Please a warm welcome for Alderth Hoffmann. Good morning, I hope the mic is on. I think over there will be the talk time. That's excellent. For a moment this morning when I entered this beautiful room, I was afraid or I had the hope that we could present from over here. At least my mother was always willing, had the wish that I would be over there. But unfortunately, she cannot witness this anymore. Last April, our CIO, Stuart Bloom, he's the CEO of Schiphol Airport, won the trophy of being the most innovative airport in Europe. Not in the world, but at least in Europe. So while we're all still celebrating that, the month of May started and in May, with spring holidays, our waiting times and the queues for security and the queues for the border control hit the roof. We hit the news, we were on television, all people were complaining. So within the company everybody was asking, okay, what's going on? We are the most innovative airport. On the other hand, people have to wait far more than we anticipate or than we plan. And I dare hardly ask, but probably a lot of you entered the Netherlands through Schiphol either today or yesterday or the day before. And probably you have had some trouble with the queues entering the country. If so, apologies on the company, but it's part of life. So that's where we started. As Steve said, I'm trying to lead the enterprise architects at Schiphol. We have a group of about 10 people and we did some experience on the digital transformation program that we had in the past few years. So from Schiphol we have over 320 direct connections where you can go from our airport. We have about 40% of all passengers that go through Schiphol do have a transfer at Schiphol and about 40% of all passengers travel by public transport. Well, so far so good. And the numbers in the middle illustrate that there's a huge growth in the number of passengers. And that's above industry average. And that causes some pain because especially what you see in the middle, it's difficult to point out, but in the middle you see the 75.5. That's the on-time performance. The on-time performance in 2013 was about 82%. The on-time performance last year was 75%. And the on-time performance means the performance of all airlines in flights leaving on-time as scheduled. If that percentage drops, we're not happy, airlines are not happy, passengers are not happy. So that's one of the reasons why we said in the past few years, OK, we have to take action. Our usual way of reacting is building. Building more concrete, making more buildings, making more departure halls whatsoever. But we ran out of space. Amsterdam Airport Schiphol is quite a large airport, but we cannot occupy the countryside around the airport that's all strictly regulated. So the decrease in punctuality was an important reason for us to come into action. Another thing is this is a picture of what you see during morning rush hour. It's about 8 o'clock in the morning when a lot of people head up in the departure hall. And it also illustrates the difficulties that we have as an airport, because the left part is the responsibility of the airport. That's about the flow of the passengers through the terminal. Then you see in the middle there's the blue line. These are the check-in kiosks, and that's the responsibility of the airline. Behind the check-in kiosk you have the backdrop responsibility of the airline.  That's a responsibility of the airport. And after that, if you travel international, you have border police, border control. That's the responsibility of the government. So that's why you hopefully start to see how difficult it might be to align all these processes through all different organisations with all different stakeholders and of course different things to achieve. So these two aspects, decrease in punctuality, the increase of the number of passengers led to disruptive technologies will change the way people travel and how an airport is run. Schiphol ICT wants to lead the way, with a seamless passenger journey within a smart-run airport. Virtual control room operators know and manage the current airport status. Based on real-time sensors and use of big data, they know how many passengers are coming and can predict future flow and disruption. To be able to anticipate and plan resources accordingly. So queues are virtually non-existent. The one-time ID check takes passengers seamlessly through our processes. IDs are not asked for twice. And because Mr Chen knows how much spare time he has left, he will get his personalised offer. Passengers and airlines are entering the digital world. Boarding call for Schiphol. Are we in? So this is a very interesting video and imagine that this one was made by our new CIO. He came in two and a half years ago. Of course he changed half of the management team and then he came up with this brilliant new vision and when we as the architects saw that Fisher for the very first time said, okay, well, looks excellent, but how are you going to do that? Because do you know what's going on and what the difficulties are in realising the things that you envision? So back from a beautiful video to just architecture, just archimage and just some boring power points. But that's what we needed to make sure and to make it visible what we needed or what we need to realise that beautiful vision that we're still working on. So two strategic goals. Provide a seamless passenger journey for all passengers and enable cost-efficient operations for the airlines. So what you see in the picture that we see the most important thing from the perspective of the passenger on the other side, the most important thing from the perspective of the airline. And in the middle is what we like to gain with having these goals realised for our own airport. So based on this and there's another important thing is that we prefer to use open data or provide open data. In the airport we think that it's much more beneficial that everybody uses our data than that all kind of people try to make up their own data. So we want to provide data wherever possible and of course within regulations wherever allowed. So based on the video, based on these strategic goals we worked out a programme and based around an architecture vision and I had some doubts whether or not to include this slide because it can be quite complicated but the main thing is that from the perspective of the passenger you start at the top and we say we want to provide you personal and relevant information and on the bottom side within airport control that's where we want to control our airport and make sure that everything runs as smoothly as possible. In an airport planning a day ahead is not difficult because then everything is still according to schedule. That's true. The tough part starts on the day itself and that's what Steve mentioned this morning.  