Portfolio — live-active-by-symbol-2026-08-17

Theta Concentration

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

Symbol	Type	Sep 4, 26	Sep 11, 26	Sep 18, 26	Sep 25, 26	Total
UNH	Bull Put	1.520	1.281			2.800
NFLX	Bull Put				1.798	1.798
DAL	Bull Put			1.780		1.780
FCX	Bull Put			1.743		1.743
IBM	Bull Put			1.623		1.623
UBER	Bear Call			1.488		1.488
GOOGL	Bull Put			1.487		1.487
CRCL	Bull Put			1.473		1.473
UPS	Bull Put			1.379		1.379
AAPL	Bull Put			1.354		1.354
AMZN	Bull Put			1.317		1.317
C	Bull Put			1.302		1.302
IBM	Bear Call			1.069		1.069
TOTAL		1.520	1.281	16.014	1.798	20.613

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	Sep 4, 26	Sep 11, 26	Sep 18, 26	Sep 25, 26	Total
UPS	Bull Put			21.455		21.455
NFLX	Bull Put				21.005	21.005
UNH	Bull Put	8.051	6.359			14.410
DAL	Bull Put			14.206		14.206
FCX	Bull Put			9.431		9.431
AMZN	Bull Put			7.261		7.261
C	Bull Put			5.894		5.894
GOOGL	Bull Put			5.827		5.827
AAPL	Bull Put			5.650		5.650
IBM	Bull Put			5.203		5.203
CRCL	Bull Put			3.587		3.587
IBM	Bear Call			-2.169		-2.169
UBER	Bear Call			-11.321		-11.321
TOTAL		8.051	6.359	65.024	21.005	100.439

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	Sep 4, 26	Sep 11, 26	Sep 18, 26	Sep 25, 26	Total
NFLX	Bull Put				-2.801	-2.801
UPS	Bull Put			-2.325		-2.325
DAL	Bull Put			-1.729		-1.729
UBER	Bear Call			-1.729		-1.729
FCX	Bull Put			-1.386		-1.386
AMZN	Bull Put			-0.715		-0.715
C	Bull Put			-0.656		-0.656
CRCL	Bull Put			-0.387		-0.387
AAPL	Bull Put			-0.119		-0.119
IBM	Bull Put			-0.119		-0.119
IBM	Bear Call			-0.119		-0.119
GOOGL	Bull Put			0.000		0.000
UNH	Bull Put	0.477	0.477			0.954
TOTAL		0.477	0.477	-9.283	-2.801	-11.131

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	Sep 4, 26	Sep 11, 26	Sep 18, 26	Sep 25, 26	Total
UNH	Bull Put	-2.539	-3.374			-5.913
NFLX	Bull Put				-5.021	-5.021
AAPL	Bull Put			-4.644		-4.644
UPS	Bull Put			-4.551		-4.551
GOOGL	Bull Put			-3.873		-3.873
AMZN	Bull Put			-3.769		-3.769
DAL	Bull Put			-3.657		-3.657
IBM	Bull Put			-3.510		-3.510
C	Bull Put			-3.238		-3.238
UBER	Bear Call			-2.750		-2.750
FCX	Bull Put			-2.569		-2.569
IBM	Bear Call			-2.004		-2.004
CRCL	Bull Put			-1.302		-1.302
TOTAL		-2.539	-3.374	-35.866	-5.021	-46.800

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 18, 26	IBM Sep 18th 205/210 Bull Put Spread	13.613
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	11.357
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	8.971
CRCL	Sep 18, 26	CRCL Sep 18th 50/55 Bull Put Spread	3.803
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	3.187
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	2.686
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.986
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	1.841
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	1.258
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	1.030
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.861
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.642
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.593
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\|
CRCL	Sep 18, 26	CRCL Sep 18th 50/55 Bull Put Spread	1.132
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	0.678
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.599
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.541
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	0.534
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.487
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	0.462
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.402
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.384
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.380
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.358
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.349
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.303
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	0.292

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
UNH	Bull Put	Sep 4, 26	17	58.8%	$67	$67	$433	-$139	1.520	-2.539	0.4768	27.0%	3.19	0.60	-179.8%	-27.8%

UNH	Bull Put	Sep 11, 26	24	65.2%	$86	$86	$414	-$88	1.281	-3.374	0.4768	26.7%	2.69	0.38	-74.4%	-15.5%

DAL	Bull Put	Sep 18, 26	31	75.2%	$56	$56	$445	-$69	1.780	-3.657	-1.7285	34.6%	1.03	0.49	-58.6%	-7.3%
FCX	Bull Put	Sep 18, 26	31	86.4%	$73	$73	$428	$5	1.743	-2.569	-1.3858	46.5%	1.26	0.68	28.3%	—
IBM	Bull PutIC	Sep 18, 26	31	80.1%	$59	$59	$442	-$41	1.623	-3.510	-0.1192	35.1%	13.61	0.46	-39.3%	-5.2%
UBER	Bear Call	Sep 18, 26	31	85.2%	$59	$59	$441	-$15	1.488	-2.750	-1.7285	34.6%	0.86	0.54	15.3%	—
GOOGL	Bull Put	Sep 18, 26	31	69.9%	$89	$89	$411	-$62	1.487	-3.873	0.0000	28.5%	—	0.38	-57.3%	-12.4%
CRCL	Bull Put	Sep 18, 26	31	91.7%	$61	$61	$439	$20	1.473	-1.302	-0.3874	79.7%	3.80	1.13	46.7%	—
UPS	Bull Put	Sep 18, 26	31	64.7%	$73	$73	$428	-$104	1.379	-4.551	-2.3246	24.0%	0.59	0.30	-69.0%	-11.7%
AAPL	Bull Put	Sep 18, 26	31	76.8%	$69	$69	$431	-$47	1.354	-4.644	-0.1192	24.8%	11.36	0.29	-21.0%	-3.4%
AMZN	Bull Put	Sep 18, 26	31	69.9%	$69	$69	$431	-$82	1.317	-3.769	-0.7153	28.8%	1.84	0.35	-84.1%	-13.5%
C	Bull Put	Sep 18, 26	31	86.0%	$56	$56	$444	-$14	1.302	-3.238	-0.6557	31.1%	1.99	0.40	28.6%	—
IBM	Bear CallIC	Sep 18, 26	31	93.2%	$64	$64	$436	$30	1.069	-2.004	-0.1192	36.7%	8.97	0.53	59.4%	—

NFLX	Bull Put	Sep 25, 26	38	72.5%	$76	$76	$624	-$116	1.798	-5.021	-2.8014	33.0%	0.64	0.36	-54.6%	-6.7%

TOTAL / AVG			—	76.8% avg	$955	$955	$6245	-$722	20.613	-46.800	-11.1312	35.1% avg	1.85	6.90	-459.9%	-5.5%

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.