Trade Performance Summary

Metric	Details
Strategy	SPX Double Diagonal
Trade Duration	6 Trading Days (Mar 11, 2026 – Mar 19, 2026)
Entry Net Debit	$7,201.44
Exit Net Credit	$8,298.12
Total Net Profit/Loss	$1,096.68 (After Fees)
Return on Risk	15.23%

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Closing Statement

I’ve officially closed out this SPX Double Diagonal today, Mar 19, 2026, walking away with a solid win after 6 trading days. The market stayed within my expected range, allowing theta to do the heavy lifting.

The Trade Math:

• Initial Entry (Mar 11, 2026): I entered for a net debit of $7,201.44.
• The Exit (Mar 19, 2026): I closed the entire spread for a net credit of $8,298.12.
• Total Net Profit/Loss: $1,096.68 (after all fees/commissions).

By closing today, I’ve realized a 15.23% return on the capital risked ($1,096.68 on $7,201.44 debit).

The Greek Exposure Analysis:

At the time of closing, with the SPX at 6580 and the VIX hitting 26.40, the position was carrying significant Long Vega and Short Gamma risk.

• Delta: Because the underlying dropped toward the 6575 long put, the position had become slightly Delta Negative. A rally tomorrow would have actually hurt the P/L on a price basis.
• Vega: The spike in VIX helped the longer-dated April options hold their value better than the March front-month, providing a volatility tailwind. However, a rally tomorrow would likely cause a “vol crush,” stripping that Vega profit away quickly.
• Gamma: With only 7 days left on the March 26th shorts, the “Gamma Risk” was accelerating. Small moves in the SPX would have caused large swings in the P/L, making the position increasingly unstable.

Closing Reason:

While I could have held these closer to expiration to squeeze out more decay, the front-month (Mar 26, 2026) options were starting to pick up gamma risk. Even though I think the market may go down more over the next week, I think it may possibly rally tomorrow, so it is better to go ahead and take a nice win. I’m happy to take my chips off the table.

This trade is a great example of the importance of disciplined management—whether taking profits or cutting a loss, getting out before the Greeks get too messy is key.