Long Call Verticals vs Long Calls | Trading a Smaller Account
so all right uh good morning it is friday morning and that means it's time for trading a smaller account the bell has just wronged the market is open and so what are we going to do today well we're going to do a ton so i hope you buckled up but what we're going to focus on is taking advantage of this current uptrend in the market now it could be you know a trend reversal it could be short-lived but whatever it is um we kind of like to make hay while the sun is shining to use a farming expression so i hope that you're ready to go um i just want to thank all of you who were in the chat like half an hour before this class started it has been incredibly entertaining and we're not supposed to have favorite classes but i gotta say this is mine you guys and and it's because of all of you who show up here live each and every week and just make it such a fantastic experience so good morning to vijay and jules and ap 514 and heartman85 and larry and uh vj and michael and neil and the rest of the gang love having you all on board here live i'm going to try and get us going really quickly so i'm going to try and speed up the intro introduction which is a comment we get in the surveys a lot so ken rose is with us he brings a wealth of experience he's in the chat if you've got questions um don't hesitate to ask between ken and i hopefully we've got answers for you um if you are watching this in the archives as many many people do you can type your comments in down below you can comment if you loved it if but if you've got a question don't hesitate to ask or a suggestion on how i can make these better um open to all comers so don't hesitate to put your comments and down below i respond to each and every one the third way for you to reach out to us and for us to be able to reach out to you is through the world of twitter at the armstrong underscore tda is my handle i'm posting what i think you'll find valuable content on a daily basis so is ken rose you're missing out my friends if you're not taking advantage of that it is free okay let's get through our important information so we can get right out to the platform where the magic happens um and know that everything we do in this intermediate level class is for education and informational purposes only none of it is to be construed as a recommendation on the part of td ameritrade or myself know that options aren't suitable for all investors there are special risks inherent to options trading that may expose investors to potentially rapid and substantial losses um and we discuss those risks and potential rewards before we place any trade if you're new to td ameritrade you have to attra apply for option trading privileges same thing goes for futures okay um know that all investing involves risk we use the paper money platform on thinkorswim it looks like smells like feels like real money it's such a great place to learn and to practice um but know that there are a few differences one is that short options will never be assigned early in paper money and that can happen in um in your live account okay and have i seen it happen yes i have and the first time it happened to me on a spread trade it kind of freaked me out yeah so be aware that that can happen you know so we learn as we go right so what's on the menu today well i have one little bit of news that i want to share um and then we're going to do a very quick market overview i know that many of you attend many classes and you're pretty well aware of what's going on in the market so we're going to make that fast and then we're going to place a bunch of new example trades and that will really be the key focus we do have a new trade mini management session up in the long options this one was posted in long options and if you guys think it would be better to have just something called trade management mini sessions we could look at creating a category for that so just let me know what you think about that and i'll read those comments at the end of the class and if you put comments in it because somebody suggested that um in one of the archive session comments and so i just want to take a vote on that and i may be recording another trade mini management session today i'll keep you posted on that it was a perfect storm the last time we really didn't anticipate it would take so long to bring that to you live um and i can guarantee you the next one will show up much much sooner okay so um what's the news okay um you know with thinkorswim and and you know what this is available all the time this is available all the time but a lot of people aren't aware of it and you can um i will ken will post a bitly link in the chat and you can click on that link it will also be in the comment section in the archive down below but you are entitled to set up a walk through on thinkorswim and if you are sorry if you are new to the world of thinkorswim this is really really helpful um even if you're a seasoned veteran and you want to know more about the analyze tab or about think back or about the theo price tool or you know customizing the option chain whatever floats your boat you can kind of create a list of questions and they will walk you through it okay um yeah like if if you want to know how assignments are managed call the trade desk on that i would say that's a trade desk question and the guys on the trade desk are absolutely fantastic what the walkthrough isn't is a is a coaching session saying like hey my my trade on crocs is underwater and how do i fix it yeah so you know that it is not but the rest um you know as far as the platform it's a really cool thing and if you've done one of these um you can you can do one every six months actually so as your skills increase you may want to have a different conversation but you're in charge they can share a screen with you it's a one-on-one so okay so that's that um let's now go out to the platform and have a quick look at what's going on in the