 Hello, and welcome to this lesson from Navigation Trading. In this video, I want to show you how to trade a short straddle on the TastyWorks platform. So looking at the chart, we're looking at EWW, which is the Mexican ETF, and as you can see, the IV rank is displayed up here in the upper left-hand corners at 42.6, and it doesn't display the IV percentile, but IV percentile is over 80. So the options are expensive, they're priced higher than they have been over the last 52 weeks, and so this is a good option to put on a short straddle. So what we want to do is simply go to the Trade tab, open up the option chains that we want to trade. In this case, we like to enter between 30 and 60 days to expiration, and we like to stay in the monthly cycles, which on TastyWorks are noted by the bolded white. The weeklies and quarterlies are kind of grayed out, so we want to stick to the monthlys and enter between 30 and 60 days to expiration. These have 36 days, so that is perfect. So if we open up those option chains, you're going to see the different strikes pop up, and when you sell a straddle, remember a straddle is just selling a put and a call both right at the money. So at the time of this recording, EWW is trading right around $51. And so we would simply go to the 51 strike and sell the calls and sell the puts. And you can do that by simply clicking on the bid and clicking on the bid on the put side. And you can see you're selling because it's outlined by the red. So that's what you know that you're selling. Then you can see the statistics down below, probability of profit, 53%, probability of making 50% on this trade is about 45%. You can see the delta, the theta, and the max profit. Obviously, with short straddles, we're using undefined risk, so you won't see a defined number on the max loss column. And if you're ready to go and like this, you can simply hit review and send. Now there's one other way to set up the straddle on the platform. So if you hit clear, the other way is you can use your strategy dropdown up here. So remember, we are selling, so we're shorting the strategy. And then if we click on the dropdown, we can just choose straddle, and it populates exactly the same way. So whatever your preference is, no right or wrong way, you can just click on the different bids to sell those options, or you can utilize the strategy dropdown. As you can see, all the statistics are exactly the same. Now, what I like to do to confirm the trade is I like to go over to the analysis tab because I'm a visual trader. So if you click on the curve tab and then make sure you also click on analysis, this is going to bring up the visual representation of the trade. And then you can maximize this to make it look a little bit bigger for you. And so this gives you an idea of kind of where your break evens are. The green is where you'll be making money at expiration. The red is where you'll be losing money. All the statistics are still down here below. And if you hover your mouse over, you can see this little flag up here that gives you an idea of the profit and loss at expiration depending on where price is. And then the profit and loss theoretical, which is this curved line here, which will move as you, as the theta decays and as you get closer to expiration and as price moves around. If you want to play with these theoretical prices, you can simply pop out this window here and at the time of this recording today is 3.15 of 2018, if you wanted to move through time, you can see that profit line continues to grow as you're getting closer and closer to expiration. If you wanted to play with the implied volatility, you've got to choose the options that have 36 days to expiration that we're looking at and you can move the implied volatility up. Obviously that makes our profit line go down because when we sell a straddle, we're anticipating a contraction or a down move in implied volatility so you can kind of see what different implied volatility levels will do to the trade and you can play around to get an idea of how the trade works. Once you're ready to go, simply hit review and send and send that into the broker and once you get filled, you'll be in the trade and ready to go. I hope this was helpful in showing you how to set up a short straddle on tasty works.