All right. Good morning, everyone, or good afternoon if you're on the east coast. This is Timehawk here from Xtrades. We're going to be beginning our option seminar. This is our fourth seminar. I've been doing about, what, two a month. So this is our fourth one. And the topic for today is on legging in. And that's mostly just for option spreads. So any of your more complex option strategies, you know, I get this question a lot like, is it okay to leg into a spread? What about legging out? Is that something you do or don't do? So, you know, I figured I'd answer that question in this seminar and also talk a little bit about how you can use legging in in order to avoid PDT. Because I know I get a lot of questions about that too and often see people in our Discord chat room. That's Xtrades, you know, asking about or talking about discussing, like being stuck in trades or feeling like they have to swing something overnight, even though it's risky or maybe they have a losing trade and they just hold it until expiration or hold it for an additional day because they can't get out of a trade. Now, that often happens, I see that most often in, you know, our options chat room, right? You know, with stocks and equities, usually not as big of an issue. I mean, sometimes if you're playing penny stocks, it might still matter a lot. But usually for stocks and equities, you can just kind of hold it out, right? Usually your stocks and equities aren't moving quite as fast as options, which can go to zero real quick. So with legging in, you can avoid PDT and get out of those situations when you need to. So that's kind of what our main topic is for today. And this is kind of a more simple or basic topic in my opinion, right?  But if you guys have any questions about other advanced strategies, I'd be happy to go over them. And then we'll have a Q&A session at the end and you guys can ask me about other advanced strategies. We can do some chart reviews or even try to find some place for next week. So that's the general layout for today. And, you know, I probably should have asked this earlier, but can everybody hear me or am I just talking to myself here? All right, thank you. So I just want to make sure that because there's been a few times in the past where I got to change the settings or something.  So I'm glad you guys can hear me. I do notice that there is definitely some lag time between me presenting and probably what you guys are hearing. I am running this on a potato laptop is an ultra book actually, and I have a lot of things open right now because of the streaming stuff. And I've got some charting stuff going on in the background. So it's, it's a little bit slow so hopefully that doesn't affect your guys. Enjoyment of this seminar or a smooth this seminar is but okay let's get started. So just quick introduction who am I you're new to this channel welcome. This is, you know, where x trades where trading community. And, you know, we provide a lot of education around trading, and we just provide a lot of good feedback on, you know, trades that you might take if you need some help with stuff, come and check us out. We also do provide, I guess what people commonly call signals or alerts. We do a lot of that as well. But you know my main focus here today is on on more of an educational side to get you guys up to speed. So I'm again Timehawk. I am a top analyst with x trades. That's our discord link there. It's another bot will probably also output that and it's also in our description. I've been trading for about seven years. So I mostly focus on swing trading. I do scalp and day trade as well. But mostly I do focus on swing trading. And for me that means overnight to a few weeks out. I usually if it's longer than that then most of the time it's only just equity positions and not so much options. And the purpose of this course, you know, we're going to cover everything basics to advance stuff for this particular one I think this is a more basic seminar today. But as I mentioned, we're going to go over a few of the more advanced strategies as well that I utilize this month and just do a quick recap on those things. So, you know, we're trying to help you guys get more tools in your toolkit. I'm basically be able to adapt to any situation. I'll also be going over a real life examples. And I re mentioned that like play highlights of this month. So, let's see here through this. But this is what we're talking about today right licking in is and PDT is going to be our primary topics and then some highlighted place Q&A on more advanced strategies if you guys have any questions about specific plays that you want to take a look at. Yeah, sorry. PDT is pattern day trading. So, basically, if you're under 25K in cash in a margin account, and that's true for most users. For example, unlike Robinhood or something, and you're probably on a margin account, you can get a cash account. I'll talk a little bit more about that later. But basically pattern day trading is where you can make more than three day trades in any given five rolling reading days. If you are under 25K and that's just a rule set up is really for safety purposes to prevent newer traders from over trading things like that. But we're going to talk about how we can navigate around PDT today. So, in this seminar PowerPoint, I left a lot of definitions and stuff in here, but I'm just going to kind of brace through them, not really talk about them, but I did leave these definitions in here in case you guys need to see them or you're not as familiar with the terms. Okay. Yeah. These are the definition slides.  And I'm going to do my typical full disclosure here. Plus, I've done it earlier, but everything I say is for educational purposes only. Nothing is, you know, a direct recommendation to buy or sell or to use a certain strategy. Right. It is for educational purposes, but I will show you my results using them right. Some more definitions here. Advanced strategies, legs and spread. So that's what we're going to be talking about today. I have another slide later on. So we're going to skip this data. So for options you guys all know data is really important the closer you get to expiration the faster the data value of your option decrease. That's why you often notice. You know, if you're holding options overnight why or even during a day. And the price doesn't change. Why is the value of the premium dropping a couple of reasons possible right but data is one of them data actually works throughout a day. You will notice it more on weeklies especially right. Just some more charts here. Alright, going into our one of the highlights from this this month since our last seminar earlier this month. So this was alerted earlier this week on Thursday. So this was in our discord chat. But basically, this was a our calendar spread play. So normally, and I know I did a seminar on this already but you know I know I didn't upload it to YouTube you ever anything and I know a lot of people have been asking about it so I'm going to do a quick recap. So anyway, how on their spreads. How you execute it right is, you just have two options, one yet you're buying and one that you're selling right, and it's going to be the same strike. So in this example here. I traded blink BL and K is the ticker right. They had ears on Thursday after hours. So here, I have two options here. One is March 26, which was the option expiring yesterday. And then I took the one the following week, which is next Thursday, just a reminder next week is good Friday so we have a short trading week. But, you know, I took BL and K April 1. And then you have the same strike. So in this case it was 34 P. So the strike was 34 and there were puts. So for a calendar spread, you pick the same strike different day, you buy the further one out and you sell the one closer in in terms of time. So a calendar spread is called a calendar spread exactly because it's it's over time, right? So as a calendar or you can also hear some people calling them horizontal spreads. So the advantage of a calendar spread is that really we're just trying to take advantage of data. Because remember that data chart I showed you earlier. I know it's real quick, but basically as you get closer to expiration, your contracts premium is exponentially decreasing right became so the closer it is to expiration the faster it loses the value. And that's just because you know options represent essentially chances of something happening right as you get closer to expiration, there's less chance for a certain play to move big. So therefore the value decreases. So in this case, all we're trying to do here is in a calendar spread, you're normally looking for neutral strategies right you expect that there's not going to be much movement away from your strikes. So really I want BLNK to expire on Friday exactly at $34 and that's how I will make the most money on this plate because I'm getting a credit. I'm selling the closer option. I'm willing that closer option get crushed in premium while my longer call option retains its value and that would be achieved the best at 34. Anyways, my specific version of the calendar spread is I play them over ERs. So we all know that when you have ERs, some tickers get a lot of hype, right, and then the ER happens, and then, you know, sometimes they they make amazing moves, but sometimes they don't move much at all. So with every single ER usually there's an expected move related to that ER. So what I'm betting here is that the move is not as big as options are trying to price for and that the front option will get Ivy crushed more after the earnings report because now the uncertainty from the ER is gone. There's no longer that catalyst to make that front data option move a lot. And of course, your back did option will also be affected, but the front option gets crushed more and that's the idea behind these ER account spread place. So anyways, I took this play on Thursday. For 34p. And then I got in at 89 cents. I just took a few because it's over ER. You never know what's going to happen. Right. And then the next morning, 636 am I am on the, I'm on the Pacific time so basically six minutes right after the opening bell. I close this ER calendar spread by buying back the front date option and selling my further dated option right and I sold at $1.29. So that's 40 cents. I can't do the math right now, but we're out of nine. I don't know what that is, but I'm guessing is somewhere around 4040 to 50%. Okay. So that's a 40 to 50% when just from holding something overnight, you know, I literally bought this open to spread. Maybe 30 minutes or something before close. I don't really remember anymore. And then I closed it the next morning with a limit. So I didn't even, you know, I just woke up and then I was like, I was filled. And then I alerted it. But, you know, it was a simple play that because BLNK didn't move that much after date earnings reports and it got crushed. So I do this pretty often. I find that this strategy is effective for me. I don't usually play that big on them. I usually go maybe up to like $2,000 at most for the play, usually somewhere between $1,000 and $2,000, depending on my confidence level, right? But I have about an 80% success rate with these. You know, I always just set it at 30% limit sell. And then if it sells, I get, I take that profit. And then if it if it's a loss, I usually just let it run into expiration. Probably not the best strategy, honestly, but that's just how I like to play him because I treat them as lottoes. And then, you know, my success rate on these types of places high enough that overall my account for this strategy is pretty green for the year. It's up about 25%. So let's see. Let's talk about some guidelines for the ER calendar spirits. I'm going to see if there's any questions here in the chat. Sorry, I've been kind of neglecting the chat. How long is this seminar by just trade? So I think the seminar, I'm planning on it to be about an hour at probably about an hour. Today's a simpler topic, so it'll probably be pretty quick. And then, you know, I may go up to an hour and a half, but basically whatever time we have left. And then if there are additional questions, I can go up to an hour and a half. Just to discuss any advanced strategies you guys might have in the chat or review charts, things like that. Look for place. But the actual seminar itself, I'm expecting it to only be about 3040 minutes max. Which is a lot shorter than previous seminars. See here. So cash account, you only have 6K and it's a cash account. So there's no limitations on how much money you need to have a cash account. But if you're on a margin account, you need to have 25K a day trade. Peace music. Yes, so for a calendar spread, you do buy the further one out and you sell the closer one because you're trying to crush the front option. So while your further option maintains its value or is not getting as crushed as the front option.  And then the further back data option you wanted to keep or maintain value, right. With ER, I like doing these for ER specifically because with ERs usually there is greater option crush after an ER. And they use a neutral strategy to take advantage of the fact that most options get crushed after ER. It's like even if a stock moves up after ER and you had calls on it, you would notice a lot of times you're still end up losing on those calls because it just didn't move up enough because the premiums were too high relative to the actual move. So that's that's why I use that. ERs is earnings release. Yep. So Raven, you asked, can you just let the front data option you sold expire? Yes, you can let it expire and you can just hold it. But the reason why I limit sell at 30% is because usually I if the stock moves too far away from my strike price, then it's also possible to lose on my trade, right. So for example, in my previous example that I traded this week was it was a BLNK 34p, right. So that's put side, but what if, you know, the stock had went up to say $37 and in fact that actually happened. Let me let me actually just pull it up on the chart so you guys can see where's my mouse here it is. No, let's pull up BLNK. So, did you know BLNK dropped to over 60% from its all time size. February, early February to March. Okay. Anyways, let's look at this ER play here. So I need to change my timeframe so you can see what's going on. 15 minutes, let's get the extended hours in so you can see that too. So, BLNK. This is Friday and this is Thursday the blue represents the pre market hours and the yellow represents. Sorry, I got that backwards. Blue represents after hours and the yellow represents pre market hours. But anyways, so I took the just this trade at the end of the day, last hour or so. The reason I do that is because I want to get a strike as close as possible to what BLNK was trading at right because it's a calendar spray is a neutral strategy. I'm basing my percent change the chance or change happening on BLNK from the closing price right. So that's why I try to wait until the end. So I think it was trading around like $35 or so at the end of the day. I took 34p and the reason why I did that was because BLNK had been dropping right and then it rose into the end of the day, like throughout the whole day was rising.  