market now is there anyone here for the very first time um so yeah the trade management mini sessions um we have a bunch of them and i've been posting them in either the they have been posted in either the trading a smaller account class archive list playlist or in the long option playlist um you know whichever one is more appropriate so if you're looking for the next trade management mini session it's in one of those playlists and i'll show you how to get there in a sec so um this class started the year at twenty thousand um and every january it always kind of breaks my heart but we reset the account and we go back to twenty thousand so um so far this year we've done very well we're at 31 456 so well let's see 31 456 divided by 20 000. yeah we're up 57 now could that go away by the end of the year yeah it could yeah but we started the year at twenty thousand our our rules are and we have two rules one we aren't willing to risk at the beginning of the the year it was four hundred dollars on any one trade we've upped that to 500 and if we're buying a stock which we haven't done much of um this year but if we were to buy a stock the max position size is 5 000. now and that represents about 20 of our current account size it was 25 of our account size in the beginning now if you had a million dollar account would someone think that it was appropriate to put 20 or 25 percent in one stock no but because our account is so much smaller what this enables us to do is have some stock positions and right now we have twenty thousand dollars sitting on the sideline and that's probably since you know the beginning of the year at the beginning of the year our account was 20 000 but this is pretty heavily invested for us most of the year most of the account has been sitting in cash because we've done a lot of very short term options trade so this is a very active option trading class and if you're new i welcome you i'm really glad you found us if you want to go back and do some binge learning if you come well here's twitter so here's a couple of examples of the things i posted and we're going to look at both of these stocks so yesterday after the market closed i posted this chart on devon where we're seeing an inverted head and shoulders now i don't know what devon is doing first thing this morning but it's breaking out and the same thing with conoco phillips you know the whole energy sector the energy sector was the strongest sector so you know if we look at this the other thing in a way to kind of do a very quick and dirty on the markets at the end of every trading day i kind of post um a summary and so this was from two days ago but the s p you know it ended up pulling back yesterday but since june 16th up 16 still down 12 year-to-date and the nasdaq you know um up 20 since june 16th but still down 19 year-to-date so if we come out to the charts oh sorry i'm i just got sidetracked by twitter if we bring up a new tab for the people that are new and for those of you who may always come in through td ameritrade if you just go to youtube and then type in trader talks trade and you want trader talks webcast from td ameritrade now if you do not um already subscribe to this channel you're going to want to subscribe to this channel and then you you'll see here it's saying okay here's what's live here's what's coming up later today um if we go out to you know and then it will start bringing up playlists so this is the getting started with options play playlist that i teach on tuesdays at noon eastern but if you come to playlists then you can scroll down and you'll see here's long options which we do on mondays at noon eastern trading a smaller account you can click on that and then you'll get a list of all the classes and you can you know have adder okay and this is also where when there's a trade management mini session we're putting those in also so here was you know two trade management many sessions in a row um this one was kind of a long session because we reviewed eight different trades um and i really like if we have a trade that goes against us doing a mini session on that because i think we can sometimes learn as much or more from the trades that go against us as we can from from those that work out well so just to complete um our review although i kind of gave you the kohl's notes version you know here's if we look at you know year to date you know the overall trend is still downtrending but since we hit the middle of june we've seen this kind of come back happening and so the argument in the markets is okay is this come back um an actual trend reversal and are we going to see it continue to go to the upside or is it like an elongated dead cap bouncing are we going to see you know the market turn and continue on down and you know what that's we don't know yet but all we can do is try and take advantage of what the market is doing now and for the last almost two months the s p 500 has been working its way back up again okay and when we look at the nasdaq more of the same you know you know overall intermediate to longer term downtrend um but since the middle of june working its way back up again and and we're seeing you know today dang it we come to three months we're seeing today now this is a brand new candle so who knows what it'll look like by the end of the day this is a you know a harami pattern which would be considered a bullish sign um and it's only a one day pullback and we did hit a recent intraday high here a three month high uh yesterday even though you know it then sold off so we'll see what happens by the end of the day the russell the small caps so in the small caps you know that too hit a three-month high yesterday and then sold off the dark green means that it closed lower than it opened but still closed higher than the previous day we could see it gapped up on the open and still closed above and is moving to the upside again today so you know short term bullish you know and this has had quite a run like since the middle