 We are in the advanced trading strategies module using options and futures in this course We're going to look at diagonals double diagonals now We're not actually going to put trades on these on these strategies because of these are now you're getting into somewhat of an exotic range and these may not be for everybody the most popular advanced option strategies are the iron condors calendars and Backspreads and straddles and strangles so in those we are going to put trades But for diagonals double diagonals butterflies and ratio spreads We're going to understand the theory so you're going to know exactly what these Strategies are but we're just not going to put trades on them. So let's look at what a diagonal is So the diagonal is also a time spread So which means it involves different expiry series months and just like the calendar You sell the front month and you buy the back month But the back month now has a different strike price and it's it's an out-of-the-money strike price So in a calendar, we sell the front month and buy the back month in the same strike price But in a diagonal what we do is we sell the front month at at the money option and we buy an Out-of-the-money back month option And so what does that do for us is a little subtle and you'll understand it more when we go into the trading platform Let me just explain the Concept of this strategy So because we are buying an out-of-the-money put in the back month, you could be non-directional when you start So you may or may not be Delta neutral There are ways to construct it as Delta neutral as possible But you'll still end up being having some sort of a Delta bias The diagonal is also a theta positive trade and a Vega positive trade That characteristic of a time spread will still be there in a diagonal But diagonals have less Vega exposure than calendars because the strike that you buy in the back month is