Portfolio — live-active-by-symbol-2026-08-06

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		1.435	1.234		2.669
AVGO	Bear Call	1.826				1.826
TSM	Bull Put			1.704		1.704
MRNA	Bull Put				1.700	1.700
IBM	Bull Put			1.484		1.484
JPM	Bull Put		1.473			1.473
DAL	Bull Put				1.218	1.218
AAPL	Bull Put			1.210		1.210
UPS	Bull Put				1.116	1.116
C	Bull Put				1.096	1.096
GOOGL	Bull Put				1.045	1.045
IBM	Bear Call				0.683	0.683
BA	Bear Call			-0.243		-0.243
TOTAL		1.826	2.908	5.388	6.859	16.981

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				16.102	16.102
MRNA	Bull Put				10.328	10.328
UNH	Bull Put		5.252	4.418		9.670
C	Bull Put				9.186	9.186
DAL	Bull Put				8.870	8.870
JPM	Bull Put		4.158			4.158
GOOGL	Bull Put				3.349	3.349
IBM	Bull Put			2.763		2.763
AAPL	Bull Put			2.606		2.606
TSM	Bull Put			1.683		1.683
BA	Bear Call			-2.018		-2.018
IBM	Bear Call				-2.745	-2.745
AVGO	Bear Call	-3.695				-3.695
TOTAL		-3.695	9.410	9.452	45.090	60.257

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
UPS	Bull Put				-1.073	-1.073
AVGO	Bear Call	-0.954				-0.954
DAL	Bull Put				-0.954	-0.954
MRNA	Bull Put				-0.954	-0.954
UNH	Bull Put		-0.477	-0.477		-0.954
C	Bull Put				-0.715	-0.715
TSM	Bull Put			-0.477		-0.477
BA	Bear Call			-0.238		-0.238
GOOGL	Bull Put				-0.238	-0.238
IBM	Bear Call				-0.238	-0.238
JPM	Bull Put		-0.238			-0.238
AAPL	Bull Put			-0.179		-0.179
IBM	Bull Put			-0.179		-0.179
TOTAL		-0.954	-0.715	-1.550	-4.172	-7.391

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		-3.482	-3.833		-7.315
JPM	Bull Put		-4.582			-4.582
C	Bull Put				-3.872	-3.872
GOOGL	Bull Put				-3.598	-3.598
UPS	Bull Put				-3.561	-3.561
AAPL	Bull Put			-3.509		-3.509
DAL	Bull Put				-3.156	-3.156
IBM	Bull Put			-2.866		-2.866
TSM	Bull Put			-2.855		-2.855
IBM	Bear Call				-2.079	-2.079
MRNA	Bull Put				-2.021	-2.021
BA	Bear Call			-1.386		-1.386
AVGO	Bear Call	-1.345				-1.345
TOTAL		-1.345	-8.063	-14.451	-18.288	-42.146

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	8.299
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	6.765
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	6.176
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	4.385
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	3.574
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	3.010
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	2.866
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	2.587
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	1.915
MRNA	Sep 18, 26	MRNA Sep 18th 40/45 Bull Put Spread	1.782
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.532
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	1.277
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	1.041
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	-1.020

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	1.358
MRNA	Sep 18, 26	MRNA Sep 18th 40/45 Bull Put Spread	0.841
TSM	Sep 11, 26	TSM Sep 11th 350/355 Bull Put Spread	0.597
IBM	Sep 11, 26	IBM Sep 11th 195/200 Bull Put Spread	0.518
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.412
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.386
AAPL	Sep 11, 26	AAPL Sep 11th 275/280 Bull Put Spread	0.345
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	0.329
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.322
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	0.321
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.313
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.291
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.283
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	-0.175

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	21	65.7%	$73	$73	$427	-$99	1.826	-1.345	-0.9537	47.9%	1.92	1.36	-129.4%	-22.1%

JPM	Bull Put	Sep 4, 26	28	83.9%	$75	$75	$425	-$5	1.473	-4.582	-0.2384	24.0%	6.18	0.32	22.0%	—
UNH	Bull Put	Sep 4, 26	28	67.7%	$67	$67	$433	-$94	1.435	-3.482	-0.4768	29.1%	3.01	0.41	-120.2%	-18.6%

TSM	Bull Put	Sep 11, 26	35	87.4%	$92	$92	$408	$29	1.704	-2.855	-0.4768	45.4%	3.57	0.60	34.8%	—
IBM	Bull Put	Sep 11, 26	35	99.4%	$78	$78	$422	$75	1.484	-2.866	-0.1788	40.2%	8.30	0.52	42.3%	—
UNH	Bull Put	Sep 11, 26	35	71.0%	$86	$86	$414	-$59	1.234	-3.833	-0.4768	29.0%	2.59	0.32	-48.3%	-10.0%
AAPL	Bull Put	Sep 11, 26	35	89.7%	$64	$64	$436	$12	1.210	-3.509	-0.1788	29.2%	6.76	0.34	38.3%	—
BA	Bear Call	Sep 11, 26	35	85.7%	$73	$73	$427	$2	-0.243	-1.386	-0.2384	31.8%	-1.02	-0.18	88.4%	—

MRNA	Bull Put	Sep 18, 26	42	77.8%	$77	$77	$424	-$34	1.700	-2.021	-0.9537	74.5%	1.78	0.84	-36.0%	-6.5%
DAL	Bull Put	Sep 18, 26	42	79.6%	$56	$56	$445	-$46	1.218	-3.156	-0.9537	38.9%	1.28	0.39	-21.6%	-2.7%
UPS	Bull Put	Sep 18, 26	42	67.4%	$73	$73	$428	-$91	1.116	-3.561	-1.0729	30.5%	1.04	0.31	-107.6%	-18.2%
C	Bull Put	Sep 18, 26	42	75.4%	$56	$56	$444	-$67	1.096	-3.872	-0.7153	30.9%	1.53	0.28	-57.1%	-7.2%
GOOGL	Bull Put	Sep 18, 26	42	77.2%	$89	$89	$411	-$25	1.045	-3.598	-0.2384	32.9%	4.38	0.29	-3.9%	-0.9%
IBM	Bear Call	Sep 18, 26	42	82.0%	$64	$64	$436	-$26	0.683	-2.079	-0.2384	37.8%	2.87	0.33	31.3%	—

TOTAL / AVG			—	79.3% avg	$1022	$1022	$5979	-$429	16.981	-42.146	-7.3910	37.3% avg	2.30	6.14	-267.1%	-3.0%

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.