 So I'm not really going to look at any charts or anything like that, but I'm pretty sure man I quote. Oh actually I think I have the connection, so I have to switch over. I mean you never know man, all these crypto they're crazy, anything can happen. Hard to say, extremely hard to say. So the 2k account challenge is an earning addition account challenge where we're setting up a lot of spreads, whether it's calendar spreads or vertical spreads and the reason I wanted to do this video was because a lot of people were asking, a lot of people have trouble storming the spread, so I didn't want anybody to get any more confused than they already are. And I wanted to kind of explain how to open the spread, how to close the spread and kind of give everybody an idea of how, you know, how it works in general because if you guys don't know how to play and you don't know how to open the spread correctly or you don't know how to, you know, how to like close the spread correctly you could potentially lose a lot of money. What's up HotSlang? What's going on? What's up Chan? What's up CG? Yeah. It's a little late session today, but I just wanted to do it because I kind of like, you know, told you guys I wanted to do something over the weekend, but I was really busy, so I didn't have a chance to do that, so I figured, you know, I wanted to do at least a late session on it and just kind of go over some of the basics of setting up the account challenge. So let's see. Let me pull up some of the plays we had started recently. Let's say like, let's say for Riot, right? This is, I'm going to start writing on here as well, whether they're going to be vertical spreads or whether they're calendar spreads. So Riot was actually, is that a calendar? Yeah, that's actually a calendar. That's a call calendar. That's a calendar play on the call side with C. So I'm going to start labeling them a little bit better too, just like how we did today, like SPG is a vertical put spread, Pfizer is a calendar spread, and then Riot also was a calendar spread. Just give me a little bit more time in case like everybody hasn't hear it. I just want to make sure we have as much people here as possible, so this way we can kind of explain things a little bit more and everybody has a chance to understand it. Oh yeah, that happens sometimes, man. And there are some exchanges where you could, you know, you can just like tell them what you want to do, and they'll let you pick the strike as well. But for some of you guys that are in Robin Hood or like Tasty Works, and you don't have the opportunity, you know, you could like, you have to manually set up, but you can do it all at once. So the difference between when you want to do a calendar spread and when you want to do a vertical spread is. So for example, let's just go over the basic description here, right? So calendar spread is when you think the play is going to be, so in this case, let's say if we're looking at one of the earnings that's happening this week, right? Let me pull up the earnings calendar. So let's say we're looking at the earnings for this week and we have Pfizer for tomorrow, right? And if I think Pfizer is going to make a pretty flat move. So this is Pfizer. If I, if I think Pfizer is going to make a pretty flat move because it's kind of within this range. And I think if I think the max move that they can make is up to $45. And if I think the lowest move they can make is around $42 here, you know, or maybe even here, then that's when I would open a calendar play. Let me show you how that would play out. But you ideally want to pick the range. So if you think it's going to 45, then you will open a $45 call calendar play. So what the calendar play is you're selling the, you're selling the strike on the first on the front end of the month. So you would be selling the November 5th strike and they will tell you here as well, you know, you're selling the November 5th, right? And you're buying the November 12th. So I don't think I'm leaning a little bit neutral bearish, right? Then I want to sell the 42s because I think, you know, we can just be stuck in this range for a while, despite how great the earnings is. I think they could be just be stuck here, right? If I think they can be stuck here then and the stock price is 43 and I'm selling the 42 for the next few days, as long as it remains between this 42 to, you know, 40 $40 range, I'm making money, I'm doing OK. But the thing, the way the calendar play is since we're selling the one that's like, you know, expiring this week and we're buying the one that's expiring next week, right? Then the one, the front month one that's going to expire, it's going to get burnt away from data. It's going to get burnt away from all the premiums in there, right? That's making, that's adding to the contract premium. So they're going to lose everything from IV. They're going to get IV crush. That's one thing that we're going to bank on to in terms of earning plays because IV is a little bit higher. So I'll show you what I mean by that. So like, let's say PFE for Pfizer, right? So you can see, like, implied volatility here on Tastyworks. It shows you that the November's implied volatility is 63.9 percent, whereas the November 12th is 45 percent. So once that earning happens tomorrow, that 63 percent is going to get normalized and it's going to get crushed. And it's easily going to come back to somewhere around the 45 percent range. And even this 45 percent could potentially come back to like the 30 percent range, right? So as that IV gets crushed and we get closer to Friday, then then if the stock is worth like, you know, 42.50, the premium as of now, the premium for that is like 61 cents. As we get closer to that date, the premium is going to next almost nothing. So as that premium gets lower and lower, this one, the premium is going to be worth more if it's moving in that direction. So we're going to make money. But even if it doesn't, you