 Trading iron condors is one of the many strategies we use at Navigation Trading. In this short video, you'll learn how to evaluate and underlying symbols implied volatility, choose the appropriate strikes, analyze the trade, and place the trade. Let's get started. If you've signed up for the free membership at NavigationTrading.com, then you're already equipped with the Navigation Trading Implied Volatility Indicator, which is one of the primary indicators we use for options trading. Members also get free access to the Navigation Trading Watch List, which is a list of underlying symbols we monitor every day and consistently use in all of our trading strategies. One of those underlines is ticker symbol DIA, which is the Dow Jones Index. So the first step to opening an iron condor trade is to go through and evaluate the IV indicator for each underlying on our watch list. As you can see here, DIA's IV percentile is at 60%, which is ideal for opening an iron condor trade. You're looking for underlines with an IV percentile or IV rank of over 50. Next, let's go to the Trade tab. And we'll locate the calls and puts for this trade. As you may have learned from our free Trading Options for Income course, we want to open the trade with a contract that's set to expire within the next 30 to 60 days. In this example, that's the November 18th contract. Now let's locate the call that's nearest to 20% in the money, which in this case is the 185 strike. Right-click and sell iron condor. Now, according to the watch list, our calls and puts should have a three-point spread for this particular underlying. So we'll set the buy call to strike 188. Next, locate the put that's nearest 20% in the money. In this case, it's strike 172, so we'll enter that as our sell put. And since we need a three-point spread, we'll enter the 169 strike for the buy put. OK, now before we place the trade, let's right-click on the trade and analyze the trade to make sure the visual representation looks good and to ensure our probability of profit is where we need it to be. As you can see, we've got an iron condor visual representation. On the right, set the slices to break even for the date of expiration. Now, in this case, we've got a probability of profit at nearly 60%, which is what we want. We're only trading one contract, which gives us a max profit of $114 and a max loss of 186. We'll monitor this trade and hopefully take it off at 40% of max profit, which would be a profit of around $45. Since this trade looks good, let's go back to the trade tab to confirm and send it. Notice the price to get filled on this trade is between $1.08 and $1.15. Let's first try to get filled at $1.15. Click confirm and send. It doesn't look like we're going to get filled. Now, we could wait a while to see if we can get filled at that price, but typically, a penny or two is not going to make much difference. So let's lower the price and try again by viewing our working orders. Then right-click on the order and cancel and replace. We'll drop the price a bit and try again. We're still not getting filled, which is not abnormal, so let's try again. Sometimes you might need to cancel and replace your order and drop the price two or three times before you get filled, but it only takes a few seconds. Okay, looks like we got filled at $1.12. And here's one last tip. If you want to monitor the actual price of the iron condor, as opposed to the underlying price, simply select the trade as if you're going to close the trade. You'll see in the menu the current price of the iron condor. Of course, in this case, it hasn't changed much since we just opened the trade a moment ago. But hopefully within the next couple of weeks, the price will hit $0.68 and we'll walk away with 40% of max profit. Okay, that's all there is to it. Remember, identify the underlines that have an IV percentile or IV rank of over 50 using the navigation trading implied volatility indicator and watch list. Go to the Trade tab and find the contract that's set to expire within the next 30 to 60 days and enter your call and put strikes. Then analyze the trade to ensure you have a probability of profit around 60% or higher. Go back to the Trade tab and confirm and send the trade. And that's all there is to placing an iron condor trade. If you haven't done so already, go to navigationtrading.com and sign up for a no obligation, free membership. You'll immediately have access to our free course, watch list, and implied volatility indicator. Happy trading.