A SPY options trade log needs one row per position with the date, expiry, strikes, fills, the Greeks at entry, your risk in dollars and as a share of the account, a plan-versus-actual note and an execution score set before you look at the result. Add one SPY-only column for early assignment risk and the next ex-dividend date. The template, formulas and a filled-in example are below.
This is the template itself. For the habit of journaling and how to run the weekly review, read our guide to logging and reviewing index trades. If you are still deciding between SPY and SPX, start with SPX vs SPY options.
The SPY Trade Log Template
Paste this header row into cell A1 of a new Google Sheet or Excel file, then split it into columns (Data, then Split text to columns, with | as the separator). Each column gets a letter, used by the formulas in the next section.
Date | Expiry | DTE | Structure | Strikes | Contracts | Entry time | Entry price | Exit time | Exit price | Delta | Theta | IV rank | Max risk $ | Account $ | Risk % | Assignment / ex-div | Plan vs actual | Execution score | P&L $ | R multiple
| Column | Field | What goes in it |
|---|---|---|
| A | Date | The day you opened the trade |
| B | Expiry | The contract’s expiration date |
| C | DTE | Days to expiration at entry (formula) |
| D | Structure | Long call, long put, call debit spread, put credit spread, and so on |
| E | Strikes | Every strike in one cell, such as 735/730P |
| F | Contracts | How many contracts or spreads |
| G, I | Entry time, exit time | The exact minute, not “morning” |
| H, J | Entry price, exit price | Your actual fills per share, not the mid. For a spread, the net debit or credit. |
| K, L, M | Delta, theta, IV rank | From the option chain at the moment of the fill |
| N | Max risk $ | The most the position can lose |
| O | Account $ | Account value that day |
| P | Risk % | Max risk as a share of the account (formula) |
| Q | Assignment / ex-div | Flag any short leg that is in the money or open over an ex-dividend date |
| R | Plan vs actual | One line on anything you did differently from the plan |
| S | Execution score | 0 to 4, set before you look at column T |
| T | P&L $ | Result in dollars, after fees (formula) |
| U | R multiple | Result as a multiple of the risk you took (formula) |
Fill in the times and prices as soon as each fill happens. Memory is where most journals fall apart.
Formulas for DTE, Risk, P&L and Break-Even
These are written for row 2 and work the same in Google Sheets and Excel. Copy them down the column. Prices are per share, so each formula multiplies by 100 shares per contract.
| Cell | Formula | Notes |
|---|---|---|
| C2 (DTE) | =B2-A2 |
Format the column as a number, not a date |
| N2 (max risk), long option or debit spread | =H2*100*F2 |
The debit you paid is the most you can lose |
| N2 (max risk), credit spread | =(width-H2)*100*F2 |
Width is the distance between the strikes, such as 5 |
| P2 (risk %) | =N2/O2 |
Format as a percentage |
| T2 (P&L), long option or debit spread | =(J2-H2)*100*F2-fees |
Exit minus entry |
| T2 (P&L), credit spread | =(H2-J2)*100*F2-fees |
Credit received minus the cost to close |
| U2 (R multiple) | =T2/N2 |
+1.0 means you made what you risked |
Break-even depends on the structure, so keep it as a note or a column of its own:
- Long call: strike plus the premium paid.
- Long put: strike minus the premium paid.
- Call debit spread: long strike plus the net debit.
- Put credit spread: short strike minus the net credit.
Log a spread as one row, never one row per leg. The row should match the position you actually manage. For what delta, theta and IV tell you about the trade, see options Greeks explained.
