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.

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 August 7, 2026

Closed trades

90.2%

Positions at a gain

closed trades + share lots

28.1%

Avg annualized

closed trades

$11,531

Realized

banked · closed positions

$932

Open — shares

15 lots from assignment

$28,949

Open — options

110 not yet expired

$41,412

Total P&L

$29,881 (72%) 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. 19 of 36 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.

Closed positions

Finished — nothing left at risk. Realized $11,531.

Expired worthless

premium kept — cannot be a loss

Closed at a gain

sold or called away above cost

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 $932.

$1,502

At a gain

10 positions

-$570

At a loss

5 positions

$932

Net

gains less losses

Largest single open loss: -$234.

Open options, marked to market

Contracts sold but not yet expired, valued at what it would cost to buy them back today. Net $28,949.

$29,814

At a gain

104 positions

-$865

At a loss

6 positions

$28,949

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 36 most recent · narrative paywalled

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

NFLX

Cash-secured put·23 DTE at entry

VOL-2026-0135·opened Jul 15, 2026·closed Aug 7, 2026

Win

Realized P&L

$124.00

Realized annualized

29.92%

Capital required

$6,576.00

Close reason

Expired worthless — full premium retained

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.

MA

Cash-secured put·127 DTE at entry

VOL-2026-0044·opened May 14, 2026·closed Aug 7, 2026

Win

Realized P&L

$1,562.00

Realized annualized

15.11%

Capital required

$44,390.00

Close reason

CLOSE. 97% of max profit is already banked ($1,562.00 of $1,610.00) with 42 of 127 days still to run. The remaining $48.00 is not worth the $44,390 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 MA or options on MA. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BX

Cash-secured put·107 DTE at entry

VOL-2026-0077·opened Jun 3, 2026·closed Aug 7, 2026

Win

Realized P&L

$421.00

Realized annualized

24.74%

Capital required

$9,555.00

Close reason

CLOSE. 95% of max profit is already banked ($421.00 of $445.00) with 42 of 107 days still to run. The remaining $24.00 is not worth the $9,555 of collateral it ties up. Buy to close at $0.24 per share or better — 1 contract(s), ~$24.00 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 BX or options on BX. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

RH

Cash-secured put·114 DTE at entry

VOL-2026-0065·opened May 27, 2026·closed Aug 7, 2026

Win

Realized P&L

$647.00

Realized annualized

35.21%

Capital required

$9,315.00

Close reason

CLOSE. 94% of max profit is already banked ($647.00 of $685.00) with 42 of 114 days still to run. The remaining $38.00 is not worth the $9,315 of collateral it ties up. Buy to close at $0.38 per share or better — 1 contract(s), ~$38.00 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 RH or options on RH. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

BX

Cash-secured put·121 DTE at entry

VOL-2026-0055·opened May 20, 2026·closed Aug 7, 2026

Win

Realized P&L

$321.00

Realized annualized

16.19%

Capital required

$9,160.00

Close reason

CLOSE. 94% of max profit is already banked ($321.00 of $340.00) with 42 of 121 days still to run. The remaining $19.00 is not worth the $9,160 of collateral it ties up. Buy to close at $0.19 per share or better — 1 contract(s), ~$19.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

—

DIS

Cash-secured put·88 DTE at entry

VOL-2026-0103·opened Jun 22, 2026·closed Aug 7, 2026

Win

Realized P&L

$227.00

Realized annualized

20.57%

Capital required

$8,756.00

Close reason

CLOSE. 93% of max profit is already banked ($227.00 of $244.00) with 42 of 88 days still to run. The remaining $17.00 is not worth the $8,756 of collateral it ties up. Buy to close at $0.17 per share or better — 1 contract(s), ~$17.00 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.

CLX

Cash-secured put·133 DTE at entry

VOL-2026-0033·opened May 8, 2026·closed Aug 7, 2026

Win

Realized P&L

$560.00

Realized annualized

26.77%

Capital required

$8,390.00

Close reason

CLOSE. 92% of max profit is already banked ($560.00 of $610.00) with 42 of 133 days still to run. The remaining $50.00 is not worth the $8,390 of collateral it ties up. Buy to close at $0.50 per share or better — 1 contract(s), ~$50.00 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 CLX or options on CLX. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

CLX

Cash-secured put·164 DTE at entry

VOL-2026-0021·opened May 5, 2026·closed Aug 7, 2026

Win

Realized P&L

$402.00

Realized annualized

20.65%

Capital required

$7,560.00

Close reason

CLOSE. 91% of max profit is already banked ($402.00 of $440.00) with 70 of 164 days still to run. The remaining $38.00 is not worth the $7,560 of collateral it ties up. Buy to close at $0.38 per share or better — 1 contract(s), ~$38.00 total. This is a capital-redeployment exit, not a thesis change.