But maybe I'll go back down. I still got a strike that was close to it. So you should never go more than one strike away from it when doing DC kind of your calendar plays. That's how I play them anyways. So I took 34p. So it's a little bit slightly bear bias, but not too much right. Then it dropped down to about 3350 and after hours. So I was feeling really, really good about this play because my calendar spray play like I estimated that it could move to the $3 away from 34 and I would still be at least break even. So this move after right after hours, I was pretty confident that it would be okay. Now I closed it at open. I had a limit so for 30%. The reason is because 30% is good enough for me. And I don't want to stress about the trade. Now I actually had somebody DM me who asked me if they should exit or not. Few people actually. And I got some, you know, things in the in the main chat as well. But, you know, I told people, you know, it's better to just take profits and not worry about the trade. So these people, some of them, you know, we opened up at about 3335. We had a pretty wide range here, right? Let's go to smaller time frame. But you can see that it just opened at 33, pretty close to 34. Basically, I got filled around here, right? 30% profit. And then it just rose 35, 36. And then an hour, two hours later after open, BLNK was at $37. Now the people who were holding those 35 pounders spreads, their front day option is pretty much worthless. It's like, you know, probably worth like one cent or something or a dollar, right? But their back day option now is the only thing that has value to lose left. So now it is up $3 from that 34p.  What should I do? And it's just like, this is why I just take it at the hope. Okay. And of course, BLNK did return back down to 34. And this is why I like to use ER calendar spreads. Because after ERs, usually a stock has a very wide range of movement. And at some point in time, it will usually pass back that point. That's when you exit. Okay. Sometimes it opens up here and then it dips really quickly and then it bounces back up. Maybe that timeframe is only for five minutes. Maybe it's only one minute, right? But I noticed a lot of times post ER, usually you have a very wide range of movement. And at some point in time, usually you will find that it will pass this point again, right? And so that's why I just said, let me sell and I don't worry about it. And I just let it take profits. And if it doesn't hit, then I don't worry about it. And I found out the strategy is successful for me, right? There's no right or wrong way on how you want to play these. On the other hand, if you are bearish on BLNK, then sure, you can just look at front data option expire. And then maybe next week, it goes down to, I don't know, $30 or something. And then now you're backdated option. You basically had a discounted put by selling the front data option, which expired worthless. And then you just hold your long leg and let it continue playing outright. I don't really like to do that that often. And if I do do that, I usually prefer to use calls instead because markets tend to go up, right? And if I do do this, do that kind of a strategy, I also prefer to use further data options. So I would say by like, you know, April 16th calls and I would sell March 26 calls or something instead. And then I could just hold it out and then let it rise. Basically, you get a discounted backdated option. And that's how you would normally use calendar spreads. But anyways, that's why I like to set limit sales. But just explain that because I don't like to deal with that kind of stress of seeing a trade go negative on me like that. And then have to wait for the whole day on my edge of my seat, waiting for it to go back to my original price and take profits, right? Just close it out green in the very beginning, opening market hours, stress free. Okay. And yeah, you do have a possibility of getting those shares assigned if, for example, BL and K closed at $33 or whatever, then I would get assigned on that. If a spread or sorry, not a spread, if an option is in the money, the brokerage will always automatically execute it. And then you'll get assigned. So that's how it works. If it's out of the money, that's a different story. Usually you won't get assigned, but there is still a chance because in that case, it's up to the other user on the other end who bought the options you sold if they want to exercise it or not. But if it's in the money, by least one cent of brokerage will always automatically exercise it on behalf of that individual. So that's that's why you always get assigned in that case. All right. Okay, so be positive. Yeah, this video will also be available to watch later. It's available for two weeks on Twitch. I do eventually plan on like cleaning these videos up and then uploading them onto YouTube or onto our Xtrades hub, which is being developed right now. It's our website. Eventually it will be full featured. You filled at open and Thursday and close at 30% on Friday. So I opened the ER calendar spread on Thursday about 30 minutes before the close. And that's usually my typical how I execute that strategy, right? I usually do within an hour before close. That's when I start looking at it and I start trying to get into the plate. And then yeah, I just set a limit cell after market hours with about 30%. And then I just let it execute. In fact, I set my limit so at $1 20, but my brokerage tasty works. It'll be at $1 20 $1 27 or was it 29. I forgot that anyways. Yeah, I just let it automatically get filled out of all the ERs every day. How do you select which stocks to make moves on. So go ahead. And let's just take a look at these guidelines real quick. Okay. I did have a, you know, an older seminar video. Our first seminar video was on your calendar spreads and I, you know, I'd recommend you to go look at it, but it's not up anymore. So Twitch took it down because it was past the two weeks and I haven't uploaded it to YouTube yet. And that's why actually why I'm doing this today. But let's look at the guidelines here, right? So whenever I take a ER calendar spread, the first thing I look for is IV skew. I need an IV skew greater than 100%. Now, these are just general guidelines. I've also taken ER calendar spreads where the skew was smaller, maybe 50 to 80%. But I generally find that if I pick something with an IV skew higher than 100%, my rate of success significantly increases. So now I just only do it if I have something better than 100%. It's just better probability for me. And what is IV skew? So I guess what is IV, right? Implied volatility, right? So one of the extrinsic values of an options contract is implied volatility. And that's what the markets are pricing in to happen to a stock ticker or what people think might happen. And then when there's a lot of interest in a particular contract, IV goes up. So it's reflective of interest in a particular option and that's what drives some of the premium price, right? So what I'm looking for in skew is that I'm looking for a very high IV on the front-dated option that I am selling because you always want to sell high IV. And then you want to buy low IV because that means that the high IV that you're selling has less of a chance of actually making as big of a move as people are expecting. And so the IV skew is I'm just comparing the front-dated options IV with the back-dated option IV. If it's greater than 100% difference in that IV skew, then I take that ER play. Or I consider it. I also look at other things. So the other considerations here is that it has weekly options and decent liquidity. So this goes hand in hand. If a particular stock has good volume, good liquidity, then chances are more likely that it will have weekly options. If they only have monthly options, chances are that it's not traded as heavily. And so I'm not as interested in trading that because usually it's harder to get into the spreads. And also there's not as much interest in that stock. So there's not as much premium crushing that I can take advantage of. I also want to make sure that a stock has a decent market cap. So like there's tons of ERs every single day, right? You know, we're getting to that point in the season where there's not as many good ERs anymore. Like, you know, we're always looking for the high-profile companies, right? I've had times where I've played like really, really low-priced tickers or penny-type tickers with this kind of strategy and does not work very well. I find that, you know, it does work, but then it's more lottery than picking something that's bigger. And, you know, it's already a big risk when you're doing ERs, but when you're picking small cap, penny-type tickers, like the move sometimes are really, really far outweighs what happens. And I just take a big loss on that. And so I've decided this is one of my guidelines is that I only play something if it has, you know, more than a billion-dollar market cap at least, right? But anyways, I usually look for more higher-profile companies, et cetera, in order to play these. Also, for ER Congress, you will find that you have greater success towards the end of the week. So you can do this anytime from Monday to Friday, right? But usually Thursday to Friday, I find myself to have a greater probability of success and also in addition to greater profitability or just higher percent ratios. And the biggest reason for this is because of data, again. So as options get closer to expiration, the data, that's the data burn, right? The premium that's being eaten up by data increases. So because we are short, right? We're short on the closer data option. We are actually, you know, I don't even know if I'm using these terms correctly anymore, but we're long data, right? Yeah, we are long data. But basically, we're trying to take advantage of data burning up. So the premiums. And so that's why we see greater success towards the end of the week. Thursday to Friday are the most optimal place. But I do have success with the strategy on Monday to Friday as well, but I have to be more selective. Definitely look at those IB schemes, right? So, and then my next recommendation is that these are always a lot of those because ER is anything can happen. Just because options usually IB crash after ER and most of the time they, you know, don't pan out for those holders of options. Sometimes there is crazy move after ER. And in those cases, that's where the strategy will lose. Most of the time I expect that, you know, there's not as much movement as people are pricing into those options. And that's why we take these place. But because there's always a chance of that happening. Always, always, always size in this similarly. And, you know, the more you do it, the more chances of being profitable.  So you can do it 10 times and then, you know, maybe you fail four times out of 10, but then the other six are successes and then get 30% on that and it helps out weigh those losses, right? And then my last rules course limits self with 30% before open and I kind of explain why I did that already. It's just less risky, less stress for me. And 30% is a great overnight trade. Like how many people can say that, you know, you take a trade. 10, 15 minutes before close and then next morning you wake up and you find out that you have 30% more like there's nothing, you know, that's a great thing. That's amazing, right? You know, I'm happy with 30% and it's a probable strategy for me. That's why I like to do. So that's it for my ER calendar spread guidelines. Now we're just going to go into the actual seminar. Okay, so I see some questions. So I'm just following up on those, Kate and Queen, Queen cars. Where do you usually set your stop or do you have a stop, etc. Yes. So for these plays, normally I don't set stops. And the reason is because they are ER calendar spreads. I just let them run. So, you know, if the play doesn't pan out, I just let it run and I give it time. And the reason is because time is actually on our side for these plays because remember we are long data. So the closer we get to the end of the week, the higher the chance of a probability is, as long as it doesn't move away from our strike, right? So if it moves really far away from our strike, then at that point my contract isn't worth that much anymore. So I usually just, I just let them go. But, you know, as I did, as I said, usually I limit itself for 30% before open, right? I have gotten 100% plays on these before as well. And I just let it, the front data option expire. And then it went back in the money before my second option expired and I actually made a profit on it. Gee, what's an example of this? I know I did one last month that I learned it in the chat that did this. What was it? Oh yeah, it was Cody, COTY. So that play was deep red on the next day because it dropped, I don't remember how much it dropped anymore, but it dropped like 20, 30% of its value. And this is one reason why I don't like to play tickers that have a low stock price anymore. But it basically dropped so far down, it was worth nothing. So I let the front data option expire worthless, which is fine because then basically means we click in the full premium. And then I let the long data option run. And then by the time we reached back to that long data option, it was actually in the money. And then we took profit on that play. So it doesn't always work out like that. But this is how I treat these plays is that their ER calendar spreads, I treat them as lottoes. And my account for ER calendar spread, the strategy, is about up 25%. So obviously I have a limit cell for 30% normally. That means I do have losses, but you know, my gains far outweigh my losses and usually this is strategy successful. So, but you know, if you really need a limit, like a stop loss, maybe something like 50% will be reasonable is what I think. Or you can set it lower to say it's the same as your limit cell, you can do 30%. But I treat them as lottoes and that's how I played it. Can you do the strategy with a small account? Yes, you can. Because spreads are cheap. And for example, the play that we took this week was only 80, 89 cents. So it's $89 like, you know, you could play play one spread on that right for $89 and that's less than 10% of your account. Maybe you can do two. Right. Probably wouldn't do more than that, but you know, probably one is best on a small account, right. But they're cheaper to play. They are risky, though, because it's still ER. I just find out how good success with it over 80% win rate on this strategy. But that's only when I'm following these criteria. Right. You need to make sure that you're meeting these criteria in order to increase that probably success. Okay. All right, let's move on. Mark you and a later if you guys have any questions that we have time. So we're going to go over the main point of the seminar, which is looking in. So what is a leg, right. So a leg is each car option that is part of a more complex strategy with multiple option contracts. So usually you hear people go, I'm buying calls or I'm buying puts, or maybe some people are selling them instead under their selling puts, for example, right. So that's just a single leg and a naked leg, for example. And, you know, with multiple legs, that's what we call spreads, right. So when we have a spread, we're basically reducing our risk or covering ourselves up with different option contracts in order to create a more complex strategy. And there's a lot of different reasons why you would use a more complex strategy, because they they adopt to other different situations, calls and puts. It's just bullish or bearish right with complex strategies you can be neutral as well or you can just be neutral bullish or neutral bearish right depending on how you mix up your options. So, when we open each part of advanced strategy or complex strategy separately, for example, a spread, where you buy to open something and you sell to open something else right. You can do each separately and that's what we call legging in. So example of that here is looking into a trade such as an iron condor. I think I'm going to just show you guys a option strap, the calculator, so you guys can visually see this as well in one second. But, you know, an iron condor would be to sell a put spread into a down move. Right. So, the reason you do that is because when a drops, and then you sell the put spread. And then