Portfolio — live-active-by-symbol-2026-08-24

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	Oct 2, 26	Total
UNH	Bull Put	2.581			2.581
UBER	Bear Call		2.159		2.159
GOOGL	Bull Put		2.053		2.053
C	Bull Put		1.901		1.901
UPS	Bull Put		1.849		1.849
IBM	Bull Put		1.842		1.842
AMZN	Bull Put		1.797		1.797
AAPL	Bull Put		1.720		1.720
CRCL	Bull Put			1.619	1.619
TGT	Bull Put			1.187	1.187
TOTAL		2.581	13.320	2.806	18.707

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	Oct 2, 26	Total
UPS	Bull Put		20.827		20.827
C	Bull Put		11.452		11.452
AMZN	Bull Put		6.844		6.844
UNH	Bull Put	6.229			6.229
GOOGL	Bull Put		5.051		5.051
TGT	Bull Put			4.260	4.260
AAPL	Bull Put		4.259		4.259
CRCL	Bull Put			4.232	4.232
IBM	Bull Put		3.971		3.971
UBER	Bear Call		-19.879		-19.879
TOTAL		6.229	32.525	8.492	47.245

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	Oct 2, 26	Total
UPS	Bull Put		-2.891		-2.891
UBER	Bear Call		-2.027		-2.027
C	Bull Put		-1.431		-1.431
AMZN	Bull Put		-0.715		-0.715
IBM	Bull Put		-0.298		-0.298
TGT	Bull Put			-0.298	-0.298
AAPL	Bull Put		-0.238		-0.238
CRCL	Bull Put			-0.238	-0.238
GOOGL	Bull Put		-0.238		-0.238
UNH	Bull Put	0.238			0.238
TOTAL		0.238	-7.838	-0.536	-8.136

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	Oct 2, 26	Total
UPS	Bull Put		-4.613		-4.613
GOOGL	Bull Put		-4.095		-4.095
AAPL	Bull Put		-4.014		-4.014
UNH	Bull Put	-4.001			-4.001
C	Bull Put		-3.886		-3.886
AMZN	Bull Put		-3.704		-3.704
TGT	Bull Put			-3.229	-3.229
IBM	Bull Put		-3.096		-3.096
UBER	Bear Call		-2.836		-2.836
CRCL	Bull Put			-1.685	-1.685
TOTAL		-4.001	-26.244	-4.914	-35.160

Theta / |Gamma| Quality

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

Symbol	Expiry	Position	Θ / \|Γ\|
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	10.824
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	8.611
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	7.214
CRCL	Oct 2, 26	CRCL Oct 2nd 60/65 Bull Put Spread	6.790
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	6.180
TGT	Oct 2, 26	TGT Oct 2nd 145/150 Bull Put Spread	3.982
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	2.513
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	1.329
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	1.065
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.640

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	Oct 2, 26	CRCL Oct 2nd 60/65 Bull Put Spread	0.961
UBER	Sep 18, 26	UBER Sep 18th 82.5/87.5 Bear Call Spread	0.761
UNH	Sep 11, 26	UNH Sep 11th 380/385 Bull Put Spread	0.645
IBM	Sep 18, 26	IBM Sep 18th 205/210 Bull Put Spread	0.595
GOOGL	Sep 18, 26	GOOGL Sep 18th 325/330 Bull Put Spread	0.501
C	Sep 18, 26	C Sep 18th 120/125 Bull Put Spread	0.489
AMZN	Sep 18, 26	AMZN Sep 18th 245/250 Bull Put Spread	0.485
AAPL	Sep 18, 26	AAPL Sep 18th 285/290 Bull Put Spread	0.429
UPS	Sep 18, 26	UPS Sep 18th 95/100 Bull Put Spread	0.401
TGT	Oct 2, 26	TGT Oct 2nd 145/150 Bull Put Spread	0.367

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	17	72.9%	$86	$86	$414	-$50	2.581	-4.001	0.2384	27.9%	10.82	0.64	-36.0%	-7.5%

UBER	Bear Call	Sep 18, 26	24	70.8%	$59	$59	$441	-$87	2.159	-2.836	-2.0266	34.8%	1.07	0.76	-81.4%	-10.9%
GOOGL	Bull Put	Sep 18, 26	24	77.6%	$89	$89	$411	-$23	2.053	-4.095	-0.2384	29.6%	8.61	0.50	-6.7%	-1.5%
C	Bull Put	Sep 18, 26	24	76.7%	$56	$56	$444	-$60	1.901	-3.886	-1.4305	29.9%	1.33	0.49	-36.6%	-4.6%
UPS	Bull Put	Sep 18, 26	24	70.1%	$73	$73	$428	-$77	1.849	-4.613	-2.8908	24.5%	0.64	0.40	-35.9%	-6.1%
IBM	Bull Put	Sep 18, 26	24	85.4%	$59	$59	$442	-$14	1.842	-3.096	-0.2980	35.0%	6.18	0.59	19.7%	—
AMZN	Bull Put	Sep 18, 26	24	74.0%	$69	$69	$431	-$61	1.797	-3.704	-0.7153	30.8%	2.51	0.49	-51.5%	-8.2%
AAPL	Bull Put	Sep 18, 26	24	84.4%	$69	$69	$431	-$9	1.720	-4.014	-0.2384	27.0%	7.21	0.43	22.5%	—

CRCL	Bull Put	Oct 2, 26	38	83.4%	$61	$61	$439	-$22	1.619	-1.685	-0.2384	80.4%	6.79	0.96	5.7%	—
TGT	Bull Put	Oct 2, 26	38	89.7%	$60	$60	$440	$9	1.187	-3.229	-0.2980	33.3%	3.98	0.37	28.3%	—

TOTAL / AVG			—	78.5% avg	$680	$680	$4320	-$395	18.707	-35.160	-8.1360	35.3% avg	2.30	5.63	-171.9%	-2.8%

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.