 What is up, Navigation Traders? Today is Friday, February 23rd. Welcome to this week's video update. Before we jump into the alerts, I do wanna mention we are doing a Tasty Works web class this coming Thursday, March 1st at 3.15 p.m. central time. So mark your calendars. We have not sent the announcement out yet to register, but look for that potentially this weekend or early next week, but just mark your calendars. They've got their new Analyze Mode, which we've been really waiting on. And so really excited about that. Can't wait to share that with you guys. We've got Ryan Grace from Tasty Works that's gonna be helping us out with that. He's the one who does all the tutorials around the platform. So ton of knowledge. It'll be great to have him on the show and we'll get you guys up to speed on the capabilities of the new Analyze Mode. So look forward to that March 1st, 3.15 and look for that announcement to register here in the next couple days. Sorry for my voice. I've got a little sickness going on, but the show must go on. So try to battle through it and hopefully you guys can withstand my nasally sounding voice today. Let's go to the alerts and check out what's going on. So remember Monday was President's Day, holiday markets were closed. So Tuesday was our first trade and we did a closing adjusting trade. We did two, sent out two alerts on soybeans. First, we did a closing adjusting trade where we bought back the put vertical because price had breached our upside break even, closed out the untested side as we teach in our courses. And so if we, and then the next alert was an opening adjusting trade where we opened up a new iron condor in soybeans. So if we take a look at our platform and you can see we've had a nice big run up in soybeans. So we've had to adjust a little bit, but here's the full iron condor. We've got some profits there, but not quite enough to take off yet. So we'll continue to monitor that. And then the call vertical that we still have on, you can see it broke a little bit out of the range. So we just need a little bit of down movement to benefit that piece. Next trade was a closing adjusting trade in foreslash ZN, which is the notes. So we had two pieces of the trade on here. We closed out this strangle, booked over 30% profit on that piece, and then we're still holding our adjusted strangle, which is now a straddle. I'll go to the platform on that one in a second because we do have another alert on ZN here coming up. So I'll get to that in a minute. Next trade was an opening adjusting trade in IWM where we just, we added a new iron condor in IWM. So if we take a look at the charts here for IWM, you can see we've got two pieces of this trade on. We've got this short put vertical. Could use just a little bit more up movement and we'll probably close that one out if we get that. And then we also have this full iron condor, which was the alert I just mentioned, still very centered, little bit of profit, but not enough to take off yet. Next trade was a closing trade in EWZ. So we had a short strangle on in EWZ, booked, we had to make one adjustment, but ended up mechanically making that adjustment and then we're able to book a nice winner in EWZ. And you'll see some of these symbols are starting to get a little bit of contraction in implied volatility. You can see you got a nice one down here. So the IV percentile at 29, IV rank currently at 20, getting some contraction, whereas some of the others are staying pretty high. You look at FXI where the IV rank has come down, but the IV percentile is still in that plus 90, 90 percentile range. So interesting how some of these are getting more of that premium sucked out of the options than others, but we'll continue to manage these trades as needed. Next trade was a closing trade in XLU. So we had an iron condor on there and we booked about 30% of max profit here. Didn't hold it for the full 40, partly because XLU with the low price, it was a very tight iron condor, almost to the point of a butterfly. So we wanted kind of in that 25 to 35% of max profit. We got that booked a profit there. If we take a look at XLU on the chart, see what implied volatility is at now, still pretty high. And I mentioned, we may re-enter this one if implied volatility stays high. So we'll continue to watch that. Just keep in mind that XLU is pretty highly correlated to the bonds in the notes and TLT. So we don't wanna get over-weighted too much in all of those together. So continue to monitor that one. Next trade was an opening adjusting trade in ZN. So that's the 10-year note that I mentioned before. So let's go to the platform and take a look at what we've got here. So we've got two pieces to the trade on in ZN. If we look at the first one, this is an adjusted strangle that we've been holding. Could use a little bit of a move up to benefit that piece. And then we've also got this other short strangle, which we just put on, which is part of the alert that I just mentioned. So if we uncheck that one, it's a pretty center trade, hasn't had much movement or anything yet. So just still continuing to monitor that one. Next trade was a closing trade in XOP. So I had a lot of closing trades and adjusting trades, not too many opening this week with implied volatility in contraction mode, but we'll definitely be looking to add some more positions on next week. In this case, this was the strangle we had in XOP. Booked a profit of almost 50% of max profit here and we're in the trade for just 17 days. So great trade in XOP. And if we look at the chart, you can see you got that nice contraction and implied volatility, which gave us the opportunity to get out along with a little pop up in price. So that was nice trade. Next trade was another closing trade and this one was in GLD. We had an iron condor on in GLD, which we booked for 40% of max profit. Same kind of story here. If we take a look at the chart, you can see you got this nice contraction in IV, gave us that, sucked the premium out of those options, gave us a chance to book that winner. Next trade was closing adjusting trade in wheat. So we closed out an iron condor, booked over 40% of max profit on that piece, still holding a vertical in wheat. So if we take a look here, you can see we need a little bit of a down move in wheat to benefit that piece. If we get that down move next week, we're just gonna close this out and we will be completely out of wheat for the first time in quite a while. And I wanna go over, I wanna create a video showing kind of from beginning to end because we made a lot of rolls, a lot of adjustments. And so it's a really a neat trade to show you how if you stay mechanical, you can get back to profitability. So hopefully that happens. If not, we may look to add another iron condor on here, click some more credit and continue to be mechanical about our trades there. Next trade was rolling adjusting trade in FXI. So price breached our upside break even. So we needed to roll up our puts. This expiration just had 21 days to expiration and with these naked uncovered options to