Portfolio — live-active-by-symbol-2026-08-20

Theta Concentration

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

Symbol	Type	Sep 11, 26	Sep 18, 26	Sep 25, 26	Total
FCX	Bull Put		1.963		1.963
IBM	Bull Put		1.871		1.871
IBM	Bear Call		1.737		1.737
UBER	Bear Call		1.676		1.676
C	Bull Put		1.552		1.552
UPS	Bull Put		1.540		1.540
AMZN	Bull Put		1.437		1.437
NFLX	Bull Put			1.370	1.370
AAPL	Bull Put		1.316		1.316
GOOGL	Bull Put		1.284		1.284
UNH	Bull Put	0.998			0.998
DAL	Bull Put		0.505		0.505
TOTAL		0.998	14.880	1.370	17.248

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 11, 26	Sep 18, 26	Sep 25, 26	Total
DAL	Bull Put		24.141		24.141
UPS	Bull Put		22.625		22.625
C	Bull Put		11.083		11.083
FCX	Bull Put		10.049		10.049
NFLX	Bull Put			9.384	9.384
UNH	Bull Put	7.446			7.446
AMZN	Bull Put		7.019		7.019
GOOGL	Bull Put		6.130		6.130
IBM	Bull Put		3.908		3.908
AAPL	Bull Put		2.997		2.997
IBM	Bear Call		-3.387		-3.387
UBER	Bear Call		-18.153		-18.153
TOTAL		7.446	66.411	9.384	83.242

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 11, 26	Sep 18, 26	Sep 25, 26	Total
UPS	Bull Put		-2.384		-2.384
NFLX	Bull Put			-1.810	-1.810
FCX	Bull Put		-1.431		-1.431
UBER	Bear Call		-1.371		-1.371
C	Bull Put		-1.192		-1.192
DAL	Bull Put		-0.715		-0.715
IBM	Bull Put		-0.298		-0.298
IBM	Bear Call		-0.238		-0.238
AAPL	Bull Put		-0.179		-0.179
AMZN	Bull Put		0.000		0.000
GOOGL	Bull Put		0.477		0.477
UNH	Bull Put	0.477			0.477
TOTAL		0.477	-7.331	-1.810	-8.665

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 11, 26	Sep 18, 26	Sep 25, 26	Total
UPS	Bull Put		-4.548		-4.548
C	Bull Put		-3.900		-3.900
AMZN	Bull Put		-3.641		-3.641
AAPL	Bull Put		-3.511		-3.511
GOOGL	Bull Put		-3.484		-3.484
NFLX	Bull Put			-3.473	-3.473
IBM	Bull Put		-3.384		-3.384
IBM	Bear Call		-2.805		-2.805
UBER	Bear Call		-2.571		-2.571
FCX	Bull Put		-2.525		-2.525
UNH	Bull Put	-2.371			-2.371
DAL	Bull Put		-1.483		-1.483
TOTAL		-2.371	-31.851	-3.473	-37.696

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	7.358
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	7.285
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	6.279
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	2.693
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	2.093
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	1.372
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.302
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	1.223
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.757
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.706
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.646
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 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\|
FCX	Sep 18, 26	FCX Sep 18th 55/60 Bull Put Spread	0.777
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.652
IBM	Sep 18, 26	IBM Sep 18th 265/270 Bear Call Spread	0.619
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	0.553
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.421
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.398
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.395
NFLX	Sep 25, 26	NFLX Sep 25th 65/72 Bull Put Spread	0.394
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	0.375
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.369
DAL	Sep 18, 26	DAL Sep 18th 77.5/82.5 Bull Put Spread	0.340
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.339

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 11, 26	21	58.1%	$86	$86	$414	-$124	0.998	-2.371	0.4768	26.8%	2.09	0.42	-120.9%	-25.1%

FCX	Bull Put	Sep 18, 26	28	84.1%	$73	$73	$428	-$7	1.963	-2.525	-1.4305	48.5%	1.37	0.78	22.8%	—
IBM	Bull PutIC	Sep 18, 26	28	86.0%	$59	$59	$442	-$12	1.871	-3.384	-0.2980	35.2%	6.28	0.55	9.4%	—
IBM	Bear CallIC	Sep 18, 26	28	88.2%	$64	$64	$436	$5	1.737	-2.805	-0.2384	34.8%	7.29	0.62	32.8%	—
UBER	Bear Call	Sep 18, 26	28	69.8%	$59	$59	$441	-$92	1.676	-2.571	-1.3709	36.0%	1.22	0.65	-85.6%	-11.5%
C	Bull Put	Sep 18, 26	28	75.6%	$56	$56	$444	-$66	1.552	-3.900	-1.1921	29.6%	1.30	0.40	-43.8%	-5.5%
UPS	Bull Put	Sep 18, 26	28	65.1%	$73	$73	$428	-$102	1.540	-4.548	-2.3842	23.9%	0.65	0.34	-71.0%	-12.0%
AMZN	Bull Put	Sep 18, 26	28	70.9%	$69	$69	$431	-$76	1.437	-3.641	0.0000	30.1%	—	0.39	-72.5%	-11.6%
AAPL	Bull Put	Sep 18, 26	28	88.2%	$69	$69	$431	$10	1.316	-3.511	-0.1788	27.9%	7.36	0.37	42.8%	—
GOOGL	Bull Put	Sep 18, 26	28	67.7%	$89	$89	$411	-$72	1.284	-3.484	0.4768	28.6%	2.69	0.37	-57.3%	-12.4%
DAL	Bull Put	Sep 18, 26	28	48.2%	$56	$56	$445	-$203	0.505	-1.483	-0.7153	34.6%	0.71	0.34	-265.8%	-33.2%

NFLX	Bull Put	Sep 25, 26	35	87.2%	$76	$76	$624	-$14	1.370	-3.473	-1.8105	35.1%	0.76	0.39	45.4%	—

TOTAL / AVG			—	74.1% avg	$827	$827	$5373	-$754	17.248	-37.696	-8.6650	32.6% avg	1.99	5.63	-563.7%	-6.9%

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.