Value Options Letter

Track record

Closed trades and open positions marked to market. Where the book stands today, not just the parts that finished well. The numbers below update automatically.

Subscribers see every one of these trades in full. What a subscription includes ↓

Important — please read before the numbers

Past performance is not indicative of future results.

  • Performance assumes every trade filled at the price published. Actual fills vary. Options frequently do not fill at the mid, and a position closed a few cents worse on each leg produces a different result from the one shown here.
  • No commissions, fees, taxes, or slippage are reflected. Every figure on this page is stated gross of all of them.
  • These are not the returns of any client or subscriber account. They are the historical results of trade ideas published by Value Options Letter. No subscriber should assume they would have achieved them; individual results vary with entry price, position size, and timing.
  • Options are not suitable for all investors. They carry substantial risk, including the risk of losing more than you invest in some strategies, and of being obligated to buy a stock that has fallen well below your strike.
  • Nothing here is investment advice. Value Options Letter is a research publication of general and regular circulation, not an investment adviser. No advisory relationship is created by reading this page, and nothing on it is personalized to your circumstances.
  • Open positions are marks, not money. Figures for positions that have not closed are marked at the most recent available price, change continuously, and may end well below what is shown.
  • The publisher and/or its principals may hold positions in the securities discussed.

Publishing since April 27, 2026 · last close September 16, 2026

98

Closed trades

92.2%

Positions at a gain

closed trades + share lots

28.5%

Avg annualized

closed trades

$32,218

Realized

banked · closed positions

-$1,780

Open — shares

17 lots from assignment

$7,290

Open — options

94 not yet expired

$37,728

Total P&L

$5,510 (15%) is unrealized mark

The three are not the same kind of number. Realized is money already collected and cannot change. Share marks move with the price of stock we actually own. Option marks are the softest of the three — a short option showing decay can give it all back on one move, and most of that figure is simply time that has passed on positions still running.

How to read these numbers. We sell options and hold them to expiration. When one expires worthless we keep the premium — so that outcome is a gain by definition, not a call that went our way. 49 of 98 closed positions ended that way, which is why the closed-only win rate reads 100.0%. A losing position in this strategy doesn’t show up as a closed loss — it shows up as shares we still hold, marked below what they cost us. Those are counted above and broken out below.

What subscribers get

  • Every trade idea as it’s published — the business, the valuation it rests on, the strike, the premium, and the price we’d be glad to own it at.
  • An email when a trade opens and when it closes, with the reasoning for the exit.
  • The full trade-by-trade history behind the totals on this page, including every open position and what it’s marked at.
  • The subscriber Discord for questions about the published ideas.
  • A free copy of Value Options by Tobias Carlisle and Tim Travis with a paid subscription.
Start your 7-day free trial

No charge during the 7 days. If it isn’t for you, cancel before the trial ends and that’s the end of it.

Past performance is not indicative of future results. See the disclosures at the top of this page.

Closed positions

Finished — nothing left at risk. Realized $32,218.

49

Expired worthless

premium kept — cannot be a loss

49

Closed at a gain

sold or called away above cost

0

Closed at a loss

realized, not marked

Open positions, marked to market

Shares we hold from assignments, valued at today’s price against what they actually cost us after premium and dividends. Net -$1,780.

$1,279

At a gain

8 positions

-$3,059

At a loss

9 positions

-$1,780

Net

gains less losses

Largest single open loss: -$839.

Open options, marked to market

Contracts sold but not yet expired, valued at what it would cost to buy them back today. Net $7,290.

$16,696

At a gain

49 positions

-$9,406

At a loss

44 positions

$7,290

Net

gains less losses

Most of this is time that has passed rather than a call that came good — a short option decays toward zero every day it stays out of the money, so a book like this one shows a gain on most positions most of the time. It is real money at today’s prices and it is not settled. That is why the win rate above counts closed trades and share lots only.

Recent closed trades

Showing the 50 most recent · narrative paywalled

The structural numbers on every recent closed trade — target, realized, annualized, outcome. The thesis and exit reasoning stay with subscribers.