The schedule was excellent. I had plenty of time and then the train hits a deer before it entered the station where I was going to part on that train. So we had a delay of about 10 minutes and that's what happens during the day and these operational, let's say deviations and these operational circumstances make it very difficult to live up to the schedule in an airport. So what we want to do and that's what you see in the bullet we want to monitor what's going on in reality and we can monitor through all kind of devices all kind of sensors or all kind of let's say standard assets that are available in the airport and by using that data we can do a lot of things. We can use it to calculate our capacity. We can use it to find out and plan if flights, aircrafts, passengers, baggage will be in time in the right place to have a departure in time and we can monitor if things go as they should go and in the end we know just by statistics that things will go wrong.  Unfortunately we know by statistics that people do have a heart attack in the airport. We don't like that but that's life. It happens so we have to deal with it. So we have an approach from two sides. We want to collect data from real life, monitor what's going on in the airport, use it to provide passengers with excellent info as personal as possible and as personal as people want to. So there is of course the consent. You have to agree that we use it and that we provide that info to you. And in the bottom end we use it to control what's going on in the airport. So that's where we built our architecture. That's what the architecture vision is and that's where we built our architecture upon. So we went from that vision in a couple of, let's say I guess two months or so with people from business and people from IT and say okay what kind of services do you need and what kind of products do you need? How do we think that that can be realized? What are the application components that you foresee? Which functionality should be in which component? And bit by bit we came up to an entire application architecture. The interesting thing is that usually there will be of course the importance of the business architecture but this was an IT driven strategy. So we deliberately said okay this is the technology push. This is what you can do. And then we started the discussion with our business areas, business units. Okay what do you want? How does this fit in your timeline of operations? So that was a deliberate choice to do it this way. Another interesting thing is that these kind of models we used and still use to depict the scope for epics. Of course we do not longer use waterfall methodology. So we use the value streams and we use the epics and we use this kind of simple models to make sure okay this is the scope of your epic. You're going to realize a specific application service. We deliberately made sure that the business service is in place as well and we depicted what is the goal that you're going to achieve. The business service we had some models where we left it out. And they said okay so it's just an IT piece of work. I said no remember that the business service has to be in place because you have to adapt your business process. The business change was the most important thing for us to make sure that that was addressed in the business areas. We can do a lot of things from IT but if the business service is not included in the regular way of working it just won't work. So that's where we a couple of times failed and that's where we said okay we need these kind of models to make sure how to scope the work of a specific epic. So after all we had a beautiful application architecture it's of course far too large to explain so I won't but in the middle part you see all regular business applications and on top of that you might see that we have some intelligence application. That's where we use the smart data and that's where we use the smart process. So if you take all the data and the real-time data that we collect we use it to adapt our process. That's the smart process part. We adapt the process on the fly wherever possible and we use the smart data to provide the best data and the best information that enables you or the airline to depart in time. And on top of that we have the digital channels where we make sure that whatever data goes out it's just the same amount and the same part of information that will come to the passenger whether the passenger uses our own app, uses the web, or uses an airline app or uses whatever other digital channel he or she prefers. So that's in as few large components the things that we use. Well so far so good. But then somebody said well we're growing at this kind of significant numbers that we just need a new departure hole. So hold on with your digital airport program. We're going to build a new departure hole. By the way we are going to do that within seven months and their IT department you have one week to find out if it's feasible. And by the way, guess what? There's only one answer accepted. So the only thing is how can you do it? So the thing that we used and that's why we used a significant part of all the work that we already did is that what you see in the, let's say the lower part of the slide is that we could talk with all these parties to say okay what do you need in your departure hole? What do you need for check-in? What do you need for drop-off? What do you need for self-service stuff? Et cetera, et cetera. And we used the stuff that we already made. We reused it and said okay well these are the products and behind these products you will find these kind of business services, application services and application