Portfolio — live-active-by-symbol-2026-07-14

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	3.495			3.495
ASTS		3.088		3.088
SNOW			2.527	2.527
BABA			2.488	2.488
MRVL	2.480			2.480
ORCL			2.399	2.399
IWM	2.033			2.033
CRM			1.527	1.527
TGT			1.458	1.458
CRWD			1.363	1.363
ADBE			1.325	1.325
LULU			1.263	1.263
HD			1.164	1.164
BIDU			1.136	1.136
TOTAL	8.008	3.088	16.649	27.745

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		9.049		9.049
IWM	5.003			5.003
TGT			4.729	4.729
CRM			4.234	4.234
ORCL			3.414	3.414
MRVL	3.302			3.302
NBIS	2.966			2.966
ADBE			2.863	2.863
HD			2.691	2.691
SNOW			2.589	2.589
CRWD			1.828	1.828
BABA			-1.405	-1.405
BIDU			-3.107	-3.107
LULU			-5.711	-5.711
TOTAL	11.271	9.049	12.124	32.444

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			-0.834	-0.834
ORCL			-0.477	-0.477
IWM	-0.358			-0.358
SNOW			-0.358	-0.358
TGT			-0.298	-0.298
ASTS		-0.238		-0.238
HD			-0.238	-0.238
LULU			-0.238	-0.238
BIDU			-0.060	-0.060
CRM			0.000	0.000
NBIS	0.000			0.000
ADBE			0.119	0.119
CRWD			0.119	0.119
MRVL	0.477			0.477
TOTAL	0.119	-0.238	-2.265	-2.384

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
BABA			-4.192	-4.192
IWM	-3.873			-3.873
HD			-3.352	-3.352
SNOW			-3.327	-3.327
ORCL			-3.097	-3.097
CRM			-2.708	-2.708
TGT			-2.679	-2.679
ADBE			-2.584	-2.584
LULU			-1.986	-1.986
CRWD			-1.747	-1.747
ASTS		-1.471		-1.471
BIDU			-1.371	-1.371
MRVL	-1.163			-1.163
NBIS	-0.847			-0.847
TOTAL	-5.883	-1.471	-27.040	-34.394

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	19.058
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	12.953
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	11.436
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	11.114
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	7.065
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	5.686
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	5.297
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	5.201
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	4.891
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	4.884
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	3.446
BABA	Aug 21, 26	BABA Aug 21st 90/95 Bull Put Spread	2.633
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	2.623
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	—
NBIS	Jul 31, 26	NBIS Jul 31st 170/175 Bull Put Spread	—
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call 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	4.126
MRVL	Jul 31, 26	MRVL Jul 31st 195/200 Bull Put Spread	2.133
ASTS	Aug 7, 26	ASTS Aug 7th 55/60 Bull Put Spread	2.099
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call Spread	0.832
BIDU	Aug 21, 26	BIDU Aug 21st 140/145 Bear Call Spread	0.829
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	0.781
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	0.759
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	0.728
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	0.638
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	0.636
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	0.564
BABA	Aug 21, 26	BABA Aug 21st 90/95 Bull Put Spread	0.555
TGT	Aug 21, 26	TGT Aug 21st 110/115 Bull Put Spread	0.544
IWM	Jul 31, 26	IWM Jul 31st 275/280 Bull Put Spread	0.525
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	0.513
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	0.347

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	16	68.0%	$78	$78	$422	-$82	3.495	-0.847	0.0000	144.3%	—	4.13	-134.0%	-24.8%
MRVL	Bull Put	Jul 31, 26	16	71.8%	$72	$72	$428	-$69	2.480	-1.163	0.4768	99.7%	5.20	2.13	-73.6%	-12.4%
IWM	Bull Put	Jul 31, 26	16	86.2%	$73	$73	$427	$4	2.033	-3.873	-0.3576	24.6%	5.69	0.53	43.1%	—

ASTS	Bull Put	Aug 7, 26	23	74.5%	$78	$78	$422	-$49	3.088	-1.471	-0.2384	100.4%	12.95	2.10	-72.4%	-13.4%

SNOW	Bull Put	Aug 21, 26	37	90.0%	$126	$126	$874	$26	2.527	-3.327	-0.3576	67.4%	7.06	0.76	34.1%	—
CRM	Bull Put	Aug 21, 26	37	83.6%	$73	$73	$427	-$9	1.527	-2.708	0.0000	48.0%	—	0.56	4.8%	—
TGT	Bull Put	Aug 21, 26	37	88.4%	$72	$72	$428	$14	1.458	-2.679	-0.2980	46.0%	4.89	0.54	22.9%	—
CRWD	Bull Put	Aug 21, 26	37	91.2%	$65	$65	$435	$21	1.363	-1.747	0.1192	67.5%	11.44	0.78	30.0%	—
ADBE	Bull Put	Aug 21, 26	37	86.1%	$62	$62	$438	-$8	1.325	-2.584	0.1192	45.9%	11.11	0.51	11.3%	—
LULU	Bear Call	Aug 21, 26	37	83.9%	$65	$65	$435	-$15	1.263	-1.986	-0.2384	48.6%	5.30	0.64	0.8%	—
BABA	Bull Put	Aug 21, 26	37	87.1%	$51	$51	$449	-$14	1.255	-2.260	-0.4768	49.8%	2.63	0.56	8.8%	—
ORCL	Bull Put	Aug 21, 26	37	65.5%	$75	$75	$425	-$97	1.251	-1.718	-0.4768	63.1%	2.62	0.73	-123.3%	-21.8%
BABA	Bear Call	Aug 21, 26	37	81.8%	$60	$60	$440	-$31	1.233	-1.932	-0.3576	49.3%	3.45	0.64	-12.5%	-1.7%
HD	Bull Put	Aug 21, 26	37	84.7%	$77	$77	$424	$0	1.164	-3.352	-0.2384	33.9%	4.88	0.35	22.9%	—
ORCL	Bear Call	Aug 21, 26	37	85.1%	$65	$65	$435	-$9	1.148	-1.380	0.0000	65.1%	—	0.83	14.6%	—
BIDU	Bear Call	Aug 21, 26	37	90.1%	$72	$72	$428	$22	1.136	-1.371	-0.0596	61.7%	19.06	0.83	51.4%	—

TOTAL / AVG			—	82.4% avg	$1164	$1164	$7337	-$296	27.745	-34.394	-2.3842	63.5% avg	11.64	16.61	-171.1%	-1.7%

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.