 What's up, Navigation Traders? In this video, I want to show you how we roll a trade from one cycle to the next. In this case, we're looking at FXI, which is the Chinese large cap. We've got a couple of different positions on here and FXI at this time. We've got an adjusted strangle here that's already been rolled out to April. The position I want to focus on today is this one that we have with four contracts and it's a 50 straddle. So this was originally a strangle. We had to make a necessary adjustment, adjust it into a straddle. And now we're to the point where in March, we've only got 17 days left to expiration. So when we're trading these uncovered options, these naked options, once we get under 21 days, we like to roll that out to the next expiration cycle. 52 days is right in our wheelhouse between that 30 and 60 days. So we want to roll that out, reduce risk, and improve our returns over time. So if we go back to the Analyze tab, we're just going to keep these strikes the same. So we're at the 50, 50 strike for both the calls and the puts. So all you got to do is simply right click, highlight, right click, create, rolling order, and click on the first one. So one question I get sometimes is, well, I started out with a strangle and now I'm trading a double diagonal. I don't understand that. Well, the reason is because if I were to enter this as a new trade, it would be considered a double diagonal. In this case, since we already have a position on, we're simply just closing this one out in March. Remember, you can see by the minus signs, we're short the 50 call. We're short the 50 put. So we're just buying those back. As indicated by the plus sign, that means we're buying those back. And we're just reselling them. We're just re-entering the position in the next cycle. In this case, we got to move it out to April 20th, the next monthly cycle. So by doing this, we're doing a couple of things. We're extending duration of the trade. So after adjustments, if you look at the Analyze tab, it says we're up $673. But that doesn't take into consideration the roles and adjustments we've done to this point. So we're actually still down a little bit on this trade. So in this case, we just want to simply roll it out in extend duration. So we're extending duration to the next expiration cycle. And by doing this, we're also collecting another credit. So then when we go to close this out, assuming price kind of stabilizes, maybe we get some contraction in applied volatility. Then we'll have this additional credit against that position. So when we buy it back, hopefully we are able to get out for a profit. So the other thing to think about is, with FXI at the time of this recording, look at the IV percentile. It's at 95, IV rank, also above 50 at the 57th percentile. So the question is, if I didn't already have a position on an FXI, would I be looking to enter a new one? And the answer is yes, absolutely. I mean, high implied volatility, a very liquid ETF. It helps us diversify our portfolio. So absolutely, it'd be a position I want to put on. So in this case, since we already have this one on, we're going to simply look to continue that exposure in that trade. So it's all set up. We're buying back the March cycle, rolling it out to April, keeping the same strikes in this case, because price is still fairly centered. You could roll the calls down to 49 if you wanted to get a little bit technical. But in this case, we're just going to keep this on, partly because we've also got this other position on here. So if we look at them both together, it's fairly centered. That's another reason we'll just keep the same strike. So then we'll just adjust this down, probably do about 121, hit Confirm and Send, see if we can get filled there. And I won't stay on the recording to get filled, but you may have to adjust prices to get filled. But that's how you roll a strangle or a straddle from one expiration cycle to the next. Hope that was helpful. Talk to you later. If you'd like to learn more about how we've taught over 10,000 members how to trade options for consistent income, just go to our site, navigationtrading.com. Click on the big orange button and we'll give you immediate access to our flagship course, Trading Options for Income. We'll also give you the navigation trading implied volatility indicator that you see on our charts, along with the watch list that we use to trade the most profitable symbols day in and day out. All this is yours, no cost. Just go to our site, navigationtrading.com, and we look forward to seeing you on the inside.