vs. max profit

—

PYPL

Cash-secured put·119 DTE at entry

VOL-2026-0058·opened May 22, 2026·closed Aug 7, 2026

Win

Realized P&L

$184.00

Realized annualized

22.89%

Capital required

$3,811.00

Close reason

CLOSE. 98% of max profit is already banked ($186.00 of $189.00) with 42 of 119 days still to run. The remaining $3.00 is not worth the $3,811 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. 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 PYPL or options on PYPL. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

PYPL

Cash-secured put·96 DTE at entry

VOL-2026-0092·opened Jun 14, 2026·closed Aug 7, 2026

Win

Realized P&L

$248.00

Realized annualized

44.74%

Capital required

$3,747.00

Close reason

CLOSE. 99% of max profit is already banked ($250.00 of $253.00) with 42 of 96 days still to run. The remaining $3.00 is not worth the $3,747 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. This is a capital-redeployment exit, not a thesis change.

vs. max profit

—

LC

Cash-secured put·164 DTE at entry

VOL-2026-0027·opened May 5, 2026·closed Aug 7, 2026

Win

Realized P&L

$73.00

Realized annualized

23.20%

Capital required

$1,222.00

Close reason

CLOSE. 100% of max profit is already banked ($78.00 of $78.00) with 70 of 164 days still to run. The remaining $0.00 is not worth the $1,222 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. 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 LC or options on LC. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

LC

Cash-secured put·161 DTE at entry

VOL-2026-0035·opened May 8, 2026·closed Aug 7, 2026

Win

Realized P&L

$70.00

Realized annualized

22.92%

Capital required

$1,225.00

Close reason

CLOSE. 100% of max profit is already banked ($75.00 of $75.00) with 70 of 161 days still to run. The remaining $0.00 is not worth the $1,225 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. This is a capital-redeployment exit, not a thesis change.

vs. max profit

—

LC

Cash-secured put·262 DTE at entry

VOL-2026-0009·opened Apr 28, 2026·closed Aug 7, 2026

Win

Realized P&L

$115.00

Realized annualized

35.22%

Capital required

$1,180.00

Close reason

CLOSE. 100% of max profit is already banked ($120.00 of $120.00) with 161 of 262 days still to run. The remaining $0.00 is not worth the $1,180 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. This is a capital-redeployment exit, not a thesis change.

vs. max profit

—

SOFI

Cash-secured put·128 DTE at entry

VOL-2026-0040·opened May 13, 2026·closed Aug 7, 2026

Win

Realized P&L

$39.00

Realized annualized

15.67%

Capital required

$1,056.00

Close reason

CLOSE. 93% of max profit is already banked ($41.00 of $44.00) with 42 of 128 days still to run. The remaining $3.00 is not worth the $1,056 of collateral it ties up. Buy to close at $0.05 per share or better — 1 contract(s), ~$5.00 total. The mid is $0.00 — a zero-price order will not fill, so this is worked at a nickel. 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 SOFI or options on SOFI. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

AMZN

Cash-secured put·14 DTE at entry

VOL-2026-0150·opened Jul 22, 2026·closed Aug 5, 2026

Win

Realized P&L

$260.00

Realized annualized

30.48%

Capital required

$22,240.00

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.

AMZN

Cash-secured put·11 DTE at entry

VOL-2026-0155·opened Jul 23, 2026·closed Aug 3, 2026

Win

Realized P&L

$240.00

Realized annualized

37.46%

Capital required

$21,260.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

AMZN

Covered call·39 DTE at entry

VOL-2026-0101·opened Jun 22, 2026·closed Aug 1, 2026

Win

Realized P&L

$1,675.00

Realized annualized

64.45%

Capital required

$24,325.00

Close reason

Called away at expiration — shares sold at strike

vs. max profit

—

MSFT

Cash-secured put·11 DTE at entry

VOL-2026-0144·opened Jul 20, 2026·closed Jul 31, 2026

Win

Realized P&L

$320.00

Realized annualized

30.62%

Capital required

$34,680.00

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.

OWL

Cash-secured put·81 DTE at entry

VOL-2026-0002·opened Apr 27, 2026·closed Jul 17, 2026

Win

Realized P&L

$60.00

Realized annualized

36.54%

Capital required

$740.00

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.