of july and and you know what do i mean by canary in the coal mine often this index will will be someone will be an index that either leads to the downside or leads to the upside you know up almost 17 in 22 trading days um many would argue that that is pretty dang bullish okay so and the down now the dow if we back this up a little bit you know because i had drawn this downward range and it's been in this downward range and it still is but it's now bonking its head on that ceiling and like the russell and the dow coming back right yeah yeah so another thing that i recently posted because somebody is asking is that a shooting star um back on august i think it was august 3rd maybe i posted three cheat sheets for candlesticks and if you miss that you'll want to go back and and look at those um because i used to have those like you know in plastic up on my my walls i kind of don't have a lot of walls here right now but i think they're great and the vix as we would expect since the middle of june coming down you know down below 19 we haven't seen that in a hot minute we haven't seen that since april you know and really um yeah we haven't been there a lot lately so you know at 1.19 a couple of years ago we would have thought 19 was like extraordinarily high so it's all relative right so i am using candle trend and the reason that i like candle trend um okay so finishing let me just finish up um i'm not going to go to the td ameritrade page but the leading two sectors over the last month um have been consumer discretionary and technology which we often see happening when we're pulling out of a downturn and energy which you know was the darling the only darling you know at the beginning of this year kind of had a great fall but it seems to be working its way um back up the ramp again and you know yesterday energy was up almost three percent i think um let me come back to twitter so in yesterday's news um well i didn't did i not write it down i'm sure i did yeah the energy sector was up three and a half percent in one day yesterday yeah yeah so uh why are some of my candles filled in some empty well i like to do my candles this way because it's called candle trend so if you come to your chart settings and then come to appearance you can do just candle and you'll notice if i do can't just candle um i have the option to fill them in but when i do just candle did i not apply that yeah when i do just candle then each candle is its own so if we look at these this candle shows a down day because it opened here and closed lower but it still closed higher than the day before and that kind of drives me crazy because in my mind this is still a bullish candle so when i go to candle trend it makes this green which to me is more appropriate because it certainly is up higher than the day before so um candle trend shows you not only what happened with the candle that day but it also shows that candle in relation to the day before so that's why i use candle trend and that's why some are filled and some are empty so on ixe so let's go to crocs so you can see that yesterday's candle is dark green it's kind of a doji candle or today like we we opened higher and so far it's pulling back but it's still above where we closed yesterday now if the candle is empty um it's because it opened and then closed and and the same thing with a red candle like this is filled because it opened higher closed lower um here we have a candle let me just zone in here we have a candle that is red in the outline but it opened lower closed higher but still closed lower than the day before just by a hair but that's why that one has red so there's my little um you know mini candle session but i use candle trend okay so phil is asking about the trade management mini session so phil we only get 45 minutes a week together so i record the trade management mini sessions with no one watching and so they aren't scheduled and then i post them and i only cover in the trade management mini sessions things that we're already out of and we're having a conversation around what happened because they take two or three days to post and um i so i don't want you going well if i'd seen that when she recorded it then i could have managed my paper money in that way yeah so that's what the trade mini management sessions are it's a way for us to manage positions that have hit targets or hit exits and have conversations around them but they aren't something that you get to attend live okay so the candlestick cheat sheet um if i come back here uh it's on twitter and i think it was august i post quite a bit my friends so don't like get nauseous here you've got to go back to i think it was august 2nd or 3rd and so here's a one-pager explaining how candlesticks are created and then here's three pages so uh one is bullish setups one is bearish setups and one is setups that uh you know uh apply to both bullish and bearish yeah so you can't have conversations during the mini sessions but you know a lot of people rick show up to this session like up to half an hour ahead and sometimes they're having conversations about about those things oh yeah i i posted something funny about tom jones um so i try and throw a little humor in there too okay uh and that's on twitter okay so let's get to um some new trade setups and you know one of the challenges uh with this class is that you know i don't even get half an hour uh before the market opens so if we're looking at crocs crocs was really beaten up wasn't it and then it kind of came around the bend and it's up pretty dramatically oh yeah now it's showing up i tried to put something on a chart and it's moving to the upside again today and one of the trades that we recently did um on crocs we came in and we did a long put vertical and i'll do a mini management session on this so and the idea or sorry a long call vertical we were bullish on it we bought the long call vertical for 220 on the fifth we got out of it yesterday and it hit our target and we were out for 360. and the net of it was we made a 64 gain on that now how much could we have lost we could have lost the whole thing we also have added a stock position and it's one of the first times we've added a stock position i think this year and we bought some crocs um but given that we're out of that would we like to add another one and we could and crocs is pretty heavily traded so and it only trades monthly options now we have a long call on this one so that might suggest we need to do the i'd like to do the 75 and the 80 because it's trading rate in between so if we look at this and we buy a vertical it would cost us 250 to get in and how much could we make you know we could make 245.