components. And it saved us a lot of time just by reusing the same stuff. We needed a different view because the guys that really built the terminal they don't use Archimade and the guys that really do the construction of the terminal they don't use Epics and they don't build a departure hole in sprints of two weeks. They just say okay we are going to build a departure hole and we need to know what you need in a couple of years time. Another interesting thing was that from a management perspective the board said okay well if we are going to build a departure hole we would prefer to make one consortium responsible for realizing the entire departure hole including all IT because that's most easy from the board of directors perspective to control everything and say well then we will end up with a second IT landscape. Wow, this is interesting. So we said okay it's fine if you make some assumptions of make some new statements or new systems in the hole itself but we need integration with our airport control but because we cannot control our airport as one airport if you end up with two sets of application systems. Impossible. So we focused and we made sure that the airport control stuff which is I'd say the most important aspect in making sure that everything runs well then that they integrate with the stuff that we already have. Airport control was an important aspect in our original digital transformation we've been working on that for some time by now we've got a video on the current status this time the voice over is in Dutch subtitles are in English. At the first test in 1903 had inventor Wilbur Wright all the vision flying is something very normal for people Amsterdam Airport Schiphol is a popular airport and soon we will receive 70 million passengers and 500,000 aircraft movements with the limited capacity we have it's a business that we use optimally and that's why we started the digital airport program. Airport control within the program is very important because it is looked at by passengers, luggage processing and aircraft operations and that's necessary to be able to operate our customers optimally. Passengers go through check-in and luggage drop-off via security and passport control towards the plane. Airplanes arrive, go to the right gate and are ready for the next flight. In the meantime, also passengers and passengers must reach the right plane. Airport control has placed hundreds of sensors in the terminal. These bring the complicated passenger power in the picture. At airport control it is about getting a grip on what is happening on the terminal. We work together on one common goal and that is to leave aircraft safely and on time with passengers and their luggage on board. Within the airport control we are working on the development of Wilbur and Wilbur is named after the pioneer of the citizen airfield and just like his predecessor Wilbur has an outstanding view. So we can predict the expected capacity problems four hours in advance to predict what will happen by situation and then actively, proactively implement it. Airport control is constantly working with digital innovations to let the operation go smoothly. Like the sensors within the terminal that generate important data about passenger power. This is again an unmistakable input for Wilbur which adds this data together with information from other sources to one complete overview. This is how our directors can predict for up to four hours and send it in advance. Artificial intelligence gives Wilbur the opportunity to learn about situations and helps us take on the best decisions. In addition, we look back at data analysis. Combining these elements is a unique, renewed way of working in which we continue to optimize. With Wilbur we have the ambition to better implement airfield control in state positions in order to improve the operation. We often do it with large vacancy pressures or operational disruptions. Here we are at risk that the flight will leave at another moment and that we had planned for the first stop. To limit the impact here, we combine a lot of information from many different systems and this is almost impossible. Only in our flight information system do we have more than 30,000 messages a day. Wilbur filters the most relevant indications and shows what this means for the process and where the possible solutions are. For example, the effect of a gate change. This allows the different directors to discuss each other better and take measures together. The effect? Airplanes leave safely and on time, also at disruptions and increasing pressures. Airport control improves the operation with the latest digital innovations. We are working hard to make our ambitions true. Come to our DAP demos or check the Digital Airport Program Yammer Group for the last development. We can foresee or four hours in advance. We have to reckon with the things that can change within the four hours departure. Like I said, a day ahead, the planning is excellent. That's not the challenge. The challenge is what happens during the day and then four hours ahead is quite a lot of time because sometimes it means that we, even before a plane leaves Amsterdam to London, we already take into account what might happen if the plane already gets a delay either in Amsterdam or in London and then when it returns in four hours time. So that's where the difficulty is. Another important thing is what we use with artificial intelligence and or big data. A lot of things work just as normal. So we have the regular processes. We also have the irregular processes and that's things like DIC. So it doesn't happen every day but when it happens we know what to do and it's just a regular way of working. And then there's the real disturbance and that's the thing where we say how did we solve that issue last year? And with, let's say, about 500,000 flight movements a year we just don't remember how we solved that issue last year. And that's where we use let's say tools like Watson to find out, okay, what did we do last year in the same circumstances and how did we solve that situation? So that's where we use this stuff. Another important thing is the seamless flow. Seamless flow is quite important for us because it really helps the passenger and you do not have to show