 What is up navigation traders today's Friday April 27th. Hope everybody had a great week of trading Let's jump into the alerts for the week. So Going back to Monday starting on the 23rd Our first trade was a rolling adjusting trade in ZN So the notes so basically what we did was we just rolled down our calls from 120 to half to 120 stayed in the same June cycle because there's plenty of time to expiration and And so remember when you're trading options on futures the broker doesn't have the functionality to roll in just one transaction Like you can with equities. So essentially we closed out the 122 calls and we re Sold that the 120 calls so you can see those 122 half calls were basically worthless and then we added some more credit there. So continue to manage that trade If we take a look at the chart just to give you an idea We actually have two positions. So we had a later an alert later this week adding another strangle But let's just start with this one that we that we rolled down. So our calls were at the one 22 half Price came down breached this break even so we rolled those down to the 120. So now we have essentially a straddle Now we've got Days left we've got 28 days. So, you know, when we get down to about 21 days to expiration We if you know if this profit line is crept all the way up and prices stayed in this range Then we may just close this piece out Or we may look to roll. We'll see we'll see what it looks like at that point Then the other alert that was a little bit later in the week. We added this strangle here So we've got two pieces to the trade Both in the same June cycle. You can see we've got a tiny bit of profit here But looking for some more profit before we do anything there Next trade was a closing Strangle in a CL in the oil Only in this trade for 12 days booked a profit of over 40% of max in just 12 days So that was a nice trade next trade was another closing trade and this was a pre-earnings long straddle in Starbucks So we booked over 20% profit in just a few days on that trade So we got a little bit of price movement in Starbucks along with them some expansion in implied volatility So it gave us the opportunity to book a nice quick profit there before the earnings came out Next trade was another closing trade. So I had five closing trades this week Next one was a an iron condor an IWM Booked a profit over 40% of max profit on that one. So that was nice as well Now we had an opening trade. So we bought a pre-earnings straddle in Apple They announced on 5-1. So again looking for about 20% or more profit on that one. If we take a look at Apple We've got here's the Here's the earnings play. You can see it's kind of hanging out down a tiny bit here So if we get a big move down or a bigger move up, you know, hopefully we can get some profit out of this before before May 1st So we'll continue to watch that and then the other piece that we have on an Apple totally separate trade is This long put vertical that we put on just for some additional short delta in our portfolio Yeah, we had rolled this from the last expiration cycle. So with the rolls we're about at break even So if you get a little bit more down move, we might take this one off for a profit or continue to hold for for that short delta in our portfolio Next trade was a Closing adjusting trade in FXI So we closed out one of our short strangles in FXI booked a nice profit on that piece of the trade and then We're still holding another piece at that point and So if you take a look at the piece that we're holding it's this centered strangle nothing to do here except for weight on that one Next trade was an opening trade. So we implied volatility popped its head back up over 50 In fact, it was at 67 on the percentile When we put this on so we added some more premium premium and oil I'd love the bang for the buck you get an oil on the futures We take a look here at oil You can see it's already come in nicely up about 360 bucks But we want to continue to wait you can see the max profit with just one contract is $1,530 so that's why I say great bang for the buck And it only took us, you know a little over $1,000 in Buying power to put that on so just just a great vehicle I love having it on if there's any type of implied volatility in oil Next trade was an opening trade in IWM So we put on another iron condor there with IV percentile at time at 85 So if we take a look at IWM You can see still very centered got a little bit of profit just waiting for some more time to pass and Theta 2 to K in our favor Next trade was an opening trade in EWW so IV percentile got up to 93 when we put that on I did mention you could buy the wings to define your risk It is a lower price symbol, you know just in the in the 50s low 50s, so Buying the wings you may not get enough credit I think on this one I did have a member email me and said they got a decent credit when they when they bought the wings on that so That is an option. By the way, I did want to mention if you are a tasty works If you trade on tasty works, they just released the ability to sell naked calls in an IRA So you've always been able to sell naked puts in an IRA, but we couldn't do strangles and straddles because Selling naked calls was not allowed. Well Tasty works continues to innovate They were able to find a trustee that allows you to sell naked calls in an IRA So it's kind of the same as puts they're gonna be cash secured So you don't get as much leverage if you were in a margin account But now you do have the ability to sell strangles and straddles in the IRA if you're with tasty works So huge deal. I'll be sending out an email with more information about that, but From what I understand you just need to go to the tasty works website and Opt in to be able to sell naked calls in your account And then you will be able to trade these straddles and strangles, which is awesome. So really excited about that They continue to just You know change the industry change the marketplace with their innovation. So really cool stuff Next trade was an opening adjusting trade in natty gas So I've got a couple of questions on this because the implied volatility is fairly low So if we were looking at this as a new position, we probably wouldn't have entered But once we're in the trade and we're kind of trying to manage through it to completion We don't mind adding and taking off positions even if the IV is below