YieldGenSection 6
Exposures
Exposures shows a detailed view of the portfolio, to highlight performance, risk, or yield improvement opportunities.
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Exposure dollars or percent
Toggle between displaying exposure values as dollars or as percent of total (total value of whatever metric is currently set as the "size-by" setting on this screen). When the size-by setting is one of the P&L types (today's P&L, total P&L, or stress test P&L), percentage display is suppressed, due to the confusing nature of displaying and interpreting percentages when negative values may be present.
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Stock price dollars or current day percent change
Toggle between displaying stock prices or current-day stock price change percents (when screen width only allows one or the other to be shown), or toggle the order in which these values are displayed (when screen width accommodates both being shown simultaneously).
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Group rows by sector
Groups exposures according to the sector with which the underlying stock is most correlated. This can help with managing diversification in the portfolio. For example, the user may deliberately choose new trades to be from sectors which are little- or un-represented in the current portfolio. The Watchlist screen displays a stock's "most highly correlated sector" as an attribute of each row in the listing. In all cases throughout YieldGen, sectors are determined by measured correlation with SPDR Select Sector ETFs, rather than simple sector attribute lookup in a stock symbol catalog.
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Time grid
Aligns positions by expiration date to show timing concentration. It is unavailable for P&L type sizings, where positive and negative totals require a centered scale that would be difficult to read in the time grid view.
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Pending orders
Gold or purple markings highlight pending orders; solid outlines denote orders that will increase exposure, while dashed outlines denote orders that will reduce exposures. When "ON" (purple markings), totals and other calculated values are updated as if all orders are executed. When "OFF" (gold markings), the open orders are still visible, but do not affect totals and other calculated values.
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Long options
Opens a listing of any long options present in the portfolio (whether as part of a spread, or stand-alone).
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"Color-by" setting / legend for options
Selects the metric that determines the color of option bar segments. The color legend indicates the low and high values (typically deep red and deep green, respectively -- though these colors can be modified in user settings). If the color scale is asymmetric around the neutral (white) color, the legend is additionally marked to show what value is represented as white.
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"Size-by" setting for options
Selects the metric that determines the size of option bar segments.
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Stock format legend
While option formatting is selected by the user, stock formatting is automatically selected by YieldGen to be sensible alongside the current option format. Stock positions always have a bright blue outline to distinguish them easily from option positions. For most option format selections, stock is sized according to equity market value, and colored according to the current recovery level. However stock can be sized at zero (i.e., hidden) when options are sized by option close-out cost, or can be sized by the appropriate P&L when any of the P&L type sizings is selected for options.
If a stock position has covered calls linked to it, the exposure screen will display a diamond-shaped marker within the equity bar. In this situation, the color of the diamond is the "if call exercised" version of the selected measure, and the color of the outer bar is for the net economics of the stock combined with the call. For example, if recovery is the color measure selected for stock, the diamond color would indicate recovery level achieved if the call is exercised, and the outer bar would indicate the net current recovery level of the combined stock and linked call.
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Totals stack
Displays totals for the current "size-by" metric.
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Sort
Orders rows by symbol, by bar size, or by the active color measure. On a wide screen the three orders are separate chips. On a narrow screen they share one control. In the time grid, bar size and color sort within a date column.
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Expand or collapse groups
Not shown in this screen image, as the displayed screen configuration does not group rows at all. However when rows are grouped by sector, or when rows are groups of individual positions rolling up P&L to a single underlying stock, the button will appear in this location, and will toggle between expand-all and collapse-all display for all groups.
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Compact layout
Switches between taller rows and a compact row. Taller rows show the symbol and the quote on separate lines.
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Bar labels
Switches the text on each bar between a fuller label and a shorter one.
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Refresh
Refreshes data from the broker (where available) and redraws the screen.
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Zoom in / Zoom out
Widens or narrows the bars. The amounts do not change.
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Full-width bars
Stretches every bar across the lane so a small position stays readable, and marks where the bar would end at its true size. Tap again to return to size-scaled bars.
Color by reference
| Measure | Meaning |
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| Stock v. Strike % |
Current stock price is this far above or below the strike price, in percent. stock price divided by strike price − 1 Positive number (by default shown as deep green) means stock price is well above strike price of a put option; negative number (default deep red) means the stock price is well below strike price (aka "in the money", or bad for option sellers). |
| Vol Adj Stock v. Strike |
Current stock price is this far above or below the strike price, in standard deviations. Log distance from strike divided by implied-volatility movement over the remaining term. ln(S/K) divided by σ√(DTE/365.25) |
| Yield at Inception % | Annualized yield on the position, based on premium received, plus estimate at trade date of any eligible collateral, if any. Requires transaction history. |
| Yield if Held % | Yield from now to expiration, using just the "time value" portion of the current option price. When this calculation excludes intrinsic value, it means: (a) an option currently out-of-the-money will generate this yield if it's not exercised, and (b) an option currently in-the-money will generate this yield (or better) if the stock price on expiration date is no lower than its current price. |
| Today’s Yield % | Today’s option gain or loss as a rate on pledged capital, plus the applicable daily cash-equivalent return. |
| Days of Normal Yield |
Today’s P&L, divided by the P&L we expect each day (on average) from this position. today’s result divided by expected income for one normal day Positive or negative values show how many planned-yield days today represents. |
| Total Gain % | Total gain or loss (unrealized). |
| Capital freed per $1 closeout |
Capital freed per dollar of cost to close the position. cash released divided by current close cost |
| Capital optimize score | This measure gives equal weight to how stagnant the capital has become (specifically, how bad is the "yield if held" from now to expiration), along with how cheap is the capital to free up. Mechanically, this takes the "Capital freed per dollar …" metric and blends it with a reversed version of the "Yield if held …" measure (because poor yield, rather than good yield, indicates a potentially good opportunity to redeploy capital). Bar color uses the combined score on a poor-opportunity (left) to good-opportunity (right) scale. Summary Optimize capital uses this score to select positions. |
| Probability of exercise | Probability of exercise, based on the probability estimate method selected in User Settings (implied volatility, delta, recent 3-year, recent 20-year, or stress period). |
Size by reference
| Measure | Bar width |
|---|---|
| Maximum loss amount | Maximum loss amount, if all stock prices go to zero. Put spreads use the gap between strikes. A naked short put uses the full strike amount. Stock, with or without a linked call, uses stock market value. A long option held alone uses the option market value. |
| Full underlier amount |
Full underlier amount on all short put options (long put options are ignored). This is the cash required if all short puts are exercised. strike × contract size × quantity Stock uses market value when sizing equity rows. |
| Delta equivalent |
full underlier amount × absolute delta Linked covered calls reduce stock delta exposure. |
| Full underlier × probability |
full underlier amount × selected exercise probability |
| Today’s P&L | Today’s profit or loss (unrealized), in dollars. |
| Total P&L | Total profit or loss (unrealized), in dollars. |
| Stress test P&L | Estimated profit or loss under the stress test scenario specified in User Settings. |
| Option close-out cost | Cost to close option positions (stock positions are shown as zero, i.e. hidden, in this view). |