What's up everybody? I am back with our contest winner Matt King Matt. How you doing today? So today is Monday, November 6th, so we've essentially been trading now for about a month and We we Matt was traveling last week And so we weren't able to do a recording late last week We ended up closing out one of your positions and that was the Ford slash NG Which is the Nat gas so we close that out for about four hundred and ten bucks Just to get everybody up to speed and this is where we're at with everything So we've we've made money on or were up money or made money on all of our trade so far except The little thorn in our side is the Nasdaq so you can see we're down on that one and Today we are going to be recording some adjustments that we need to make So Matt, let's go ahead and jump in and let's just start with NQ and go to the Analyze tab Yeah, correct, so we've got two different positions on in the Nasdaq and this is this is the actually the second one that we Put on and you can see price has breached our upside short strike, which in this case is the call And so that's that's when we want to adjust. That's kind of our trigger to adjust You can either wait till it reaches the short call or the or the break-even point I prefer once it break breaches that short call to be a little bit more aggressive or Adjust a little bit earlier and so that's what we will do here. So Essentially what we do to mechanically adjust when price breaches are upside short strike We are going to roll the untested side. So the untested side is the put side So Matt, if you want to just uncheck that 6280 call box, so we're just looking at the puts Yeah, uncheck that one And so what you what you can see there is that we are now This is just showing on the graph our put side our 5900 put and as you can see That's basically at max profit meaning there's not much juice. There's not much value left in those options And so it's not doing us any good if Nasdaq were to continue higher. That's not helping us out anymore So essentially we want to close that one out and reopen a new put closer to where price currently is So what we'll do is and then the second part of that Matt is if you go to the trade tab real quick What you'll what you'll see is that these options only have 11 days left to expiration And just as I teach in our course how to maximize profits trading options, which is all about short strangles You know that once price Excuse me once the options get to kind of under that 15 days to expiration We want to look for a point to roll those to the next expiration cycle the gamma or the risk starts to accelerate the closer you get to expiration and So once we kind of get in that last couple weeks of expiration We really want to just get out of those and and roll those to the next Expiration which will be in that window, which is that 30 to 60 days in this case December with 39 days So not only are we going to roll our puts up closer to price, but we'll roll them out into the next expiration cycle Make sense Yeah, it's good sense. So cool. So let's go ahead and go to go back to the analyze tab Yeah, so essentially what we're going to do is the first thing we'll do is we will close out those 5900 put so just right click on that highlighted 5900 put and create closing order Now we'll probably have to split the difference here. So let's go down to 3.75 see if we can get filled there Remember on the Nasdaq we got to do it in 25 cent increments So hopefully we get filled here and we got filled Yeah, so now essentially we close that out now we want to roll that up To about the 30 delta and we want to do that in the next expiration cycle So if we go back to the trade tab and we go out open the option chain in December with 39 days Let's roll down to close to where at the money is And we want to find something around that 30 delta on the put side over on the right You want to scroll up just a little bit more there you go Yeah, so it looks like about the 617 0 6,170 put is the one we would we would want So go ahead and just right click on that on those highlighted strikes there on the 6,170 Yeah back back right up where you were on the put side on the 6,170 go ahead and right click where it's highlighted in blue Well, yeah, actually actually you or you can click on it like you just did so that's fine So what you'll see there is that you've got where it's red. So that means you're selling the 6,170 Put you can see that in the in the red order bar there There's two different ways to do it. You could have you could have right clicked on that strike and in and said sell single Or you just clicked on the bid which automatically populated it.  