Portfolio — live-active-by-symbol-2026-08-07

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		2.883	1.093		3.976
JPM	Bull Put		3.228			3.228
AVGO	Bear Call	2.032				2.032
MRNA	Bull Put				2.028	2.028
FCX	Bull Put				1.394	1.394
UPS	Bull Put				1.389	1.389
BA	Bear Call			1.211		1.211
IBM	Bear Call				1.190	1.190
AMZN	Bull Put				1.180	1.180
AAPL	Bull Put				1.099	1.099
C	Bull Put				1.094	1.094
GOOGL	Bull Put				1.062	1.062
DAL	Bull Put				1.002	1.002
TOTAL		2.032	6.111	2.304	11.439	21.887

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				15.341	15.341
UNH	Bull Put		6.005	3.910		9.915
FCX	Bull Put				9.019	9.019
DAL	Bull Put				8.651	8.651
C	Bull Put				8.284	8.284
MRNA	Bull Put				7.499	7.499
JPM	Bull Put		5.910			5.910
AAPL	Bull Put				3.989	3.989
AMZN	Bull Put				3.911	3.911
GOOGL	Bull Put				3.772	3.772
IBM	Bear Call				-3.875	-3.875
AVGO	Bear Call	-4.454				-4.454
BA	Bear Call			-4.687		-4.687
TOTAL		-4.454	11.915	-0.777	56.591	63.276

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
FCX	Bull Put				-1.013	-1.013
DAL	Bull Put				-0.894	-0.894
UPS	Bull Put				-0.894	-0.894
C	Bull Put				-0.715	-0.715
MRNA	Bull Put				-0.626	-0.626
JPM	Bull Put		-0.477			-0.477
AMZN	Bull Put				-0.238	-0.238
IBM	Bear Call				-0.238	-0.238
AAPL	Bull Put				-0.119	-0.119
AVGO	Bear Call	0.000				0.000
GOOGL	Bull Put				0.000	0.000
BA	Bear Call			0.119		0.119
UNH	Bull Put		-0.715	0.954		0.238
TOTAL		0.000	-1.192	1.073	-4.739	-4.858

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		-4.806	-3.900		-8.706
JPM	Bull Put		-6.676			-6.676
AAPL	Bull Put				-4.469	-4.469
UPS	Bull Put				-4.171	-4.171
GOOGL	Bull Put				-3.829	-3.829
C	Bull Put				-3.822	-3.822
AMZN	Bull Put				-3.806	-3.806
BA	Bear Call			-3.045		-3.045
DAL	Bull Put				-2.918	-2.918
IBM	Bear Call				-2.665	-2.665
FCX	Bull Put				-2.540	-2.540
MRNA	Bull Put				-2.053	-2.053
AVGO	Bear Call	-1.158				-1.158
TOTAL		-1.158	-11.482	-6.945	-30.274	-49.859

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	10.162
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	9.221
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	6.769
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	4.990
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	4.951
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	4.031
MRNA	Sep 18, 26	MRNA Sep 18th 40/45 Bull Put Spread	3.241
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	1.553
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.530
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	1.376
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	1.146
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	1.121
AVGO	Aug 28, 26	AVGO Aug 28th 440/445 Bear Call Spread	—
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 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	1.755
MRNA	Sep 18, 26	MRNA Sep 18th 40/45 Bull Put Spread	0.988
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.600
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	0.549
JPM	Sep 4, 26	JPM Sep 4th 330/335 Bull Put Spread	0.483
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	0.446
BA	Sep 11, 26	BA Sep 11th 255/260 Bear Call Spread	0.398
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.343
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.333
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.310
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.286
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.280
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.277
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 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
AVGO	Bear Call	Aug 28, 26	20	61.3%	$73	$73	$427	-$121	2.032	-1.158	0.0000	43.0%	—	1.75	-184.3%	-31.5%

JPM	Bull Put	Sep 4, 26	27	83.8%	$75	$75	$425	-$6	3.228	-6.676	-0.4768	24.6%	6.77	0.48	-34.0%	-6.0%
UNH	Bull Put	Sep 4, 26	27	71.0%	$67	$67	$433	-$78	2.883	-4.806	-0.7153	28.1%	4.03	0.60	-157.5%	-24.4%

BA	Bear Call	Sep 11, 26	34	81.9%	$73	$73	$427	-$17	1.211	-3.045	0.1192	30.7%	10.16	0.40	13.7%	—
UNH	Bull Put	Sep 11, 26	34	74.2%	$86	$86	$414	-$43	1.093	-3.900	0.9537	28.4%	1.15	0.28	-13.4%	-2.8%

MRNA	Bull Put	Sep 18, 26	41	85.0%	$77	$77	$424	$2	2.028	-2.053	-0.6258	79.4%	3.24	0.99	-3.3%	-0.6%
FCX	Bull Put	Sep 18, 26	41	83.5%	$73	$73	$428	-$10	1.394	-2.540	-1.0133	51.2%	1.38	0.55	5.5%	—
UPS	Bull Put	Sep 18, 26	41	73.5%	$73	$73	$428	-$60	1.389	-4.171	-0.8941	29.8%	1.55	0.33	-81.4%	-13.8%
IBM	Bear Call	Sep 18, 26	41	79.3%	$64	$64	$436	-$40	1.190	-2.665	-0.2384	37.1%	4.99	0.45	-15.6%	-2.3%
AMZN	Bull Put	Sep 18, 26	41	81.3%	$69	$69	$431	-$24	1.180	-3.806	-0.2384	32.0%	4.95	0.31	-7.3%	-1.2%
AAPL	Bull Put	Sep 18, 26	41	82.0%	$69	$69	$431	-$21	1.099	-4.469	-0.1192	26.3%	9.22	0.25	0.0%	—
C	Bull Put	Sep 18, 26	41	78.8%	$56	$56	$444	-$50	1.094	-3.822	-0.7153	30.9%	1.53	0.29	-33.0%	-4.2%
GOOGL	Bull Put	Sep 18, 26	41	76.2%	$89	$89	$411	-$30	1.062	-3.829	0.0000	30.7%	—	0.28	-9.6%	-2.1%
DAL	Bull Put	Sep 18, 26	41	80.5%	$56	$56	$445	-$42	1.002	-2.918	-0.8941	38.7%	1.12	0.34	-10.8%	-1.3%

TOTAL / AVG			—	78.0% avg	$998	$998	$6002	-$540	21.887	-49.859	-4.8578	36.5% avg	4.51	7.30	-530.8%	-6.2%

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.