Markets Shake, Premium Flows: NVDA Credit Spreads During the Iran War

Portfolio Value: $11,141
Weekly Change: -0.63%
YTD Return: +9.09%
Options Premium Collected: $77

As of March 13, 2026, our options income portfolio declined slightly by -0.63%, closing at $11,141.

This marked the second consecutive week of declining portfolio value. However, the decline was largely driven by currency fluctuations rather than weakness in the underlying investments.

Because part of our reporting is euro-sensitive, movements in the EUR/USD exchange rate can significantly affect portfolio valuation. During the week, the U.S. dollar strengthened against the euro and traded around 1.14 EUR/USD.

On a year-to-date basis, the portfolio remains up 9.09%, outperforming both the S&P 500 (-3.13%) and NVDA (-4.43%) over the same period.

Geopolitical Tensions and Market Volatility

Markets remained focused on escalating tensions in the Middle East, including developments involving Iran and concerns over global energy supplies.

Rising oil prices and increased geopolitical uncertainty helped strengthen the U.S. dollar while contributing to broader market volatility.

While headlines often dominate short-term market movements, my approach remains unchanged. Rather than trying to predict geopolitical outcomes, I focus on managing risk and maintaining a disciplined options-selling process.

In many ways, volatility can benefit options sellers because it often leads to higher option premiums. The challenge is ensuring that premium collection does not come at the expense of excessive risk.

A Quiet Week Is Usually a Good Week

Outside of the geopolitical backdrop, portfolio activity was relatively uneventful.

And that's usually a positive sign.

One lesson I've learned over the years is that investing should often feel boring. Excitement tends to arrive together with elevated risk, while consistent long-term results are usually built through patience and discipline.

No major adjustments were required during the week.

On Friday, after reviewing market conditions, I opened an additional NVDA bull put spread to continue generating weekly premium income.

If you're unfamiliar with the strategy, start here: Bull Put Spread Strategy: A Complete Beginner's Guide

Current Options Positions

NVDA Mar 20, 2026 167.5/155 Bull Put Credit Spread
2x BMY Mar 20, 2026 50/46 Bull Put Credit Spread
PFE May 15, 2026 25 Cash-Secured Put
NVDA Nov 20, 2026 $120 Covered Call

The portfolio continues to combine three core income strategies:

Credit spreads for weekly premium generation
Cash-secured puts for selective stock acquisition
Covered calls on long-term holdings

For readers interested in cash-secured puts, see: Cash-Secured Puts Explained: A Complete Guide for Income Investors

Building the NVDA Position With Options Income

Using this week's options income, I purchased an additional 0.1 shares of NVDA.

This keeps the strategy consistent:

Use options premium not only for immediate cash flow but also to gradually increase ownership of productive assets.

Over time, these small additions can compound into meaningful positions without requiring constant capital injections.

This philosophy has become one of the foundations of the portfolio.

$77 in Weekly Options Premium

This week generated approximately $77 in options premium income.

One of the primary objectives of the portfolio remains reducing margin debt while maintaining a long position of at least 100 NVDA shares.

Current margin debt stands at approximately -$3,628.

At a sustained pace of $77 per week, it would theoretically take around 48 weeks to eliminate the current margin balance.

Whether that target is ultimately achieved during 2026 remains to be seen, but the direction remains encouraging.

The goal is straightforward:

Reduce leverage gradually
Avoid unnecessary risk
Preserve core holdings
Continue generating premium income

I discuss realistic income expectations in greater detail here: Can You Really Earn $100 Per Week Selling Options?

Why I Prefer Credit Spreads for Weekly Income

As the portfolio has evolved, I have increasingly relied on bull put spreads for weekly premium generation.

Compared to cash-secured puts, credit spreads require significantly less capital while still allowing me to define risk from the moment the trade is opened.

That flexibility is particularly valuable when managing a smaller portfolio.

I compare both approaches in detail here: Bull Put Spread vs Cash-Secured Put: Which Is Better for Small Accounts?

Looking Ahead

The primary position to monitor next week is:

NVDA Mar 20, 2026 167.5/155 Bull Put Credit Spread

If the trade comes under pressure, the plan remains unchanged:

Roll forward when appropriate
Prefer collecting additional credit
Prioritize portfolio stability over short-term perfection

I explain my adjustment process in greater detail here: How to Manage a Credit Spread When the Trade Moves Against You

Key Takeaway

This week demonstrated that not every successful week needs to be exciting.

Despite geopolitical uncertainty, currency fluctuations, and increased market volatility, the portfolio continued moving forward through disciplined premium selling and gradual share accumulation.

For income-focused investors, consistency is often more valuable than attempting to predict every headline or market move.

Disclaimer

This trade journal reflects personal portfolio activity and is provided for educational and informational purposes only. It should not be considered investment advice, financial advice, tax advice, or a recommendation to buy or sell any security, option, derivative, or financial instrument. Options trading involves risk and may not be suitable for all investors. Past performance does not guarantee future results.

-3628.00

11141.00

77.00

9.09