ORCL

Cash-secured put·170 DTE at entry

VOL-2026-0161·opened Jul 29, 2026·closed Sep 16, 2026

Win

Realized P&L

$378.00

Realized annualized

39.80%

Capital required

$7,075.00

Close reason

CLOSE. 89% of max profit is already banked ($378.00 of $425.00) with 121 of 170 days still to run. The remaining $47.00 is not worth the $7,075 of collateral it ties up. Buy to close at $0.47 per share or better — 1 contract(s), ~$47.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ORCL or options on ORCL. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

NOW

Cash-secured put·176 DTE at entry

VOL-2026-0153·opened Jul 23, 2026·closed Sep 16, 2026

Win

Realized P&L

$346.00

Realized annualized

32.80%

Capital required

$7,000.00

Close reason

CLOSE. 86% of max profit is already banked ($346.00 of $400.00) with 121 of 176 days still to run. The remaining $54.00 is not worth the $7,000 of collateral it ties up. Buy to close at $0.54 per share or better — 1 contract(s), ~$54.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in NOW or options on NOW. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

NFLX

Cash-secured put·182 DTE at entry

VOL-2026-0141·opened Jul 17, 2026·closed Sep 16, 2026

Win

Realized P&L

$273.00

Realized annualized

29.84%

Capital required

$5,475.00

Close reason

CLOSE. 84% of max profit is already banked ($273.00 of $325.00) with 121 of 182 days still to run. The remaining $52.00 is not worth the $5,475 of collateral it ties up. Buy to close at $0.52 per share or better — 1 contract(s), ~$52.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in NFLX or options on NFLX. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

DVN

Cash-secured put·189 DTE at entry

VOL-2026-0126·opened Jul 10, 2026·closed Sep 16, 2026

Win

Realized P&L

$190.00

Realized annualized

28.92%

Capital required

$3,526.00

Close reason

CLOSE. 85% of max profit is already banked ($190.00 of $224.00) with 121 of 189 days still to run. The remaining $34.00 is not worth the $3,526 of collateral it ties up. Buy to close at $0.34 per share or better — 1 contract(s), ~$34.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in DVN or options on DVN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

RBLX

Cash-secured put·155 DTE at entry

VOL-2026-0182·opened Aug 13, 2026·closed Sep 16, 2026

Win

Realized P&L

$83.00

Realized annualized

41.54%

Capital required

$2,145.00

Close reason

CLOSE. 79% of max profit is already banked ($83.00 of $105.00) with 121 of 155 days still to run. The remaining $22.00 is not worth the $2,145 of collateral it ties up. Buy to close at $0.22 per share or better — 1 contract(s), ~$22.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in RBLX or options on RBLX. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

Show 45 more closed trades

ACN

Cash-secured put·183 DTE at entry

VOL-2026-0137·opened Jul 16, 2026·closed Aug 27, 2026

Win

Realized P&L

$382.00

Realized annualized

34.91%

Capital required

$9,510.00

Close reason

CLOSE. Buy the $100 put back at $0.60 per share ($60.00 for 1 contract(s)) against the $4.90 credit taken on 2026-07-16. That banks $430.00 of the $490.00 maximum — 88% — in 42 days, about 39% annualized on the $9,510 of collateral. The remaining $60.00 of premium would take another 141 days to earn, roughly 2% annualized on the same capital, so the collateral is worth far more redeployed into a new position. This is a capital-redeployment exit, not a thesis change. Work it at that limit or bett

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ACN or options on ACN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARES

Cash-secured put·206 DTE at entry

VOL-2026-0105·opened Jun 23, 2026·closed Aug 27, 2026

Win

Realized P&L

$438.00

Realized annualized

29.07%

Capital required

$8,460.00

Close reason

CLOSE. Buy the $90 put back at $0.95 per share ($95.00 for 1 contract(s)) against the $5.40 credit taken on 2026-06-23. That banks $445.00 of the $540.00 maximum — 82% — in 65 days, about 30% annualized on the $8,460 of collateral. The remaining $95.00 of premium would take another 141 days to earn, roughly 3% annualized on the same capital, so the collateral is worth far more redeployed into a new position. This is a capital-redeployment exit, not a thesis change. Work it at that limit or bette

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ARES or options on ARES. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CRM

Cash-secured put·184 DTE at entry

VOL-2026-0133·opened Jul 15, 2026·closed Aug 27, 2026

Win

Realized P&L

$688.00

Realized annualized

45.77%

Capital required

$12,760.00

Close reason

CLOSE — executed. Bought the $135 put back at $0.52 per share ($52.00 for 1 contract(s)) against the $7.40 credit taken on 2026-07-15. That banks $688.00 of the $740.00 maximum — 93% — in 43 days, about 46% annualized on the $12,760 of collateral. The remaining $52.00 of premium would have taken another 141 days to earn, roughly 1% annualized on the same capital, so the collateral is worth far more redeployed into a new position. CRM rallied hard and the put lost nearly all of its remaining valu