you wait to sell the call spread after the stock runs back up so you're taking advantage of the price difference within the stock by legging in to a trade. Okay. So, why would you or why would you not want to like into a trade. And before we get into that let me just quickly hop over to our option straight calculator. This is an iron butterfly. Not what I was looking for. So this is option strap calm. It is free to use, but recently they created a pay plan or subscription plan, and they lock some features behind it. But, you know, you can still use on the basic features. So let's look at the iron condor. This is the AMC iron condor. So an iron condor it's a neutral strategy right. Let's just read what it says here. Iron condor is a neutral strategy. It's profitable when the stock remains within the inner strikes B and C. It is established as a net credit. In other words, I am a net seller. So instead of paying money for this trade, I'm receiving money for this trade right at open. What I'm excited is, of course, if it doesn't pan out, you have to pay right. Your max loss on this trade is $135 because that's the width of your iron condors. Right. So you have six P and eight P and then you have 12 and 14. So 12 minus 14 minus 12 is two and eight minus six is two. So that's your max loss. Right. That's the max value of this is $200. Your max loss is 135 because I'm receiving a net credit of $65. So that's that's why it's 200 200 minus 135 is 65. I don't really feel like explaining iron condors right now, but just to give you guys a brief idea of that right. Okay, so an iron condor you want the trade to remain between your two price points and that's how you make sure that you collect your max profits. Okay. So you're risking $135 to make $65. As long as AMC remains between actually tells you right here 735 and 1265. Normally I think of it remaining between a and 12. Right. We wanted to be between our two spreads that we opened up. But because we got $65 credit and that's why we have this extra extra distance right. So when you like into a iron condor what what we are saying that you would do is that you would. You would buy to open the six P. And then you would sell to open the AP right. So the six P is worth less because it's further out of the money and the AP is closer in the money. So it's worth more. Right. So that's why you're getting a net credit in an iron condor. Both of these are you receive a net credit because you're buying the one further out which is worth less. And then you're selling the one closer in which is worth more. You get a net credit from that. And your max loss is whenever this is past 14 or below six for AMC. We just wanted to stay in between here. Right. So the reason why you do these six P and 14 C even though they're like worth not that much is to limit your loss because otherwise if I just sold this AP for 43 cents and AMC goes to $0 which I don't think will happen but let's just say that happens or I don't know they. See something like that. Right. Then now you're on the hook for $800. So I collected 43 cents and I had to pay $800 which is terrible. So you do iron condors to help reduce that risk. Because now you have a six P. So now if it's $0 then the six P is going to be worth $600 and this is worth $800. Right. So that's $200. That's how you get your max loss. Sorry if this guy's if this is really basic for you and again sorry if this is too advanced for you. Just trying to quickly explain this. I'm probably going to have to do it more detailed an actual seminar on on each of these strategies later. But yeah. All right. So in the event of laying in what you what they're telling you to do or what I'm saying that you can do for laying into an iron condor is say that AMC is at $10 right now says 1022 so it's 1022 right. So and you expect AMC to drop. Okay. In the short term, but you expect that say by April 16 AMC is going to be between eight or seven thirty five to twelve sixty five. That's where you think they will end. You think it will end maybe exactly at $10 because that's the point of this iron condor. You want it to be right in the middle. That's how you collect max profit right or between 12 and eight right because as your break even is further out because of the premium collected. So you collect max profits. It was between 12 and eight. So you want it to be right smack in between these. So if AMC drops to $8 or something. And then you see support there. And you think it's going to bounce. That's where you would open up this iron condor this put side of the spread because if AMC is at $8 this AP is going to be worth more right. This AP will also be worth more. But the AP will be is closer in the money right so it'll be worth the increase will be higher because of the delta right and delta is just a change in in the price of the contract for every single dollar that the underlying contract moves. All right. I know I explained about Greeks before as well but you know if you don't know the Greeks look them up. But basically higher delta. So this AP is going to be worth more than the six P when AMC is at $8. So and then you expect it to bounce and then that's where you open this credit spread. So let's just say for example that AP is going to be worth I don't know $1 and the six P is going to be worth 30 cents. So now I'm collecting a 70 cent credit instead of a whatever it is right now which is 31 cents right for example. So it'll be worth more. So you get 70 cents of credit and then now you think it's going to bounce.  So now you do the same thing and you open the other side of your iron condor. But at the end of the day on April 16th you think AMC is going to be between a and 12. But now you collected more than $65 of credit by opening each side of the trade separately because you took advantage of the movement. Whereas if you just open this straight up you would just take 65 credit right now. And that is fine. I just want to illustrate this point here. But why would you or why would you not want to do this OK. Let's get into that. And I'm going to follow up with chat real quick right now one second. Let's see. Can you sell an option before market opens. No. But you can set a limit sell order before the market opens. I see a spindleblader already answered that. Thank you. This is just test 19. So we are doing call credit spreads and put credit spreads to credit spreads on the same expiry. That is correct. The second call is two credit spreads combined together a put credit spread and a call credit spread. And so, you know, one is bullish and one is bearish but combining both of them you end up with a neutral strategy where you want it to expire in the middle of the spreads. I have to play around with it. So OK. I assume you generally want to pick a lower delta for your legs you're selling because that means less likelihood of expiring in the money. That's that's kind of true right. But usually we look for something between 25, maybe 20 to 45 delta is was generally recommended by the crows right. And you know I find good success with that as well. You know if I see something on the chart. I'm going to play off my chart rather than just based off of those values alone right. But it is something I do consider when I make a trade on those things. You know because you want to balance not just chance of it happening but also the risk and reward ratio right like the less chance it has of happening the less you're going to collect on it if you are selling a particular contract or selling a credit or credit right. The delta is really low there is probably not going to hit and you're going to just collect the premium but at the same time you might just be collecting like one or two dollars right like it's too far so far out of the money no one wants to buy it. So you have to find that balance and 25 20 to 45 is usually why he recommended by the pros and I find pretty good success with that as well. Okay, let's go to the legging in. So when or when do you want to or not want to like into a trade. So we kind of talked about that a little bit already when I went over that iron condor right you can take advantage of inch a day price movement on a stock before you open the full leg right. The full leg before a complex strategy right pros right. So, going over the basics. When you open a complex strategy you have multiple legs. Okay. Now every single leg has a spread right and that's spread I mean like the bid ask spread. Like if for example you're trading spy, which is really, really liquid most of the time, you can pick any option contract on spy and you probably has like a one two cent gap. Right. So say for example I'm taking, I don't know 400 C spy for April 1 or something and it's, I don't know three dollars. That's what the bid is at and the ask is at $3 and two cents. Okay, I don't know that's what that values actually are but usually that's what you'll notice they have very, very small width. Now, if I am doing a spread on spy instead, say that I'm buying a pro first 400 C and I'm selling I don't know 405 C. Now that's spread has increased because now if each of those contracts has a one or two cent width between the bid and the ask. Now your total width is actually between one to four cents right. And now this is for a really liquid contracts like spy, which you can get filled really easily. When you have a more complex strategy to more legs to add in. It's not that liquid, like if for example if you look at something like Tesla, which is, which is actually pretty liquid, usually, but they have pretty wide spreads right on Tesla I regularly see something like a dollar width between the bid and ask it's not unusual for to see, see that. And on less liquids contracts, you can see even wider spreads. So once you start adding up all these different legs into your play and they all have these wide widths and their bid and ask, you're adding up the difference between them and now you suddenly have, say a few dollar width in your play.  And you're like, well the middle, which is fair price is maybe about $2 right $2 50 or something.  So, you'll find that this happens a lot and this is especially true of those your calendar spreads I mentioned this is why even though the strategy works really well for me, why I don't even see anyone mention this online. Like whenever I look up calendar spreads, no one talks about this like when I look up your calendar spreads, I found one instance of it in in a Reddit data back like an year ago or something but I never even talk about it but the spreads are really hard to fill. So what happens then you just keep increasing your limit to try to get through it really quickly, or what do you do, or do you just wait. So my recommendation is, you know, general recommendation is probably, you know, you can increase the limit a little bit, but not too much. Because if you do that, you're basically shooting yourself in the foot by paying overpriced before the trade even happens, and you already lost money the moment that you open the trade. So this is where looking in cuts in right so when you look into a complex strategy, you can take each of those place separately so your broker doesn't have to try to find people who are selling those contracts at those exact prices that you want. And then you know, it takes a long time to fill. So, by opening them separately you can usually get in faster. Right. And it's also easier to find, because it's easier for them to find people to fill one contract as opposed to multiple contracts all at the same time. And also in addition to that sometimes this would be less expensive because again with those bid why bid as spreads. You know, it's just easier to fill. You can probably get a better price instead of having to rate keep raising your limit on those spreads. And using this kind of a method of legging in is great, especially if the market I mean, if you feel like you can time the market. But if you cannot, then this method will underperform and going back to our example of that amc iron condor we mentioned earlier. You know, we opened the credit spread. And in other words, it's bullish right is a bullish put spread because we're selling we're not sellers of those puts. In that case, you know, we open those when and after amc has already dropped to support and we expect to bounce up from there so that's when we would go okay now I'm going to open my put spread I expected to bounce from here. And then once it bounces you're like okay this is resistance is that resistance I am going to open my call credit spread which is bearish right. And now you have both those combined together to create a neutral strategy and you're like it's just going to range in between these two spreads and then I will make max profit. And again, the difference between that is is is significant if you can time the market.  And then you can't open up the other side your trade because it just keeps dropping or something like that. For example, let's see. Let me let me take a look at options chat, I mean options chat, the stream chat again. How easy or hard are these to fill? You know, it just depends on what you're trading like I said, if you're trying to fill on spy, it's really easy to fill because spy is really, really liquid in general, but some tickers are really hard. And especially those ER calendar spread plays usually I find it is pretty difficult to do. I was told another group to never look out of a trade is that true. I'm going to be going over that later. So just stay tuned for that. Yeah, and I agree with spindle blood on training spreads and Robin Hood fills are not that great on Robin Hood Robin Hood is like a bomb the barrel on the list of brokers to fill. And you know, it is you pay for for what you get right. Or you get what you pay for that. So that backwards. But yeah, I prefer to use tasty works. And they recharge 65 cents. Right. But, and I know, you know, TOS, right TDA, whatever is pretty standard 65 cents pretty standard.  I do do spreads on Robin Hood to but you will have a harder time getting into them. So what are the cons of legging in. So if you can get into a spread at a lower cost, or more quickly, why wouldn't you always want to look into the trade. And that is because of the risk and the spirit of the trade. So we kind of already talked about this earlier where like, basically you're not, you know, you think you can time the market. But then you fail at timing the market. Right. There's always a chance that that happened. The risk of legging in or the leg risk is that, you know, market price and one or more of the desired legs will become unfavorable during the time it takes to complete the various orders. Right. Because you're opening them all separately. The market is moving while you're making those separate orders. And if it moves outside of what you expect, instead of becoming more profitable getting in cheaper, you end up paying more. So, you know, the thing is, the most important thing is when you're doing a complex strategy, you have a certain goal in mind. Right. Like when I'm opening an iron condor, the purpose of me opening an iron condor is because I am neutral. I'm neutral on a particular stock. I wanted to stay within a certain range and that is my play. Like that. That's like the point of my play. I don't, you know, I don't want it to move much. Right. If it moves wildly or moves really far out of that range, then, you know, why was I considering doing an iron condor in the first place. Right. If it's so volatile. Right. So that's why I mean by the spirit of trade. There's a reason you're taking a certain complex strategy. If you're not trying to use, you know, the purpose of that complex strategy, which is in the case of an iron condor, I'm trying to be neutral.  