so it's about 100 return now in this class what we've been doing is saying you know what when we make a 50 return um we're going to put in an exit to get out when when we're at a 50 return okay so um now we could also do the 75 and the 80. or sorry we did the 70 we just looked at the 75 and the 80 or we could do the 80 and the 85 now what would the difference be it's a lot less expensive you know rather than 250 it's a dollar 73 but it has to move up through 85 to get our max gain rather than moving up through um the 80. now the challenge is that we bought a call on this in a class yesterday as an example and so if i do buy this and sell this it'll close out this trade and we did a one atr so for this one i would have done the 75 and the 80 that would have been my preference but if i don't want to close out this position so we have a long call on crocs that were actually we must have bought it or we bought it early in the day because i filled in for cameron may yesterday morning and this one is down a little bit and so but we if we don't want to close this out then what we'll do is now if you don't have this trade on you might want to go with the example of the 75 and the 80 we're going to do the 80 and the 85 which is further out than we normally go and then we're going to say when this goes up 50 so 1.73 times 1.5
so when this gets to 260 we want to close it out and this is a bullish directional trade so first trigger sequence right click opposite order and we're going to make this and then we're going to keep this our eye on this and if it gets to the point where this we've lost half our value on it we're going to close it out now how many of these could we do well if we say we're willing to risk 500 if we did three of these that would be 510 because we could lose the entire amount are we intending to lose that amount no but could it happen yes there our theoretical max loss on this would be well now it's saying 525. so if we want to be conservative and say hey if 500 is to be our max then we need to go back to two because the price keeps changing here so how much are we risking now 340. how much can we make our max gain is 660 but are we gonna wait for that no we're saying you know if we can make about a hundred dollars on this per contract or ninety dollars we'd be happy okay so we're going to call that our long call vertical and say um we're going to put a note in here as to why we're doing this didn't want to close out the long call so went with 80 85 versus the 75 and 80. okay for our strikes so we're gonna send that one in yeah we're just um and and again this isn't a recommendation and there's no guarantee that we would get out at that price it could nick that price and then we could end up getting out lower or if crocs were to gap up we could end up out of that you know for a a higher amount and you know sometimes there's a lot of volatility in the market and so this will that will trigger a market order to close it out okay okay so let's go and look at those two energy stocks and see what's happening so devon is continuing to move up and so like i pointed out you know i like to play you know i spy with my little eye and what i'm seeing is a stock that was the darling of the the market last year one of the stocks that was up um the most that you know that was listed on the s p i believe um and so it broke out yesterday and is continuing to the upside and so i thought what we could do with this given it seems to be playing along is we could compare and come and trust doing a long call vertical versus a long call with a one atr target and um if you're new to this you may not know what the the one atr target is the idea when we do a long call vertical if anyone is new to this strategy and you know i will post up in the corner here i'm just making a note of the time i will post in the corner a link to the getting started with option long call vertical but the idea here is that we're going to buy a call and sell a call and we have our max gain if the stock goes through both okay versus just buying a call but saying hey in an average day devon is moving about three dollars and three cents and so i'm gonna buy a call and put a target and say hey when it moves up three bucks get me out and both of those strategies have can work well and and both of those strategies we've seen losses on yeah so this is our inverse head and shoulders did i call it a head and shoulders it's an inverse head and shoulders so an upside down head and shoulders so let's come out to the trade tab now one of the things that kind of um kicks our feet out from under us sometimes is the price of the option but you know devon is a 65 stock and we could actually afford to buy a call because it's under 500 and then if we set our one atr on that so if we do this example let me make it bold so it's easier for you to see so we're doing an example on devon one atr and the one atr on that was 303 and so our target i just want to bring this down there we go so our target on devon i'm going to look at today's high 65 16 plus 303 and if we just come over here if you don't have atr on your chart you can go to studies and add it so if we call that let's just call it 303 so that's going to be 6819 would be our target for this and on the other hand if we're wrong and this doesn't go up then