your documents in every place in the airport but the things that have to be controlled or checked behind the scenes, behind the screens during the process are quite complex. So we do have some proof of concepts. If you happen to be at the airport this week at gate F6 Foxtrot 6 we have a proof of concept on biometric boarding so you can board the airport just by having your face recognized from a previous registration previous in the way minutes or half an hour or an hour before. We do not collect all those biometric data we just use it once and after that we swap all the data. The other thing that we do is the proof of concept on biometric boarding that's at the transfer passage because then you have to check the data with the systems of the let's say the Dutch governments. Are you allowed to pass the board? Another interesting thing is what the way we work the guy over here that's one of my colleagues so we the company encourages us and our IT department encourages us go and help in operations. During summer peaks don't stay at your desk go into the terminal help people see what's going on, see what the problems are see what kind of questions people struggle with gives you the best input to find out where you can improve your systems. So that's the thing that we really really like. From the strategic goals that we started with a couple of years ago with the seamless passenger journey and the smart run airport we started some value streams with airport control, the personal relevant information, seamless flow the thing that I would like to mention with this slide is how we are involved from the enterprise architecture perspective. So we have the overall portfolio management that's the overall portfolio management of the entire program that's where I'm participating so as the lead enterprise architect I participate in the program portfolio management team in the value streams let's say my enterprise architect for that specific domain service or airport service one of the enterprise architects participates in the portfolio team within the value stream within the value stream you have a number of delivery teams and that's where our solution architects are. Apart from this program we have traditional project and we have other projects as well so the enterprise architects overview all kind of initiatives that will change our IT and they participate in the portfolio teams in the delivery teams we have the solution architects so that's how we organize and make sure that we are involved in all important changes that will happen in the upcoming years. In the end, this program will end probably at the end of next year but of course that does not mean that the digital transformation is finished by then nor does it mean we will have achieved our goals because these goals go on and on and on a very important step that we still have to take and that's not only a thing that we can do but where we need the entire industry is to go from an airport where we automate and digitalize the traditional processes and we have to make the step to a really digital setup of processes as a very simple example what we have right now is that the officers who are out in the field and make sure that the birds stay out of the area of the planes they use the tablet to write down which birds they see, where they see them the amount they see etc. Nobody thinks yet about just making a picture of the birds starting automatic registration that's the next step so right now it's still in a lot of situations it's automating traditional processes digitalizing traditional processes and the next step but that will take years is to as an industry airport industry make sure that we go into digitalized setup of processes so that's what we will do the upcoming years that finishes my talk as well so in our seamless journey we're taking steps if you have the ability to check at the airport next week do try and visit the proof concept locations in the airport control a lot of things happen that you don't see because they're literally taking place in the rooms where they direct the traffic and control the flows so that's it from my perspective thank you thank you very much Ola if you could take a seat over here you've triggered quite a few questions from the audience which is great that they've found what you've been talking about interesting and they figured out how to use Slido so two good reasons so a few here the first one that came in was you describe this this program as being driven from the IT department given that how did you get buy-in from the business side this common thing between business and IT how did you get the buy-in was the question the interesting thing was what happened let's say one or two years before this situation happened and you remember Google Glass from the IT perspective from the IT department we saw a lot of possibilities where we could use that but we could not convince business departments that it was that important that they had to skip other projects so right now we were in a situation where we had to say okay colleagues from the business we are going to use Google Glass or whatever and by the way you don't have to skip projects you don't have to bring the money we have the possibility to help you on top of your regular way of working and that gave the buy-in is enterprise architecture institutionalized within the organization and what is its ongoing terms of reference institution what does that mean that's an interesting thing the most important thing is because it's not institutionalized yet the most important thing is that with the new CIO he said to me okay well you're the lead architect I want you to provide services to all business areas business departments and you have to be involved in all changes that go up up till then we just focused on some of the most strategic projects so by now we make sure that we are involved in everything that happens and I say like a lot of other organizations we're still struggling because we work by model we work in the agile way of working we work in a traditional way of working which construction programs so we have to adapt our way of working we do not use one single way of working sounds like it's on the way to being institutionalized if it isn't already though if