ThetaRecap

Feature · The campaign is the unit of thought

The whole wheel, chained into one campaign.

You think in campaigns — “my NVDA wheel” — not in loose legs. ThetaRecap links a cash-secured put through its rolls, the assignment, the covered calls written against the shares, and the called-away close into a single position with one honest P&L.

Illustration: a campaign chain from sold put through assignment to covered calls
  1. Cash-secured put
  2. Roll for credit
  3. Assignment
  4. Share lot
  5. Covered call
  6. Called away

Chaining links by broker order reference when it exists, and by a time-proximity heuristic when it doesn't. Partial assignment — two of five contracts — is handled, not rounded away.

Two truths, both shown

Economic basis and tax basis diverge. We show both.

On assignment, what happened to your money and what the IRS records stop agreeing. An assigned-put premium reduces your stock basis for tax; a called-away call premium adds to proceeds. Showing only one number is how spreadsheets quietly lie. ThetaRecap always shows both.

Economic ACB waterfall

Sample campaign
Assigned share cost (100 @ $118.00)$11,800
Less CSP premium banked−$420
Less roll credits (×2)−$180
Less covered-call premium−$260
Economic cost basis$10,940

Share cost is reduced by every net premium banked across the chain. The tax view is computed alongside it, per lot.

Metrics that answer the real question

What did this position actually make, all-in?

Annualized return on collateralReturn measured against the maximum collateral the campaign tied up over its life — the number you could never compute by hand.
Net P&L, all-inPremium collected, share capital gain or loss, dividends and fees, summed across the entire chain.
Collateral over timeThe peak concurrent requirement, so return on collateral reflects what you actually had to set aside.
Days active, rolls, assignmentsThe shape of the campaign at a glance — how long it ran and how many times you managed it.

Above the campaigns sit account rollups: premium banked per month, the distribution of return on collateral, open collateral right now, and win rate by underlying.

Keep reading

Statement reconciliationWhy these numbers are trustworthy in the first place.Behavioral insightsWhat your campaign history says about your habits.PricingFree covers 3 campaigns; Pro is unlimited.

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