Like if I'm bearish on it, why don't I just take puts and then you'll make more money that way. Anyways, higher risk, higher reward. Right. If you want to reduce the risk on that, you can just do a put spread instead. Right. Like put debit spread. So, you know, when you're doing a complex strategy, I'm aiming for a specific outcome. Why like into a strategy like that if, you know, that's not what I'm trying to do at all. So, you know, there is risk to looking in. So simple question for you guys. Think about it. Say that you're waking up in the morning. And then you're like, okay, I'm going to put on these pair of pants today. Maybe you just jump into your pants, both legs in, or do you put one leg in and one leg out? So I don't do put on both legs at the same time. Right. Now, unfortunately, that doesn't make any sense in the terms of option strategy because it's a complete opposite. We actually do want to put on both legs at the same time. So general consensus on legging in. If you go look anywhere online and you go look at any reputable trader, the consensus on legging in is no. You don't really want to leg in. But people agree that sometimes maybe there are certain situations where you do want to leg in. Like if it's really, really hard to get a fill on a spread, you can't get in. Maybe you can consider it, but here's the issue with doing that other than what I mentioned earlier. Right. So you have that downside risk. Like you could end up flopping on your trade instead. Right. Before you enter in the other side of your leg. And you know, I just lost my train of thought. I'll get back down that later and we'll just go to the next slide. Sorry about that. So when do I like it? So this is an example of what I did. Can you please show an example to make it more clear? Yep. I'm doing that right now. So I always show actual examples, but you know, just let me get through the stuff. Right. When do I like it? This is a Tesla vertical spread. I like it on Robinhood. Oh, you notice here that this spread is a 675 March 12 puts. So this is a weekly. So I was looking for a very quick day trade. Right. So I opened the 675 puts on March 10 for $1,000 and 180 cents. That's why you see this minus here, right? Because I paid for this contract. Okay. Where's my mouse? I lost my mouse. Oh, here it is. $1,180. Okay. So then later. I completed my vertical spread by selling the 665 puts for the same week, same expiration on the same day later in that day for $2,000. Now you might notice something weird. Right. Or maybe it's not so weird because you know, you probably know what I did. Now normally when you take a 675 puts in the 665 sell. Right. That means that I'm taking a, this, this is considered a debit spread. Right. Let me, let me just pull up the calculator again so you can, you can see more eventually. Let's pull up Tesla. And, you know, obviously March 12 is already expired. So it's not on this anymore, but we'll just do April 16th. Just to give you an idea. So we're going to do a spread. Right. So let's do April 1st for no particular reason. So let's say that, you know, I, I buy to open a 640p for $33 and 78 cents. And then I, I sell the 620p for $22 and 25 cents. So my net debit for this spread is a dollar, sorry, $1,153. And my max profit is 847 because the width between these two is $20. Right. So 20 times 100 is 200 or 2,000. Sorry.  So I paid $1,150 for it. So that means my max profit is $847. Right. So this, this graph shows that visually, you know, once you pass 600, you, you have max profit. Right. Or 6, 620. Sorry. So in the case of why I did is you notice here that I bought the closer in the money put for 1,180 and I sold the 665 for more than what I bought the 675 for. Normally you have to pay for a spread. Right. This is where you come get the advantages of legging into a trade. So in this case, what I did was I waited for Tesla to drop that thing. Let's try to go back to that day. I think it was March 10. Let's try to find that. My computer is definitely lagging on my end with all the stuff I have open. I can feel it's, but okay, March 10, March 10. All right. So this is March 10 that it gapped up. And then I took, I took, I remember now. That day I actually woke up in the morning at 6, 30 a.m. I am Pacific time. Right. 6, 30 a.m. Didn't have work that day. So I, I looked at the market and I saw that Tesla was up here at 715 or something. And I had this resistance line for Tesla at 710. Okay. And I knew that Tesla had previously rejected around 717 or so because of what happened on earlier than month in March 1st. Okay. So when I saw it hit the 710 area. Let's get a one hour chart. So maybe you can see a little bit better here. What, where I'm, where I got that from. So 710 is right here. So the reason why I have 710 mark is cause it was a gap. So on 22nd of February, Tesla gap down from 710 to about 695 or so. Right. So there's, there's this gap here between this candle and this candle. And, and then of course the next day it filled the gap and they're rejected. Okay. But let's ignore that for now. The only thing I care about here is I marked this as a potential resistance area because it was a previous gap area and I had previously rejected there. Right. So I was looking for it to hold and going back to the more zoomed in chart again, we have the 10th over here. So I know it popped over it, but I knew that had Tesla had done that before over here and then it, it rejected, right? Like it popped up a little bit over 710 and maybe five to $10 more and then it started going down. So I opened, that's when I opened that Tesla put on. What was it was 675 I think go back 675. Yep. I opened 675 puts for $1080 in the morning at about 635 ish 640 something like that. And then I targeted 675. The reason why is because again, I have the support and resistance line here. So you see this yellow line right here is 675.9. So my target was actually, you know, 676, but I was like 675 is good. I'm just going to take that. And you might be wondering where that 675 was. So we have this gap right here. So this was where I have the day on that gap down day. So that's why I use 675. And then you also see that acted as a support here temporarily before and acted as a resistance to previous day right here. So I knew that this range right here, 675 to 660 was a really, really good bounce range for Tesla. You know, it did a lot, right? It kept trading over here.  But you know, 675 was my first target. And so that's why I did. So I said that I opened it. The trade was $1,088 or so, whatever I said in that screenshot. And you know what I did? I felt really, really tired. I didn't ever work that day.  I think I stayed up to like one or two a.m. the previous that morning actually, and I was trading crypto or something. So I just wanted to go back to sleep. I was really tired. So I did was, you know, I'm going to say a limit sell on 665P or $2,000 or $20. And the reason why I said that again was because I expected, you know, I thought it was high chance that we would reach here. And I thought that was even higher chance that we break down into back down here into 660. But I was pretty sure 660 would act as support. And that is actually what Tesla did that day. You see on March 10, they went from here to here and it bounced right. So I was looking for this, but I was like, okay, maybe I'll do 665. So it's slightly closer in the money than 660. Because maybe we won't go all the way down here. And so I just said to 665 and I was like, why $2,000? Because I was just like, yeah, I don't know. I just said it because it was a nice round number. And I was like, you know, if it actually moves down here to 675, it will be more than, it will be worth more than that. And you can actually check that out using this calculator here. So if you, if you go to like long, long put, for example, right here, and you look at 620p, right? So if I fix 620p, then you can look at this chart. So today, say for example, today is March 29th, it's not, but say that this was a market open on Monday, right? March 29th. And it's right now this contract is $4,000. Okay. I need to change this to be the contract value. So let's look at that contract value. So let's say it's $4,200 right now. And I'm like, okay, I see resistance or not resistance. I see support for Tesla at say, I don't know, 590. So if, if I expect Tesla to go down to 590, then I look at this chart, I'm like, okay, so this calculator is predicting based on the Greeks, right? Because the Greeks is how the options derive their value from, right? So it's all calculated. If Tesla is at 590, then the contract is going to be worth $55.61. So I'm like, okay, well, I'm, I'm expected to hit somewhere there during the day. So I'm going to set a limit cell or I'm going to undercut it a little bit because maybe we don't hit that, right? Or maybe this, this is not exact, right? So I'm going to set it for $54 or something. I'm like, that's, you know, 12, $1200 profit. That's, that's fine. I'm okay with that. I think that's great profit. You know, always take money when you can take it. You know, don't, don't just sit on your, on your wins and let them turn around, right? It's not your money until you take profits. So set those limit cells. And that's why I did. And then I woke up like two hours later or something. And I found out that my spread fell and, and the rest is history. So I finally got a free running spread because I bought it at 1,180. I sold the further output for $2,000. That means I already made $820 off or opening this spread. So I'm already green on the trade. And now I just have this spread left over. And this spread can be worth 675 minus 665, right? $10. So $1,000. In other words, my max profit now is 820 plus 1,000. So I could, I can profit a total of $1,820 on Tesla as long as it closes below 665 on March 12. Or it goes below that before that, right? And so this is an example of when I do lig in. I only like in when I am day trading. And I like into vertical spreads either bulls, bull sides with calls or put size with puts. And the reason why I do these, do this is just to de-risk myself, right? Because when you're day trading, things are very volatile. Ask anyone, you know, the chat room this past week was wild, right? We saw spy QQQ, whatever it doesn't matter what stock you're looking at, Baidu, right? You saw them go up and down huge amounts this past week. So let's take a look at Baidu, right? So Baidu, right? Yesterday was the 26. So it opened up over here. Or let me try to find it. Right here. Add about to 202-ish, something like that. 205, I don't know. Around there. And then throughout the day, what happened to Baidu? It dropped all the way down to like 170. It bounced off the 200 daily SMA, which is this yellow line right here. But it dropped, you know, 30 plus dollars. More than that. A little bit more than that. But, you know, that's a lot.  Like this is not a small penny stock, right? Baidu dropped $30. That's huge. And then what happened? And then it bounced back all the way back up. And there are $30. And it actually closed the day green, right? Up 2%. So that's really insane. So this whole past week has been very, very volatile for the market. It's like been moving up and down a crazy amount. And Baidu is just one example that I remember a lot of people talking about. I also traded Baidu. But anyways, doing this, this kind of a strategy allows me to de-risk. So say that, you know, Baidu drops all the way down to 170. And I am still bearish on Baidu, right? Say that it drops down to 170. And I'm still bearish. But I opened my trade really early on in the day. So I'm really green, right? Should I take profits or not? But let's just say that I'm really bearish still. And I still think it can go down further. So I'm like, oh, maybe it will go down to 164, which is this, I have this Fib here, right? 164. In reality, it try to bounce off the 200 daily SMA. But let's just say that I was looking for 165 because of this Fib line over here. And I see this action over here. And it kind of bounced up off of that before. And I'm like, okay, maybe there's support here at 165 and it's going down to 165. So at that point, you know, what you would do, right? If you don't want to exit, completely exit your puts play on a day trade, right? Then you would just sell a further out of the money strike on the puts, just like I did with Tesla. And I say that I sell, you know, I see support here. I'm like, okay, I'm going to sell 165 P on Baidu. And, you know, what I prefer to do actually is I prefer to find a strike that is worth more than what I paid for my original strike. So I have a free running spread. That's what I would do. And if you had done that, then when Baidu rocketed back up all the way up to, you know, green for the day, you would have lost money, right? But you would have already locked in partial profits and you wouldn't have to suffer as much because your trade is still green. You just wouldn't be as green, even though it's above where you originally entered the trade. And that's the advantage of liking into these vertical spreads. And that's pretty much the only time I like to like in. So usually it's just when I'm trying to de-risk and I want to stay in the play. I'm still bearish on Baidu, for example. I don't want to miss out, but at the same time, like it's dropped a lot. I see that it's really close to 200 daily S&A. Maybe it bounces off of there. Maybe it breaks down and it keeps going down to 165. I still feel bearish, but you know, there's some risk here. Maybe if I find support here, or maybe I was looking at this fib line right here, this earlier one, I think this is a 0.5 fib. And it bounces off of that, which is actually dead and then it broke right. But you know, if you want to de-risk, that's what you do.  