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CRM or options on CRM. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

NOW

Cash-secured put·200 DTE at entry

VOL-2026-0017·opened May 4, 2026·closed Aug 26, 2026

Win

Realized P&L

$886.00

Realized annualized

40.29%

Capital required

$7,040.00

Close reason

CLOSE. 92% of max profit is already banked ($886.00 of $960.00) with 86 of 200 days still to run. The remaining $74.00 is not worth the $7,040 of collateral it ties up. Buy to close at $0.74 per share or better — 1 contract(s), ~$74.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in NOW or options on NOW. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARE

Cash-secured put·165 DTE at entry

VOL-2026-0014·opened May 4, 2026·closed Aug 26, 2026

Win

Realized P&L

$425.00

Realized annualized

38.38%

Capital required

$3,545.00

Close reason

CLOSE. 93% of max profit is already banked ($425.00 of $455.00) with 51 of 165 days still to run. The remaining $30.00 is not worth the $3,545 of collateral it ties up. Buy to close at $0.30 per share or better — 1 contract(s), ~$30.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ARE or options on ARE. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

OWL

Covered call·60 DTE at entry

VOL-2026-0102·opened Jun 22, 2026·closed Aug 21, 2026

Win

Realized P&L

$113.00

Realized annualized

69.65%

Capital required

$987.00

Close reason

Called away at expiration — shares sold at strike

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in OWL or options on OWL. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CCI

Cash-secured put·46 DTE at entry

VOL-2026-0122·opened Jul 6, 2026·closed Aug 21, 2026

Win

Realized P&L

$105.00

Realized annualized

12.54%

Capital required

$6,645.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CCI or options on CCI. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

AIG

Cash-secured put·36 DTE at entry

VOL-2026-0138·opened Jul 16, 2026·closed Aug 21, 2026

Win

Realized P&L

$140.00

Realized annualized

19.29%

Capital required

$7,360.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in AIG or options on AIG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

UBER

Cash-secured put·30 DTE at entry

VOL-2026-0152·opened Jul 22, 2026·closed Aug 21, 2026

Win

Realized P&L

$75.00

Realized annualized

14.90%

Capital required

$6,125.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in UBER or options on UBER. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

GOOG

Cash-secured put·35 DTE at entry

VOL-2026-0140·opened Jul 17, 2026·closed Aug 21, 2026

Win

Realized P&L

$480.00

Realized annualized

16.40%

Capital required

$30,520.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in GOOG or options on GOOG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

GOOG

Cash-secured put·29 DTE at entry

VOL-2026-0154·opened Jul 23, 2026·closed Aug 21, 2026

Win

Realized P&L

$405.00

Realized annualized

17.22%

Capital required

$29,595.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in GOOG or options on GOOG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BN

Cash-secured put·23 DTE at entry

VOL-2026-0160·opened Jul 29, 2026·closed Aug 21, 2026

Win

Realized P&L

$70.00

Realized annualized

28.27%

Capital required

$3,930.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in BN or options on BN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

NOW

Cash-secured put·59 DTE at entry

VOL-2026-0107·opened Jun 23, 2026·closed Aug 21, 2026

Win

Realized P&L

$200.00

Realized annualized

16.95%

Capital required

$7,300.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in NOW or options on NOW. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

AMZN

Cash-secured put·42 DTE at entry

VOL-2026-0128·opened Jul 10, 2026·closed Aug 21, 2026

Win

Realized P&L

$310.00

Realized annualized

12.71%

Capital required

$21,190.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in AMZN or options on AMZN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

OMF

Cash-secured put·39 DTE at entry

VOL-2026-0129·opened Jul 13, 2026·closed Aug 21, 2026

Win

Realized P&L

$70.00

Realized annualized

12.65%

Capital required

$5,180.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in OMF or options on OMF. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BN

Cash-secured put·56 DTE at entry

VOL-2026-0113·opened Jun 26, 2026·closed Aug 21, 2026

Win

Realized P&L

$100.00

Realized annualized

16.71%

Capital required

$3,900.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in BN or options on BN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CRM