See if we can get filled there 56 50 correct Confirm and send and we'll get filled. All right, they're liking us today So Now if we go back to the analyze tab You can see the two bottom the two bottom positions there are Our December so those are the two now those are the two puts that we last time we adjusted We we adjusted our other put into December and now we've got still got two calls that are left in November so We keep those calls the exact same strike We don't we don't move those on our losing side on our tested side But we do want to roll those from November to December So let's just start with the 61 80 and go ahead and right click on that one Yeah, go ahead and right click on that one and just create closing order And so we're gonna buy this back and we'll probably be able to buy this back for 140 50 Yeah, well actually probably one let's do 140 125. That's that's probably about where we'll get filled So we're just kind of Doing a little price discovery here. See if we can get filled there. We may have to go back and adjust it Yeah, we got filled We're good today and so we so so now we closed out that 61 80 call So now we want to reopen it at the exact same strike in December So you can go to your go to your trade tab. We've already got our December chain open And we're gonna be over on our left-hand side on the calls once we get down and And actually we're gonna scroll up a little bit because we're looking for the 61 80. Yep So over there on the left We're gonna go we want to keep it at that exact same strike. We don't want to move that one So I'm gonna go ahead and right. Yeah, you can go ahead and right-click and sell Sell a single and then we'll try to move that up a little bit to maybe the 185 try the 185 maybe the 184 75 Let's try that firm and send No, not getting filled there. So this will be the first one we need to adjust so Bring up your little arrow with the line above it down at the bottom of your screen And yeah, that's the working one. Go ahead and right-click on that Yeah, so let's kick that down to 184 25 see if we can get filled there Oh And look at that before you even We're able to do it. We got filled at a rather price. So go ahead and X X out of that on the upper left-hand corner You can just leave it it's just sitting there in case we wanted to send the order, but we're not going to so there's nothing You need to do with that Okay, but let's go back. Let's go back to the analyze tab now and and check out what that looks like from a visual standpoint So we've got the the 60 180 call in December and then we want to look at the 6170 put So just uncheck that one Yep, yeah, so this is what your what your graph looks like now we we moved that price closer to Price we moved to put we rolled the put up and we moved it out to December and so you can see price where that is now So we're still we're still looking for a little bit of a down move in Nasdaq to benefit that piece But we've kind of widened our break evens and we've we've got price kind of within our within our range now It's a much much more narrow range but it but we've collected more credit and so now we're still just waiting for a little bit of a Retracement a little bit of a down move in the Nasdaq before we would pull that off And so that'll that'll be kind of what the graph looks like and then the other one will look fairly similar And so let's go ahead and and do that one now as well so you've got that one call left in November and So let's go ahead and close that one out That's the 6280 down there So Yeah, so go ahead and right-click and close that order. Let's try to get filled Somewhere near near the mid-price maybe 65 75 should get filled should get filled here based on How the other prices were yep Good And then we wanted and then we want to do the same thing so we want to go back to the trade tab Now one thing I like to do and this is just kind of a personal preference and that is remember Well never mind we're we're we want to keep these the same so We're just going to resell the 6280 call in December Correct And say you take one there you go Yep, exactly single and let's get closer to the mid-price maybe one 1575 Should get filled Yeah, so that's the mid-price that's the theoretical mid-price that thinkorswim gives us so we're probably gonna get filled somewhere between the mid and the natural Okay Give it a shot and see what happens again Confirm and send Pretty quick too And we're filled So now we've now we've rolled our position. So we've got our puts Kind of at that around near the 30 delta area and we've got our same calls if we go back to the analyze tab What we'll see Excuse me is So we can we can click off so we've got the we've got the 60-60 put so go ahead and click on the 60-60 put down below and we can look at this Just as it is right now and you can see okay. This is this is both of our positions together So you can see we've got prices is right in our right in our range we could use a little bit of a down movement down movement and some more contraction and implied volatility to benefit this and And then we've and then we can also Click off the different pieces to look at them individually, but but this is we're good So we're all we're rolled out to December we've we've kind of widened our break evens and collected more credit by by selling those those new calls and So we're we're good to go in Nasdaq now All right So I know it it when you're you're first doing this it looks a little bit funky because your your range is a lot more narrow now But you know if you go to the chart real quick Just to look at where price has been in the Nasdaq We'll see is you know, it's just continuing this this big move higher. So at some point. It's going to pull back And and give us a little bit of cyclical downside and and so that's what we're that's what we're looking for We're by by rolling our calls up. We're collecting more credit We're not using any more capital in our account to to keep the trade on and And we're just looking for a little bit of sick Cyclicality in the markets a little bit of a move down a little bit of contraction in implied volatility And then we'll you know potentially