what would our exit be well let's look at today's low 6368 if it goes down 303 below that then we'd want out i can't seem to type talking and typing at the same time it's a skill and some days i seem to have it and some days i don't so that would be and 60.65 cents and please check my math and correct me if i'm wrong okay so and then how would we put this in well we'd come to the trade tab and we're going to come to the september 16th now how long do we expect to be in this trade maybe two three days could be four or five but we're by by next friday we would expect not to be in this trade because in an average day this stock currently moves about three dollars and three cents so it's a it's a short-term trade um okay so we're going to come you can anywhere on this line we've got tons of volume we've got a tight bid ask spread it's already traded over a million shares today we are going to buy and we're going to write buy single come to advanced order first trigger sequence right click opposite order and we're going to make that a market order that's good till canceled and then we're going to come to our sprocket and we're going to put in our target always target first 6819 6819 and then accept and exit 6065 if it goes out or below 60 65.
you want to make sure these show up here yeah greater is 6819 less than 6065. confirm and send we're putting this in our long call group we're going to say it's a one atr so we know what our target was and notice down here it says due to potentially wide markets or liquidity risks you know if the market were to tank this order may be manually substituted with a limit order what that's saying is td ameritrade is going to work to try and get you the best price it can but there are no guarantees that when either this target or this stop order are activated they become market orders and they'll fill at the next available price so there we go fire in the hole there's devin now the other choice that we would have is to say well what if it's trading at 64. what if we did this 6570 if we're expecting it to still go up and did a long long call vertical now both of these are still directional they have to go up in order for it to make money if it goes down not making money so if we look at this and we say okay if we were to buy a vertical now our what happened our cost our pay to play just went down pretty dramatically didn't it because it cost us 335 to place this directional trade this one is only costing us a dollar eighty-four and you know if we look at this and we say okay so how much could we make well if it goes above seventy dollars and if we come back to the chart you know back in june it was at almost eighty dollars so if it comes back up to 70 you know if we wanted to put that on the chart here's 70. you know we can edit that if you want your trade to show on the chart i tend to draw a line where the top is so here's our sorry our long call vertical at um 65 and 70 and it expires september 15th and i can say show that to me on the right so now when i look at this chart i know what my trade is and i know you know that i have my max gain how is if it's above 65 dollars okay so that's that's how that would play out and but are we gonna wait for it to go all that way not necessarily we could say hey if if the value of this option goes up by 50 percent so if it goes up to 265 whereas our max gain is at five but if we say if we can get a 50 gain in maybe a week like the last trade we put on last friday we were out of it yesterday and we ended up with a 64 gain so it's you know kind of one of the mantras this year has been take the base hit and don't be greedy when i first started i always used to go well i'm going for the max game yeah and how often did that work out not as often as i would have liked so now i'm going okay this you know 50 is delightful so i'm going to create an opposite order say hey if it gets to 265 265 happy camper and you know you might say well that's ridiculous i want to make it higher you can do whatever you like this is just an example trade and how many of these could we do well we could do two because how much are we risking 178 our theoretical risk is you know 178 dollars a contract okay so we're risking just under if we do three we'll be closer to six so we're not going to do that so we're going to make this good till cancelled confirm and send so we want to buy two verticals um and you know when we look at this remember how i said that we're buying the call and then selling a call above it what if we get called out let's talk about that for just a sec so this is going in our long call verticals and we're going to compare this to our one atr strategy when the dust settles on these and i'll make a trade management mini session out of that however these work out so we've got that one teed up but if we come to our charts and if it goes through both our strikes or let's say when it goes through both our strikes let me just draw this so we've bought a strike here and we've sold this strike so if it goes through or when it goes through both our strikes let's say we get called out well we don't own the stock we don't own this stock and so we now have agreed when we sell a call to sell 100 shares of this and in fact we did that twice and so what we would do is automatically exercise this strike and we would have our max gain and be out of the trade sooner with a max gain i might add so being called out isn't necessarily a bad thing you know it just is a thing and we need to understand what our role is and what we need to do if that happens and can't in this can happen at any time up until expiration in a live account in a paper money account you'll never be called out early okay so we're kind of waffling back and forth here on devon today but this is a directional trade now you know if we wanted to do something less directional if we thought this was going to stay bullish you know but weren't sure if it might start lollygagging about we could do a short put vertical so