Cash-secured put·54 DTE at entry

VOL-2026-0114·opened Jun 28, 2026·closed Aug 21, 2026

Win

Realized P&L

$633.00

Realized annualized

29.78%

Capital required

$14,367.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CRM or options on CRM. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

MCD

Cash-secured put·31 DTE at entry

VOL-2026-0146·opened Jul 21, 2026·closed Aug 21, 2026

Win

Realized P&L

$265.00

Realized annualized

12.61%

Capital required

$24,735.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in MCD or options on MCD. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

SPGI

Cash-secured put·87 DTE at entry

VOL-2026-0064·opened May 26, 2026·closed Aug 21, 2026

Win

Realized P&L

$945.00

Realized annualized

11.00%

Capital required

$36,055.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in SPGI or options on SPGI. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

PEP

Cash-secured put·42 DTE at entry

VOL-2026-0127·opened Jul 10, 2026·closed Aug 21, 2026

Win

Realized P&L

$180.00

Realized annualized

12.20%

Capital required

$12,820.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in PEP or options on PEP. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

OWL

Cash-secured put·74 DTE at entry

VOL-2026-0084·opened Jun 8, 2026·closed Aug 21, 2026

Win

Realized P&L

$73.00

Realized annualized

43.54%

Capital required

$827.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in OWL or options on OWL. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ADBE

Cash-secured put·73 DTE at entry

VOL-2026-0085·opened Jun 9, 2026·closed Aug 21, 2026

Win

Realized P&L

$710.00

Realized annualized

17.50%

Capital required

$20,290.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ADBE or options on ADBE. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARES

Cash-secured put·70 DTE at entry

VOL-2026-0090·opened Jun 12, 2026·closed Aug 21, 2026

Win

Realized P&L

$305.00

Realized annualized

15.60%

Capital required

$10,195.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ARES or options on ARES. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BKNG

Cash-secured put·36 DTE at entry

VOL-2026-0136·opened Jul 16, 2026·closed Aug 21, 2026

Win

Realized P&L

$250.00

Realized annualized

16.09%

Capital required

$15,750.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in BKNG or options on BKNG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BXSL

Cash-secured put·104 DTE at entry

VOL-2026-0036·opened May 9, 2026·closed Aug 21, 2026

Win

Realized P&L

$80.00

Realized annualized

12.94%

Capital required

$2,170.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in BXSL or options on BXSL. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BAM

Cash-secured put·39 DTE at entry

VOL-2026-0130·opened Jul 13, 2026·closed Aug 21, 2026

Win

Realized P&L

$55.00

Realized annualized

12.27%

Capital required

$4,195.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in BAM or options on BAM. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CCI

Cash-secured put·57 DTE at entry

VOL-2026-0111·opened Jun 25, 2026·closed Aug 21, 2026

Win

Realized P&L

$185.00

Realized annualized

16.19%

Capital required

$7,315.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CCI or options on CCI. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

MSFT

Cash-secured put·57 DTE at entry

VOL-2026-0112·opened Jun 25, 2026·closed Aug 21, 2026

Win

Realized P&L

$942.00

Realized annualized

18.53%

Capital required

$32,558.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in MSFT or options on MSFT. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CMCSA

Cash-secured put·32 DTE at entry

VOL-2026-0143·opened Jul 20, 2026·closed Aug 21, 2026

Win

Realized P&L

$25.00

Realized annualized

13.74%

Capital required

$2,075.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CMCSA or options on CMCSA. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

PEP

Cash-secured put·38 DTE at entry

VOL-2026-0132·opened Jul 14, 2026·closed Aug 21, 2026

Win

Realized P&L

$135.00

Realized annualized

10.08%

Capital required

$12,865.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in PEP or options on PEP. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

LEN

Cash-secured put·30 DTE at entry

VOL-2026-0147·opened Jul 22, 2026·closed Aug 21, 2026

Win

Realized P&L

$90.00

Realized annualized

14.78%

Capital required

$7,410.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in LEN or options on LEN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CRM

Cash-secured put·85 DTE at entry

VOL-2026-0068·opened May 28, 2026·closed Aug 21, 2026

Win

Realized P&L

$510.00

Realized annualized

15.11%

Capital required

$14,490.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CRM or options on CRM. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARES

Cash-secured put·84 DTE at entry

VOL-2026-0069·opened May 29, 2026·closed Aug 21, 2026

Win

Realized P&L

$505.00

Realized annualized

20.91%

Capital required

$10,495.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ARES or options on ARES. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

