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
AVGO	Bear Call		3.724			3.724
PEP	Bear Call	2.876				2.876
IBM	Bull Put				2.872	2.872
UNH	Bull Put			1.333	1.219	2.553
JPM	Bull Put			2.106		2.106
TSM	Bull Put				2.023	2.023
BA	Bear Call				1.801	1.801
NFLX	Bull Put			1.366		1.366
IWM	Bull Put		1.324			1.324
AAPL	Bull Put				1.172	1.172
TOTAL		2.876	5.048	4.805	9.088	21.818

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			8.310		8.310
UNH	Bull Put			3.606	3.172	6.778
JPM	Bull Put			6.026		6.026
IBM	Bull Put				5.473	5.473
IWM	Bull Put		4.713			4.713
AAPL	Bull Put				3.967	3.967
TSM	Bull Put				2.358	2.358
AVGO	Bear Call		-3.245			-3.245
BA	Bear Call				-5.668	-5.668
PEP	Bear Call	-14.896				-14.896
TOTAL		-14.896	1.468	17.942	9.302	13.816

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
PEP	Bear Call	-1.550				-1.550
NFLX	Bull Put			-1.535		-1.535
AAPL	Bull Put				-0.477	-0.477
AVGO	Bear Call		-0.477			-0.477
TSM	Bull Put				-0.477	-0.477
UNH	Bull Put			-0.238	-0.238	-0.477
IWM	Bull Put		-0.417			-0.417
BA	Bear Call				-0.238	-0.238
JPM	Bull Put			-0.238		-0.238
IBM	Bull Put				-0.119	-0.119
TOTAL		-1.550	-0.894	-2.012	-1.550	-6.005

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
UNH	Bull Put			-3.831	-3.986	-7.817
JPM	Bull Put			-5.693		-5.693
IBM	Bull Put				-4.245	-4.245
IWM	Bull Put		-4.219			-4.219
AAPL	Bull Put				-3.988	-3.988
PEP	Bear Call	-3.784				-3.784
BA	Bear Call				-3.575	-3.575
TSM	Bull Put				-3.108	-3.108
AVGO	Bear Call		-2.874			-2.874
NFLX	Bull Put			-2.558		-2.558
TOTAL		-3.784	-7.092	-12.082	-18.904	-41.861

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
IBM	Sep 11, 26	IBM Sep 11th 195/200 Bull Put Spread	24.096
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	8.834
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	7.810
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	7.553
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	5.592
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	5.114
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	4.243
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	3.174
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	2.458
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	1.856
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.890

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\|
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	1.296
PEP	Aug 21, 26	PEP Aug 21st 145/150 Bear Call Spread	0.760
IBM	Sep 11, 26	IBM Sep 11th 195/200 Bull Put Spread	0.677
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	0.651
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.534
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	0.504
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	0.370
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.348
IWM	Aug 28, 26	IWM Aug 28th 275/280 Bull Put Spread	0.314
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.306
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	0.294

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	77.0%	$70	$70	$430	-$45	2.876	-3.784	-1.5497	27.1%	1.86	0.76	-21.4%	-3.5%

AVGO	Bear Call	Aug 28, 26	24	81.5%	$73	$73	$427	-$19	3.724	-2.874	-0.4768	48.5%	7.81	1.30	-64.4%	-11.0%
IWM	Bull Put	Aug 28, 26	24	84.5%	$72	$72	$428	-$6	1.324	-4.219	-0.4172	22.9%	3.17	0.31	38.2%	—

JPM	Bull Put	Sep 4, 26	31	77.4%	$75	$75	$425	-$38	2.106	-5.693	-0.2384	24.0%	8.83	0.37	-50.7%	-8.9%
NFLX	Bull Put	Sep 4, 26	31	84.3%	$54	$54	$446	-$24	1.366	-2.558	-1.5348	39.2%	0.89	0.53	30.6%	—
UNH	Bull Put	Sep 4, 26	31	75.5%	$67	$67	$433	-$56	1.333	-3.831	-0.2384	29.9%	5.59	0.35	-34.3%	-5.3%

IBM	Bull Put	Sep 11, 26	38	82.5%	$78	$78	$422	-$10	2.872	-4.245	-0.1192	43.7%	24.10	0.68	-80.1%	-14.8%
TSM	Bull Put	Sep 11, 26	38	80.1%	$92	$92	$408	-$7	2.023	-3.108	-0.4768	48.8%	4.24	0.65	-25.0%	-5.6%
BA	Bear Call	Sep 11, 26	38	80.0%	$73	$73	$427	-$27	1.801	-3.575	-0.2384	32.5%	7.55	0.50	-37.7%	-6.4%
UNH	Bull Put	Sep 11, 26	38	77.4%	$86	$86	$414	-$27	1.219	-3.986	-0.2384	30.2%	5.11	0.31	-1.7%	-0.4%
AAPL	Bull Put	Sep 11, 26	38	80.9%	$64	$64	$436	-$31	1.172	-3.988	-0.4768	29.5%	2.46	0.29	-14.1%	-2.1%

TOTAL / AVG			—	80.1% avg	$804	$804	$4696	-$291	21.818	-41.861	-6.0052	34.2% avg	3.63	6.05	-260.7%	-4.3%

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.