Portfolio — live-active-by-symbol-2026-07-30

Theta Concentration

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

Symbol	Type	Aug 21, 26	Aug 28, 26	Sep 4, 26	Total
PEP	Bear Call	2.471			2.471
CRWD	Bull Put	2.417			2.417
IWM	Bear Call		2.095		2.095
BABA	Bear Call	2.053			2.053
AVGO	Bear Call		2.003		2.003
BABA	Bull Put		1.679		1.679
GOOGL	Bull Put			1.217	1.217
IWM	Bull Put		1.096		1.096
TOTAL		6.941	6.873	1.217	15.031

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	Type	Aug 21, 26	Aug 28, 26	Sep 4, 26	Total
IWM	Bull Put		6.207		6.207
BABA	Bull Put		5.547		5.547
CRWD	Bull Put	3.393			3.393
GOOGL	Bull Put			3.238	3.238
AVGO	Bear Call		-2.322		-2.322
IWM	Bear Call		-5.931		-5.931
BABA	Bear Call	-6.870			-6.870
PEP	Bear Call	-15.935			-15.935
TOTAL		-19.411	3.501	3.238	-12.673

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	Type	Aug 21, 26	Aug 28, 26	Sep 4, 26	Total
PEP	Bear Call	-1.132			-1.132
IWM	Bear Call		-0.626		-0.626
BABA	Bull Put		-0.536		-0.536
IWM	Bull Put		-0.477		-0.477
BABA	Bear Call	-0.417			-0.417
CRWD	Bull Put	-0.119			-0.119
GOOGL	Bull Put			0.000	0.000
AVGO	Bear Call		0.954		0.954
TOTAL		-1.669	-0.685	0.000	-2.354

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	Type	Aug 21, 26	Aug 28, 26	Sep 4, 26	Total
IWM	Bear Call		-6.768		-6.768
IWM	Bull Put		-4.455		-4.455
PEP	Bear Call	-3.814			-3.814
GOOGL	Bull Put			-3.394	-3.394
BABA	Bull Put		-2.289		-2.289
AVGO	Bear Call		-2.230		-2.230
BABA	Bear Call	-1.950			-1.950
CRWD	Bull Put	-1.930			-1.930
TOTAL		-7.693	-15.742	-3.394	-26.829

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	20.275
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	4.921
IWM	Aug 28, 26	IWM Aug 28th 310/315 Bear Call Spread	3.348
BABA	Aug 28, 26	BABA Aug 28th 96/101 Bull Put Spread	3.130
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	2.299
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	2.182
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	2.100
GOOGL	Sep 4, 26	GOOGL Sep 4th 300/305 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\|
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	1.253
BABA	Aug 21, 26	BABA Aug 21st 130/135 Bear Call Spread	1.053
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	0.898
BABA	Aug 28, 26	BABA Aug 28th 96/101 Bull Put Spread	0.734
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	0.648
GOOGL	Sep 4, 26	GOOGL Sep 4th 300/305 Bull Put Spread	0.359
IWM	Aug 28, 26	IWM Aug 28th 310/315 Bear Call Spread	0.310
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	0.246

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
PEP	Bear Call	Aug 21, 26	21	71.9%	$70	$70	$430	-$71	2.471	-3.814	-1.1325	26.3%	2.18	0.65	-53.6%	-8.7%
CRWD	Bull Put	Aug 21, 26	21	89.5%	$65	$65	$435	$13	2.417	-1.930	-0.1192	62.5%	20.28	1.25	13.1%	—
BABA	Bear Call	Aug 21, 26	21	82.0%	$60	$60	$440	-$30	2.053	-1.950	-0.4172	48.9%	4.92	1.05	5.8%	—

IWM	Bear CallIC	Aug 28, 26	28	82.7%	$65	$65	$436	-$22	2.095	-6.768	-0.6258	15.6%	3.35	0.31	35.7%	—
AVGO	Bear Call	Aug 28, 26	28	82.3%	$73	$73	$427	-$15	2.003	-2.230	0.9537	48.1%	2.10	0.90	-9.6%	-1.6%
BABA	Bull Put	Aug 28, 26	28	85.2%	$69	$69	$431	-$5	1.679	-2.289	-0.5364	50.0%	3.13	0.73	24.6%	—
IWM	Bull PutIC	Aug 28, 26	28	76.6%	$72	$72	$428	-$45	1.096	-4.455	-0.4768	23.4%	2.30	0.25	-3.5%	-0.6%

GOOGL	Bull Put	Sep 4, 26	35	81.1%	$77	$77	$423	-$18	1.217	-3.394	0.0000	34.1%	—	0.36	5.8%	—

TOTAL / AVG			—	81.4% avg	$551	$551	$3450	-$193	15.031	-26.829	-2.3544	38.6% avg	6.38	5.50	18.4%	—

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.