LEN

Cash-secured put·81 DTE at entry

VOL-2026-0074·opened Jun 1, 2026·closed Aug 21, 2026

Win

Realized P&L

$195.00

Realized annualized

12.03%

Capital required

$7,305.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in LEN or options on LEN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

DIS

Cash-secured put·10 DTE at entry

VOL-2026-0169·opened Aug 4, 2026·closed Aug 14, 2026

Win

Realized P&L

$85.00

Realized annualized

34.04%

Capital required

$9,115.00

Close reason

Expired worthless — full premium retained

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in DIS or options on DIS. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

HUBS

Cash-secured put·94 DTE at entry

VOL-2026-0096·opened Jun 16, 2026·closed Aug 14, 2026

Win

Realized P&L

$1,175.00

Realized annualized

52.85%

Capital required

$13,755.00

Close reason

CLOSE. 94% of max profit is already banked ($1,175.00 of $1,245.00) with 35 of 94 days still to run. The remaining $70.00 is not worth the $13,755 of collateral it ties up. Buy to close at $0.70 per share or better — 1 contract(s), ~$70.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in HUBS or options on HUBS. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARES

Cash-secured put·179 DTE at entry

VOL-2026-0145·opened Jul 20, 2026·closed Aug 14, 2026

Win

Realized P&L

$430.00

Realized annualized

70.22%

Capital required

$8,940.00

Close reason

CLOSE. 77% of max profit is already banked ($430.00 of $560.00) with 154 of 179 days still to run. The remaining $130.00 is not worth the $8,940 of collateral it ties up. Buy to close at $1.30 per share or better — 1 contract(s), ~$130.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in ARES or options on ARES. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CMCSA

Cash-secured put·80 DTE at entry

VOL-2026-0117·opened Jun 30, 2026·closed Aug 14, 2026

Win

Realized P&L

$88.00

Realized annualized

33.11%

Capital required

$2,156.00

Close reason

CLOSE. 94% of max profit is already banked ($88.00 of $94.00) with 35 of 80 days still to run. The remaining $6.00 is not worth the $2,156 of collateral it ties up. Buy to close at $0.06 per share or better — 1 contract(s), ~$6.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in CMCSA or options on CMCSA. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

HPQ

Cash-secured put·200 DTE at entry

VOL-2026-0116·opened Jun 29, 2026·closed Aug 14, 2026

Win

Realized P&L

$91.00

Realized annualized

42.95%

Capital required

$1,681.00

Close reason

CLOSE. 76% of max profit is already banked ($91.00 of $119.00) with 154 of 200 days still to run. The remaining $28.00 is not worth the $1,681 of collateral it ties up. Buy to close at $0.28 per share or better — 1 contract(s), ~$28.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in HPQ or options on HPQ. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

PINS

Cash-secured put·199 DTE at entry

VOL-2026-0024·opened May 5, 2026·closed Aug 14, 2026

Win

Realized P&L

$108.00

Realized annualized

28.32%

Capital required

$1,378.00

Close reason

CLOSE. 89% of max profit is already banked ($108.00 of $122.00) with 98 of 199 days still to run. The remaining $14.00 is not worth the $1,378 of collateral it ties up. Buy to close at $0.14 per share or better — 1 contract(s), ~$14.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in PINS or options on PINS. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

PINS

Cash-secured put·239 DTE at entry

VOL-2026-0056·opened May 21, 2026·closed Aug 14, 2026

Win

Realized P&L

$76.00

Realized annualized

27.02%

Capital required

$1,208.00

Close reason

CLOSE. 83% of max profit is already banked ($76.00 of $92.00) with 154 of 239 days still to run. The remaining $16.00 is not worth the $1,208 of collateral it ties up. Buy to close at $0.16 per share or better — 1 contract(s), ~$16.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in PINS or options on PINS. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

EOG

Cash-secured put·74 DTE at entry

VOL-2026-0121·opened Jul 6, 2026·closed Aug 11, 2026

Win

Realized P&L

$185.00

Realized annualized

16.62%

Capital required

$11,285.00

Close reason

CLOSE. 86% of max profit is already banked ($185.00 of $215.00) with 38 of 74 days still to run. The remaining $30.00 is not worth the $11,285 of collateral it ties up. Buy to close at $0.30 per share or better — 1 contract(s), ~$30.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in EOG or options on EOG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

