
IWM	1.687			1.687
ORCL			1.309	1.309
CRM			1.305	1.305
CRWD			1.301	1.301
ADBE			1.249	1.249
LULU			1.247	1.247
TGT			1.214	1.214
HD			1.035	1.035
BIDU			0.942	0.942
TOTAL	7.033	2.741	9.601	19.375

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
ASTS		7.803		7.803
CRM			5.295	5.295
IWM	5.185			5.185
ORCL			4.481	4.481
TGT			4.239	4.239
CRWD			3.184	3.184
ADBE			2.765	2.765
MRVL	2.611			2.611
HD			2.382	2.382
NBIS	2.229			2.229
BIDU			-4.438	-4.438
LULU			-7.029	-7.029
TOTAL	10.025	7.803	10.880	28.707

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
ASTS		-0.596		-0.596
MRVL	-0.477			-0.477
IWM	-0.417			-0.417
TGT			-0.417	-0.417
CRM			-0.238	-0.238
HD			-0.238	-0.238
LULU			-0.238	-0.238
ORCL			-0.238	-0.238
ADBE			0.119	0.119
BIDU			0.238	0.238
CRWD			0.238	0.238
NBIS	0.477			0.477
TOTAL	-0.417	-0.596	-0.775	-1.788

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
IWM	-4.238			-4.238
HD			-3.349	-3.349
CRM			-2.909	-2.909
ADBE			-2.711	-2.711
TGT			-2.552	-2.552
CRWD			-2.158	-2.158
ORCL			-2.151	-2.151
LULU			-2.072	-2.072
ASTS		-1.562		-1.562
BIDU			-1.463	-1.463
MRVL	-1.347			-1.347
NBIS	-1.056			-1.056
TOTAL	-6.640	-1.562	-19.365	-27.568

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	10.474
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	5.875
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	5.491
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	5.472
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	5.455
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	5.338
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	5.232
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	4.598
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	4.340
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	4.043
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	3.950
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	2.909

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	2.654
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	1.890
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	1.754
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	0.644
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	0.609
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	0.603
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	0.602
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	0.476
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	0.461
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	0.449
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	0.398
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	0.309

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
NBIS	Bull Put	Jul 31, 26	20	76.0%	$78	$78	$422	-$42	2.802	-1.056	0.4768	133.2%	5.88	2.65	-53.9%	-10.0%
MRVL	Bull Put	Jul 31, 26	20	77.6%	$72	$72	$428	-$40	2.545	-1.347	-0.4768	97.3%	5.34	1.89	-45.8%	-7.7%
IWM	Bull Put	Jul 31, 26	20	84.8%	$73	$73	$427	-$3	1.687	-4.238	-0.4172	23.4%	4.04	0.40	35.6%	—

ASTS	Bull Put	Aug 7, 26	27	77.0%	$78	$78	$422	-$37	2.741	-1.562	-0.5960	98.6%	4.60	1.75	-55.1%	-10.2%

ORCL	Bull Put	Aug 21, 26	41	79.7%	$75	$75	$425	-$27	1.309	-2.151	-0.2384	61.6%	5.49	0.61	-20.7%	-3.6%
CRM	Bull Put	Aug 21, 26	41	79.0%	$73	$73	$427	-$32	1.305	-2.909	-0.2384	44.4%	5.47	0.45	-21.2%	-3.6%
CRWD	Bull Put	Aug 21, 26	41	81.0%	$65	$65	$435	-$30	1.301	-2.158	0.2384	61.0%	5.46	0.60	-26.1%	-3.9%
ADBE	Bull Put	Aug 21, 26	41	85.8%	$62	$62	$438	-$9	1.249	-2.711	0.1192	44.5%	10.47	0.46	12.1%	—
LULU	Bear Call	Aug 21, 26	41	78.0%	$65	$65	$435	-$45	1.247	-2.072	-0.2384	46.9%	5.23	0.60	-45.4%	-6.8%
TGT	Bull Put	Aug 21, 26	41	98.7%	$72	$72	$428	$65	1.214	-2.552	-0.4172	46.3%	2.91	0.48	27.8%	—
HD	Bull Put	Aug 21, 26	41	86.2%	$77	$77	$424	$7	1.035	-3.349	-0.2384	33.1%	4.34	0.31	32.0%	—
BIDU	Bear Call	Aug 21, 26	41	82.0%	$72	$72	$428	-$18	0.942	-1.463	0.2384	59.1%	3.95	0.64	11.1%	—

TOTAL / AVG			—	82.1% avg	$862	$862	$5139	-$211	19.375	-27.568	-1.7881	62.4% avg	10.84	10.85	-149.6%	-2.1%

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.