Portfolio — live-active-by-symbol-2026-08-04

Theta Concentration

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

Symbol	Type	Aug 28, 26	Sep 4, 26	Sep 11, 26	Sep 18, 26	Total
UNH	Bull Put		1.118	1.197		2.315
JPM	Bull Put		1.745			1.745
NFLX	Bull Put		1.356			1.356
AVGO	Bear Call	1.353				1.353
IBM	Bull Put			1.261		1.261
UPS	Bull Put				1.240	1.240
TSM	Bull Put			1.072		1.072
AAPL	Bull Put			0.881		0.881
BA	Bear Call			-0.447		-0.447
TOTAL		1.353	4.219	3.964	1.240	10.776

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 28, 26	Sep 4, 26	Sep 11, 26	Sep 18, 26	Total
UPS	Bull Put				9.589	9.589
UNH	Bull Put		4.475	3.951		8.426
NFLX	Bull Put		7.805			7.805
JPM	Bull Put		4.394			4.394
AAPL	Bull Put			2.695		2.695
IBM	Bull Put			2.570		2.570
TSM	Bull Put			1.435		1.435
BA	Bear Call			-3.040		-3.040
AVGO	Bear Call	-3.142				-3.142
TOTAL		-3.142	16.674	7.612	9.589	30.732

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 28, 26	Sep 4, 26	Sep 11, 26	Sep 18, 26	Total
NFLX	Bull Put		-1.475			-1.475
AVGO	Bear Call	-0.954				-0.954
UPS	Bull Put				-0.954	-0.954
IBM	Bull Put			-0.238		-0.238
AAPL	Bull Put			0.000		0.000
BA	Bear Call			0.000		0.000
JPM	Bull Put		0.000			0.000
TSM	Bull Put			0.000		0.000
UNH	Bull Put		0.477	0.477		0.954
TOTAL		-0.954	-0.998	0.238	-0.954	-2.667

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 28, 26	Sep 4, 26	Sep 11, 26	Sep 18, 26	Total
UNH	Bull Put		-3.639	-3.980		-7.619
JPM	Bull Put		-5.197			-5.197
UPS	Bull Put				-3.995	-3.995
AAPL	Bull Put			-3.242		-3.242
IBM	Bull Put			-2.505		-2.505
NFLX	Bull Put		-2.452			-2.452
TSM	Bull Put			-2.273		-2.273
BA	Bear Call			-1.489		-1.489
AVGO	Bear Call	-1.099				-1.099
TOTAL		-1.099	-11.288	-13.489	-3.995	-29.872

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	5.287
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	2.510
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	2.345
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	1.418
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	1.300
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.919
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	—
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	—
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	—
TSM	Sep 11, 26	TSM Sep 11th 350/355 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\|
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	1.230
NFLX	Sep 4, 26	NFLX Sep 4th 60/65 Bull Put Spread	0.553
IBM	Sep 11, 26	IBM Sep 11th 195/200 Bull Put Spread	0.503
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	0.472
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	0.336
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.310
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.307
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.301
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	0.272
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	-0.300

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
AVGO	Bear Call	Aug 28, 26	23	65.1%	$73	$73	$427	-$101	1.353	-1.099	-0.9537	53.1%	1.42	1.23	-119.2%	-20.4%

JPM	Bull Put	Sep 4, 26	30	83.0%	$75	$75	$425	-$10	1.745	-5.197	0.0000	23.6%	—	0.34	11.3%	—
NFLX	Bull Put	Sep 4, 26	30	88.3%	$54	$54	$446	-$5	1.356	-2.452	-1.4752	39.2%	0.92	0.55	37.0%	—
UNH	Bull Put	Sep 4, 26	30	70.8%	$67	$67	$433	-$79	1.118	-3.639	0.4768	28.7%	2.34	0.31	-67.9%	-10.5%

IBM	Bull Put	Sep 11, 26	37	98.8%	$78	$78	$422	$72	1.261	-2.505	-0.2384	45.6%	5.29	0.50	35.9%	—
UNH	Bull Put	Sep 11, 26	37	73.2%	$86	$86	$414	-$48	1.197	-3.980	0.4768	29.1%	2.51	0.30	-30.8%	-6.4%
TSM	Bull Put	Sep 11, 26	37	85.1%	$92	$92	$408	$18	1.072	-2.273	0.0000	48.5%	—	0.47	42.9%	—
AAPL	Bull Put	Sep 11, 26	37	86.9%	$64	$64	$436	-$1	0.881	-3.242	0.0000	30.1%	—	0.27	33.6%	—
BA	Bear Call	Sep 11, 26	37	76.2%	$73	$73	$427	-$46	-0.447	-1.489	0.0000	34.6%	—	-0.30	71.9%	—

UPS	Bull Put	Sep 18, 26	44	95.4%	$73	$73	$428	$49	1.240	-3.995	-0.9537	31.8%	1.30	0.31	-4.1%	-0.7%

TOTAL / AVG			—	82.3% avg	$735	$735	$4266	-$151	10.776	-29.872	-2.6673	36.4% avg	4.04	3.98	10.7%	—

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.