Portfolio — live-active-by-symbol-2026-07-16

Theta Concentration

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

Symbol	Aug 21, 26	Aug 28, 26	Total
SNOW	2.613		2.613
ORCL	1.895		1.895
CRM	1.543		1.543
HD	1.523		1.523
PEP	1.519		1.519
WMT	1.518		1.518
CRWD	1.384		1.384
LULU	1.370		1.370
BABA	1.243		1.243
ADBE	1.102		1.102
IWM		0.753	0.753
TOTAL	15.710	0.753	16.463

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	Aug 21, 26	Aug 28, 26	Total
ORCL	5.333		5.333
IWM		5.149	5.149
CRM	3.382		3.382
SNOW	2.753		2.753
HD	2.282		2.282
CRWD	1.898		1.898
ADBE	1.633		1.633
LULU	-6.319		-6.319
BABA	-7.489		-7.489
WMT	-9.657		-9.657
PEP	-14.333		-14.333
TOTAL	-20.517	5.149	-15.368

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	Aug 21, 26	Aug 28, 26	Total
WMT	-1.132		-1.132
PEP	-0.715		-0.715
BABA	-0.358		-0.358
IWM		-0.238	-0.238
LULU	-0.238		-0.238
CRM	-0.179		-0.179
ADBE	0.000		0.000
HD	0.119		0.119
CRWD	0.238		0.238
SNOW	0.358		0.358
ORCL	1.073		1.073
TOTAL	-0.834	-0.238	-1.073

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	Aug 21, 26	Aug 28, 26	Total
IWM		-4.579	-4.579
PEP	-4.078		-4.078
WMT	-3.520		-3.520
HD	-3.435		-3.435
SNOW	-3.280		-3.280
CRM	-2.522		-2.522
ORCL	-2.451		-2.451
LULU	-2.122		-2.122
BABA	-1.927		-1.927
ADBE	-1.866		-1.866
CRWD	-1.694		-1.694
TOTAL	-26.895	-4.579	-31.474

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	12.778
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call Spread	8.813
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	8.630
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	7.306
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	5.803
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	5.746
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	3.476
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	3.158
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	2.124
WMT	Aug 21, 26	WMT Aug 21st 125/130 Bear Call Spread	1.340
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	0.886
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 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\|
ORCL	Aug 21, 26	ORCL Aug 21st 160/165 Bear Call Spread	0.863
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	0.817
SNOW	Aug 21, 26	SNOW Aug 21st 200/210 Bull Put Spread	0.797
ORCL	Aug 21, 26	ORCL Aug 21st 115/120 Bull Put Spread	0.684
LULU	Aug 21, 26	LULU Aug 21st 135/140 Bear Call Spread	0.646
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	0.645
CRM	Aug 21, 26	CRM Aug 21st 140/145 Bull Put Spread	0.612
ADBE	Aug 21, 26	ADBE Aug 21st 185/190 Bull Put Spread	0.590
HD	Aug 21, 26	HD Aug 21st 300/305 Bull Put Spread	0.443
WMT	Aug 21, 26	WMT Aug 21st 125/130 Bear Call Spread	0.431
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	0.372
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	0.164

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
SNOW	Bull Put	Aug 21, 26	35	89.4%	$126	$126	$874	$20	2.613	-3.280	0.3576	68.3%	7.31	0.80	31.8%	—
CRM	Bull Put	Aug 21, 26	35	88.2%	$73	$73	$427	$14	1.543	-2.522	-0.1788	47.9%	8.63	0.61	31.5%	—
HD	Bull Put	Aug 21, 26	35	90.8%	$77	$77	$424	$30	1.523	-3.435	0.1192	34.5%	12.78	0.44	36.6%	—
PEP	Bear Call	Aug 21, 26	35	72.3%	$70	$70	$430	-$69	1.519	-4.078	-0.7153	23.7%	2.12	0.37	-60.7%	-9.9%
WMT	Bear Call	Aug 21, 26	35	82.7%	$53	$53	$448	-$34	1.518	-3.520	-1.1325	29.5%	1.34	0.43	-20.0%	-2.3%
CRWD	Bull Put	Aug 21, 26	35	90.3%	$65	$65	$435	$16	1.384	-1.694	0.2384	68.6%	5.80	0.82	29.2%	—
LULU	Bear Call	Aug 21, 26	35	81.6%	$65	$65	$435	-$27	1.370	-2.122	-0.2384	46.2%	5.75	0.65	-4.6%	-0.7%
BABA	Bear Call	Aug 21, 26	35	76.3%	$60	$60	$440	-$59	1.243	-1.927	-0.3576	47.4%	3.48	0.65	-50.0%	-6.8%
ADBE	Bull Put	Aug 21, 26	35	92.4%	$62	$62	$438	$24	1.102	-1.866	0.0000	50.1%	—	0.59	51.6%	—
ORCL	Bear Call	Aug 21, 26	35	90.5%	$65	$65	$435	$18	1.051	-1.217	0.1192	65.0%	8.81	0.86	46.9%	—
ORCL	Bull Put	Aug 21, 26	35	58.3%	$75	$75	$425	-$134	0.845	-1.234	0.9537	62.3%	0.89	0.68	-166.7%	-29.4%

IWM	Bull Put	Aug 28, 26	42	77.2%	$72	$72	$428	-$42	0.753	-4.579	-0.2384	23.4%	3.16	0.16	-6.9%	-1.2%

TOTAL / AVG			—	82.5% avg	$862	$862	$5638	-$243	16.463	-31.474	-1.0729	47.2% avg	15.34	7.07	-81.3%	-0.8%

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.