there's kind of lots of choices out there now when we look at conoco phillips and conoco phillips you know same type of chart pattern right but today it's retesting so we'll save conoco well much like devon is kind of retesting um but what we'll do is we'll take a look back at that for a more directional trade on monday in long options um if you somebody's asking the question if you're assigned do you need to meet your obligation right away or at expiration well if you have to sell shares that you don't own and if you're in it depends on the type of account you're in um if you're in a retirement account you know you would be forced um you know you would be forced to act so typically if you're assigned you're going to take action right away yeah okay so with this maybe we do a short put vertical and say well you know could i come down here and sell the 95 and we haven't done as many um of these types of trades and we like to on the short foot verticals go out about three weeks if we can why three weeks now if this is a weekly we're likely to have far less volume you can see here we've got many hundreds of contracts where you know here if we're looking at this and i said like maybe we could do the 90 where we want to be for sure is below this 97 so if we could do 96 or even i kind of like the idea of 95 why 95 the further away the better are low yesterday 97 52 so if we come to the trade tab we have 38 contracts and if as a rule of thumb you know we want this to be no more than 10 percent wide we're we're kind of knocking on that door and so if we did the 96 and the 94 we'd have enough contracts is there enough juice for it to be worth the squeeze a 30 credit and if we did 96 and 94 57 so typically it's about a three to one risk ratio and that's about what this is the most we can make is 58 cents how much could we lose a dollar 42 and so if we look at that 58 divided by a dollar 42 that's about a 40 return on our risk and so if we look at that and we say okay we'd be cool with that um how much are we risking about a buck 50 ish a dollar 40 something so how many of these could we do we could do three because then our theoretical max risk 429 dollars what's the most we can make 171. now are we going to stay in wait till it expires worthless we are not our rule of thumb in this class and and it's just a rule of thumb you might say i want to get out when i've got 90 of my max gain you know others might say you know i want to get out when i've got 80 when i've got 80 that's about 10 cents you know because 90 would be about a nickel so we're gonna say hey you know what when this is worth about 11 cents i want to close it down confirm and send okay and that would go on our short put verticals and what's the advantage of this is that it's less directional you know it this stock conical phillips is trading at 100 if it stays at 100 or above or golden actually as long as it stays above 96. you know 01 we're good to go but i mean this has a short you know it's called a short vertical so there's both a short put and a long put in it it is a a bullish to neutral trade but could we be assigned we could at any time right up until expiration so we'll monitor this okay so fire in the hole on that one man it is 8 14 our 45 minutes it has come and it has gone um so you know what did we do well okay so let's do a quick review we didn't get to look at costco today let's just have a look you know if you wanted to practice you know here's another one it's been lollygagging about so what strategy might you pick something that's less directional right if you were still bullish on the stock we've got a bit of a harami pattern happening today um but it's been kind of consolidating and so that might be you know if one were to practice a short put vertical candidate oh dollar tree's continuing to pull back okay so to wrap up um what did we do so we had a look at the markets we talked about the fact that you can do your own one-on-one with a thinker swim specialist so if that floats your boat i encourage you to take advantage of that if you haven't subscribed to this channel i showed you where to look at the playlist if you want to do some binge learning or some review hit the subscribe button if you hit the like button it lets other people know that we find this to be valuable content you're off the hook i think there's no survey today but then we placed several example trades in our paper money account we did a trade on devon we did a trade on crocs and we did um trades on conical phillips also oh i had starbucks start and we didn't get to look at starbucks so we'll save starbucks for monday um you know we'll see what's happening with that you know another candidate you know in the consumer discretionary sector um you know where we might be able to um you know do an example trade so guys thank you so much for joining me today keep in mind that everything we do in this class is for education and info informational purposes only none of it is to be construed as a recommendation on the part of td ameritrade or myself and know that all investing involves risk including the risk of loss stop losses aren't a guarantee i think i've said that ad nauseam today and neither you know know that in a live account um you know a short option can be called out at any time and we had lots of trades that involved the use of short options so huge thank you to ken for working his magic in the chat as he always does appreciate you ken and thank you for being here and thanks to each and every one of you that helped bring this class to life every friday i so appreciate you being here i don't know about you but i have a blast so have an awesome weekend everyone take care stay safe hug those that you love and i will look forward to seeing you in a webcast coming up soon up next at the top of the hour connie hill with getting started with stock investing so i'll see you monday in long options high noon eastern time it's the companion class to this one take care everyone bye for now