Portfolio — live-active-by-symbol-2026-07-13

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
SNOW			2.960	2.960
ASTS		2.674		2.674
BABA			2.567	2.567
NBIS	2.509			2.509
ORCL			2.386	2.386
IWM	2.089			2.089
MRVL	1.957			1.957
ADBE			1.784	1.784
HD			1.782	1.782
TGT			1.435	1.435
CRWD			1.393	1.393
CRM			1.350	1.350
LULU			1.301	1.301
BIDU			1.290	1.290
TOTAL	6.554	2.674	18.248	27.476

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		10.384		10.384
IWM	6.047			6.047
TGT			4.718	4.718
MRVL	3.786			3.786
HD			3.570	3.570
CRM			3.517	3.517
CRWD			3.203	3.203
SNOW			3.173	3.173
ORCL			2.885	2.885
ADBE			2.672	2.672
NBIS	2.394			2.394
BABA			-1.295	-1.295
BIDU			-4.137	-4.137
LULU			-6.911	-6.911
TOTAL	12.227	10.384	11.396	34.007

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
BABA			-0.596	-0.596
TGT			-0.417	-0.417
ASTS		-0.358		-0.358
IWM	-0.358			-0.358
SNOW			-0.238	-0.238
CRM			-0.119	-0.119
LULU			-0.119	-0.119
ADBE			0.000	0.000
BIDU			0.000	0.000
MRVL	0.000			0.000
NBIS	0.000			0.000
ORCL			0.000	0.000
CRWD			0.238	0.238
HD			0.238	0.238
TOTAL	-0.358	-0.358	-1.013	-1.729

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			-4.313	-4.313
BABA			-4.289	-4.289
IWM	-4.076			-4.076
SNOW			-3.857	-3.857
ORCL			-3.197	-3.197
ADBE			-2.966	-2.966
TGT			-2.659	-2.659
CRM			-2.575	-2.575
CRWD			-2.088	-2.088
LULU			-1.995	-1.995
BIDU			-1.647	-1.647
ASTS		-1.446		-1.446
MRVL	-1.027			-1.027
NBIS	-0.878			-0.878
TOTAL	-5.981	-1.446	-29.587	-37.013

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	12.416
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	11.328
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	10.913
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	7.478
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	7.474
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	5.844
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	5.841
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	5.726
BABA	Aug 21, 26	BABA Aug 21st 90/95 Bull Put Spread	5.084
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call Spread	4.282
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	3.787
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	3.439
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	—
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	—
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	—
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	2.858
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	1.906
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	1.850
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	0.783
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call Spread	0.769
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	0.768
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	0.730
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	0.672
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	0.667
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	0.652
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	0.601
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	0.540
BABA	Aug 21, 26	BABA Aug 21st 90/95 Bull Put Spread	0.533
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	0.524
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	0.512
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	0.413

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	17	72.3%	$78	$78	$422	-$61	2.509	-0.878	0.0000	144.7%	—	2.86	-60.3%	-11.1%
IWM	Bull Put	Jul 31, 26	17	82.1%	$73	$73	$427	-$17	2.089	-4.076	-0.3576	25.6%	5.84	0.51	19.9%	—
MRVL	Bull Put	Jul 31, 26	17	65.7%	$72	$72	$428	-$100	1.957	-1.027	0.0000	97.3%	—	1.91	-115.3%	-19.4%

ASTS	Bull Put	Aug 7, 26	24	69.9%	$78	$78	$422	-$72	2.674	-1.446	-0.3576	93.5%	7.48	1.85	-89.7%	-16.6%

SNOW	Bull Put	Aug 21, 26	38	88.9%	$126	$126	$874	$15	2.960	-3.857	-0.2384	65.6%	12.42	0.77	16.3%	—
ADBE	Bull Put	Aug 21, 26	38	93.0%	$62	$62	$438	$27	1.784	-2.966	0.0000	46.2%	—	0.60	12.9%	—
HD	Bull Put	Aug 21, 26	38	83.0%	$77	$77	$424	-$9	1.782	-4.313	0.2384	32.9%	7.47	0.41	-14.4%	-2.6%
TGT	Bull Put	Aug 21, 26	38	88.8%	$72	$72	$428	$16	1.435	-2.659	-0.4172	46.8%	3.44	0.54	20.1%	—
CRWD	Bull Put	Aug 21, 26	38	81.2%	$65	$65	$435	-$29	1.393	-2.088	0.2384	62.6%	5.84	0.67	-23.9%	-3.6%
ORCL	Bull Put	Aug 21, 26	38	68.2%	$75	$75	$425	-$84	1.365	-1.870	0.2384	63.2%	5.73	0.73	-106.7%	-18.8%
BABA	Bear Call	Aug 21, 26	38	82.6%	$60	$60	$440	-$27	1.354	-2.014	-0.3576	49.9%	3.79	0.67	-18.3%	-2.5%
CRM	Bull Put	Aug 21, 26	38	86.9%	$73	$73	$427	$8	1.350	-2.575	-0.1192	46.4%	11.33	0.52	28.1%	—
LULU	Bear Call	Aug 21, 26	38	77.1%	$65	$65	$435	-$49	1.301	-1.995	-0.1192	48.3%	10.91	0.65	-39.2%	-5.9%
BIDU	Bear Call	Aug 21, 26	38	85.9%	$72	$72	$428	$1	1.290	-1.647	0.0000	58.4%	—	0.78	28.5%	—
BABA	Bull Put	Aug 21, 26	38	86.0%	$51	$51	$449	-$19	1.212	-2.275	-0.2384	50.1%	5.08	0.53	2.0%	—
ORCL	Bear Call	Aug 21, 26	38	82.8%	$65	$65	$435	-$21	1.021	-1.327	-0.2384	65.0%	4.28	0.77	7.7%	—

TOTAL / AVG			—	80.9% avg	$1164	$1164	$7337	-$421	27.476	-37.013	-1.7285	62.3% avg	15.90	14.78	-332.4%	-3.3%

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.