you're operating across every important project if institutionalized means bureaucratic well we hope not do you collaborate with other European airport authorities for best practices particularly Spanish Spanish well first of all we do cooperate as an ecosystem of course with the airlines and air traffic control in Amsterdam these are by far the most important partners for us within Europe a lot of airports work closely together we share not only we share data we share experience with all kind of project because the difficulty is not in picking a product the difficulty is making it work in the specific geographic situation where you're in I'd like to have more cooperation with Spanish airports but right now it's not very specific going on let's see there was a question here about AI using Watson for the video I talked about using Watson for analyzing some of the data that was coming in after the question is what technologies are you trying to predict things using AI and if so what technologies are in play there I think I have to skip the part on the technology that we like to predict one of the most important things is predictive maintenance but that's quite familiar with a lot of organizations and the next one is can we predict waiting times and that's a very specific and a very tough topic so if you enter the queue right now or if you enter the building right now what will be your waiting time at security in half an hour and if we can predict that then we can give exact advice to people okay you'd better come in 50 minutes earlier or later and then there will hardly be no queue predict the length of the queue one of the things that Disneyland has is that they have specific attractions with the specific capacity of the attraction and the specific amount of seconds that attraction will take how do you combine EA and Agile and what are the challenges I think that we much more focus on the result we do not do documents anymore unless that is specifically requested by a specific project in case of tenders etc etc and otherwise we participate in the teams we use the models to illustrate and to discuss with the teams how things will evolve and for instance the Wilbur system that was mentioned it is built in an actual way of working every two weeks new additions in Epics and that's well the architect working in that team is hardly ever let's say part of the department he's always participating in the team okay I'll just take a couple more quick questions let's see a timely one about sensors the open group has just launched a new group working on sensor open system architecture so are all the sensors from one vendor or manufacturer and how many sensor APIs are there have you learned about metadata with many heterogeneous sensors that you can help us understand at least one of those questions are they do you use one vendor or do you I'll just put it the other way around because of course Internet of Things is a very important topic for us as well if you think that in the ecosystem of the airport with land site with the terminal with the air site where the planes are with all the assets that are taking place in there with all the airlines with the cargo suppliers etc if you think that within that entire ecosystem we will have one IoT system with sensors or one vendor please think again there will be heterogeneous landscape of all kind of vendors and that's where we participate or that's what we foresee I need to work together and interoperate yes so open open open open open open I can't find a better word to stop on that so I'm going to quit there so that's wonderful


What's up, Navigation Traders? Today is Friday, September 7th. Welcome to this week's video update. Before we jump into the alerts, just wanted to give you a quick reminder that the new course is in your member's area. So if you are listening to this, you are a pro member and it's right down here. It's called How to Trade the VIX with 92.3% accuracy. Just drop that down and you can start going through the course. The strategy is really very simple. I mean, it's a short call vertical strategy, which you're probably already familiar with, but in this case, it's structured a little bit differently. The VIX and VIX related symbols are different animals. And so there's a lot of nuances, which is why it warranted its own course by itself. So we've been trading this strategy for a long time. I never really utilized it in the alerts. I've actually sent it out a few times. It's been a while, but I want to, and I trade it in our other accounts, but before sending it out for you guys, I wanna make sure that you really understand the methodology and mindset behind it and you have all the training. And that's what you have now. So you'll be seeing more of these throughout sprinkled into the alerts as we go forward and as the opportunities come. But if you haven't already, jump in there and we would love to hear your feedback. Any input or feedback, let us know. We can always improve the courses. We're always going back and updating videos and different things. So any feedback or questions, let us know and we wanna make sure it's the best it can possibly be. All right, let's jump into the alerts. Had a short week this week, Monday was Labor Day. So starting on Tuesday the 4th was when we made our first trade and that was a closing adjusting trade in EWW. So we had an adjusted short strangle and we ended up booking a nice profit on that piece of the trade after the roll, still holding our other short strangle in October. So let's take a look at EWW. You can see the IV percentile is still nice and high at 72. And so let's go to the Analyze tab. Here's the other piece that we still have on. I can see prices hanging out right down here in the kind of lower portion of our range but still well within range, nothing to do here except for weight. If we get a little bit of upside and some more theta decay, we'll be able to book that winner. If we do continue a little bit lower, the first thing I'm gonna do is I wanna potentially add another piece to this, another centered strangle around where price is with implied volatility. As high as it is makes sense to continue to sell premium in there. So we'll see what happens but look for that potentially next week. Next