A Filled-In Example
Two hypothetical SPY trades in a $10,000 account, with a personal limit of 2% risk per trade. Every price is made up for illustration; none is a real fill or a recommendation.
| Field | Trade 1 | Trade 2 |
|---|---|---|
| Structure | Long call | Put credit spread |
| Strikes | 742C | 735/730P |
| DTE | 2 | 7 |
| Contracts | 1 | 1 |
| Entry price | $1.20 debit | $1.10 credit |
| Exit price | $1.85 | $0.40 to close |
| Max risk $ | $120 | $390 ((5 − 1.10) × 100) |
| Risk % | 1.2% | 3.9% |
| Break-even | 743.20 | 733.90 |
| Plan vs actual | Entered and exited at the planned levels | Sized at 3.9%, over the 2% limit |
| Execution score | 4 of 4 | 3 of 4 |
| P&L $ (before fees) | +$65 | +$70 |
| R multiple | +0.54R | +0.18R |
Both trades made money, and the dollar results look alike. The log shows they were not alike. Trade 2 risked more than three times as much for a similar result and broke the sizing rule, which is why its execution score is lower. Over a few months, that pattern costs more than any single loss. For sizing on a smaller account, see options trading for small accounts.
SPY-Only Fields: Assignment, Dividends and Settlement
SPY options behave differently from SPX options in three ways, and the log should track each one.
- Early assignment. SPY options are American-style, so a short leg can be assigned on any day before expiration, not only at expiry. Flag any short leg that is in the money in column Q, and check it each day the trade is open.
- Ex-dividend dates. SPY pays a dividend each quarter. A short call that is in the money just before an ex-dividend date is a common candidate for early assignment, because the call owner may exercise to collect the dividend. Note the next ex-dividend date when you open any trade with a short call. The fund’s SPDR S&P 500 ETF Trust page lists its distributions.
- Settlement in shares. SPY options settle into 100 shares per contract. An assigned short put means buying 100 shares at the strike, and a long option left in the money at expiration is usually exercised automatically. Log the share position in column R if it happens. SPX options settle in cash and are European-style, so neither case applies there.
Tax treatment also differs between SPY and SPX options. Keep a general note in the sheet and confirm the details with a tax professional.
Scoring Execution Before Looking at P&L
Fill in column S before you look at column T. Give one point for each of these four checks:
- The trade matched a plan written before entry.
- It was entered at the planned level.
- Size stayed within your risk limit.
- The exit followed the plan, not an impulse.
At the end of the week, two formulas give you the summary: =AVERAGE(S2:S100) for the average execution score and =COUNTIF(P2:P100,">0.02") for the number of trades over a 2% risk limit. Read the execution score first and the P&L second. The journaling guide linked above covers the full weekly review.
Matching the Log to Your Broker’s Export
Most brokers let you download your trade history as a CSV file. Paste it into a second tab once a week and compare its fills and times against your rows. Correct anything that differs, so the log shows what actually happened rather than what you remember.
FAQs
Should I log the fill price or the mid price?
Always the fill. The mid is the price you hoped for; the fill is the price you got. Logging the mid hides the cost of the bid-ask spread, and that cost adds up on every round trip.
How do I log a trade that gets assigned?
Close the option row at the strike with a note in column R, then open a new row for the 100 shares per contract you now hold or owe. Treat the share position as its own trade with its own risk and plan.
Can I use the same template for SPX or QQQ?
Yes. For SPX, the assignment and ex-dividend column can stay blank, because SPX options are European-style and settle in cash. QQQ options are American-style like SPY, so keep the column.
How many trades before the log tells me anything?
A week of trades shows habits, such as manual exits or oversizing. It takes a few months of rows before win rates or average R multiples mean much, so judge the process first and the numbers later.
Conclusion
A useful SPY log records each position on one row, with real fills, the Greeks at entry, risk in dollars and as a percentage, and an execution score set before the result. The SPY-only column for assignment and ex-dividend dates covers the risks that SPX traders don’t carry.
Paste the header row into a new sheet, add the formulas, and log your next five trades in full. After the first week, look at the execution scores before the P&L.
To see a defined method applied to SPY and other index options in real time, Base Membership sends live index options alerts with entry and exit targets, with strategy support in Slack. See Base Membership on our Services page.
Educational content only, not investment or tax advice. Options trading involves substantial risk of loss and is not suitable for every investor. All prices in this article are hypothetical. Blueville Capital LLC is not a registered broker or financial advisor.
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