know, worth more, it doesn't go worth more. At least it doesn't get burned as bad. So we're still going to make money. So that's that's on the calendar, right? Now, the other one that we want to do is is the bull spread. So actually, so this is a bull spread, actually. This is for November 5th. It's actually not accounted as a bull spread smoke in there. So now we're going to go over the cost spread, which is also bull cost spread. But you can also it's also called the vertical cost spread. And it's usually a debit position. So when you're buying this position, you're opening a debit position. It tells you over here that debit. That's how much you're paying your opening to pay for that position. And when you're closing, it's going to be a net credit position because you pay on the way in, you're going to collect credit on the way out as long as you're moving in the right direction. So we'll go over how to calculate the profit and stuff a little bit later as well. So for this riot play, what we're looking for right now is for the move from twenty eight to thirty dollars, right? So what we're doing is we're buying the twenty eight dollar contracts and we're going to sell the thirty dollar contracts. OK, so we're buying the thirty dollar contracts and we're selling the twenty eight dollar contract and we're selling the thirty and it's only going to cost us sixty dollars, right? That means we're only paying point sixty premium. But if we just bought the twenty eight outright, it would cost us a dollar and twenty. You know, it costs a double that amount of money, right? Or if we bought just the thirty dollars outright, it would cost us sixty as well. But it's but sometimes if the move doesn't happen fast enough, this contract is going to get burned more and more, right? We're going to lose more and more money in this contract. Whereas this contract, we're going to lose some money, but if it's in the money, we're not going to lose as much. So eventually this is going to burn out and it's going to end up paying for all the premium that costs on this. So let's say if this move takes, you know, anywhere from now to Friday to happen, the closer it gets to Friday, the more money it pays us. So in both of these spreads that we're doing, we're burning premium, we're burning IV and those things are in our favor. So you generally want to play these when the volatility is very high in the stock. You generally want to play these when there's a lot of premium to be burned on the stock. So you're not paying the additional fee to take these plays because you never want to be paying additional fees to be taking place. So what happens if I buy the first week and sell the next week? Well, that's what we're doing here. So if if you're buying the first week and sell the next week, that's a calendar. If you're buying the same week, but you're selling one call strike lower and the higher strike, that's that's a vertical spread. So that's the difference between those two. One of them is, you know, having two different having the same expiration, but two different strikes. The calendar is having the same strike, but different expiration. So we're trying to collect premium on these and hoping that it moves in our direction. That's how we make money. And and like, you know, everybody knows if you guys have been in the market for a while, you know, the biggest scam out there is paying premium, right? Tell me not like how many times have you guys bought a strike contract, you know, a strike for a position and and this starts to move toward your direction. But it took so long that by the time it did move into your direction, you completely got wrecked. You lost all your money because you were paying an extreme premium for that play. Have you guys ever experienced that? So, you know, that's something that you guys experienced before. And then that's why you should be doing the spread. So you don't have that issue. So the other question that a lot of you guys have was, how do you determine when to take profit, where to take profit and how much you should be selling the contracts at, right? So that was just a little bit of the basics of going through the spreads. So I'm going to go over the contract. So on option strat here, every time I post a trade, I'm going to put the option strat link here as well, if I could. But even if I don't put it here, even if I don't put it here, even if they're like, even if you don't see it, it's usually going to be in the messages. I'm always going to post an account challenge message section so you can always find it there. And if you go there, you'll pull up and you'll get this link, right? And it will tell you exactly how much you can sell the contracts for. So there's multiple ways to calculate it. You can either click on the contract value or you can click on the profit and loss area and do the math yourself. If you click the contract value, then you can figure out by here. So let's assume that. So initially, when I took this play, I was extremely bullish on right, right? I thought that Bitcoin over the weekend can break, you know, to new all time highs because it was consolidated a little bit here and it was making that move. But now it's looking a little weak. Now we're not sure which direction is going to go. But originally on Friday, I thought Bitcoin was going to make that move up to 67 K. And if it had made that move to 67 K with the stream, I don't know why I'm keeping it in connection issues. Having a little lag here. But, you know, right? Would have moved up to and the chart set up, it looks kind of bullish. It looks like it's ready to explode. Moving up would have been the move to like 31 50 in a way. So let's say my target is 31 50 actually, right? 