trade was a closing adjusting trade in EEM. So kind of a similar situation. We had two pieces to this trade on. We closed out our adjusted strangle in EEM and we're still holding our other piece. So if we go to the Analyze tab here, price is in a very similar situation. It's kind of in the lower portion of that graph but just kind of in a wait and see period with that one. Wait for some more time to pass. Next trade was an opening trade. We sold a strangle in gold forward slash GC. And I've been getting a lot of questions about this of if I have an IRA, I can't trade the options on futures, what should I do? Well, a couple of things. One, you could, A, tasty works is working on the possibility of trading options on futures in an IRA. So that I think is coming. They're working on it. They haven't provided confirmation that they will get that done but they got short calls in an IRA done. So if anybody can do what they can. So hopefully that becomes a capability in the near future. But until then, I try to give an alternate trade if there's one available. In the case of gold, GLD is a great trading vehicle so you could trade a short strangle or an iron condor on GLD. For trading something like the NatGas futures and you have an IRA.  It's such a low priced symbol. It's just not really tradable so there's really nothing you could do. The other thing I would suggest is, and this goes for if you have a smaller account and you're not putting on all the alerts. And what I would suggest is have a paper trading account. So even if you're not putting on the trade for real in your real money account, put it on in the paper money account. The whole goal of these alerts are to help you see what we're doing, see how we enter, exit, adjust trades, roll trades, and so forth. It's not so you can mimic our exact portfolio. I mean, that's just not gonna happen. Everybody has different account sizes, everybody has different risks, tolerances. So that's not the goal. The goal is for you to watch what we're doing and learn how to trade. Obviously, everyone's heard the saying you teach a man to fish.  I mean, that's what we're trying to do. We're trying to help you guys become traders on your own. And so take that into account when you're looking at some of these alerts that you may not be able to put on. So that one we just put on, so it's still fairly centered. I got a tiny bit of profit, but not enough to take off yet, dead center in the middle of the graph. So just waiting on that one. Next trade was a closing adjusting trade in FXI. So this is one that we've been working on for two or three cycles now. Put a butterfly on there. And in this case, one of our butterflies, we closed out our put butterfly side and booked around 35% of profit on that piece of the trade. We still have this other adjusted butterfly. And so you can see price is right here. And so this is really at a point where, we don't want it to go back up in price because you can see our profit sloping down at that point. If it goes up, we're gonna make a tiny bit more money or be about where we're at right now. So what I'm looking to do is, I'm looking to take this off probably sometime early next week. And the reason is is because, A, we already put this one on in October. We did this today. And so it's an alert that I hadn't gotten to yet, but we also have this October butterfly that we just put on today. So it's very similar to rolling. We're just doing it in a couple different stages. We put this one on first and then we'll just take this one off probably early next week. Hopefully if it continues a little bit lower, we'll squeak out a couple more dollars. Even if it starts to go up though, I think we'll look at taking this off early next week. So look for that. Next trade was an opening trade in IYR. So the real estate ETF, IV percentile, popped back up above that 50 level. It was at 64 when we put this on. And so we sold an iron condor. Now, due to where the premium was and the strikes and that kind of stuff, we did a little bit tighter of an iron condor. And so we take a look at IYR. You can see the strikes that we sold, the short strikes were at the 81 and 83. So just two points wide from that standpoint. That does a couple things for us. A, it does lower our probability of profit. So the probability of us making money on the trade is a little bit lower, but it increases our max profit. It gives us more credit for what we sold it for. So when we do something a lot tighter, whether it's a straddle or a really tight strangle or a tight iron condor or a butterfly, we're not gonna wait for 50% of max profit. In this case, we're gonna take this off when it gets to 20, 25, 30% of max profit. So we're gonna take those profits earlier because of the lower probability situation. So that's what we've got in IYR. And if we take a look at the chart, you can see that implied volatility is still up there above 50 at the 58 level. So looking for price just to kind of continue to bounce around in this range. And hopefully we book a profit in that one. Next trade was an opening trade in VXX. So I went ahead and sent out an alert very similar to the way that we teach the strategy in the course. And the reason is is we got an IV percentile pop up to 78 when the market, being that it was going down this week, that increased implied volatility, and with VXX being a VIX related ETF, we put on a short call vertical in VXX.  And that has to do with the fact that it's based on Vic's futures and the futures continually roll. So it has that contango and backwardation effect. So it's got that downward drag to it. And so that's one of the reasons that we like to sell these short call verticals on VXX. You can see it's popped up in price now, and we're just waiting for it to contract to benefit this trade. So you can see what it looks like here. And we're looking at, we've got about a 63% probability of success, and we're looking for some downside in this. Now remember, the VXX is inversely correlated to SPX or the S&P 500. So if stocks go up, volatility is typically gonna contract and go down. So this is actually a, when we beta weight this position to the SPY, this is actually a long delta position. So if the market goes up, this trade will benefit by going down. And conversely, if the market tanks, this price of VXX is gonna go up and cause a losing position for us. Now, one question I got from a member, and again, this is explained in the course in more detail, but they were like, well, look at the risk reward. Isn't this a problem? You know, we've got a max profit of 364, a max loss of 2436. Well, think about it, undefined risk. I mean, theoretically you have unlimited risk if you're trading a strangle, right? Well, the reality is stocks don't go up forever and they very rarely go to zero, right? So that's a theoretical. In the real life of trading, we, unless we have just a significant, abrupt market crash, we're never gonna take full loss on this trade. And so this is really a catastrophic loss.  