You can take profits. You can still stay in the trade and still be directional on it, but you just don't... If it completely permits, obviously you don't make as much, but you still make some money. And the important part about trading really is knowing when to take profits and actually taking profits. Because if you didn't do that, and you were in Baidu puts for that day, you would have gone and wiped out from this move where it literally dropped $30 and it went back up $40, right? You don't want to be on that in that situation. So, you know, make sure to take profits when you can. All right. And then of course, day trading on a PDT account. So, pattern day trading account or you have an under 25K margin account. So, you know, you're limited to three day trades in any given five rolling day trading period, right? If you're under 25K on a margin account. Or if you're on PDT, you can't even do that because you're already restricted and they don't let you day trade, right? So, in this situation, if you want to take, you know, these riskier weekly plays or day trade, et cetera, you can't really do that. But with this strategy, you can. Because what you're doing is you're just locking out your profits by using a different strike. And because it's a different strike, it's not considered a day trade because it's not the same quote unquote, not the exact same where you caught product, right? So, 675 is not the same as the 665. It's still on Tesla, but it's less you get around those PDT restrictions. Okay. I'm going to follow up with chat real quick here and see if you guys got any questions for me. What is the shortest call or put option you can have? Yes, you can have a zero, we call them zero DTE, which is zero days to expire. So, you can take the same day expires, but it depends on your broker. I do think that, you know, Robin Hood used to not let you do that, but they have started recently allowing you to do zero DTEs. Obviously, they're much higher risk, right? High chance of going to zero. In fact, that's what happens to most of them. You know, if you're a day trader, they can be great. If you're a scalper, they're great. But if you are more like me in a swing trader, you know, I might play them sometimes, but I don't focus too much on zero DTE, sorry, zero days to expire trades, except unless I am selling it. So I like doing like calendars or stuff like that or diagonals where I buy a further option and I sell the zero DTE option so I can collect the premium on it because usually zero days to expire options that will expire worthless at the end of the day. Now, if you're just trading intraday movement, they can still be really, really profitable, right? Like for example, this week we know that if I do one crazy, expire one crazy, things like that, right? They'll also chance to make profits with those zero DTE expired options. In your Tesla example, did you close both legs at the same time to take profit? Great question. Otherwise known as a ghetto spread. Welcome, Royestad. Glad to see you here. But yep, I call them ghetto spreads and it's because you're not opening them at the same time. But yeah, generally speaking, you know, it's not recommended to leg into trades, but the one time that I do leg into trades is when I do these vertical spreads, we're not actually day trading and I'm just trying to take profits and I still want to remain in the trade. Or for example, if you want to swing something overnight but you don't want to risk as much because you know anything can happen overnight and like pop up, drop down, whatever, anything can happen. Doing this is also a great way to swing trade and then you risk yourself after you caught the initial move. Next slide here. And this will answer your question about closing both legs at the same time. Okay. Looks like I left a bunch of slides in here from last time. We talked about debit spreads and stuff. If you guys are interested in reading more about that or you're not that familiar with these kinds of strategies because all the plays that we talked about, Juan Tessa, you know, that's the debit spread, right? But I'll leave these slides in here. You guys can take a look at that later from the recorded video if you guys need to review that. But I won't go over them in detail. Okay, so you've got vertical spreads here, bull side, bear side, right? Puss and calls. That's debits. These are all just slides from the last seminar. Just in case anybody wanted to see those. Okay. Back to slides for today's seminar. So looking in is a no in general, right? Most of the time. What about looking out? I remember everything that we say here is, you know, it's just general guidelines and guidance, right? How you want if a strategy works out for you in a specific way, work it, you know, like use it. That's fine. Looking out of a trade. My general feeling on this is pretty much the same as looking in. Generally, it's going to be a no for me, right? So looking out of a trade, however, it does make sense if you need to exit out of a complex strategy quickly. So you do this when you by separating out your trade into logical components and best practice is to exit out the risk side of your play first and lay out the less risky side. So just just some examples. And I think I'm going to plug those into the calculator as well, or the option strat calculator just so you can see a little bit more visually on that. But let me go through this first. Okay. We're going to go over a calendar ER spread on that. And then another example here is, I'm just showing you in text format is if you sold a white iron butterfly after earnings, for example, right? And a stock opened up unchanged. So in a white iron butterfly, you're just betting. It's a neutral strategy. Okay. So the stock opened up and unchanged after earnings. That's great. You're making money, right? You're collecting credit. So you want to buy back. In that case, if you're looking out, the short strata component of the trade first to get filled faster. And that's because after ER's price action is usually pretty wide. Like I mentioned this earlier today, when we talk went over our, what was it played BLNK, right? BLNK ER spread. So BLNK, I think was like probably a $5 range. Okay. And it was a, it's a 30 something dollar stock. So $5 range is pretty big on a $5 stock. Or even if you look at Baidu, if for some reason you did this kind of play on Baidu, right? So if the stock opens up unchanged in the morning, you're going to want to take profits right away most of the time. Instead of giving it the play time and maybe it plays out that $5 range and it goes up a lot where it goes down a lot, right? So in order to help us to close the play really quickly, sometimes you might just want to buy back the short strata component of the iron butterfly trade. And so you can get filled faster because if you try to close out the whole entire trade and it has say four legs in it, right? Which is, you know, a iron butterfly has four legs. So once you get into those more complex strategy with lots of legs, it gets really, really hard to fill them really quickly. So you just want to exit out the short strata component and then you keep your wings, okay? And the reason is because the short strata component is the side that has risk of, it has more value to it, right? That's what's going to be changing the changing component more. The wings part of the butterfly is, they're just long, longs, okay? But the further out of the money and chances are you're just going to let them expire worthless, okay? So they're probably worth like, you know, a couple bucks or something. So in this case, you would close back the short strata component to lock in those gains real quickly at the open and then you would just ignore your wings, which are worth not that much anyways. And you can try to close them out to collect, you know, a few dollars or whatever, right? But chances are you don't have to worry about it as much if you can't get filled on it right away. So that's when you would, if you actually want to leg out and you need to leg out really quickly on something, that's the only time I would recommend legging out. Otherwise, try to close out your play all at once because you don't want one part of your play. You don't want to leg out one part of your play and then have the stock price change significantly on you while you're trying to close it out and then you try to close out the other side of the play and the value of that changes, right? So for example, if I close out the, you know, if I sold my wings, which are like worth like, you know, a couple dollars or something, like, sure, I get my couple dollars back, but now I have the short strata component and let's just say that it shoots up two or three dollars or two or three percent or whatever. And that was out of the range of, you know, what I wanted it to do and the short strata because with a strata, you want to, you want to see the price change a lot, right? On a short strata, it's a reverse, right? You want it to stay within that price range. So, you know, in that case or event, then you would get, you would shoot yourself in the foot. Whereas if you had kept the wings, then if it had moved a lot further out of your expectations while you're trying to close it out as a whole play, your wings would protect you because suddenly your wings would get value, right? Because you are long on those really far out of the money options. So, you know, hopefully that makes sense to you guys. I know this might be a little bit difficult to understand without visual visuals. So let's just go into the actual option strata calculator and maybe that'll be a little bit more helpful. Okay. Option strata calculator. Pulling that up now. So, let's say that, and that's why I had this AMC Iron Butterfly up. Just to explain that. Right. So in the Iron Butterfly, it's a neutral strategy again, okay? So you want it to close between the range that you have predefined using your strikes. So in this case, I am long on the eight puts. So I bought these puts, eight dollar puts, and I bought these 10, or sorry, not $12 calls. And you always want to make sure that the width between your middle strike and your wings, your AP and your 12C is the same. So 10 is perfect because it's $2, right? So always pick something right in between. I know sometimes there's like some options with like 12.5 or something like that. In that case, make sure you pick some options that you can get the equal width between them for the strategy. But in this case, so we bought the APs and we bought the 12Cs and then we sell the 10C and we sell the 10P, okay? So this is a net credit play. And we want it to stay between, preferably between, you know, 850 and 1140, which is our break-even points based on our net credit. Preferably you want it to close exactly at $10. That's where you make the most money. Okay, so you can see that here. $10 isn't on this table, but you can, that's in the chart range. So I'll pull up $10, right? So we see $10 here and max profit right here, $142 at expiration, okay? So that's what we're looking for. That's what we want on this trade. And say that, you know, this isn't, obviously this isn't an ER play, right? But you know, say that we're taking April 1st instead or something and it was an ER play, meaning that we were just trying to crush the IV again and all of that. So you would see, usually you would see bigger gains on this kind of play because it would be, you know, you have the ER catalyst event, right? So let's see here. And you're just trying to crush these options, right? So say that it opened at $10 and say that it was, you know, Friday, right? So if they opened at $10 exactly, that's when you would want to exit your trade because you'd make your most money. If you wait until the end of the day, you have a chance to make a little bit more, but you don't want to risk AMC, for example, suddenly shooting up to $12 or something, where you would end up being right on the trade. So when you have four trades, again, as I mentioned earlier, it might be really hard to fill that quickly. And maybe AMC is going to be a quick mover in the morning.  It happens all the time. So you just want to close out this trade really, really quickly. So what you would do is you would buy back the 10C and the 10P for their relative respective prices, and then you would keep these APs and 12Cs. And these APs and 12Cs, as you can see, there were 12 and 34 cents right now. If this was on Friday, like fast forward into the future, these would be worth a less, right? Because the premium burn, right? And data. But then you're trying to sell. So we try to buy back these, the short straddle. So, you know, this is a straddle where you buy the same, sorry, not buy. You sell the same strike for both calls and puts. You're basically betting that the market is going to move big. But in this case, we're doing the opposite. I might flip that around when I said it, but this is a short straddle, so we're selling these. Normally, for a regular straddle, you would buy them, right? You would buy a 10C and then buy a 10P. And then one side will pay out big and the other side will lose out big. That's what you're hoping for. So in a short straddle, where you're doing the reverse, by selling them, you just want it to stay flat. So you would buy back this 10C and 10P first, because this is the part that is most volatile and has the most money attached to it. Whereas this is less risky because you're long on these, but they're not worth that much already. And then you can just sell them or whatever their worth left at the very, you know, before the end of the day. So that's what I mean by, you know, selling the riskier side first. And usually your riskier side is going to be your short, your shorts on these kinds of advanced strategies. Because that's what, you know, you can get assigned on them, whatever, et cetera. Hopefully that made some sense. Yeah, yeah. I'm going to check with the chat now for all the neat questions you guys have, but you guys got any questions. I'll follow up with you guys. Oh, gosh, some terrible jokes here. Must have pulled that sense jokes from the bad base. That's a good one. Yep. Thanks, thanks to Spindle Blood and Royce Dead for answering a bunch of questions. Yeah. A lot of these strategies are really hard to understand, but, you know, the purpose of these seminars is that eventually I'm going to be going through all these strategies, advanced strategies, one at a time. And then we'll talk about those actually more in depth and how to use them, things like that, as we go, right? But today is a different type of seminar. So again, avoiding PDT. So we do have this PDF available on our Xtrades Discord channel in the Education channel, sorry, our Discord server in the Educational channel. And, you know, it's kind of, I kind of really went over it, to do it with basically your legging in and to spreads, right? You can use that in order to get around PDT, to get around using day trades, right? Let's just take a look at that real quick, actually. And there's also some other ways you can avoid PDT, and you're probably, you know, depending on your experience with trading, how often you trade, you're probably really familiar with this. So this is my, the PDF that's posted on our Xtrades Discord server. Go check that out if you guys, you know, want to, I guess, socialize with us, and get bounce ideas and stuff, and to just basically learn more, because we have a lot of good information in the Educational channel as well, lots of videos and things by our analysts. But this one in particular is on how to lock profits without a day trade, and it's mostly about PDT, right? I published this in September 3rd, so it should about half a year ago now. But, you know, one of the biggest obstacles is how to get around PDT, right? That's why you hear a lot. These are definitions. We kind of went over them earlier, so I'm not going to go over them again. But here are the methods you can use to get around trading limitations, right? So one is you fund your account with over $25,000. So if you have a margin account and you have over $25,000 in your account, you don't have to worry about day trade, but you do have to worry about maintaining over $25,000. If you fall underneath that, then you will fall under pattern PDT rules again, or day trading rules. The other option is to have multiple accounts. So day trades are tracked individually by each broker for each account. So if you have multiple accounts, then that means you can have multiple day trades in every rolling five-day trading period, right? For example, for myself, I have a Webull account. I have a Robin Hood account. I have a TastyWorks account. I have a Thinkorswim account. And I also have each rates, right? So, you know, each one of those brokers tracks your day trades separately. So if you are under $25,000 for those, you can use that in order to have more day trades. You know, I personally don't have that many accounts for that purpose. You have that many accounts because I am splitting them up by strategy. I use different strategies on each account, and that's how I can keep track of if a strategy is successful or not, right? I want to play a different way with a different account in order to see and assess if that strategy is working out for me. That's why I do it. But you know, if you do day trade a lot and you need more day trades, that's another method, right? And then you can have a cash account. On Robin Hood, you have to specifically request to get a cash account because they open you up as a margin account automatically. Webull, you can also open up a cash account with them. And with a cash account, it just means that you can, you're trading up to the balance of your account daily. The downside of a cash account is that you are unable to use margin, meaning that a lot of times you cannot say, for example, like, for example, like when you're trying to sell options or something like that, you need to have a certain amount of collateral, but actually I don't