 Welcome back. In this lesson I want to go over the option back tester that you can use to find the statistics and probabilities to back up your trade before you even enter the trade. So there's a few things that you need to think about that you need to know before you enter a trade. One, what's your market assumption? Do you have a long bias, a short bias, or are you looking to play the underlying symbol as a market neutral type strategy? And then what is your strategy? A lot of this depends on the implied volatility level at the time you place the trade, but then you got to pick your strategy. Are you trading an iron condor, a strangle, a butterfly? What's your underlying strategy? And then when do you enter the trade and when do you exit the trade? At Navigation Trading we don't guess on what we think the best strategy is, we have statistics and probabilities to back that up. Let's go to the option back tester and take a look at a couple examples. So I'm looking at ticker symbol SPY. We choose an iron condor. We sell that iron condor. Obviously there's no earnings announcements because SPY is an ETF, not an individual stock. And we typically like to manage our iron condors at 40% of max profit. So you can see over a three year period entering trades with around 45 days to expiration, you can see that iron condors have been a pretty profitable strategy to use. Now we're looking at several different examples. We're looking at with different delta strikes. We're looking at 60, 40, 50, 30, 40, 20, kind of in that 30 to 20 delta is kind of this is the range where we typically put those on at Navigation Trading. So you can see with the 20 delta the most common 42 wins, 6 losses, 101% return. What if we wanted to do instead of an iron condor, what if we wanted to do undefined risk and trade a strangle? And we typically manage our strangles at 50% of max profit. Now these are all strategies that you'll learn about later in the course as well as our specific courses on each strategy. But this just gives you an idea of some of the statistics and data that we use to back up the strategies. And every time we place a trade, we know exactly kind of what it's done in the past and what the probability of success is going to be going forward. So you can do this on any ticker symbol. You can look at this from strategies of calls, puts, covered calls, call spreads, put spreads, straddle, strangles, iron condors and some other custom type trading strategies. So if you want to learn more about the option back tester and how you can use it for yourself and run all the scenarios that you need to know before you place trades, I've put a link in the resource links, go there and check it out. If you have any questions, let us know. Hope that was helpful. We'll see you in the next lesson.