And we're just, but on volatility related products, we want, we always wanted to find our risk, okay?  So we wanna have that catastrophic protection in case something crazy like that does happen. But the reality is, most of the time, we're not even gonna get close to that, even if we close it out for a loser. And we talk about this in the course. So make sure you go through that in detail. But typically, I mean, we're looking at over 90% probability of making money on this trade, the way that we teach in the course. All right, next trade was a closing adjusting trade in ZW, which is wheat. So price had breached our downside breakeven of the October iron condor that we had on. So we closed out the untested side, which was the call vertical side. So if we take a look at the graph, this is the put vertical side that we still have on. You can see price came down, breached our downside breakeven, and is hanging out here outside of our range. So we could use some up movement in wheat to get back inside our range there. And then we've also got a November iron condor on, which is this one here where you can see prices well within our range, just looking for some more time to pass before we do anything on that piece. By the way, going back to gold, one thing on that opening strangle. So in thinkorswim, and I didn't realize this, I've seen it a couple of times, but I failed to mention this in the trade alerts, and actually one of our members pointed this out. So thank you for that. And that is in TOS, the options that we put, we put this on with 50 days expiration. It's got 48 days to go now, but TOS classifies this as the November options. They actually expire towards the end of October. So in Tastyworks, they actually classify them as the October options. So just what I'm gonna do from now on in situations like that, I'm gonna try to be more specific about how many days it has to expiration to help make sure you understand exactly which contracts you're trading, because sometimes depending on the timeframe and depending on where we're at in the cycle, Tastyworks classifies them a little bit differently as far as October versus November. So in case anybody else had that question, I just wanted to point that out. And next trade was an opening trade in SMH. So this is one that we haven't traded in a while. In fact, it's not on our standard short strangle watch list, but we're gonna put it back on because they've proven that they have a lot of liquidity. It used to be, I mean, even about a year ago, SMH was really hard to get filled in. The bid ask spreads were wide. The liquidity just wasn't quite there. And so I took it off the watch list. I stopped trading it, but it's come back. And SMH is the semiconductor ETF. So if we look here at our Analyze tab, we put on a short strangle. And so you can see it's still dead centered so nothing to do here except for weight. If we take a look at the chart, you can see implied volatility. Ivy percentile is still at the 62 level. So when we get high implied volatility here, we're gonna continue to trade SMH because it's a good price, right at $106. So if we sell naked options, the buying power is not crazy. And then if you wanted to find your risk, you still collect enough credit. So if you wanted to trade an iron condor here, you could buy the wings to define your risk and it ended up being a good trading vehicle for both undefined and defined risk. Next trade was closing trade in Baidu. So we had a short call vertical in Baidu that we put on to add some short delta in our portfolio. We ended up booking a profit over 50% of max on that one. So that was a nice trade. If we take a look at a chart of Baidu, get an idea of what price is done here. What you'll see is, obviously, along with the rest of the market this week, we've had a nice down move in the stock there, which gave us the opportunity to book that winner. So good trade there. And then the last trade already went over, which is the opening adjusting trade in FXI where we added a butterfly in the October cycle. So those are all the alerts. Let's take a look at some of the other positions that we have starting with the Euro, Euro future, 6E. You can see price is hanging out well within the range here. Got a little bit of profit. Could use a little up movement to get a little bit more profit in that before we book it, but just playing the waiting game in the Euro. In oil, forward slash CL, we have this adjusted strangle that we rolled. Price has come down nicely this week. So we're up about 470 on this piece of the trade. Once we close this out, we're gonna be a little bit more aggressive. We're not gonna wait for a full 30, 40, 50%. We'll probably book this when we get to maybe 25% of max profit, partly because we've already got, I mean, we're up several thousand dollars on this trade. So we wanna go ahead and book that. If applied volatility stays high and we're getting close to, let me click on the continuous contract here. If we get close to the point where this gets down to 60 days. So in the next eight days, in the next week or so, we may just close that one out and then reenter a new position going out 60 days. So oil has been a good trading vehicle for us and the implied volatility has stayed up nicely for us. So right now it's about 58 on the percentile. So good time to be selling premium there. So we'll see what happens. Of course, if price doesn't stay in our range and it goes and breaks out to one direction or the other, we may just add an additional piece to