help reduce risk, reduce that gamma. We like to start rolling these with about three weeks, 21 days to expiration. So not only did we roll up the puts, but we also rolled the entire spread out from March to April. So now holding the 47 puts and 48 calls in the April cycle. And then the other piece of this trade is we have an adjusted strangle, which is basically a straddle since it's at the same strike and that's at the 50 strike level. So let's take a look at FXI on the charts. And so this is the straddle that we have. Now we're gonna look to take this off or roll it early next week. Okay, so we're almost back to profitability in this piece, not quite there yet. So we may roll with implied volatility still very high, getting some good, good premium in those options. I wouldn't mind keeping that on. So we'll make that decision early next week. And then the other piece that we rolled here is the 47 put, 48 call. So you can see we could use a little bit of downside to benefit that one. But I like keeping these positions on as long as implied volatility is high and we can roll for a credit and continue to collect good, good big wide trades for price to play around in. Next trade was a closing adjusting trade in XLV. So we've got a couple of pieces on here. We had a couple of different iron condors. On this one, we closed the call vertical side of that iron condor. So we're still holding the put vertical. And then from a different iron condor, we're still holding a call vertical side. So if we take a look at XLV, so this is our put vertical. So obviously we could use a little bit of up movement here to benefit that piece. And then our call side, which has the five contracts, you can see it came back within a range. If we get a little bit of movement down, we'll book that one, take a profit on that piece of the trade. And then if we can get a move back up, you know, we'll book a profit on that piece too. So hopefully a little ping pong. Two sided action in XLV. We can book a winner on both. If not, you know, we may look to add another piece to this trade in April to continue to collect credits and manage this trade. And last but not least, we did have an opening trade in XLE. So remember we had booked a profit in XOP, which is an energy related ETF. XLE, a different energy related ETF, but the implied volatility a little bit higher. So we entered a new short strangle in that ETF. And so you can see, we just put that one on today. No movement yet. So we'll continue to monitor and manage that. So those are all the alerts. If we take a look at some of the other current positions, we've got a short strangle on in Ford slash 6E, which is the Euro. You can see it's still well within our range, nothing to do there. In Ford slash ES, the S&P 500 futures, we've got this long put spread, which gives us some of that short delta we need in our portfolio, because so we could use some downside movement to benefit that. And then we've also got this iron condor in Ford slash ES and just kind of hanging out within range here. So just need some more time to pass, some more contraction in IV. Natty gas, we've got an iron condor on here. Could use a little bit of up movement, a little bit more IV contraction, a little bit more time to pass. And so we'll continue to monitor Natty gas. I already mentioned notes, soybeans, wheat, apple. So we put this on to add some short delta. Apple has exploded since our little downside move, but we'll continue to hold this. I mean, at this point, you can see we're almost at max loss, but if we, so to me, there's no reason to take it off. A, we need the short delta in our portfolio. And B, if we do get a big move down, this will help benefit our overall portfolio. Same with DIA, or I guess not same with DIA, but we've got a few different pieces in DIA. One is a short put vertical that was part of an iron condor. If we get a little bit more up movement there, we'll book that one and take a profit on that piece. And then the other two pieces are short call verticals. And so you can see we need some downside movement in DIA here. That's providing some short delta in our portfolio, as well as this one here with the three contracts. Just need some downside movement to get back into our range there. EEM, you know, this is that one that we came all the way down, we didn't get out of because we still needed to keep some short delta and move all the way back up on us. But again, it's serving its purpose. It's keeping that protections, that short delta in our portfolio, which we definitely always need when we're selling premium. EWW, so this is one that we is still in March, but have come back, given us a lot of profit back, not quite back to profit yet after adjustments and rolls, but we'll either close this out or book this as a winner next week, depending on what happens. So stay tuned for that. I mentioned FXI, IWM, we've got this iron condor on here. I think I already mentioned this one, but just to be sure, so I don't wanna leave one out if I haven't. Sorry, my head's a little foggy today with everything going on, but, and then we've got this piece here in March. So a little bit more up movement and we'll get out of that one and book a profit on that piece of the iron condor and then continue to manage the IC that we have in the April cycle. Q's, we got a couple of short call spreads here that we need some downside movement on. That's both of them combined if you separate them out. They're very close, just one strike different for each one, but just need some downside movement to benefit those. SPY, we've got this iron condor hanging out in the upper end of the range, but still well within range, don't need any adjustments. Could use it a little bit of downside there to benefit that piece. I mentioned XLE, XLV and lastly XRT. So same kind of story here, we're at 21 days to expiration, so we wanna look at potentially closing or rolling this. Now we are profitable on this piece, but on the XRT trade overall, excuse me, we're not quite back there. So I'm probably going to end up rolling this one early next week out to April, collect some more credit, give ourselves a little bit more time to be right and with the, you know, IV percentile still at the 90 level, still a good time to be selling premium and XRT. I would like to get another position on in gold or GLD next week, assuming implied volatility stays high, probably add a piece to wheat or close that out. XLU I mentioned, like I said, it's very correlated to TLT in the notes, so we'll continue to look at that and potentially add a trade there and then some others as well. So got a couple of earnings trades that I'm looking at entering for next week as well, some pre-earnings trades, so stay tuned for that. And if you have any questions, let me know. Otherwise, have a great weekend and we'll see you next week. We'll be doing our Navigation Live stream from Facebook and YouTube Monday morning right before the markets open. So if you can join us then, make sure you do so. All right guys, take care, have a good weekend, talk to you later.