 Hey everyone, welcome to another video lesson from NavigationTrading.com. In this video I want to go over how we roll a short strangle using options on futures. So we're looking at a current position that we have on in 4 slash ZB, which is the bonds. And what has happened here, as you can see, price has moved higher and has breached our upside break even. Now we teach in the course that when price breaches the short strike, that can be a trigger to look to roll. Some people like to wait until it breaches the break even. In this case we waited a little bit longer just because we have 23 days until expiration. Now once we get down to around that 21 day expiration mark, we want to roll out in time anyway if we're not profitable to extend that duration and collect another credit. But in this case we gave it a little bit more time on the direction because price has been pushing higher pretty quickly. And so we're thinking we might get a little bit of a retracement. But to the contrary, price has ripped higher and has busted through our break even. So now we're at a point where we definitely need to make an adjustment. And with just 23 days left to expiration, instead of just rolling up the puts, just rolling up the untested side within the same cycle, because there's only 23 days left, we're going to go ahead and not only roll up our puts, not only roll up that untested side, but also roll the entire thing out to August. So from 23 days to expiration, out to 58 days till expiration. So that's what we're going to do. So what we want to do here is remember with options on futures, you have to do this transaction in two separate trades. The brokerage platforms or the exchanges don't have the capabilities like you do in the equity markets just to do it in a kind of a one transaction role. So you've got to do it separately. So the first thing that we're going to do is we want to set up the new trade. So the first thing we'll do is go to the trade tab and go out to the cycle that we want to roll to. And what we want to do is we want to keep the call exactly the same. So we've got the 151 call and we just want to roll the put up to the 30 delta. So what that's going to look like is the 151 call, which is right here. Okay. So I'm going to do sell strangle. And then we have to adjust our put up to around the 30 delta is where we like to roll that. Now we've got a 27 and a 34. We always like to go a little bit higher if it's kind of an in between situation. And so we would choose the 34, which also happens to be the 151 strike. So we're essentially rolling this from a strangle into a straddle and rolling it out to the next expiration cycle. So we'll just change our put to 151. And the reason I like to do this first is so that I can take it over to the analyze tab and view it. So we click off our current position. This is what the position will look like once we've rolled it. And so you can see it moves our break even out. We're going to collect the credit for doing so. And so I just like to get a visual representation of what that's going to look like after we make the roll. So then what we can do is we can come down here and on our current position, we can go ahead and close that. And so we'll just create closing order by put it right at mid price. Hit confirm and send. And we did get filled on that right away. And so then what we can do is turn around and try to get filled on this right away as well. So hit send. So essentially we're buying back the short strangle that we had on in July. And we are reselling, re-entering with the new strike selected. And we got filled on that one too. So as you can see here, I know it's a little bit small, but we basically, we bought back the July one and we paid $2 and two ticks. And then we sold the one in August and sold that for $3.44. So that's a net credit on that roll. And as you can see, this is what our position looks like now. So that's how you roll options on futures. Hope that was helpful. See you in the next lesson.