 Okay, welcome back. In this lesson, we're going to go over the short call vertical. So in the last lesson, we did just a short naked call, and that has undefined risk to the upside. The difference here is this has defined risk. So if you're not comfortable with that undefined risk component, or if you're in an IRA where short naked calls are not eligible, you could do a short call vertical. So you define your risk, you give up a little bit as far as your overall probability of success. So that's the main difference. The other thing is with the short naked call, as I mentioned, that's simply just the call side of a short strangle. Well, you can think of the short call vertical as simply the call side of an iron condor. So hopefully that helps you conceptually visualize what we're looking at here. But this is a bearish strategy. We want to do this when implied volatility is high. Optimal timeframe, 30 to 60 days, same profit target, kind of that 25 to 50% of max profit. No downside risk because we're making money as it goes down, and then the upside risk is defined, as I'll show you an example here in a minute. And probability of profit, kind of in that 65% plus range. So the trade setup is we're simply going to sell an out-of-the-money call, kind of in that 30 to 45 delta range, and we're going to buy a further out-of-the-money call in that 10 to 25 delta range. As a note, the time decay, the theta can be positive if price is lower than your break even and can be negative when price is higher than your break even. Let's go to the platform, and I'll hopefully make that all make sense to you. So looking at IWM, the same example. Let's say we're bearish on IWM, implied volatility is high over that 50 mark. So we simply go to the trade tab and look for that kind of 30 to 45 delta range. So let's just pick one in the middle, let's just go with 36 as an example. So we're going to simply right-click, sell vertical, remember we're on the call side, so we're selling a call vertical, and then we want to buy the further out-of-the-money kind of in that 10 to 25 delta range. So let's just choose the 16 for sake of example, so that'd be the 143, just the one we're buying. So you can see here we're selling the 138, which is closer to the money, and we're buying the further out-of-the-money call, which is the 143. So if we right-click, analyze the trade, that will bring up our graph. And so like I said, this looks like the call side of an iron condor, right, which is exactly what it is. So let's move our break even, let's move our dash mark to the break even point, make sure our calendar up here represents the expiration date, which is 520, so it does. So as you can see, the probability of profit is a little over 69% that will be profitable on this trade between now and expiration. But remember we're going to manage at the 25 to 50% level, which is giving us a much higher probability of success. So our max profit in this case is $141, so we're going to try to capture 25 to 50% of that. Break even is here, so the other thing I wanted to show you is, as price is right here, you can see theta is positive, but if we move this out past our break even, you can see the theta starts to go negative, so it starts to work against us. Not only is it working against us from a price standpoint, but it's working against us from the daily time decay or the theta component as well. So bearish strategy, but so if you like the idea of defined risk or if you're in an IRA and you can't sell naked calls, you can do this vertical, and this is a great way to get short, an individual symbol, you can do this on futures, stocks, indexes, ETFs, whatever you want, and it's a great way to do that, kind of a stock replacement with that theta component in defining your risk. So I hope that's helpful, I'll see you in the next lesson.