Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "How to find an option price?" Finding option prices is actually fairly easy. You can do it a number of different ways. We suggest the best way to find option prices is to simply use the brokerage platform that you're going to be making the trades in. This could be Thinkorswim, Tastyworks. This could be Robinhood, Interactive Brokers, TradeStation, all of these other different broker platforms. Any platform you use will give you the ability to find option prices. Typically, all you're going to do is just type in the ticker symbol of the security that you want to trade and then from there, you'll have to choose the contract month or expiration date of the contracts that you want to trade and once you open up or toggle open that list of expirations, you will typically see a list of strike prices for both calls and puts on both sides and within that table, that option's pricing table, you will have the ability to find a particular option's price. Again, it's not any more complicated than that. You just look up the ticker symbol, find the expiration date and then choose which side of the option pricing table you want to be on, whether it's the call side or the put side. A very simple answer to this week's question. As always, if you have any questions, please let us know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to continue our discussion from yesterday and talk about option extrinsic value explained. In yesterday's podcast, show number 492, we described what intrinsic value was for an option price. Now, it seems only fitting that we describe what the extrinsic value component of an option's price is. Again, remember that an option's price is mainly comprised of two different components, two different broad category components. The first is intrinsic value which is just the value should it be exercised right now which we discussed yesterday in show number 492. Today, we're going to be talking about the other component which is extrinsic value. Extrinsic value is mainly comprised of time decay and volatility value in the contract. It's just a fancy way of saying – How much value is in the contract because of how much time is left until expiration or how much value is in the contract because the stock might be more volatile than not based on the time left until expiration. This is where people get confused sometimes on option pricing because they see option pricing and they understand the intrinsic value component which is very easy to calculate, but now, there's this additional component which is this time or volatility value. But remember, all things being considered, if there's more time until expiration than not, then that leads to higher option prices. When you enter into an option contract and you have a year until expiration, well, that's more valuable than if you were to enter into an option contract and there's a day until expiration. Not much can happen in a day, but a lot can happen in a year. The same thing can be told about implied volatility as you go further out in time. If you enter into an option contract and the underlying stock is very volatile and has huge moves up and down, say 10% or 20% in either direction, well, that's more valuable because now, the stock could seemingly swing into a profitable zone. There's a huge volatility or expectation of volatility in the option, so now, that's more valuable to the option buyer. When you have a stock that has low volatility, maybe that doesn't swing more than .5% per day on a further extreme end of the spectrum, then that's less valuable to an option buyer because they know that the stock is not going to have these huge swings, so they're not going to bid up the value of that option contract hoping for a big profit because the likelihood is that the stock is not going to make a big move. This is where we see these two components now start to evolve and be folded into option pricing over time and they change and adapt as new information comes out about the company, as trader's expectations change and as we compress time until expiration. Now, the extrinsic value component of time decay is relatively standardized. It means that we don't have any increasing number of days and usually, days start ticking off one by one. We don't tick off days two days and then three days at a time. The time value component of an option contract is fairly standardized in the sense that we know how quickly on average different days until expirations will lead to different decays in the option contract.