ALLY

Cash-secured put·57 DTE at entry

VOL-2026-0057·opened May 21, 2026·closed Jul 17, 2026

Win

Realized P&L

$103.00

Realized annualized

17.37%

Capital required

$3,797.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

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

DG

Cash-secured put·42 DTE at entry

VOL-2026-0079·opened Jun 5, 2026·closed Jul 17, 2026

Win

Realized P&L

$118.00

Realized annualized

11.55%

Capital required

$8,882.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

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

TAP

Cash-secured put·52 DTE at entry

VOL-2026-0060·opened May 26, 2026·closed Jul 17, 2026

Win

Realized P&L

$108.00

Realized annualized

19.48%

Capital required

$3,892.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

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

PYPL

Cash-secured put·49 DTE at entry

VOL-2026-0070·opened May 29, 2026·closed Jul 17, 2026

Win

Realized P&L

$55.00

Realized annualized

10.39%

Capital required

$3,945.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

CMCSA

Cash-secured put·42 DTE at entry

VOL-2026-0081·opened Jun 5, 2026·closed Jul 17, 2026

Win

Realized P&L

$89.00

Realized annualized

35.79%

Capital required

$2,161.00

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.

CAG

Cash-secured put·52 DTE at entry

VOL-2026-0004·opened Apr 27, 2026·closed Jun 19, 2026

Win

Realized P&L

$35.00

Realized annualized

19.05%

Capital required

$1,265.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

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

AMZN

Cash-secured put·35 DTE at entry

VOL-2026-0041·opened May 14, 2026·closed Jun 19, 2026

Win

Realized P&L

$308.00

Realized annualized

13.01%

Capital required

$24,692.00

Close reason

Assigned at expiration — shares acquired at strike

vs. max profit

—

UBER

Cash-secured put·43 DTE at entry

VOL-2026-0030·opened May 6, 2026·closed Jun 18, 2026

Win

Realized P&L

$286.00

Realized annualized

36.16%

Capital required

$6,714.00

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.

BAM

Cash-secured put·50 DTE at entry

VOL-2026-0011·opened Apr 29, 2026·closed Jun 18, 2026

Win

Realized P&L

$100.00

Realized annualized

17.59%

Capital required

$4,150.00

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.

WDAY

Cash-secured put·45 DTE at entry

VOL-2026-0015·opened May 4, 2026·closed Jun 18, 2026

Win

Realized P&L

$505.00

Realized annualized

39.03%

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 WDAY or options on WDAY. Value Options Letter is a research publication; subscribers do not receive personalized investment advice through this publication.

ARES

Cash-secured put·45 DTE at entry

VOL-2026-0019·opened May 4, 2026·closed Jun 18, 2026

Win

Realized P&L

$215.00

Realized annualized

17.82%

Capital required

$9,785.00

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.

OWL

Cash-secured put·37 DTE at entry

VOL-2026-0039·opened May 12, 2026·closed Jun 18, 2026

Win

Realized P&L

$33.00

Realized annualized

37.55%

Capital required

$867.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

DG

Cash-secured put·9 DTE at entry

VOL-2026-0067·opened May 27, 2026·closed Jun 5, 2026

Win

Realized P&L

$110.00

Realized annualized

50.18%

Capital required

$8,890.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

CPT

Cash-secured put·60 DTE at entry

VOL-2026-0050·opened May 18, 2026·closed Jun 4, 2026

Win

Realized P&L

$118.00

Realized annualized

27.15%

Capital required

$9,332.00

Close reason

Closed at 70% of target profit and 27.15% annualized rate of return to recycle capital.

vs. max profit

—

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

WDAY

Cash-secured put·33 DTE at entry

VOL-2026-0047·opened May 16, 2026·closed Jun 4, 2026

Win

Realized P&L

$442.00

Realized annualized

80.64%

Capital required

$10,530.00

Close reason

The target-profit trigger has fired: the position can be closed at $0.15/share against an entry credit of $4.70/share, capturing $4.55 of the $4.70 maximum — well above the 75% threshold that defines our exit gate. With 15 DTE remaining, the residual $0.15 in premium represents thin compensation for the gamma and event risk still outstanding over the next two weeks. The business thesis is intact — WDAY has moved sharply higher to $145.84, placing the $110 strike deep out of the money, and there

vs. max profit

—

BRK.B

Cash-secured put·32 DTE at entry

VOL-2026-0005·opened Apr 27, 2026·closed May 29, 2026

Win

Realized P&L

$305.00

Realized annualized

7.78%

Capital required

$44,695.00

Close reason

Expired worthless — full premium retained

vs. max profit

—

Position disclosure: the publisher and/or its principals may hold positions in BRK.B or options on BRK.B. 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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