 Hey, everyone. Welcome to this week's video update. Today's Friday, March 24th. Hope everybody had a great week of trading. Don't forget Monday morning, right before the market opens, 8.25 central time. We will be streaming live from our Facebook page and our YouTube channel, so make sure you check us out there to check out the trade of the week and just kind of an overview of what's coming up for the week in the overall markets. Let's jump right in. TLT was our first trade. This was an opening trade, and we bought a calendar spread in TLT. At that time, implied volatility percentile was at two, so very low, which is optimal timing for calendar spreads. You can see it's crept up a little bit since then, and prices continue to move higher. If we take a look at our calendar spread, you can see prices right up against our break-even point. You could have adjusted today by adding another calendar. Based on the quick run-up, I'm looking for potentially a small reversal early next week. If it stays where it is or goes a little bit higher, I'm going to go ahead and be very aggressive about adding that second calendar on there as our first adjustment to widen out those break-evens for us. Next trade we took was a closing trade in corn. A couple of weeks ago, we had closed out our call side of an iron condor. We were just holding the put side, looking for a little bounce back. I actually tried to get filled earlier in the week, and I wasn't able to get filled. Then corn did move a little bit down against us a little bit more. We ended up closing that out with just four days to expiration left. It took a small loss on the overall iron condor, very minimal loss. We will go ahead and try to get that back. The other part of the adjustment though is we added another iron condor like we like to do. You can see this one's still in decent shape, not challenging our break-even or anything. If we get a little bit of a move up, we will take that off for profit next week. If not, we'll look to make adjustments if it continues its slide to the downside. Next trade was in GLD. This was an adjusting trade. We originally had a calendar on in GLD. We added a second one, IV percentile, currently at that point at two. We added another calendar to our GLD position. If we take a look at that, we've got this double calendar on. Need to move down and some increase in implied volatility for this position to help us out. You can see implied volatility continues to stay very low in GLD. An expansion in IV there will help us out. Next trade was in XRT. This was an adjusting trade. Price breached our strike. We went ahead and rolled our position in the same cycle so we didn't roll out to the next one stayed in the expiration cycle. Let's take a look at XRT as it continues its move downward. We've got a couple positions now in XRT. This was on the five contract. You can see now we're holding the 41 put and the 42 call. We'll continue to monitor or manage this. We want it to stay in this range, maybe move up a little, continue to collect that theta decay. If it does move down, then we'll continue to adjust and potentially roll this out to May. We're still in good shape here. Just need some more time to go by for that theta to continue to collect. I did have a question from one of our members. How do we know when to make our second adjustment? The first adjustment is easy. When it breaches our short strike to one side, we roll up or roll down the untested side. Then how do we know when to make our next adjustment? If price were to continue to move down, how do we know when to roll this call side down? What I would tell you is if you just click on one of the legs, so just the call side, as you can see, we still have a lot of room, a lot of money to make on that call side. If price continue to move down and time passed and we had made 90% of the profit that we can, that's when you want to look to adjust again because you don't really have much premium. You don't really have much juice left to make in that specific option. It's not really helping your position, so that's when you want to adjust. Price would really need to move down to about, you know, let's say 39 in this case. You can see at that point the pink line is made up about 90% of the green line or so, and that's when we would look to adjust. Now, as time goes by, you know, that could be down here because that pink line can go up as time passes, right? As you can see it doing in this example. So it just depends on where we are in the cycle, how many days have passed, how many days left to expiration and where that is. So what I would say is, you know, depending on the day, you know, once price gets down to kind of that 39 and a half level, you know, depending on how much juice is left in those options, we'll look to adjust. And same thing on the upside. So we'll just, we'll continue to monitor that and adjust if needed. Ideally, price will stay right where it is or continue a little higher, and that theta will continue to collect and we'll get out of this for a break even or small loss. We had another trade in here. I'll go over in just a second. Let's go to the next trade though first. And that was an adjusting trade in DIA. So similar to GLD, we had a calendar and price moved against our break even point. So we added another calendar. So if we take a look at DIA, we've got this double calendar, nice wide range for price to move around. Again, we just need a pop in implied volatility and a little bit of a move up and that'll help that position. And remember, you know, you look at the expiration of this and it kind of sags down and you think, man, I really don't have a lot of potential for profit in this trade because it's so, because this is so low. However, remember on calendar spreads, these things are these expiration lines, these are not definite. So they can expand and contract with implied volatility. If you go to your theoretical tool down here and look what happens if implied volatility expands. Look what happens. Not only does our profit line go up, but our potential profit between now and expiration goes up as well. So that's only on a calendar. That doesn't happen on iron condors or anything like that, but just keep that in mind. So as implied volatility expands, we hope it does. That's going to help our position give us more profit and more profit potential. So we'll continue to monitor DIA. Next trade was in