March 2026 was a transitional month for the markets, evolving from a period of relative calm into a regime of escalating volatility. The “Market Atmosphere” shifted as the VIX range expanded from 16.50 to 24.15 by month-end. While the early weeks were marked by technical consolidation and low implied volatility, the final ten days saw a sharp “risk-off” pivot driven by emerging geopolitical tensions in the Middle East and a surge in crude oil prices toward $110. This volatility contraction-to-expansion cycle tested technical levels and forced a shift in strategy from aggressive calendars to more defensive credit-based structures.
Fund Trackers
Lexus Fund
- Total YTD Realized Gain: $7,390.76
- Remaining to Goal: $42,609.24 ($50k target)
- Progress Bar: [▓░░░░░░░░░] 14.78%
- Required Weekly Velocity: $1,084.60
- Est. Key Handoff Date: July 22, 2029
Travel Fund
- Total YTD Realized Gain: $5,313.82
- Monthly Contribution: $5,845.56 (Net P/L for March)
- Status: Robust health following successful capture of directional moves in early March; current focus is on preserving gains as volatility expands.
🆕 New Position Openings (Active at Month-End)
Lexus Fund
| Underlying | Strategy | Trade Date | Status | Risk | Potential Income |
| SPX | Iron_Condor | 2026-03-24 | Open | $2,185.00 | $315.00 |
| SPX | Iron_Condor | 2026-03-26 | Open | $2,305.00 | $195.00 |
| SPX | Iron_Condor | 2026-03-31 | Open | $2,180.00 | $320.00 |
| /ES | Iron_Condor | 2026-03-31 | Open | $1,970.00 | $530.00 |
Travel Fund
| Underlying | Strategy | Trade Date | Status | Risk | Potential Income |
| MRVL | Short_Call | 2026-03-18 | Open | $0.00 | $2,552.50 |
| MRVL | Short_Call | 2026-03-23 | Open | $0.00 | $2,642.50 |
| /ES | Iron_Condor | 2026-03-31 | Open | $2,150.00 | $350.00 |
📊 Monthly Performance Breakdown (March)
Lexus Fund
| Underlying | Strategy | Hold Days | Status | Realized P/L |
| SPX | Double Calendar | 7 | Closed | $1,040.18 |
| SPX | Double Calendar | 7 | Closed | -$9.76 |
| SPX | Double Calendar | 7 | Closed | $440.18 |
| SPX | Iron_Condor | 7 | Closed | $385.18 |
| SPX | Iron_Butterfly | 7 | Closed | $205.18 |
| PFE | Short_Call | 28 | Closed | $123.10 |
| LYFT | Short_Call | 20 | Closed | $165.98 |
| PFE | Long_Call | 14 | Closed | $43.76 |
(Note: Table shows a representative selection of March’s 17 closed trades)
Travel Fund
| Underlying | Strategy | Hold Days | Status | Realized P/L |
| MRVL | Long_Call | 29 | Closed | $2,977.50 |
| MRVL | Short_Call | 29 | Closed | -$735.77 |
| MRVL | Long_Call | 17 | Closed | $2,682.50 |
| MRVL | Short_Call | 17 | Closed | -$782.50 |
| /ES | Calendar | 15 | Closed | $1,288.04 |
| SPX | Calendar | 1 | Closed | $288.12 |
🔍 “Under the Hood” Stats (March)
Lexus Fund
- Profit Factor: 2.04
- Monthly Realized Profit: $3,217.20
- Transaction Costs %: 2.35%
- Expectancy Per Trade: $189.25
- Rolling 4-Week Average: $804.30
Travel Fund
- Profit Factor: 5.04
- Monthly Realized Profit: $5,845.56
- Transaction Costs %: 0.72%
- Expectancy Per Trade: $584.56
- Rolling 4-Week Average: $1,461.39
Tactical Lesson & Data Health
Tactical Lesson: Managing gamma near expiration became the primary challenge in late March. When underlying volatility accelerates (as seen in the MRVL and SPX swings), the delta of short options becomes increasingly sensitive. Closing trades at 50% profit or earlier—selling into the volatility spikes—proved more effective than waiting for full theta decay, which was frequently offset by unfavorable directional expansion.