Last expiry-week
Period: 4th Feb – 10th Feb 2026
This week was interesting. Not dramatic. Not euphoric.
But very telling.
As I was reviewing portfolios and algo dashboards this weekend, one thing stood out clearly:
This was a week where strategy selection mattered more than market direction.
Market Snapshot
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Nifty 50: 25,675 – 25,935
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Bank Nifty: 60,163 – 60,626
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India VIX: 12.90 → 11.65
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Nifty & Bank Nifty traded in a tight range — low momentum week.
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VIX cooled off sharply → Premium decay environment.
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Ideal conditions for:
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Credit spreads -
Theta-based strategies
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Controlled risk short volatility systems
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This was not a breakout week.
This was a discipline & structure week.
Credit Spread Strategies – Weekly Performance
| Strategy | Weekly Return |
|---|---|
| Zen Credit Spread Overnight | 19.35%  |
| Delta-Rotation Credit Spread Expiry | 18.56% |
| Vega-Shift Credit Spread Expiry | 16.97% |
| Ratio-Return Credit Spread Exit-Early | 13.66% |
| Delta-Leverage Credit Spread Overnight | 13.68% |
| Theta-Flux Credit Spread Overnight | 13.65% |
| Warp-Drive Credit Spread Exit-Early | 12.65% |
| Theta-Harvest Credit Spread Expiry | 11.57% |
| Damper Credit Spread | 9.01% |
| Equinox Credit Spread Overnight | 8.42% |
Underperformers:
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Convex Credit Spread Overnight: -22.81%
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Curvature Credit Spread Overnight: -10.55%
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IV-Imbalance Credit Spread Overnight: -5.19%
Even in range markets, positioning and structure made a huge difference.
Short Strangle Performance
| Strategy | Weekly Return |
|---|---|
| Holonomy’s Short Strangles | 4.29% |
| Flux Strangle | 2.30% |
| Theta-zone Strangle | 2.13% |
| Intraday Short Strangle | 1.88% |
| Expiry Short Strangle | 1.02% |
| Compressed Strangle | -1.74% |
Stable, controlled week for strangles.
Low VIX supported premium sellers.
Short Straddle Performance
| Strategy | Weekly Return |
|---|---|
| Quiet Short Straddle | 2.21% |
| Lattice Short Straddles | 2.03% |
| Single Rangetrap Straddle | 1.11% |
| Single Kurtosis Straddle | 0.87% |
| Single Lattice Straddle | 0.67% |
| Stratzy’s Index Strategies | -1.05% |
Options Directional Strategies
| Strategy | Weekly Return |
|---|---|
| Vacuum GRID (35% SL) | 4.46% |
| Fixed RR 1:3 (30% SL) | -10.04% |
| SkewHunter | -4.81% |
| SkewHunter TSL | -4.96% |
| Index Sniper | -13.44% |
| Burst RR 1:2 | -24.01% |
| Burst GRID | -20.32% |
| Index Scalper | -30.07% |
Directional systems struggled in this low-momentum range market.
This week reinforces 3 key lessons:
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When VIX falls, theta wins.
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Range markets reward structure, not aggression.
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Diversification across strategy types matters.
If someone was only trading high RR directional systems — this week was painful.
If someone was diversified across spreads + strangles — portfolio remained stable.
That’s exactly why we focus on portfolio construction, not single strategy excitement.
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Are you trading systems… or emotions?
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Are you diversified across volatility regimes?