this and continue extending duration on this piece of the trade. But we'll just see what happens. Those are just kinda hypotheticals of what we might do, depending on where things are at the time. ES, S&P 500. So we've got a few different pieces on here. This is a short call vertical that was previously part of an iron condor. Spread that out so you can see a little bit better. And I'm not sure what TOS is doing with these squiggle lines, but it should be straight. Let me uncheck these, check, there we go. So prices right here, it's just outside of our range. So we need some downs, a little bit more downside to get back into our range there. And then same thing on this one. This is a short call vertical. This one is actually back in our range. And once we get back to around about the 2850 mark, where we're back to the zero line break even on the P&L, we'll probably take this one off, which would equate to a profitable iron condor trade overall on that piece. We're still down on our ES iron condor overall. We've been adjusting and managing this one for several cycles. But on that piece, we would book that and take a profit on. And then we've got one other piece to this and that is a long put vertical. And you can see price had that strong move over the last couple of weeks, and not this week, but the last couple of weeks. And so price has moved significantly out of a range. It's come back pretty good this week, but we're just gonna hold this for now, see if we can get a little bit more down movement back into range, or we will potentially look to roll this next week. We've got 14 days to expiration. So really, especially once we get under seven days, we'll definitely be more aggressive about rolling that. But if it's moving in our direction, which would be down, then we may give it a little bit more room and not start rolling it next week. But all these September positions that have 14 days left next week, we will start to roll them. We wanna be rolled by expiration week, and we don't wanna roll them all in one day. So we'll start to gradually roll any September positions that we have starting next week. I mentioned gold, I mentioned wheat, apple. So apple, even with the market being weak this week, did have, actually had a couple down days, which is crazy, I didn't think apple could go down. But we've got this long put vertical, you can see price as well out of our range. We're almost at max loss, it was way out here. We've gained back a tiny bit. With as close as this is to a max loss, there's no reason for us to do anything with this because there's no adjustments or anything that we can do to help save this. All we're gonna do is we're just holding it until we get a little bit closer to expiration. If by chance, apple makes a significant move down and comes back into range, that would be awesome. But probably won't happen, but we don't really gain anything from doing anything at this point. So we're just gonna continue to hold that. DIA, the Dow ETF, we've got a couple of short call verticals that were previously part of Iron Condors. We have continued to roll those for several cycles and to keep that short delta in our portfolio, you can see price is a little bit out of our range, so looking for some downside to benefit those. EEM, I mentioned that one, EWZ. So this is when we've got two pieces to the trade. One is this adjusted strangle, prices sitting right here and we're up a little bit after the roll that we had done and so we just continue to hold that to collect more theta and then we've also got this other piece which is a strangle that has not been adjusted. You can see price is dead centered here. I've got a little bit of profit but not enough to take off yet. EWZ has been interesting because this week it's actually gone up when the rest of the market's been going down and so that's always good when you need an up move. The rest of the market's going down. We needed EWZ to go up so that benefited us nicely and the same with Johnson and Johnson. The rest of the market was down but J&J was up and we had a bullish position on here so you can see we're profitable on this one. I'd like to get a little bit more profit before we take this off. So I'm hoping we get a little bit more upside going into next week and if so we'll probably book this one but we'll see what happens. Let's see one other one I skipped over. IWM. So IWM we've got two pieces on. We've got an iron condor. You can see here we need a little bit more down movement to before we book that. Hopefully we get that early next week and we can go ahead and take that one off and then we've got our short call vertical which was previously part of an iron condor kind of in the same situation as the Q's and DIA just looking for some downside to benefit that piece. IYR I mentioned that one, did I? Yeah, that's the narrow iron condor. J&J I just mentioned that one. The Q's I mentioned that one, I think. No, I didn't. So Q's are, we've got a couple short call verticals that were previously part of iron condors and you can see this is both of them together but they're only one strike difference. You can see we are in range here just looking for a little bit more downside to benefit that. And again, keeping this on for short delta and just to give you guys an idea of where we are, we're at about, right at about three to one of short delta to theta. So we like to be in that one to one to five to one range and we're at about three to one right now so sitting really good as far as where we wanna be. So we'll just continue to wait on that. SMH I mentioned that one. That was the short strangle VXX I mentioned and lastly XLK. So this is very correlated to the Q's and we've got some short call verticals on here. You can see prices back in our range. We're up a tiny bit on this piece but just continuing to look for a little bit more downside before we do anything else in XLK. And that's in September. So this may be one of the ones that we looked to potentially roll early next week but we'll see what happens where price and volatility and everything else in our overall portfolio deltas are. All that comes into play and we will address that next week. So hope that was helpful. Everybody have a fantastic weekend and we'll talk to you next week.