IWM. So implied volatility at that point jumped up to 62. So we sold an iron condor. Not much movement has happened since then. So we're just down a couple bucks on the trade, still very centered. So we'll continue to watch IWM. And if you see kind of late in the day here, and the market's kind of creeping back up now, but it jumped down to, S&Ps were down about seven. And so implied volatility did start to spike. Now it's kind of calming down a little bit. But anyway, nothing else to do on IWM at this point. As a side note though, if we do look at SPY, you can see just late in the day, we really had a run up in implied volatility there. So hopefully we get a little bit more down move in the market next week, and we get a chance to put on some more positions if that implied volatility spikes up. Obviously this could turn right back around. If the market continues to move back up, implied volatility is going to contract. So we've just been such a low implied volatility period. We hope we get some high IV that makes it more fun for everybody. Gives us more opportunities, more trades. So we'll look to see what happens. Next trade was in EWW. And what we did here is we just simply rolled up our puts. We had a strangle. Price moved up, breached our call strike. So we roll up the untested side. So we just rolled the puts up closer to where price is. Still have 28 days to expiration. So we stayed in the April cycle. So if we take a look at EWW, as you can see, it's had this monster run. So it breached our call side, breached our upside break even. So we simply rolled, and that's actually a different one that we're holding. We rolled our puts up. So I think they were at 47, if I'm not mistaken, 44. So our puts were at 44 and we rolled those up to 50. So our puts were way down here. Tested our upside break even. So we simply rolled those from 44 up to 50. So we're holding this adjusted strangle. We've also got another strangle that we had gone inverted on. So if we take a look at the just the puts, you can see we still have a decent, we're only about halfway there. We still have a lot of room to make more money on that put side. So we're not going to make an adjustment, another adjustment at this point. You can see price is outside of our range, but we're just going to have to continue to monitor and manage this. If it does continue higher, again, we'll roll our puts up even more and we'll continue to monitor that. So we're already inverted. We may go further inverted and really we're just kind of in defensive mode with this trade. And then if we need to, if price continues to stay out of our range or we haven't gotten back to where we need to be, we'll simply roll this out to our May cycle. Remember, just stay mechanical. We've got 28 days left in April. A lot can still happen. This could come right back down into our range, but if it doesn't, we'll roll out to May, but continue to monitor, monitor that one. And then last trade that we made today was a new strangle in XRT. So we already went over our adjusted trade in XRT. So let's take a look at that. So here's our adjusted XRT position and then here is our new one. And one thing I like to do just to help keep these straight, because I know it can be kind of confusing if you're a newer trader, is I like to, I like to do these with a little bit different number of contracts. So the original one was at five. So I did this one at four. You can see we're right here centered on a brand new one standard deviation strangle. So we'll continue to monitor that one. Couple other positions that we've got a natural gas. So this is one that's, so this is an iron condor and price has just been hanging out right up here, right? So this trade only has four days left to expiration. I do not like holding trades this close to expiration. However, it never, it never breached our, our breakeven. So it never really gave us that, that adjustment point that we were looking for. And it's just kind of kind of, kind of bounced back and forth. And now we're at four days left to expiration. So I will be taking this trade off on Monday, regardless of what happens. I'm just looking for a potential small move down and to get out of this for breakeven or small profit. So obviously, if we get a big gap down, we could, we could, we could make a pretty decent profit on this, although a spike to up is going to, is going to hurt us as well. So we'll continue to monitor that closely and take that off aggressively on Monday. We also have another natural gas position, which is a strangle, pretty centered, nothing to do here. I already mentioned corn in wheat. We've also got an iron condor, not threatening our breakevens, but not, not any profit yet either. So we'll continue to monitor that. And Apple just been continued to be strong. Price is right here though. We need a little bit of a move down and to take that one off for profit. So we'll continue to monitor that. I already went over DIA and EWW, GLD, IBM. This is a, this is a position we added some long Delta in our portfolio on. If we take a look at, at IWM, we've had this pullback and the, the logic was looking for a bounce back to potentially test, test these highs and really just to over, add some long Delta into our overall portfolio because we were getting a little bit too short overall. And wow, look at these S&Ps. They've rallied all the way back to positive. It's about 20 minutes to the market closed while I'm recording this till the market closes. And this, this market's volatile. It, it was up and then it was down six points. Now it's back up five points. So we've got some decent movement going on. IWM, I talked about TLT, I did XLV. So this is a short vertical that we put on up in this area. We've, we've got a move down. Hasn't gotten to the point quite where we want to take it off for profit. We want about 25 to 50 percent of max profit. So we're almost there. If we get, if we get a little bit of a continuation down, we'll take this off early next week for a profit. If not, we'll, we'll continue to, to monitor and manage. And then I already went over XRT. So that's all for this week. Have a great weekend. See you next week. Don't forget to tune in on our Facebook or YouTube channel to watch the trade of the week and get an idea of what we're looking at for trading for next week. Hoping for some more high implied volatility. Have a great weekend, everybody. Talk to you later.