think that applies either. I can't think of a good example right now. I'm blanking out, but basically there are some advantages and disadvantages to a cash account, but with a cash account, you can trade up to the balance of your account daily. So if you have $5,000, that means every single day you can cycle through $5,000. Exactly, right? If it hasn't arrived back in your account yet, then you cannot use it. But that way you don't actually have to worry about day trades because there's no limitations in how many day trades you can do. You're just limited by the amount of cash you have. And then options. So we already talked about that, where we leg into spreads, and that's how you can get around day trading restrictions with options. So in that case, you're opening another option position against your position. And I talk about examples and how to do it. Throughout the rest of this document, I'm not going to go over it because we already talked about it. But if you need to learn how to do it in Robinhood and how to open spreads and stuff and where all the buttons are, stuff like that, this PDF has it all. So I recommend you to take a look at it if you are interested in that. And if you need further reference to it, but we kind of went over that today already. But if you need a visual guide on how to do that in Robinhood specifically beyond just the theoreticals, then this guide will show you how to do it all. Okay. So, yep. All right, that's it for PDT and how to get around it. So now, you know, we've been going from about an hour and a half already. This is kind of where I planned to end. But, you know, I'm open to doing some Q&A maybe up to another 12, 15 minutes or so. If you guys have any questions, you guys want to try reviews or requests or if you want to see if there's something good place, type it in the chat, and we will check them out. Thanks, 007. We will see you next time. And oh, also, if you guys don't normally come and join us, come and check out 007 after hours every single day as he sees here Monday through Friday, reviewing ERs and doing chart reviews and requests. So definitely come check him out on Monday through Fridays. Roy's Dad, I actually also did a butterfly on GameStop yesterday. I had, I opened it on Thursday and what did I do again? I think I sold the 190C. I bought the 175 and I bought the 205. Yeah. So I sold two of the 190s, right? Her butterfly. But yeah, that turned out really profitable because GME did hit that middle spot quite a few times throughout the day. So it was really good. Thanks. Yeah, I'm going to try to get those up to YouTube. But you know what? If anybody is good at editing, video editing, hit me up on Discord, like the ME or whatever, because I've just been really busy. I haven't had time to edit these videos. And they are pretty long. I think the first one was like three hours and then I got better at it and it was two hours the next time. And now we're doing about an hour and a half to two hours, which is about where I think is the max I really want to do. And it was such sitting, right? But yeah, if anyone's good at, you know, editing and stuff, hit me up on Discord. And then, you know, it's long, takes a long time to edit probably, but at the same time you can watch it and you can learn all the stuff that's in those videos. Iron condor and butterfly plays. Yeah, I don't think I'm going to really alert any of those because when they have so many layers, it just gets really, really complicated to alert. And in fact, our bot doesn't even track it. So every single time I post an ER calendar play, that doesn't actually go into any of my stats on x-trades. Like it doesn't accept the play because it's like it doesn't know what it is. Our bots can only accept naked calls or puts, right? Like you can sell the open or you can buy the open, but you can't do multiple at the same time. And then if I open them separately at the same time, like looking in, then people will get confused on it or also the bot, the tracking system for x-trades is going to report like most of those legs as losses, right? Because you're profiting on the trade as a whole, but some of those legs are going to be losers, right? So that's another reason why I'm a little bit averse to alerting them, but mostly it's just because it's really complicated. People aren't really that familiar with it. Usually if I do alert spread, it's only going to be a two leg spread. So it's just going to be calendar spreads, vertical spreads. I might alert like some more advanced strategies and watch list or something. And if you guys want to follow those, you can follow those as well. But I know Roy's that also alerts a lot of those things or mentions a lot of those things in options swings. Excuse me. But yeah, check that out. Check the options swing section. That's where you'll find more of the advanced option spreads and talk usually. Usually the main chat is a little bit more cluttered with sculpts and things like that. And usually for sculpts and stuff, you just want to get in and make it play because you're just trying to capture momentum. So spreads are more advantageous when you are not necessarily trying to capture momentum, but you're trying to get a more risk-defying trade and swing trading. That's where spreads come into a bigger advantage. If you're new to option bigs, BIGZ 3611, if you're new to options, come check out our Discord channel and check out our education section. There's a lot of good videos there and a lot of good tips. Yeah. Yeah, wheel strategy is great piece of music. I do a lot of those too. Condor is indeed flat. Yes, it is a neutral strategy. Piece of music. What's your username on Discord? Is it the same thing? Watch sale this allowance. Good point. End of blood. That's another whole topic altogether. Another clarification on calendar spreads. I guess what's your question about it? Same name, perfect. All right, we'll do that. Okay. I know somebody mentioned VIC, right? Earlier, who was that? I think I saw somewhere in the chat. Let's take a look at that ticker. And if you guys have any other tickers you want me to review or anything you want me to look at, just put it into the chat and we'll take a look at it. VIC and on calendar spreads, maybe I'll do a quick review on how I find it. Right after I look at VIC. So stick around for how I look for calendar spreads and how to execute them. I'll go over a little bit more in detail again after looking at VIC. Stick around for that. Okay. VIC. So, geez, I think I looked at this yesterday or today before or something like that. And it looks so ugly. I don't really know what to think about this, but just looking at it from this, nothing about fundamentals or whatever, right? Just looking at the chart, what's going on right here. We gapped down huge. Okay, we touched the 50 daily SMA. This is the blue line is 50 daily SMA. And we just kind of plunged right through it. And then yesterday we hit the 200 daily SMA and we bounce off of it. Right. Actually, we didn't quite hit the 200 daily SMA, but got real close. And in fact, a lot of stocks did this yesterday. By the way, we saw the same thing. It almost touched the 200 daily SMA and it kind of bounced off of that. So, I mean, honestly, I wouldn't trade this. It's too volatile to trade right now. That's just me personally. I don't see the risk and reward. I don't think it's worth it to trade. But let's just take a look at where possible support areas are and stuff. And while I can really feel my computer or my ultra book essentially lying a lot right now when I'm trying to chart. It's really bad. So I always try to find support and resistance, right? Find the trend line. Where's the trend line? Okay. So old trend line, right? It was bouncing off of this before and then it went started going parabolic. Once you start seeing this happen, when a stock starts lifting off the trend line like this and never comes back and it just keeps going up like this, it's essentially going parabolic. And when a stock goes parabolic, you don't know where it's going to end. But eventually it's going to come back down. It has to correct. Stocks go parabolic, but they need to correct. Like example that Tesla, right? It did the same thing. Let me just pull that up real quick. You're probably already familiar with the Tesla chart. I'm sure most of you have probably looked at Tesla, trade Tesla. If you look at the daily chart here, let me turn on auto. That's screwing up with my thing. You know, it basically went parabolic, right? It started lifting up off this trend line and never came back to this trend line. And then it had formed a new trend line and then went off of that and it really just went parabolic. So if you look at like a weekly chart or something, you will see how parabolic Tesla is. Like, you know, this kind of price action is amazing. You don't know when it's going to end. Like it did this for a whole year and a half, I think. Right? You don't know when it's going to end, but when it does, there's going to be a big correction. Stocks can't go parabolic forever. It just doesn't work that way and we see that. So we got this major dip right here. I think it's what, 30, 40%, whatever. But anyways, going back to VIAC. So we see the same thing happening here with VIAC, but this is really parabolic, right? Like it just left it off and never came back. So usually we like to see stocks retest their moving averages at some point. So this is the 50MA and the date, 200 daily SMA. So we'll have to see them touch back base because it gives us better confidence for it to move up there. But when it never comes back down like this, that's, you know, you can trade it for sure and definitely trade it, but right now it needed this correction. And, you know, it's just, I just think it's too volatile. Very personally, I think if you really wanted to, though, this right here, 200 daily SMA was probably a good spot to try to add in or to go long. This is just based on a technical basis, right? So I see some support here, right? This is where I would want to enter right here in this rank. So about $37 or so, $37 to $38 is where I would want to enter. Of course, now you just see this and I printed a, I wouldn't call this a spinning top, but it's because it's so wide, but basically it calls the day flat. I think by day you see the same thing happening, but I would look for, you know, we want to trade off but support or resistance, right? So that's what we're going to be looking for here. It holds above this support here about $47, $46, $86 is where I drew this support, right? And we also have this, let me draw another line here. This is what I would call the zone. So we have this support here because we have multiple, sorry, not there, it's on the bottom. So we have multiple touches here. And so I find that this was, it was good support before. So this is where I'll be looking for this rank right here, right in between $4680 to $4820. If the IAC can hold this area and it bounces up from here, then that's where I would go along. And my long target, I mean, there's this huge gap though, right? We would think that eventually it would fill this gap. But honestly, I would not trade it right now, give it another couple of days to see if it finds support. Because when it, when stocks move like this, it's really volatile still. It can bounce up and then it can go back down, right? That would not be unusual. So personally, I would not trade this right now. I would wait at least another few days to see if it finds support. This is probably going to be my next price target right here, $60 if it can hold this area. Ideally, what I want to see is I would want to see it retest this 200 daily SMA and bounce off of it. And that's where I would enter and I would go along up to here. And of course we have this gap fill, right? From 67-ish to $90. And we would look for that to fill eventually. But, you know, I'm not really too optimistic right now. I think there's a lot of stocks that were really hyped up and they went really parabolic. And they just, they just don't really, they're not really supposed to be that high. But, you know, the markets trade the way they want. What I think is valuable or not valuable doesn't really matter sometimes, but we just play what we see. So, but anyways, I'd look for support there or for it to form a base over here around $46 worth $7. BTO is buy to open. STO is sell to open. BTC is Bitcoin. But it's actually buy to close. STC is sell to close. So, you know, when we're closing out a trade, we use the C's and when we're opening a trade, we use the O's. So buy to open means that we're long in a position and sell to open means we're short on a position. Oversold, you guys think it's oversold?  If you look at RSI over here on VAAC, you can see it's hit, it's hit the bottom, right? Like, maybe it goes down really low, like over here, back in March 2020, right? But, you know, it's oversold, but I wouldn't rely on, like I use indicators, but I don't use them to trade. I always trade off of the price action and I use the indicators just to confirm for myself and give me more confidence or confirmation in my trades. But yeah, I mean, like, if you feel really risky, when you take some risk on, then you can definitely trade VAAC bullish to the upside, right? Because it's dropped so much. But preferably, I would look for, I would wait a couple of days to see if it forms a support, either here at a 200 daily SMA or over here around 47 to 48 where it closed today. So if it can maintain this area, then I would trade up to here to 60 as my first price target. A lot of things had really big drops this past week, like TME, Baidu, et cetera. Okay, so calendar spreads, right? Let's just go over how to find, how I find a ER calendar spread, like, okay? Because I think that's what some of you guys are interested in and want to hear more about, right? And if you guys have any other questions, let me know. So what the first thing I usually do is, I just pull up our ER calendar chart, not chart. Infographic, whatever you call these.  So it's pretty useful, right? I use them to give me heads up on, like, the big companies that are reporting that week, because that's what we want to know. There are other ways to find ERs, too, and there's more ERs than just this, but these are the ones that are usually more of interest. Okay, look. Is this X trade? I didn't know we were public. Okay, so I'm kind of interested in what this is. Does anybody know what this is? I feel like I should look it up. It doesn't show up. What is this? Is it trade X? I feel like trade X, right? I don't know. Is that what this is? Let me see if I can close up. Nope. Does anybody know what that ticker is? Because I don't know. Okay, anyways. So usually I look at this Earnings Whisper report. So I go to Twitter and I pull it up and then I see, first of all, I always look for names I'm already familiar with, because if I know about it, then that means that it's likely I've traded before, and that means it has good options or something, or it has good volume, something of interest. So right off the top of the bat, I mean, I specialize in certain tickers, so obviously I don't know all of them, like Blackberry, right? Not really my favorite ticker to trade, but it's been of interest because of short interest. Right? And all the Wall Street bets craze, all that, GME, AMC, et cetera, Blackberry showed up on that. And so that's why it's, you know, maybe we can take a look at that. We have Chewie here. That's one of my favorite stocks to play. So I'm already in a trade, but we can take a look at that for possible ER calendars per play too. And then we have Lululemon, right? So that's probably also another big one. Let's see. I think Arcadia is energy, right? So that might be interesting to take a look at too. Usually, even if I'm not familiar with the name, I will just go through and run all of these two to see what's going on. But we're going to look at these first, Blackberry, Chewie, Arcadia. And then on Thursday, the first one that stands out to me is Micron. So that's M.U. You guys have so many conductors, right? Dave and Busters. I'm not really sure. I haven't ever traded Dave and Busters. Carmacks, also kind of interesting. But okay. So we're just going to start with Tuesday first. Or maybe I'll start with Monday, but I'm not really familiar with these. There's a lot of bio companies. Oh, I think. Okay. Let's look that up.  