EOG

Cash-secured put·94 DTE at entry

VOL-2026-0095·opened Jun 16, 2026·closed Aug 11, 2026

Win

Realized P&L

$205.00

Realized annualized

11.86%

Capital required

$11,265.00

Close reason

CLOSE. 87% of max profit is already banked ($205.00 of $235.00) with 38 of 94 days still to run. The remaining $30.00 is not worth the $11,265 of collateral it ties up. Buy to close at $0.30 per share or better — 1 contract(s), ~$30.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in EOG or options on EOG. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

DIS

Cash-secured put·74 DTE at entry

VOL-2026-0120·opened Jul 6, 2026·closed Aug 11, 2026

Win

Realized P&L

$275.00

Realized annualized

30.38%

Capital required

$9,177.00

Close reason

CLOSE. 85% of max profit is already banked ($275.00 of $323.00) with 38 of 74 days still to run. The remaining $48.00 is not worth the $9,177 of collateral it ties up. Buy to close at $0.48 per share or better — 1 contract(s), ~$48.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in DIS or options on DIS. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

DVN

Cash-secured put·100 DTE at entry

VOL-2026-0123·opened Jul 8, 2026·closed Aug 11, 2026

Win

Realized P&L

$97.00

Realized annualized

28.72%

Capital required

$3,626.00

Close reason

CLOSE. 78% of max profit is already banked ($97.00 of $124.00) with 66 of 100 days still to run. The remaining $27.00 is not worth the $3,626 of collateral it ties up. Buy to close at $0.27 per share or better — 1 contract(s), ~$27.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

Position disclosure: the publisher and/or its principals may hold positions in DVN or options on DVN. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

How these numbers are computed

  • An assignment is not a closed trade. This is a wheel strategy, so a put that gets assigned hands us shares at the strike. The premium is ours to keep, but the position isn’t finished — the shares are still at risk. Those stay out of the closed figures until the shares are actually disposed of, and the same applies to a covered call whose shares we keep and write against again. Counting the premium the moment a put is assigned would make every assignment look like a guaranteed win, which is not what happened. They appear instead under open positions, marked to market.
  • Open positions are valued against adjusted cost. Premium collected and dividends received reduce what the shares effectively cost us, and the mark is measured against that adjusted basis rather than the raw purchase price. Where a live covered call sits against the shares, its cost to buy back is netted in too — an in-the-money call caps the upside, and ignoring it would overstate the position.
  • Why the closed numbers alone would mislead you. A short option we hold to expiration can only finish two ways: it expires worthless and we keep the premium, or it’s assigned and the share risk carries forward. The first is a gain by arithmetic. The second realizes nothing. Since we take assignment rather than buy a put back at a loss, a closed-trade record on this strategy fills up with gains and postpones losses indefinitely. That isn’t a good track record — it’s a filter. So every headline figure on this page nets the open positions too.
  • Positions at a gain counts closed trades and open positions together. An open position marked below its adjusted cost counts as a loss, because that is what it is today. Breakeven closed trades are excluded from the denominator — neither a hit nor a miss — and open positions we can’t currently price are excluded from both sides rather than assumed flat.
  • Avg annualized averages the realized annualized return across closed trades where it’s available. Annualizing short-dated options trades over a year is the standard way to make them comparable.
  • Total P&L is realized gains and losses on closed trades plus the current mark on open positions, per contract reported. It moves with the market and can fall. The realized-only subtotal is shown separately under “Closed positions” above.
  • Prices are the ones we published, not fills we got. Entry and exit are recorded at the price stated when the trade was published or closed. We do not model slippage, partial fills, or the spread. On a position closed for pennies this matters more than it sounds: an option marked at zero cannot actually be bought back for zero, so those closes are worked at a nickel and recorded at a nickel.
  • Subscribers see every trade individually at /app/history— ticker, structure, strike, entry and exit prices, realized return, close reason, everything.

Past performance is not indicative of future results.

Performance assumes every trade filled at the price published, and is stated before commissions, fees, taxes, and slippage. These are the results of published trade ideas, not of any client or subscriber account, and no subscriber should assume they would have achieved them. Open positions are marked to market and will change. Options are not suitable for all investors and carry substantial risk, including losing more than you invest in some strategies. Value Options Letter is a research publication, not an investment adviser; nothing here is investment advice or personalized to your circumstances. The publisher and/or its principals may hold positions in the securities discussed.

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