31 50. So 31 50. I got into position for $60 if it hits or point 60 cents, right? If it's point 60 cents and it goes to 31 50. By Tuesday, if it hits that price mark by Tuesday, the contract price should be 1.56. That's what you could potentially set it for if that's your target, right? Now, if I'm going to be, usually I want to be a little bit generous. I want to set a target, you know, a little bit lower so that I'm not like, you know, I'm not missing it just by a hairline. So let's say I'm going to set price target at 29 90, even though I think it can hit 31 50, right? But I'm going to be generous. So even if it hits this point, you could potentially turn the contract from point 60 to 1.19. So you can set yourself over at 1.19 over there. If you think it's going to hit 29 90 by Tuesday, or if you think it's going to hit, you know, 29 90 by Wednesday, where it gets a little bit more premium baron data and all other stuff and heavy question stuff. It would get to, you know, $1.25 and then, you know, by Thursday, it'd be $1.34. And by Friday, it'd be like $1.61 and potentially even like $1.90. You know, by market close or even close there. If the option of liquidity is really there, but it's really hard to get fill in this last part. You could usually get like 10 to 5 cents close there. But usually it depends on the liquidity of the whole chain in general. So that's how you would calculate the P&L based on where the stock price is and things like that. So that's one way to calculate it. The other way to calculate it is just take this at this rate. So if it's 60 plus 59, you know, that's 119, 119, you know, move to that's in the over is 1.19. That's how much the contract should be worth. So that's one way to calculate it, you know, based on the current price of the stock and that price. But me personally, I always calculate it by where I think the potential movement is going to be. So if I think the next resistance at 3,150, and I think it's going to get there and I want to sell, you know, I want to be a little bit safe and want to sell at around $30, then this is where I would sell at. I'm not sure what I don't have a Tesla play. So I don't know what what play you guys are doing with Tesla. It depends on it depends on what kind of spread you're doing and what kind of position you have. So if you're doing a spread, your your max profits always going to be cap. But if you're doing a naked position, if you're doing if you're doing a naked position, you can have unlimited loss, you know, or you can have unlimited profit. It depends on what direction it's going to move. Yeah, but I'm looking at specifically this riot spread. So I'm not sure what's great. You are specifically looking at what this is the specific position I'm looking at. So that's a little bit, you know, into where to take profit, how to take profit, how to calculate the contract value, you know, P and L percentages and stuff. You know, some of you guys might just be like, hey, I want to be at 100 percent, you know, that would be it. So that's kind of a little bit into where to take profit. I hopefully we cover to the main point that I wanted to cover that you guys are having trouble with. The last thing I probably want to go over is just the basics of setting them up on the tasty work. If you guys have tasty work or if you guys have Robin Hood, it's usually pretty similar. Let's say you want to set up that Pfizer play that we talked about today, right? So over here, the Pfizer play is sell the 11, 11 05 expiration and buy the 11 12 for 42 50 to set up the calendar, right? So what you would do is you would go here and then you would you would click here on the bit side. If you're on tasty work, you want to click on the bit. So click on the bit side to sell the position. And then, you know, you click that click sell the position that site and then you minimize that and then you go over to the other contract for November 12 and you click here. And then you set up to buy the position, right? Well, since I already have the position, a little bit hard to set up, but let me set up on the lower strike actually. So let's say I want to set that up. Go here, click on that to select it. And then I move to the November 12 side. I click here, same strike, and I click buy. And then if I want a little bit more quantity, you know, if I want to set the limit price, I can set it. Usually you want to follow the middle. Um, you move up a little bit more and click review. And then it will tell you that, you know, confirm that you're sitting to Pfizer calendars and you're selling the November 5th and you're buying the November 12th, you know, and it tells you the striking stuff and it tells you, you know, how much cost you're, it's going to be for this place, so in total, it's going to be $30 plus transaction cost. So it's going to be in total about 3449. And then you send the order in and bam, that's it. That's pretty much on how to set up the order. And then when you want to sell the order, you know, you go to Pfizer's, go here. You select those two and you just click close position. And then, you know, you tell them where you want to close it. So let's say for Pfizer, um, we were looking at it and we think it's going to move to our direction, right? We're probably not going to take profit until like Wednesday because that's when we can possibly double our money. So let's say on Wednesday, we're looking to double our money, right? We're looking to sell at like 0.36, let's move that to one contract. So let's say we want to sell from 0.14 or 0.15 to 0.36. And we just come back here and we set the order in for 0.36. We set a good till cancel and it tells you how much profit you're making. That's pretty much it. So it's pretty simple, very easy to set up. So that's kind of that. Let's see, what else should we go over? So we got like four or five minutes left. The last thing I'll go over is just basically how we're setting it up. In general, like they have my finding the place and stuff. So I usually look at the calendar here on Pfizer. And then sometimes I do like, you know, investor relations. I look into the company and I put investor relations in the ticker