I just type them in here. I use option strat. So we got Denimer Scientific, the NMR. And it has its earnings on Mondays. After hours. So I don't want to do an iron bar, but I want to do a calendar spread. So we're going to pull up calendar spread. You can do a call spread or a put spread for the purposes of an ER calendar play. It doesn't really make much of a difference, but if you do have some directional bias, and that's what you will pick. And also if you want to hold it out longer term, then that's what you would do. So you can see here that the NMR only has monthly contracts. Okay. And unfortunately for us, the monthly contract for March is already passed because I was March 19. Yep, March 19. So it's already passed. So I will not be taking, I will not be using the strategy for the NMR because it's too far out. April 16 is too far out to have much of an IV effect on the options contract. So you can look here, if you click on these flags of the option contract, you can see what the IV is, right? You can also find this on your, on any broker. When you open a trade or whatever, you can just click on it and look at the Greeks, right? But I use option strat to plan out everything. It's just easier for me. So you can see that the IV is 81% on May. And then on the front dated, it is higher, but it's only 87%. There's only a 6% skew, which is, which is nothing. Basically non-existent. And that makes sense. And the ER is, you know, next week on, on the 29th, and this contract April 16th is like two or three weeks out. Like it's basically not going to have that much impact. And I think originally the stock itself might not, it might not be a high IV stock in the first place, right? So we're not going to look at that because they don't have contracts expiring the week of earnings report. And that's what we're looking for because we want to crush that option that's expiring after that earnings report. So I'm just going to like type all of these, right? Let's look at BioC, right? Because I think some people are trading this, but it's the same thing, okay? So I think I'm just going to ignore all of these for now. Maybe I usually will look over them too just to check. But let's just focus our efforts right now on stocks that I know are probably going to be more likely to have get played. So let's look at Blackberry first. Let's skip all Mondays because I'm not really familiar with those stocks. So Blackberry has weekly options, right? Remember those criteria I mentioned before, you know, we want to IV skew over 100%. We want, we want options that have weekly options. And we want to make sure that, you know, it has decent market capsized. Blackberry is a big company, right? And it has a lot of interest in it. Okay, so those are some of the more important ones that I look at, right? So we're going to take April 1st, and then we're going to sell April 9th. You can also alternatively do 16th or longer if you want. But usually for the purpose of my ER calendar spread place, I'm just trying to capture an immediate profit and not try to hold it long-term. And so that's why I usually just do one week. Maybe you can do the next monthly call out too if you want. And it's usually less risky that way. But I usually find that I have the greatest profits and probability of success when I just do one week out. It is safer to go longer. But for me, the profitability to probability ratio is pretty good with weeklies. And that's why I do that. Okay. So it's up to your rest tolerance is what I'm saying. So Blackberry is $9.63. So we always want to wait for the end of the day. And we try to see get a strike that's close to where the current price is, right? Because we're trying to be neutral. We want it to be flat. So you see here that if we take the 10C, 1 and a 9, it only costs $17 for a play. So that's our max loss, $17. But our max profit here is reported to be $55. That's great, right? But here's the thing. Ivy is going to drop after earnings report. Ivy always drops after earnings report. But the reason why I still like these plays is because the front option has more Ivy to drop than the back option. Of course, you also have to pay attention to Vega. And Vega is the change in the premium price of the contracts as in correlation with Ivy. So you multiply Ivy by the Vega in order to get the premium contract pricing along with the other Greeks, right? So usually Vega is going to be higher on your front-dated option than your front-dated option. And so this is why when the Ivy spread is not that big, I still don't like to take it like that. Because even though the front-dated option will get Ivy crushed more, because the Vega is higher on the back-dated option, then it kind of balances out. But when the Ivy skew is really, really high, then that's when we can take better advantage of it. But anyways, with Ivy, we expect it to crush. So there's a slider here. So this is 140%.  And you see that your profit margin starts shrinking a lot, right? So that's why I don't rely on this. So it's not a true number because after earnings, this would change so much that it's really hard to predict exactly what will happen. But yeah, that's what I'm looking for here is Ivy skew in order to make it more profitable, more probable to be profitable for us, right? So we see here that the Ivy skew is only 30%. And another thing to note about Ivy skew is that it increases, the skew usually increases as you get closer to earnings, which is another reason why I usually open up right before the day of earnings. And this, you can also play this in another way because Ivy ramps up into earnings reports. You can buy contracts, you know, one or two weeks before ER, and then, you know, you know, because of Ivy increasing your contracts will be worth more. So that can also be played that way. Okay. So here, I'm not going to look take BB because the skew is too low for me is only 30%. So let's move on to the next one, maybe look, look at, I don't know, Lulu. And so this is what I basically do every single week. I go through every single ER, and I look at what's going on with these numbers. The first thing I look at is Ivy skew, do they have weekly contracts, and then I just keep filtering at them. And then once I find some of high Ivy skew, then I go to the chart and I figure out, is it worth it to play it right. So here, 58% versus 78%. Again, not very high skew. So not something I like. But let's just say for example, right. For example, if the skew was higher, say it was, the skew was 100%. So the difference between the IVs was 100%. Then these numbers will probably be different. Right. And we already know Ivy is going to drop. So I'm just going to say it drops like half or something. So then it's saying that my break even points are 300 and 322. Again, this isn't really that accurate. But so if you have these three 10s, that means you have about $10, $10 to $12 leeway on both sides after accounting for some IV drop, right. So let's just pull up Lulu to see how I would trade this, or if I would trade this. So if you go to Lulu here. Interesting. So I don't have any information on this chart. Right. I don't have any lines. Support and resistance, no trend lines, nothing. So that may, let me hide my indicators because those are annoying. So I'm going to try to find out, you know, what the price action on Lulu is to try to see what the range is, right. So I see that there's a descending trend line here. See that it's been falling this descending trend line down. So I feel a little bit shaky here, but this is the whole market right now. The whole market kind of looks like this where it bounces up into the trend line rejects, bounces up into the trend line rejects. Right. It's been doing that for most of a lot of tickers in the market. Not all tickers. We still have some tickers that are performing really well. Examples of that would be like energy tickers right now, oil, real estate is doing decent industrial. Like, you know, a lot of people have just been focusing a lot on big tech tickers and that's why we're in a lot of pain right now, right. This past week for a lot of people because we're just used to training tech tickers. So you look at, I know I'm getting sidetracked here, but you look at this is an Aztec chart, right. And then we compare it with spy chart. Right. We're almost at all time higher on spy. Tech. Nasdaq. Not even close. It looks, it looks way more bearish compared to spy. So make sure to pay attention to other sectors other than. Okay. Getting off my soapbox on that.  Oh, and be sure guys to vote on the weekend report. An analysis ticker form. I will be going over chart reviews and tickers on that as well. Yeah, in case we don't have time to go for more specific ones today, but go on that. And I'll push out that reports on Sunday. I usually give a broad market overview as well, including sectors, I think are good to look at. Okay, back to Lulu here. So let's just identify support and resistance, right. That's what we're doing. So support and resistance always find your, your peaks. Any of your pivot points is a pivot point here. And if there are multiple touches to that area, then this is even better, right. And I usually pick like, you know, all time high as well, because that's, that's important. We look for that to break. So, you know, all time high as there, I wouldn't look for that first though, I would look for this first because it's closer. So I think I have enough here, but I think it's probably one more draw one more line over here here. Okay. So see that it waked below the support before but then it bounced up off of that. And you can see there's a small wick over here too but it bounced off of that. And then it did the same thing over here but this time it actually had a, like the body of the candle was actually below the support but it did end up bouncing up off of it right. So right now, I don't know Lulu looks a little bit bearish because of this setup right here. Right we have this line here. Can I see if there's anything else I see. Sorry. Yeah. All right. Anyways, I'd be worried about this acting as resistance here and then we drop back down to here. Right. I think I think this is a solid support area right here is 260. This is the pre COVID. Hi, a lot of stocks have been looking for this to return back to pre COVID levels either from the downside or from the one up too far. So that's, that's an excellent area to look for support and it kind of bounced off that area here you can see that. But yeah, these are my support and resistance lines for now. You can also use Phibs, but let's not don't want to get too much into that right now. So we're just looking at this from the ER perspective right so ER is next Tuesday for Lulu. The estimate is $2.49. Let's just take a look at what they done previous ERs right so we see here in the previous ERs it surprised the estimate with 88 cents and they surprised but look what happened with that ER. Basically after ER it, it gets dropped. It dumped. So this happens a lot. And this is why I prefer to trade using a more neutral strategies on ER reports. And you can see here the next one also had a major drop. And then over here we go back one more. Also another drop. So things like that for the past three ERs. Lululemon likes to drop a lot. So we see here a little bit more mixed here so 26 of every basically a drop in a good one back up but you know that's more neutral but I would still say it dropped raw. So it looks like Lululemon likes to dump after earnings. Right. So we can see here that actually rose on this one. And let's get the moves on this is 171 and moved up to 183 so that's about $12 move right over here we got 235 to 218 so that's about $17 move. Let's look at some of the more recent ones but these ones over here like I think Lululemon dumped a lot. Like what's this 366 down to 346 that's like a $20 move. So if we look back at our calendar cost spread, we have about a $12 lead weight. So if you know if Lululemon moves like it did back here, then we can safely say, you know, or like assume that chances are we can be at least break even agree. But if it does something like this, we are going to lose today. So it's risky. So, not really a big fan. But another thing is, I mean the first place that I be skew isn't good right 78% versus the 8% that's only a 20% skew it doesn't give us much extra premium to burn on that front date option in order to get us a better higher probable trade. That's what I'm looking at here on how I evaluate the ERs. The second thing I do is after I look at these previous earning your supports and like maybe you know something about the company, maybe you're familiar with the fundamentals and you you think that it's going to perform a certain way you can use that as your bias. I mostly just like a technical though. But I might choose like, you know, a car put based on something I know about the company, but I will still choose something that's close to the current price. I know that support might have a support here at 3288. And then my resistance is over here at 324 or maybe is this trend line here so be 317. So considering that putting that into my expectations, I will want my range to cover this right, I would want it to cover at least from 288 to 317 or so. So if we look back over here, we're not quite quite covering that so maybe I can move my spread down right at this point you would take a put this below the price. Oh, actually the 310s was already below the price. But always always do out of the money. And so the way you would do that is if it's below the price you had to do puts and if it's above the price to be caught. I think that's pretty straightforward because your directional, slight directional. I would want it to cover this range and that's why I look for it because, you know, there's always a chance of drops below this and there's always a chance of bricks above, but it's more likely to stay here and that's, that's the idea or the logic behind the play that I'm taking. And you never know what's going to happen here and that's why these are risky, but you know I find, again, you probably sound like a broke I probably sound like a broken record right now but you know I have about an 80% success rate with these plays. And that's, that's how I, I do it. But anyways, I don't like it. I don't like the idea of putting your calendar play on Lulu. The range is just too wide on some of these drops like these moves are the most recent ears have wide moves like this is huge. Even this is still like 20 something dollars. It's just more than what I think our spread can handle. And so I wouldn't do that. But if you want to increase your, your, a similar concept, play the ER's and you want to be neutral on it. You can also do things like iron condors, right. You can also do double diagonals, right, or you can even do a double calendar.  