Last expiry-week
Period: 11th Feb 2026 – 17th Feb 2026
Last week rewarded patience.
This week rewarded movement.
As I reviewed the dashboards, one thing was clear:
This was not a smooth theta week. This was a dispersion week.
Some systems thrived.
Some were punished hard.
And that’s exactly why regime awareness matters.
Market Snapshot (What Actually Happened)
-
Nifty 50: 25,997 → 25,725
-
Bank Nifty: 60,670 → 61,174
-
India VIX: 11.65 → 12.65
-
Nifty slipped lower through the week
-
Bank Nifty showed relative strength
-
VIX expanded (volatility picked up again)
This was not a panic week.
But it was no longer a clean range market.
Volatility expansion + directional bursts =
Pressure on pure premium selling
Opportunity for structured directional systems
Credit Spread Performance (Heavy Dispersion Week)
| Strategy | Weekly Return |
|---|---|
| Delta-Leverage Credit Spread Overnight | +16.08% |
| Ratio-Return Credit Spread Exit-Early | +13.29% |
| Curvature Credit Spread Overnight | +4.96% |
| Gamma-Fluxer Credit Spread Overnight | +3.65% |
| Wave Return Credit Spread Overnight | +3.03% |
| Theta-Flux Credit Spread Overnight | +2.87% |
| Mathematician’s Credit Spread | +2.55% |
Major Drawdowns:
-
Vega-Shift Credit Spread Expiry: -23.22%
-
Chain-Sync Credit Spread Overnight: -19.87%
-
Convex Credit Spread Overnight: -16.94%
-
Delta-Shift Credit Spread Expiry: -15.90%
-
Drifting Credit Spread Overnight: -11.14%
-
Zen Credit Spread Overnight: -10.79%
This was a structure-sensitive week.
Credit spreads that:
-
Adjusted fast
-
Used dynamic positioning
-
Reduced overnight exposure
Did well.
Rigid positioning suffered.
Short Strangle Performance (Pressure Visible)
| Strategy | Weekly Return |
|---|---|
| Premium-Zone Strangle | +0.68% |
| Compressed Strangle | -0.30% |
| Carry Forward Strangle | -0.59% |
| Intraday Short Strangle | -0.96% |
| Holonomy’s Short Strangles | -0.97% |
| Theta-Zone Strangle | -0.96% |
| Flux Strangle | -2.04% |
| Expiry Short Strangle | -3.06% |
With VIX rising from 11.65 → 12.65:
-
Premium did not decay smoothly
-
Intraday swings increased
-
Adjustments became necessary
This was not an easy short volatility week.
Short Straddles
| Strategy | Weekly Return |
|---|---|
| Single Kurtosis Straddle | +0.41% |
| Single Lattice Straddle | -0.22% |
| Single Rangetrap Straddle | -0.22% |
| Lattice Short Straddles | -0.35% |
| Single Tightgrip Straddle | -0.43% |
| Quiet Short Straddle | -0.53% |
Classic sign of volatility instability —
not trending enough for big theta gains,
not exploding enough for clean breakouts.
Options & Directional Systems (Clear Winners Here)
| Strategy | Weekly Return |
|---|---|
| Fixed RR 1:3 (30% SL) | +31.53%  |
| Vacuum GRID (35% SL) | +21.12% |
| Burst RR 1:2 (25% SL) | +9.75% |
| SkewHunter TSL | +8.76% |
| Burst GRID (30% SL) | +3.86% |
| SkewHunter | +2.56% |
Struggled:
-
Index Scalper: -8.45%
-
Index Sniper: -2.33%
Directional systems benefited from:
-
Volatility expansion
-
Sharp intraday bursts
-
Wider moves in Bank Nifty
This was their environment.
Index Strategies
| Strategy | Weekly Return |
|---|---|
| Stratzy’s Index Strategies | -1.88% |
Broad index exposure struggled slightly due to uneven structure across Nifty vs Bank Nifty.
-
VIX expanded
-
Nifty softened
-
Bank Nifty showed strength
-
Directional systems outperformed
-
Short volatility faced pressure
-
Credit spreads showed massive dispersion
This was a regime transition week.
My Take as a Wealth Manager
This week reinforces something very important:
-
When VIX rises, short volatility needs respect.
-
Directional systems thrive in burst environments.
-
Diversification across structure types protects equity curve.
If someone was only short premium — this week was uncomfortable.
If someone had directional allocation — this week felt rewarding.
That’s the difference between
trading strategies
and
building portfolios.