symbol for Pfizer. Yeah, if you're doing the calendar, you believe it's going to be pretty flat. So once you go to investor relations, you can see like all their presentations and stuff. And ideally what you want to look for is you want to look for like you want to look for their their their full year guidance or sometimes the Q4 guidance. So like over here, so if you find their Q4 information and they usually tell you how much money they think they're going to make for the year, you know, and they'll guide their revenues and stuff like that. So like over here, they tell you here. Raises for your twenty one twenty twenty one guidance to a range of three dollars and ten to three twenty. So then from that, once I get that number, I go back and I calculate, you know, how much they make so far and kind of have an idea whether they're going to miss or they're going to beat this quarter as well, just based on that a little bit as alone. So we'll go back here and see if I can find Pfizer's earnings. So last quarter, this is Q1, right? Pfizer, they were 93 cents as opposed to 78 cents. So that was a pretty good earnings for them. That was on May 4th. So they had a spectacular earnings on May 4th. Had a pretty big move. Didn't I mean it had a pretty big move that they up two percent, but they didn't move much and just kind of just consolidated for like two days after that and just kind of stay in that range, right? So if that happens, they end up staying there, that word is on unusual activity to see how how that looks like. So I go here and I'll set up for the month trailing 30 days. And I usually I usually look through like the most expensive contracts to see, you know, what position people are taking and what they're planning to do. So you can see somebody selling like a $45 put for December 17. So that's kind of a neutral play. They don't think it's going to really move above $45. So that's kind of where they're choking and acting, you know, in that range. I'm just expecting to be a little bit worse than that. So then you have some people selling calls at $33 for 23. The only reason if somebody would sell a call under the strike price of the current stock price, you know, the underlying stock price is around 41 when they sold the $33 calls at a bit. That means they think the stock could potentially fall to 33. So they want to lock in as much premium as possible. So that's the only reason somebody would sell that. So then you have people selling like $45 call spreads, which also means that they don't really think is going to get past that range. You have people sweeping the $43.50 call puts at the ass. So that's pretty bearish as well. So there's a lot of bearish positions. You do have some calls at 44 and over, so which which is also possible if it breaks over 45, it could get really bullish. But if it doesn't break over 45, it's going to be choking or pretty bearish in that in that 40 to $45 range. So these are just some some basic stuff that I look into before I set up the play. The other thing is like how much the stock has grown compared to last year. So like if we're looking at Pfizer's example, you know, let's say last year's stock was straight at $33 or $34. And we're indicating like we're indicating a growth of let's see. Let's say let's say 3.2 minus 2.2 right. 2.2 like 45 percent growth times $32 puts around $46 for a year. But the full year hasn't finished it. We only have Q1. So, you know, possibly by the end of like Q4, which is a few more to three more quarters away, they could potentially be worth around 45 plus as long as they continue to meet that earnings per share guidance and and go in that direction. But that's pretty much it for today. You know, for the basics of setting it up, figuring out the guidance, your today price movement, option activities, and sometimes, you know, if there's economic and supply chain issues affecting the stock and, you know, of course, sector movement as well. Like, let's say if we're looking at sector, like other companies that are in the industry like MRK or like MRMA, which has been kind of pretty bearish lately. Right. MBS or even J&J. So J&J had earnings last time and it really didn't move much. So I would kind of compare Pfizer to J&J a little bit there. I would say they're kind of slimmer in that sense. And they just kind of choke around in that range and came back down. So that's kind of what I'm expecting for Pfizer. But that's pretty much it for today. I'm going to end it here. I hope that was informative. I hope that could give you guys a little bit of understanding of what we're trying to do and how to open the place, how to close the place. And, and, you know, give me an idea how, how like these plays can benefit in terms of earnings or, or just, you know, saving money on the premiums, man. That's pretty much it. Was there any other questions you guys have? Hey, man, I'm glad I could help. Like, honestly, at the end of the day, like if you guys want to become better traders, you want to be consistent, you should definitely be doing more spreads, but you're not going to be making a bunch of money, you know, because it's limited in terms of direction, no move. And you're limited in price, but you're, you have a defined risk and you're not playing like it's not the market maker against you, you know? Yeah, this is going to, this is, this is, this should be recorded so you can find it on like YouTube or Twitch. And maybe, maybe we'll post a link afterwards so this way, um, anybody else that missed it and didn't see it would be able to, to take a look. Oh yeah, a hundred percent spreads are definitely way safer. They're more defined, they're way cheaper. And you can play with a smaller account and grow your account as long as you're making like really good guesses and you're, you're making the right guess more than, you know, the wrong guess and you'll get pay. That's it guys, take care and have a good night. I'm going to end it here.