I prefer doing just a single calendar call spread. That's the difference between them before a few times on a few tickers I played, like the differences throughout the day. And at some point of the day, one of the spreads outperform the other and then during different part of the day and another spread outperform another so it just kind of depends on the price. I like to stick with just single calendar call spreads because it's easier to get into them because there are only two legs to it. And, you know, generally I find pretty good success for it as long as I properly filter for those, for those Greeks, right, for the IV skew, if the ticker looks good, things like that. So that's why I do that. But if less, it's less risky. When you do things like double diagonals, for example, or, or say an iron condom. And I know Roy's dad does a lot of those and I have done them too. In the past, usually when I'm less certain about a stock, I might do something like that. Right. Anyways, Lulu is not the best option here. So let's move on. Let's pull up chewy. And then we can look at arcade. Yeah, keep typing the wrong thing. There we go. So, chewy. I'm in some calls for chewy for April 16. And I think they're under the wire now by dollar, maybe $2 or something, which is a lot. I think it's like 30% down. I'm still holding them.  But yeah, I'm still holding on to those in case anybody was wondering. But looking at chewy here. You know, I'm obviously bullish on it. It's kind of returned back to this old bullish channel trend. I went parabolic here and then the return back to normal. Right. As I said before, whenever stock goes parabolic at some point it has to come back and correct. But now it's trying to find support over here in the previous bullish channel. It was running pretty much all of last year. So I'm looking for support around this area, you know, 74 or 76 dollars. And that's why I'm still holding long calls on it. But they do have ears next week. So let's look at this from the perspective of a year and calendar display. So pulling that up and choose the one week out options. And scope ADC, I think that's fine. So you see here that it gives a pretty wide range. And that's before we shop the volatility right. So IV is only 34%. So again, not high enough. But let's just say for example, I want to play it. Usually you'll find that the IV skew will be higher when you hit Thursday. And this is why I like Thursday to Friday plays and why in the discord in our alert channel for options alert. You almost always see me alerting these plays on Thursday, because that's when the highest probability plays pop up. Yeah. But, you know, let's just say that I wanted to take the play regardless. Right. So my expectations would be that we would hold 75. Like it's not going to go below 75. It's pretty strong support here like, you know, this is a previous one of the previous structures pivot high, right. And it kind of played around over here. Before it went up parabolic. And then it retraced back down to that level over here on the quick dump. And that's where it bounced the first time. And so now we're trying to try to find a base here. Right. So, you know, I would expect it to hold 75. That's what I would want it to do. And then I would expect, you know, the top to be about over here, 86, or maybe over here, $88 because that's where these wicks are. So that would be my range. That's what I'm looking for. 75 to 87. So you can play like an iron condor on this. But let's just say, for example, I'm just doing your calendar spread. Let's just say that the IV skew was good. If the IV skew isn't that good on this, you know, I would prefer to do just something like an icon or double diagonal. It's another type of strategy. This single or this two leg calendar call spread for ERs, I only like to use it when there's good IV skew. If I want to play an ER, and I expect it to be within a certain range, but the IV skew isn't that good, then I would instead do an iron condor. Okay. But anyways, let's just say that I'm doing your condor spread. So I would look for something like $82. Right, because that's pretty much in the middle between these two areas. And if I draw or just look where my mouse is, you see that I previously picked up over here and it kind of bounced off that and they rocked this level right by 82. So that's what I would try to look for. So, you know, I'll do it easy because I'm actually kind of bullish on chewy. So this is when I have a bias on a stock. I would do something like that. If I was trying to be non bias, though, and I was trying to strictly play and follow those rules that I set the guidelines on any random stock, then I would take something like 79 seats. Because that's the closest strike to what the current price action is at. And then if we if we drop the volatility, I don't know by 20% 30%. You know, we get a good range 71 $87. And you know what, that's really good. This is a 75 to 86. Right. So, you know, this this play might be worth taking a look at when we draw up to Tuesday. And again reminder, these IV skews do improve as the week progresses as you get closer to the the ERs, the IV skew would increase. So we look here at 86% versus 124. So that's and I can't even do my math right now. It's less than 40% right. 4126. So that's 38%. Yep, 38%. So it's 38% skew, which is pretty low for me. Usually if I take something early in the week, I want to at least have like a 50 to 70% IV skew. At least at least that much. And if it's towards the end of the week, that's when you can find those 100% skew place. But you know, if I really want to take a plate, I would wait until it won the least 50 to 70%. And I usually find that it does increase by maybe in our 1020% a day, moving up into ER. So we might actually hit my minimum for that on chewy. But, but anyways, so this basically falls within that range. And if you're wondering about, you know, how much to lower this IV by, there's actually data out there on how these options change the IV so you can actually get a better idea of what the IV would more likely to be and then you can adjust this based on that. Right. So on thinkorswim. On thinkorswim platform, they actually have historical data on the past, you know, seven or eight ERs, where you can see what happens to the IV, what happens to straddle prices, things like that. And then you can use that and you can assess that as well as a change after ER to decide if the play is worth taking not right. So, you know, you can find the data in other places as well. But, you know, on thinkorswim, it's free.  So that's what I would encourage you to do if you are interested in doing more of these kinds of strategies, right? So you can do that research, but you can see historically what the IV crash was like after ERs. And then you can plug that in and see if it works for myself. I usually knock it down like 30 or 40% and I can start that good enough. And if the break even range is within my expected parameters for the play, then I will take it because usually, you know, obviously I'm going to hope for the best, right? I'm going to hope that, you know, it just stays flat where my strike is. But, you know, I just, you want to give yourself some idea of what will happen, like where would you start losing on the play. And for these kinds of plays, usually, again, I do just close them off for 30% right off the bat. And then that's it. But if you notice that if you just wait, you know, the profit starts increasing as you get closer to expiration because we're just burning that for a premium. But again, unless you are confident that the stock is not moving anywhere anytime soon, or that it's falling, you know, within this range, I highly encourage you to just take the profit side open so you don't have to worry about the trade swinging against you. All right. So I know some people are asking about Ivy again, probably right. Let me check with the chat real quick to see if there's any questions. Sorry about that. I know I've just been blabbing away over here. So because the loot dumps after it's ER, does that change how you play it? Yes. Great question, spindle blood. You can change it to a bearish bias. The other bearish bias, you can definitely take something like a lower strike on puts. So you can apply your bias to the calendar spread. Usually what I'm expecting more is a more black type of play with that's when I usually take these calendar cost spreads like I'm more neutral. If I'm feeling a little bit more bearish, like just like my example would show you here because I'm more bullish. I actually set it to like what 82, right? It's higher. And that's $4 above. But usually I try not to go too far away from the current price. Because that's where the move is going to be based off the current price, right? Using historical data stuff like that to see what the percent moves are. It's going to be based on that. Oh, and actually, let me just show you what it looks like on Tasty Works. So you can see the IV expected moves, right? And this isn't a very broker to broker. We're also going to take a look at bar chart.com and maybe how that can help you guys with identifying these plays. Let me see if I can pull up my Tasty Works account first. One second, guys. Also, sorry if my voice is starting to, it's hard to hear or something. I'm just getting a little bit tired talking, I think. I also had four hours of mentoring yesterday. And by the time I was done with that, I was, my voice was like, I felt like I was going to give out. I literally just keep talking and talking. And I know somebody was asking about the IV rank and stuff, right? So with IV rank, like every single stock has its own individual IV, right? Like some stocks have high IV all the time, some stocks have low IV all the time. And the way you can see if it's high or low relative to normal for that particular stock is IV rank. You can find the information probably from one of your brokers, but you can also find it on bar chart.com. Okay. Anyways, this is Tasty Works here. So this is, this is one of my smaller accounts that I use for calendar spreads. But let's take a look at it. What I'm trying to look for. So we're going to pull up, say, chewy, for example, because we want to play a chewy. And out of all the ones we looked at so far today, chewy has the highest IV skew. So that's, you know, if I was going to pick one from the ones that we did today, that would probably be chewy. Ideally, you know, for Tuesday, ER, I'm probably going to want it to have at least 50% IV skew. During later during the week on Thursday, that amount increases to 100% and that's where I find the best quality place usually. But, you know, general guidelines. If you think you have a good grasp of what the price action is going to be, then you can always take a play, right? We're just playing probabilities here. That's what we're doing. So I put up chewy here. Not familiar with tasty works layout. These are business options chains, right? And usually I'm trading on my phone. So I'm actually also not that familiar with. Look of this. Okay. So if you click over here on the dates. Tasty works. You can pull up all the list of all the options chain, right? So let's see. This looks really, really odd to me. I don't know why there's these boxes here kind of blocking my vision. All right, let's just look at implied ball. So let's see, because that's what we care about right now. I just noticed it doesn't tell me on the desktop version. It's interesting. Okay. So anyways, April 1st is 120% and April 9th is 95%. So that means the skew is 25% about approximately 25% between these two weeks. And so with that 25%, it's basically an average, right? Of the implied volatility of all conscious experiment that day. Some, even within the same expiration date, you're going to see a difference in IV. You can even find high IV skew within the same day sometimes. And when you see something like that, maybe it's because some smart money big whale or something like that is going heavy in on a specific contract. And that's what's causing the IV to be really high on a specific contract. If you've seen any of our alerts in the Discord channel or server before on X trades, anytime I see an alert go out for one of Guru's options alerts, I look at that IV and I see it spike. Yeah, it's a pretty noticeable effect when we get a lot of volume on a certain contract. So that's why, you know, whenever you see those alerts, try to set those limits, right? Make sure you're entering in a limit, not just hitting the market buy because that's just going to jack up the IV which jacks up the premium for everybody. And then you get in higher than what you're supposed to. I'm well off of an attention again, but I don't see it on here on tasty works on the desktop version, but when I use it on the mobile version, you'll see a plus or minus percent over here. And that gives you an idea of what what they expected repressed and move this. Okay, so next to the IV on the mobile version, you will see a plus or minus percent over here. I wonder if. Yeah, let's let's just let's just move on from that. And this is just going to bar chart.com. So bar chart.com. So when you go to bar chart.com. You can find, you know, information about stocks or options features or or X as well. And the focus on options here. So if if you want to look for IV rank, and I am writing a lot on my computer. So this is taking a very long time to do. Okay, Joey, maybe I need to close some some windows or something. Yeah, the website was previously using this option strap. Yes. When you have increased interest in the contract and IV will go up. So IV is imply volatility, you know, it's what the market is expecting something to to happen on the options contract. When you have high volume on the contract, it means a lot of people are interested in a certain contract. That means a lot of people are pricing in they're like, Oh, we're going to go up to $50. And there's a lot of volume on that. Right. So it's just a supply and demand IV is actually usually back calculated. Right. So we often say like, Oh, you know why why my premium dropping. Oh, it's because IV is dropping or data is burning it stuff like that. But it's really just the interest of the market is just a function of interest from the market. Right. When a lot of people are playing a certain thing, or an IV goes up and people are paying higher premiums for it than IV increases. Right. That means a lot of people are expecting that this move to happen. But then you realize that, you know, sometimes those expectations are are not correct. Right. You could example that would be GME. I mean, in that case, the expectations are actually kind of correct because, you know, people are expecting a short squeeze or whatever they're piling and people are thinking Wall Street best is going to keep betting it up, bidding it up. And so that's why your IV is so high on those contracts. But most of the time when you have high IV you try to sell it the high IV because the actual action or price action will be less than what the market is trying to say will happen or what people are interested in. I love chewy here. If you look on the left side of the chart, you can pull up historical data. Right. It's one where you get your information you can look at options prices volatility and Greeks, which is why I'm going to click on right now. All right. So, here you can see what the IV is. And these are for experiment 26 which doesn't matter because that was already expired. And unfortunately, I don't think I can go to April 1. Yep. Because because I need, I need to maybe be, but okay. Let's just ignore that right now. So, here we see that the implied volatility for today is 26.4%. And just, let's just say that today's Friday, and that these options are still valid. So, the implied volatility is probably really, really low. And the reason for that is because it's zero days to expire. That means people aren't expecting a big move left to happen in the last day of trading. Right. It's like, it's going to be flat, right. Maybe not necessarily flat, but it's not going to move that much compared to what people were expecting before. And you can also see here what the historic volatility is. So historically, you know, we expect you to have more like a 74% IV. So this is more