1. Getting Started
Spread Ledger is a single HTML file that runs entirely in your browser โ no account, no server, your data never leaves your machine (localStorage). Log every credit spread you sell, and the app tracks your risk, return on risk, and what the strategy is actually paying you.
It supports bull put spreads (bullish โ sell a put, buy a lower put), bear call spreads (bearish โ sell a call, buy a higher call), and iron condors (both at once).
2. Logging Spreads
Click โ Log Spread on the Open Spreads table. Enter the short strike (the leg you sold) and the long strike (your protection). The form computes width, net credit, max loss, break-even, and Return on Risk as you type, and warns you if something looks off โ a credit larger than the width, mismatched legs, or a duplicate of an open position. ๐พโ Save & Log Another keeps the form open for the next entry.
3. Risk & Return on Risk
Max Loss = (width โ credit) ร 100 ร contracts + commission. That's the most a defined-risk spread can lose. RoR = net credit รท max loss โ the spread trader's yardstick. A $0.85 credit on a $5-wide spread risks $415 to make $85, an RoR of 20.5%. The open table also annualizes it by days to expiry.
The Manage column applies two mechanical rules automatically: ๐ appears when a live quote shows you've captured โฅ50% of max profit (the classic take-profit point โ the leftover credit rarely justifies the leftover risk), and โฐ appears inside 21 days to expiry, where gamma risk grows fastest and the standard playbook says close or roll regardless of P&L.
4. Live Quotes
With a free Polygon.io key (โ๏ธ Settings โ Data), ๐ก fetches both legs' quotes: on the form it fills the natural net credit (short mid โ long mid); on the open table it prices the cost to close each spread and computes unrealized P&L. Quotes also carry the short strike's delta, which becomes POP (probability of profit โ 1 โ |delta|) shown under RoR โ the market's own odds that your spread expires in your favor. The free tier allows ~5 requests per minute, so bulk refreshes pace themselves โ the status line shows progress.
Rolling
When a spread is challenged, โฎ โ ๐ Roll closes it and reopens a new one in a single form โ the preview shows whether the roll nets a credit or costs a debit. Rolled positions chain into a campaign: the Campaigns card totals every credit collected minus every buy-back across the chain, so you know if the whole rescue was worth it.
5. Profit Matrix
From the form or a row's โฎ menu, the matrix shows P&L at expiration across underlying moves from โ10% to +10%. Credit spreads have capped profit and capped loss, so you can see exactly where the cliff is and how much cushion the short strike has.
6. Premium Goal
Set a target annualized return on your risk capital: capital ร target % รท 52 = weekly credit goal. Capital is detected automatically (the max loss of your open spreads โ the money truly at risk) or pin it manually. Green weeks hit the goal, gray fell short, and per-symbol targets let you expect more from high-IV names than from index ETFs. If your 4-week average dips below target, a note offers a one-click adjustment.
7. Analytics
The Analytics tab breaks your closed trades down by symbol, spread width, and DTE at open โ win rate, credit kept, and average RoR for each โ plus overall expectancy per trade. It answers the question that matters: which setups actually pay you?
8. Your Data
Everything lives in your browser's localStorage. Export a JSON backup any time (โ๏ธ Settings โ Danger Zone) and import it on another machine. The CSV export covers tax time; the Trade Report is an anonymized HTML page safe to share publicly.