look to to manage these now if if the nasdaq continues higher We will we'll do the same thing and by doing the same thing I mean, you know if price continues higher that'll that'll take the value out of our puts So we may have to close our puts out and roll them again closer to price So we just continue that mechanical strategy of rolling our untested side closer to price Waiting for price to kind of settle down into a range to collect that collect that theta to collect that time decay And then hopefully book some books and profit there Nice I like it So the nasdaq is like I said when we first started the nasdaq is the one that we're down on so the nasdaq owes us some money Matt, so we'll just continue to To to monitor that and and manage is necessary Okay, so now next one. We need to to address is forward slash ZB. So go ahead and click on your ZB there So when we put this on as you can see here prices has made a move up It's gone up like seven days in a row here. So it's it's gotten to a point Where it has breached our short short call very similar to what happened on the nasdaq So go ahead and click on your analyze tab And if you want to spread that graph out a little bit so it's a little bit more so it's a little bit bigger So you can see prices is just breached so we could we could do one of two things here We could we could just leave it because it's just barely breached. It's not past our break even or anything but and and we could just kind of Wait for what might be a potential down move and get out. However, kind of like the last one We're we're getting to under two weeks of Expiration and in Kate in this case. We're not quite there yet. So go to your trade tab And so you can see where it we're at 18 days to expiration so this is this is a little bit of a gray area and You know, you and I talked about before let we'll go ahead and make an adjustment But I'll I'll actually let you make the call on this We could what we could do is we could wait a few more days Until it gets down to 15 14 days to expiration and if price makes a down move We might just get out of this with a little profit without having to roll or adjust and that's a good option or The other option would be we could just go ahead and go ahead and make the adjustment and roll it out to January now So any any thoughts or preference there? I'll leave this up. I'll leave this one up to you Yeah, I don't know there's like a right or wrong to that one, but I do know that I know there's a lot going on with that last one where we rolled it rolled it out and It's one there's less going on, but I would actually like to just do it again Okay, and you know just for the competition and I'll try and get something out of that Okay, perfect So go to your go to your analyze tab One second, we would want to on our cooks is the cook side Correct.  So that's not helping us anymore You know, we're at 360 out of $390 of max profit on that piece So it's not helping us if bonds were to continue higher. That's not gonna do any do us any good And so by taking that off and rolling that closer to price It's gonna allow us to collect more credit give us more time to be right And in this case, we're gonna roll out to January to extend our duration on the trade Exactly So go so go ahead and right click on that put And that's doing Funky old-school metric phone And in this case you see these are really liquid really tight So you can see the the mid and the natural are both at point oh, too Which remember on the on the bonds in the notes. These are kind of still, you know Legacy state of using fractions instead of decimal points. So that's actually 230 seconds is what that point oh, too refers to and that's where there's kind of a double double dash before it But yeah, we should get we should get filled right here at point oh, too So go ahead and confirm and send that Went right through so we're so we're out of that so now Now what I'd now what I'd like to do to kind of Show you just another way of doing this is because we're gonna go ahead and and roll the call out To January as well. Let's just go ahead and close out that 154 call as well Yep, there's one's pretty tight, too. So just leave it right there where it's at. Yeah, exactly And we're out So now So you roll this out we when we roll it out We want to leave it at the same stripes 148 154. Well, remember our put was Pretty much at max profit. So we were gonna roll our put up closer to price But our tested side which was the call we will leave at that 154 level So now when we go to the trade tab and this is just showing the December only so you want to go ahead and click on your ZB there Yep, exactly And this will give us all the different expiration cycles You can see we've got one in January right in our wheelhouse of 46 days to expiration So so on the call. Yeah, so on the call side You want to if you remember and this is just kind of you just kind of remember where it was We were at the 154 call So we want to keep that one the same So in this case, we're just going to resell a strangle And I'll show you what we do on the put side here So we want to keep the 154 the same on the call side. So just right click and Do sell strangle Yeah, now on the default of the 153 Yeah defaults to the very next one but on But on our put side remember we wanted to roll that put up to around the 30 delta and So in this case That would be I would probably go with