that 50 which we like to enter new trades on and Especially with with these options on futures you get such a better credit but better bang for the buck So I don't mind doing that and that's what so that's what we did in Natty gas and so We take a look at net gas here You can see we're still very centered got a little bit of profit there just waiting for some more time to pass Next trade was a closing trade in in video. So we did a Long pre-earning straddle in there booked a profit over 28% in just seven days. They don't announce until 510 So if we take a look at the chart of Nvidia See where that is at this point here So if if implied volatility continues to dip down a little bit into Monday We may look to enter another pre earnings long straddle On that one because that played out nicely got a nice little quick move there booked that profit And then you know, so we'll continue to monitor and watch that one and maybe able to get in another trade before they announce Next trade was opening adjusting trade in wheat So add an iron condor in the July cycle If we assume, you know if wheat doesn't make a massive move out of our range and we And we're able to close this one for a profit We will be Profitable in our wheat trade overall, you know, we've been in this trade for quite some time now and So we've battled all the way back Now we've got this new iron condor on here So just looking for a little bit of profit if we book that we will be in the profit overall on this trade After battling through a couple pretty big moves in wheat and I'll go over that once we once we get that closed Next trade a closing trade in Microsoft. So we had to take a little loss on this one And so we got out at 426. This was a pre earnings long call We had booked one a booked a winner in this last week of like 364 books to $364 took about a $300 loss on this one. So net net between the two only net it out about a $64 profit. Unfortunately, I was hoping to get a cup book a couple of winners in there But the market did not participate Microsoft got drugged down by the rest of the Market when it was when it was going down. So that one did not work out for us If we take a look at Microsoft got out that was 426 So I just want to show you if if you got out later in the day than we did then you actually Got close to a break even or or maybe a little bit of a profit We got out fairly early in the day when it popped up a little bit So we cut down our losses from where it was but then it continued to rally So if anybody got out up here, you could have got out for about a scratch or or a smaller loss than we did So hopefully you guys got some better fills on that trade than we did Next trade was a closing adjusting trade in Nat gas so we had a different iron condor on there booked a profit over 35% on that piece And then we still have the other iron condor on that. I just showed you Next trade was a closing adjusting trade in wheat So we closed out that one booked a nice profit 40% of max on that piece and then we just still have that that other one that other one iron condor left to manage Then we had an opening trade in Amazon. This was a this was a stinger So it's such a high probability trade that if the stock after earnings opens up above the expected move Like we saw here, so it opened up way up here a lot of times What I'll do is just kind of grind sideways to higher and that's what we were looking to happen Unfortunately, it opened up and never went up at all. I just came straight down So we we put this on with just one day to expire because we got such a such a nice credit Unfortunately with that move we were gonna either close for a loss or you know, sometimes these do take a couple days So I'm gonna what I did is I extended duration on this trade and we simply rolled out to May Which has 21 days to expire so Trying to make back some of that loss that we took today on the trade We're not gonna get it all back, but I did this for a couple reasons one to extend duration Because I still think there's time to to get that grind or that move higher that we anticipated and Unfortunately just didn't happen today So give me a little bit more time to make up some of that loss that we that we took Today and then the other piece of this that that you want to take into account And this is one of those nuances that only comes from trading for a while and managing your portfolio through multiple cycles and that is We were starting to get a little bit over weighted on our short Delta and I'll go over where we're at on our portfolio But what this did is it added back in or kept in some long Delta in our portfolio to help balance that out Remember, we like to measure the amount of short Delta We have our portfolio in relation to the amount of theta that we have and we were getting up into that three three and a half times short Delta to our theta and so keeping this on played a couple different roles one as its own Individual trade we wanted to keep it on extend duration pair back some of the loss that we took today And then second keeps a little bit of long Delta to help balance out our overall portfolio Delta So that is a that's a key component that again, you know If I didn't need this long Delta it would have swayed my decision a little bit more to just closing the trade and taking a loss But the fact that it helped balance our portfolio by adding in some of that long Delta That was one of the factors that I looked at in extending duration on this trade So hopefully that makes sense and when I go to the the monitor tab to show you our overall Portfolio and the Delta all I'll tie that up to make sure it makes a little bit more sense to you Next trade was an opening trade in Facebook so Facebook had announced earnings yesterday and So we put this on as a post earnings short strangle implied volatility percentile still nice and high at 67 So put this trade on as another premium selling position and you can see It's already come in Decent amount up about up 50 bucks in just a day. So we'll continue to Hold that one and look for some more theta to decay in Facebook. You can see it was 67 when we put it on So right at about here and it dropped all the way down to 56 So got some nice theta decay just in that in that one day And lastly was the rolling adjusting trade in Amazon. So the one already showed you so now we hold the I didn't specify that but we hold the We're short