 What's up, Navigation Traders? Welcome to another video lesson. In this video, I want to show you how we roll the untested side of a short strangle when one of our short strikes has been breached. So we're looking at ticker IYR, which is the real estate ETF. So we put this on several days ago. Maybe back in here, we've had a pretty decent size move up. So if we take a look at our Analyze tab, you'll see that price is currently breaching our short strike. Our short call is the 76 call, and so you can see that price has moved through that, and it's just kind of hanging out here above it. So our trigger to adjust is if price breaches the short strike either to the upside or to the downside. And the way that we adjust this is we take the untested side, which is the put side, and we roll that closer to the money. And that does a couple things for us. It doesn't take any more capital to do, and it gives us more credit. We collect more credit for the trade, so then when we eventually get out of it, we have compiled these credits that we're continuing to collect. We buy it back for a lower amount, and we pocket the difference. We pocket the profit. The one thing I like to do when I'm looking at this is I like to uncheck the call and just take a look at where the put is. So if you look at just the put, you can see that the pink line, our profit line, has is almost at max profit. You know, we've got a total of a max profit of $189 on this just the put side. We've already gained over $137. So there's not too much left in that. And the fact is, you know, by rolling it closer, we're going to collect that credit, lock in that gain on the put side. Now, keep in mind, we're still down on the trade overall, just about $70, so not a big deal. But it locks in the profit on the put side, moves that put closer, gives us more time to be in the trade. Now, with this trade, we are in the April 20 cycle at the time of this recording. So if we take a look at the trade tab, you can see there's still 36 days left in the trade. So if we didn't have a position on it all, that's the cycle that we would enter the trade in. So we're not rolling out to the next expiration cycle that would have 64 days. We're just going to roll up the puts and stay in the same expiration cycle with 36 days to expiration. So if there was less days to expiration here, let's say there was, you know, 20 or 15 days to expiration, then we would absolutely be rolling out to the next expiration cycle, because then those options would be positioned between 30 and 60 days to expiration. So that's the thought process we use, whether we're going to stay in the same cycle or roll out to the next. And in this case, we're going to stay in the April 20 option cycle. We're simply going to move our put from the 68 up closer to the money. Now, how do we determine how close to the money that we roll that put? Well, if we go to the trade tab, we want to roll it up to about the 30 delta. Okay. So you can see that we're currently at the 7 delta where our position is. And we just want to roll that up to about the 30 delta, which in this case, there's one exactly at 30. And so that'd be the 74 strike. So we're simply going to roll our puts from the 68 up to the 74. Okay. Now we can do that all in one transaction. And you simply click on the put side, or in this case, the untested side. So this is the side being tested or breached. This is the untested side. So we're going to roll the untested side up to the 30 delta. Highlight just the put because we're just rolling the put, we're going to leave the call where it is. We're going to right click, create rolling order, choose that option. Now a couple things happen. It populates your order, but you've got to make a couple changes. One, you can see the roll is going to a different expiration cycle. It's going from the 20th to the 27th. Well, we already talked about. We don't want that. We want to go to the 20th. Okay. And then you can see the put, the strikes are the same. Remember, we're currently at the 68, but we want to roll up to the 74. Okay. So you got to change that. So now essentially what we're doing is we're buying back the 68 put and we're rolling it up to the 74 put. So we're buying back the 68 put and we're reselling the 74 put. And by doing that, we're collecting a nice big credit of 62 cents. And so when you're ready to do that, then you just ship it off to your broker and confirm and send. We may have to make an adjustment to price. So if you don't get filled right away, you can do one of two things. You can just let it set until you do get filled. Or in this case, for the sake of this video, I'm going to go ahead and cancel, replace the order, move it down one more penny, hit confirm and send and see if we get filled there. And we sure did. So we got filled at 61 cents. We are in the trade. And now if we take a look at our graph, you can see what that does. One thing you might be thinking is, okay, yeah, but you narrowed your range. Yes, we did. However, we're still giving ourselves a little more room to the downside than to the upside. If price continues to move higher, we can roll the puts up again and potentially go inverted. If price breaches our downside, we can roll our calls down and we keep playing this kind of game of ping-pong until we get price to kind of stabilize and allow ourselves for some time to pass for some theta decay in the options and for ourselves to be profitable. So it's just all about if a trade goes against you, all we're looking to do is extend that duration, give ourselves more time to be right. If we get down to a position where we, you know, are nearing expiration, we can roll this out from April to May. Again, collect another credit, give ourselves more time to be right. And that's how you manage the trade. So I hope this was helpful in showing you how to manage and adjust a strangle. I hope this was helpful. If you'd like to learn more about how we've taught over 10,000 members how to trade options for consistent income, just go to our site, navigationtrading.com, click on the big orange button, and we'll give you immediate access to our flagship course, Trading Options for Income. We'll also give you the navigation trading implied volatility indicator that you see on our charts, along with the watch list that we use to trade the most profitable symbols day in and day out. All this is yours, no cost. Just go to our site, navigationtrading.com, and we look forward to seeing you on the inside.