the 29 It's the closest and we could go up to 38, but that's that's quite a bit closer to the money. So on The 151 we can just change the put down below to 151 And we could have done this all in in separate transactions We could have sold the call and then sold the put but in this case since we're rolling them both out It just made sense to do it as a strangle because that's essentially what it is and so we'll go ahead and and Confirm and send that so now if you now if you go to your analyze tab and Actually, you're gonna click on your ZB H8, which is down on your current account watch list on the left That'll give you give you the one that we're actually in So there so there you can see we've got our 151 154 strangle on and Price is hanging out pretty centered Right there in the middle So we just are looking for some time decay and some time to pass and for price to kind of stay in our range So we can got a little bit more room to the downside Then we do the upside because it's it's made, you know a decent move up So we're looking for a little bit of cyclicality just a little bit more Time to pass and hopefully take some take some money out of the bonds Well, so it's like a cleaner way to do it with the Selling it all off on the one that you're not going to use anymore Yeah, and we could have done that on the Nasdaq But I just thought I'd show you two different ways you can do it piece by piece or you can kind of do it All is all is one there See you're setting your slices. So what you'll see is that our our probability is is less Because we are our range is tighter because we rolled those puts up But at the same time we also collected more credit and if you look at your max profit there If you hover over the flat part you see we've got a big max profit of over $1,800 and so we'll look to We're not going to wait for full 50% of max profit because we we made it a tighter range But we will you know, we might book a profit once we get to You know five or six hundred bucks or something like that And then let's go ahead and look at the other two positions that you have on there's no adjustments or anything needed But go ahead and click on EEM See we got a little bit of profit in EEM, but not enough to take off yet. We're up Up about 80 bucks. So just letting some time go by there. We've got plenty of time there We've got 39 days left to expiration. So we're just gonna let that one sit and marinate and then Yeah, same with XRT So we could use a little bit of a move up in price and a little bit more time to pass For those options to decay a little bit more before we before we book a profit in XRT Now the other thing I was going to point out to you is that you know, we took off a position in natural glass natural gas 4 slash ng last week and booked a profit there if you click on UNG Which is the corresponding ETF and then you go to the charts What you'll see is that implied volatility has has been on the rise. So it's up at that 68 level So if we didn't have any positions on or if we had more free cash I would say we could go in and re-enter a new position in that gas But we are worried about we're using about 50% of our buying power and I don't I don't really want to get much above that at this point So in this case once we once we book a profit and you know take it take one of our other positions off Nat gas assuming IV stays high Nat gas will be one that will probably come come back to you and try to put a position on but But for today based on the amount of cash that we have I wouldn't I wouldn't want to put another one on yet Now is that the purpose of I know that in the past you've said, you know We want to keep a little bit of buying power available or in case something, you know, it takes a You know something stuff first You know the ID goes up or something on something like to me it'd be like a sounds like one of those situations But you just want to kind of keep some keep some money available there Yeah, well that that's one reason absolutely that you want to have money available for you know If there's a big move, but at the same time you got to remember we're using options on futures So we're very highly leveraged So we we we don't want to get over 50 to 60 percent 50 to 60 percent It's kind of the maximum amount of our capital that we want to use We just we don't want to get too over leveraged because then if we get a big move in You know a lot of things at one time You know we could be having to make adjustments and we could be down pretty big on our account And I don't want to I don't want to dig that kind of a hole because we've a we've only got a few months to trade And I don't want to I don't want to put your account down So we're trying to dig out of a hole and not not get you any profit and then and then second Yeah, we're right at that 50 percent of capital usage So just don't don't really don't really want to go over that due to the amount of leverage that we're using Yeah, so we will you know Hopefully look to book a profit here shortly and one of the others and if we take off something else Then then we'll definitely want to jump in to that gas is kind of the highest on the board at this point So probably jump in and that gas if it's it's still available for us Cool, all right Well, we will sign off there and check back in here in a few days. Have a good one Matt. Thank you


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