Portfolio — live-active-by-symbol-2026-08-03

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	Sep 11, 26	Total
PEP	Bear Call	2.507				2.507
AVGO	Bear Call		2.141			2.141
CRWD	Bull Put	2.052				2.052
TSM	Bull Put				1.560	1.560
GOOGL	Bull Put				1.520	1.520
NFLX	Bull Put			1.446		1.446
IWM	Bull Put		1.359			1.359
UNH	Bull Put			1.144		1.144
JPM	Bull Put			1.122		1.122
TOTAL		4.559	3.501	3.712	3.080	14.852

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	Sep 11, 26	Total
NFLX	Bull Put			9.288		9.288
IWM	Bull Put		4.958			4.958
JPM	Bull Put			4.849		4.849
UNH	Bull Put			3.353		3.353
TSM	Bull Put				2.193	2.193
GOOGL	Bull Put				1.846	1.846
CRWD	Bull Put	1.642				1.642
AVGO	Bear Call		-2.263			-2.263
PEP	Bear Call	-13.516				-13.516
TOTAL		-11.874	2.696	17.491	4.039	12.352

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	Sep 11, 26	Total
NFLX	Bull Put			-1.565		-1.565
PEP	Bear Call	-1.490				-1.490
TSM	Bull Put				-0.954	-0.954
JPM	Bull Put			-0.596		-0.596
AVGO	Bear Call		-0.477			-0.477
IWM	Bull Put		-0.417			-0.417
CRWD	Bull Put	-0.179				-0.179
GOOGL	Bull Put				0.119	0.119
UNH	Bull Put			0.238		0.238
TOTAL		-1.669	-0.894	-1.922	-0.834	-5.320

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	Sep 11, 26	Total
JPM	Bull Put			-4.717		-4.717
IWM	Bull Put		-4.333			-4.333
UNH	Bull Put			-3.645		-3.645
PEP	Bear Call	-3.580				-3.580
GOOGL	Bull Put				-3.365	-3.365
TSM	Bull Put				-2.746	-2.746
NFLX	Bull Put			-2.741		-2.741
AVGO	Bear Call		-2.106			-2.106
CRWD	Bull Put	-1.222				-1.222
TOTAL		-4.803	-6.439	-11.103	-6.111	-28.456

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
GOOGL	Sep 11, 26	GOOGL Sep 11th 315/320 Bull Put Spread	12.754
CRWD	Aug 21, 26	CRWD Aug 21st 152.5/157.5 Bull Put Spread	11.478
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	4.798
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	4.490
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	3.258
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	1.882
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	1.682
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	1.636
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.924

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	1.679
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	1.017
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	0.700
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	0.568
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.528
GOOGL	Sep 11, 26	GOOGL Sep 11th 315/320 Bull Put Spread	0.452
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.314
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	0.314
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	0.238

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	17	78.9%	$70	$70	$430	-$36	2.507	-3.580	-1.4901	27.4%	1.68	0.70	-5.0%	-0.8%
CRWD	Bull Put	Aug 21, 26	17	100.0%	$65	$65	$435	$65	2.052	-1.222	-0.1788	68.3%	11.48	1.68	63.9%	—

AVGO	Bear Call	Aug 28, 26	24	83.4%	$73	$73	$427	-$10	2.141	-2.106	-0.4768	49.5%	4.49	1.02	0.7%	—
IWM	Bull Put	Aug 28, 26	24	84.0%	$72	$72	$428	-$8	1.359	-4.333	-0.4172	22.9%	3.26	0.31	33.3%	—

NFLX	Bull Put	Sep 4, 26	31	84.5%	$54	$54	$446	-$24	1.446	-2.741	-1.5646	38.6%	0.92	0.53	21.3%	—
UNH	Bull Put	Sep 4, 26	31	77.0%	$67	$67	$433	-$48	1.144	-3.645	0.2384	30.1%	4.80	0.31	-19.4%	-3.0%
JPM	Bull Put	Sep 4, 26	31	77.6%	$75	$75	$425	-$37	1.122	-4.717	-0.5960	22.9%	1.88	0.24	4.0%	—

TSM	Bull Put	Sep 11, 26	38	79.5%	$92	$92	$408	-$10	1.560	-2.746	-0.9537	49.1%	1.64	0.57	-11.4%	-2.6%
GOOGL	Bull Put	Sep 11, 26	38	90.9%	$73	$73	$427	$27	1.520	-3.365	0.1192	36.3%	12.75	0.45	37.7%	—

TOTAL / AVG			—	84.0% avg	$641	$641	$3859	-$81	14.852	-28.456	-5.3197	38.3% avg	2.79	5.81	125.0%	—

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.