Portfolio — live-active-by-symbol-2026-08-18

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	1.544	1.617			3.161
FCX	Bull Put			2.040		2.040
IBM	Bull Put			1.842		1.842
DAL	Bull Put			1.723		1.723
NFLX	Bull Put				1.716	1.716
UBER	Bear Call			1.577		1.577
CRCL	Bull Put			1.524		1.524
AMZN	Bull Put			1.421		1.421
AAPL	Bull Put			1.393		1.393
UPS	Bull Put			1.384		1.384
GOOGL	Bull Put			1.373		1.373
IBM	Bear Call			1.275		1.275
C	Bull Put			1.269		1.269
TOTAL		1.544	1.617	16.822	1.716	21.698

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			22.053		22.053
DAL	Bull Put			18.097		18.097
NFLX	Bull Put				15.092	15.092
UNH	Bull Put	8.287	6.630			14.918
FCX	Bull Put			13.291		13.291
AMZN	Bull Put			7.485		7.485
C	Bull Put			5.645		5.645
GOOGL	Bull Put			5.581		5.581
AAPL	Bull Put			4.354		4.354
CRCL	Bull Put			4.327		4.327
IBM	Bull Put			4.172		4.172
IBM	Bear Call			-2.885		-2.885
UBER	Bear Call			-11.342		-11.342
TOTAL		8.287	6.630	70.778	15.092	100.788

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
UPS	Bull Put			-2.325		-2.325
NFLX	Bull Put				-2.280	-2.280
DAL	Bull Put			-1.848		-1.848
UBER	Bear Call			-1.803		-1.803
FCX	Bull Put			-1.639		-1.639
AMZN	Bull Put			-0.715		-0.715
C	Bull Put			-0.685		-0.685
AAPL	Bull Put			-0.477		-0.477
CRCL	Bull Put			-0.477		-0.477
GOOGL	Bull Put			-0.477		-0.477
IBM	Bull Put			-0.179		-0.179
IBM	Bear Call			-0.119		-0.119
UNH	Bull Put	0.000	0.477			0.477
TOTAL		0.000	0.477	-10.744	-2.280	-12.547

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	-2.808	-3.706			-6.515
NFLX	Bull Put				-4.571	-4.571
UPS	Bull Put			-4.474		-4.474
AAPL	Bull Put			-4.249		-4.249
GOOGL	Bull Put			-3.764		-3.764
AMZN	Bull Put			-3.730		-3.730
IBM	Bull Put			-3.546		-3.546
DAL	Bull Put			-3.521		-3.521
C	Bull Put			-3.120		-3.120
FCX	Bull Put			-2.915		-2.915
UBER	Bear Call			-2.843		-2.843
IBM	Bear Call			-2.381		-2.381
CRCL	Bull Put			-1.366		-1.366
TOTAL		-2.808	-3.706	-35.908	-4.571	-46.994

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 265/270 Bear Call Spread	10.692
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	10.300
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	3.391
CRCL	Sep 18, 26	CRCL Sep 18th 50/55 Bull Put Spread	3.196
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	2.922
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	2.879
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	1.987
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.851
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	1.245
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.933
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.874
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.753
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.596
UNH	Sep 4, 26	UNH Sep 4th 385/390 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	1.116
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	0.700
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.555
UNH	Sep 4, 26	UNH Sep 4th 385/390 Bull Put Spread	0.550
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	0.535
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	0.519
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.489
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.436
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.407
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.381
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.375
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.365
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	0.328
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.309

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	16	60.1%	$67	$67	$433	-$132	1.544	-2.808	0.0000	26.2%	—	0.55	-157.5%	-24.4%

UNH	Bull Put	Sep 11, 26	23	66.1%	$86	$86	$414	-$84	1.617	-3.706	0.4768	26.1%	3.39	0.44	-74.4%	-15.5%

FCX	Bull Put	Sep 18, 26	30	81.1%	$73	$73	$428	-$22	2.040	-2.915	-1.6391	45.4%	1.24	0.70	-6.2%	-1.1%
IBM	Bull PutIC	Sep 18, 26	30	85.8%	$59	$59	$442	-$12	1.842	-3.546	-0.1788	35.0%	10.30	0.52	-1.7%	-0.2%
DAL	Bull Put	Sep 18, 26	30	67.7%	$56	$56	$445	-$106	1.723	-3.521	-1.8477	33.9%	0.93	0.49	-116.2%	-14.5%
UBER	Bear Call	Sep 18, 26	30	88.4%	$59	$59	$441	$1	1.577	-2.843	-1.8030	33.7%	0.87	0.55	19.5%	—
CRCL	Bull Put	Sep 18, 26	30	90.1%	$61	$61	$439	$11	1.524	-1.366	-0.4768	79.9%	3.20	1.12	36.9%	—
AMZN	Bull Put	Sep 18, 26	30	69.0%	$69	$69	$431	-$86	1.421	-3.730	-0.7153	29.1%	1.99	0.38	-92.8%	-14.8%
AAPL	Bull Put	Sep 18, 26	30	82.3%	$69	$69	$431	-$20	1.393	-4.249	-0.4768	26.4%	2.92	0.33	10.1%	—
UPS	Bull Put	Sep 18, 26	30	64.7%	$73	$73	$428	-$104	1.384	-4.474	-2.3246	23.9%	0.60	0.31	-71.7%	-12.2%
GOOGL	Bull Put	Sep 18, 26	30	70.6%	$89	$89	$411	-$58	1.373	-3.764	-0.4768	28.9%	2.88	0.36	-43.3%	-9.4%
IBM	Bear CallIC	Sep 18, 26	30	89.4%	$64	$64	$436	$11	1.275	-2.381	-0.1192	35.6%	10.69	0.54	43.0%	—
C	Bull Put	Sep 18, 26	30	88.4%	$56	$56	$444	-$2	1.269	-3.120	-0.6855	30.9%	1.85	0.41	34.8%	—

NFLX	Bull Put	Sep 25, 26	37	78.7%	$76	$76	$624	-$73	1.716	-4.571	-2.2799	33.8%	0.75	0.38	0.7%	—

TOTAL / AVG			—	77.3% avg	$955	$955	$6245	-$676	21.698	-46.994	-12.5468	34.9% avg	1.73	7.07	-418.8%	-4.9%

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.