 Welcome again folks. This one is a little tricky. We're talking about a few minutes, not hours, not days, but a few minutes before expiration, and we're trying to be cautious on expiration. So it's a little weird. However, there are ways where you can profit and have a safer play and try to maximize profit with low risk. So this was today's spy chart. If you look at what happened at the gate, trust me on this, this was the previous high 437-84. We're only six pennies away. If you look at this here, sorry, eight pennies away from the previous high. So basically it's a double top, and from there, it's a slow drop all the way down to when Jay Powell was actually started his testimonial at 12 o'clock, and it started climbing right after that. I mean, we're not talking about a market that is cautious. It smells a little more like fear about what's going to happen. I mean, this is a $3 drop from the open up until where he starts talking. And when it starts climbing, it goes up to, you know, 4365-ish, which is what yesterday was around this area. Let me show you exactly where it is. You know, around this area, it's pretty much this area. So we're not, to me, it doesn't show any conviction. And then it turns down on this. It doesn't come back down. I mean, if it was, if it had been very bearish, it would have at least go there and then start exactly what it was doing here. So it didn't do that. However, it was not extremely bullish, let me get out of here for a second. It wasn't too bullish either, because what happened was there was a drop and then stagnant. And this is where I shared with you guys that I was trying to enter. I was looking to enter spy puts because it to me was no conviction. And this fake up is pretty much in line with this bounce. So basically, this is a small support that is now acting as resistance. And this is very close to where I'm coming from, 437. Very, very close to 437. And this is where it started turning here. And I decided to go with 437 puts. It was at the time when I alerted it, it was 41 cents. Basically, it's already in the money. And in order for it at expiration to be green, it needs to be, you will agree with me 436.59. That will give us a value of 41 cents. If you don't understand this, you have to understand the value of the premium, what it's based on. Now, basically, it's 437 minus 041 gets 436.59. So 436.59 at expiration will give us a break even. However, I was expecting more than 436.59 because 436.59 at the time where we entered was VWAP. VWAP is a magnet for spine. Try it to see it for yourself. But I often look at it as when we trade close to it, it becomes a magnet. So if we get underneath or above it, it's either coming support or resistance. But in this particular case, I was looking for 436 was my target. 436 target, why? I mean, we're looking at, I can't move it there, but here, previous day, there was support. It's right here. This is 436 jump. And it's older, also here, very close to it. So basically, I'm looking at this line. I was expecting the whole thing to come down to 436. So basically 436 target, at expiration, what this would be worth. If you're holding 437 puts, it would be worth a full dollar. Full dollar from 41 cents is more than respectable for a flight. So basically, I'm looking at a safe play with very little time left until expiration. You have to be quick. Obviously, you can't sleep on this and wait until your expiration, because it might turn around or it might try to shake you out of it, which is exactly what happened. So taking the 437, we came down to VWAP. I believe it was 0.58 when we sold. So 0.41 to 0.58 was a good profit for very little time, because this was the time that we played it. Now, I couldn't alert what I'm going to show you, because it happened too quickly. But here's the other play that I want to show you, where it becomes... I'm not talking about safe, because this is very close to expiration. However, there was another spike. We're still very close to that penny's away. But still, I was not going to be bullish on the day, because we did not reclaim the whole thing, and we did not forget about all this fear that we had here. I'm not talking about consciousness. I'm talking about fear. We did not go something like this. No, we had fear, and then this is consciousness. I was expecting the whole thing to come down to at least this year, 436, or the end of the day. So what happened when we punched through that 437? Look, 438 put. I'm talking same-day expiration here. Trust me on that. They were a dollar, too, right there. Now, in order to be... I mean, you don't have to put your whole account in this, but in order to be very efficient, and try to have some risk management, 438 puts when it's at 437. I mean, even back to here, you still have some value into it. So remember that the delta will move this close to expiration almost one to one. So one cent drop will provide you one cent higher on your premium. So this, if it drops one cent, it will go to 103, and if it drops another cent, it will go to 104. So the idea, in this particular case, it was 102. My target was 436. What is it going to be? It's going to be $2 higher than this. So basically, 436, it becomes $2 at expiration, right? So safely taking 438, it's in the money, it has a value, and basically as soon as it starts dropping, it's one to one. It goes very quickly. We had one candle. This is on the five minute, but right away, it took one candle and we're going to delete this. It had one big candle and another one right after. So as soon as we got there, I was like, okay, let's go 438. I couldn't type it in. And then for two candles, we were already down to 436.20. So basically, at that point, they were worth $1.80. Quickly, I know this is expensive for this much time left, which is zero time left. It's only an hour before expiration, but you have remaining value. And if it starts going the wrong way, it takes this and then it starts doing that, at least you can sell right away. But when it goes into your direction, quickly it goes 10%, 20%, 30%, you can sell right away. You don't have to wait until what you believe is going to happen, because you saw that this bottom was bought and it hit 436.01 or 2, very close to that 436. And then in one tiny little candle, see, this is what it closed at. So it jumped right away. So what you need is to be able to book that profit. But what I'm showing you with this is you're in the money already. In the money, it can be deeper. But the idea is to be in the money. And right away, as soon as it starts moving, your Delta is one to one. This was a dollar. So as soon as it starts dropping 10 cents, you're up 10%. This is just another tool that I'm trying to show you when you're actually scalping with very little time left. And where to put your stop is as soon as it doesn't go your way. You say, okay, I'm bailing out of this, but still you have a remaining value because you're already in the money. If you were not in the money, let's say you go 436 foot, right? Well, 436 foot, the chances of going to 436 in one hour, you have a chance. However, if you start going sideways like this here, basically the premium is not dropping, is not moving your way. So it's continually, continuously dropping, even if it's slowly breathing down. So that's a dangerous play to play when you're out of the money and get so much, so little time left before expiration. So I'm saying recap the whole thing. When you believe there's a top and you want to play the top close to an expiration, go in the money. That Delta is going to be a very good regarding payment and very good regarding risk management. I mean, we're still talking about a risky play here because we only have an hour left. But in the money from the top and no to exit if it breaks your entry knowing that you're actually, it starts to be bullish. Now the same thing can be done in a reverse way. If this was closer to expiration, you can be saying that let's say this is closer to expiration. We can say 435, it's already in the money, 435 calls. That Delta going to 436 is going to be one to one and one to one from here to there close to expiration can be 100% play where it's much safer than going out of the money with a more of a lot load of ticket than anything else. So I hope this is enough to understand and clear well clear enough to understand and I'll see you again guys in a few.