the 1580 15 and then long the 1560 for the for the for the short put spread there So looking for a little bit of up move in Amazon Let's look at some of the other positions that we have on a winter for oil in the ES Got a couple positions on here one of which is an iron condor. You can see nice and centered We've got some profit there not enough to take off yet And then the other separate trade is a long put vertical that we have on for short Delta You can see price is slightly out of our range. So just need a little bit of down movement in the market to benefit that piece. I Went over Nat gas went over the notes soybeans got an iron condor on here Still excuse me still very centered. Just waiting for some more time to pass there Whenever wheat whenever Apple Amazon DIA Got a couple different positions on here. So we've got an iron condor Which you can see we got a little bit of profit just waiting for some more time to pass there And then we've got two of these short call verticals And I had a question on this from one of our members today of why we why we have rolled these Because this was originally part of an iron condor But price came through tested this side So we took off the untested side like we teach in the course And then what we did is we rolled the tested side from one expiration to the next and we've done that a couple different cycles And and again the reason we are doing this is to keep that short Delta in our portfolio So we could have just taken the trade off at that point and and moved on But the fact that it played a role in keeping short Delta in our portfolio That's why we're that's why we're keeping these on and and so we did that both in DIA And then I'm gonna jump down to the cues because we've got the same thing on we've got two different sets of Short call verticals just one strike different To keep in line for for tracking purposes But very similar trades so just keeping that on because we'll benefit with with some downside in the market Remember when we're selling premium or when we're selling these strangles and iron condors and these range bound type trades The way that we protect ourselves is keeping some short Delta some short bias overall From those, you know high velocity down moves Which we can see which obviously we've seen the last couple months So just continue to manage those Let's see going back up here. Eem. We've got a strangle on an Eem got some profit there Waiting for some more before we take that off Eww I think I already mentioned that one. We've got a strangle still very centered Waiting for some more time to pass there Facebook fxi GLD we've got an iron condor in here and this is in May which has Uh 21 days to expiration. So if we can get a just a slight move up Book a and book 40 of max profit on that one. That'll be nice It's kind of it's kind of been hanging out at the downside of its range For for a couple weeks now. So we just need a little bit of a pop higher Obviously if it moves down through our break even We will adjust as necessary But continue to keep that one on and monitor that Uh IWM cues tesla So tesla is another uh short bias position. We've got a long put vertical here So just looking for some more downside movement In tesla to benefit us there And then xlk, which is the health care Etf, excuse me the technology etf Just another short short premium. Uh, excuse me short bias tray just looking for some down movement To benefit that piece So now let's go to the let's go to the monitor tab and look at our overall portfolio To give you an idea. I've been talking about keeping this short delta in our portfolio Remember, we like to beta weight this to spy Okay, and that helps, uh, you know make all the different symbols into kind of apples to apples theoretically So what you'll see here is we've got in may I separate these by the the expiration cycle So in may we've got basically negative 200 delta In june, we've got negative 50 delta july's pretty flat and then with that apple earnings play We've got a little bit more short delta. So we've got about 250 Uh 265 short delta So we look at that in relation to our theta. So in theta, we've got 21 dollars in may 79 in june and then 50 in july So that's about 150. So we like to have more short delta typically Uh, then we do theta and and going back to that amazon trade, you can see the amazon position kept About 78 dollars of long delta So if we if we just close that out, we'd have an extra 78 dollars of short delta Which is getting us up there, uh, you know a little bit more short than I want to be right now And so that's that's when I mentioned, you know rolling that extending time extending duration Keeping a little bit of long delta to help balance our overall portfolio That's one of the reasons why we did that not to mention Just looking at the amazon trade, uh, in itself, uh, we we we manage each trade individually But we also want to know how that impacts our overall delta to theta ratio And just to review We like to keep, you know, if our theta is a hundred dollars, we like to have at least a hundred negative delta Okay, or up to A max of five times the amount of short delta Where we're at right now I don't you know, I don't feel like we're at really any extreme to the upside or downside in the overall market In the, you know, sp y So having about a one to one two to one three to one ratio is is right where we want to be So I like where we're at position wise from a portfolio standpoint We've got a good diversified portfolio with oil s and p's nat gas tenure notes Soybeans wheat we've got apple amazon So we've got some individual stocks in there tesla and then we've got, you know, the dow emerging markets mexico facebook fxi, which is china gold small cab technology Another stock tesla and then xlk. So I like our mix, you know, that that amazon trade did sting today You know, it was such a short term, you know, the with the one day options that that that little moved down Uh, was it was a little bit of a stinger, but you know, hopefully we'll get a little bit of rebound Make some of those profits back and we've we've had we've just been killing it the last Few weeks as pro as far as profit goes. So We are in good shape. I like where we stand Obviously we can't win them all wish we could but uh, not not the way the game works. So Hopefully that's helpful. Everybody. Have a great weekend. We'll talk to you next week