The one volatility factor that's a little bit different is implied volatility. And so, the expectation of high volatility or low volatility changes on a daily basis based on how active people are buying or selling the option contracts. And so, this one component of extrinsic value is really the one that fluctuates the most and can lead option prices to be at further ends of the extreme spectrum very quickly even though a lot of other things didn't change like the stock price or the time until expiration. When you look at an option price, for example, let's say that we're trading a 100 strike long call option and the stock price is trading at $105. Well, that 100 strike long call option as we discussed yesterday in the podcast, show number 492, has $5 of intrinsic value. The 100 strike long call option when the stock is trading at $5 has to be at least priced around $5. That's the intrinsic value. That's the raw value should the contract be assigned right now. But if we look at the option pricing table and we see that that option contract is actually priced at $7, we know that $2 of that option's price now can be associated to the extrinsic value of the contract. We know $5 is associated to the intrinsic value, the value derived right now should you exercise the contract. That extra $2 of premium that we see if the option contract is trading for $7 can now be associated to extrinsic value, the time in volatility value of that contract still in the open market. This may be a contract that's 30 days from expiration. Now, we look at a 100 strike call option that's 90 days from expiration and we see that the value or price of that option contract is say $10. Well, now we know that again, $5 is associated to the intrinsic value and $5 is associated to this extrinsic value and intuitively, that makes sense that we have now more time until expiration, so that's more valuable potentially and we have a greater time that the stock can make these huge volatility moves that again, potentially is more valuable. This is where you see these components start to be dissected and compressed as you're looking at option pricing. Now, does this mean that you always need to look at extrinsic and intrinsic value? No. But you should have a good understanding of what components are folded into an option's price and understanding that there's an intrinsic component and an extrinsic component made up of value for time decay and volatility really helps you when you get into certain situations as a trader and understanding potentially if you're at risk of assignment or not or how fast the option contract is going to decay in value, how much more room there is to profit in an option contract if you're an option seller especially when you get into the week of expiration. Hopefully this helps out in kind of understanding these broad categories. I know we can't go through everything on this podcast, but hopefully kind of ticking off these broad categories again, helps out tremendously. As always, if you have any questions, please let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. On today's call, we're going to help you explain what option intrinsic value is, so that you have a better understanding of it moving forward and we're going to use a very simple example to help prove this point because option intrinsic value is actually very simple to understand. There's basically two broad categories of option pricing or broad components of an options price. There's the intrinsic value and the extrinsic value. As the names suggest, one is potentially internal value and the other is external value, so things that are not necessarily present on a basis right now. When it comes to intrinsic value, all intrinsic value is for an option price is the value that could be derived if the option contract were to be exercised or assigned immediately by the long option buyer. And so, when it comes to a call option, this would generally mean that if you exercised your long call option that you would derive some amount of value immediately for the shares that you got delivery of and could resell in the market. Let's use a very simple example. Let's say that you are a long call option buyer and you have a long call option at a strike price of 100, so you bought the 100 strike call options. If the stock is trading at $105, then your long call option has at least $5 of intrinsic value. And so, what that intrinsic value is, is the difference between your strike price and the price at which you could sell the shares should you get delivery of them immediately by exercising your long call option. As a 100 strike long call option buyer, you could exercise your contract, take delivery of the shares and purchase them for the $100 per share and immediately resell them in the market for $105 per share. Again, the intrinsic value or the value that you have in the contract right now is $5. If the stock price was trading at 107, then your intrinsic value is $7. If the stock price is trading at 120, then your intrinsic value is $20. It's a very simple way to look at the intrinsic value part or component of an options price.

Now, let's look at it on the other side of the spectrum here in the sense that let's say you still are that 100 strike long call option buyer, but the stock now is trading at $98. Well, now, your long call option does not have $2 or –$2 of value. It just simply has no intrinsic value. Now, this doesn't mean that the option contract is worthless yet. It still might have extrinsic value which is comprised of time decay, volatility, etcetera, but if you were to exercise your long call option at a $100 strike price, you would buy stock at $100 and then seemingly sell it back at $98 which would create a loss and so, therefore, you would actually never entertain that option contract exercise because it would create a negative loss position in your account. The long call option at 100 strike has zero intrinsic value whenever the stock is trading below the strike price. Now, if we look on the other side of the option pricing table and we look at put options, the same thing is true of a put option contract, just in reverse. Put options have intrinsic value whenever the stock price is trading below the strike price. Call options have intrinsic value whenever the stock price is trading above the strike price. If we were a 100 strike put option buyer and the stock was trading at $95, then we would have $5 of intrinsic value for that put option contract. We could exercise our put option, sell stock at $100 which is the strike price and repurchase the shares in the open market for $95, creating a $5 profit which is the intrinsic value. Again, it's just a matter of which side you're looking at and where the stock price is relative to the strike price that you're trading. But again, intrinsic value is pretty easy to calculate, has no real understanding to implied volatility and time decay and all these other factors that are a little bit more complicated to calculate. Intrinsic value is easy. It's either there or it's not there and it's basically the difference between the stock price and the strike price if you have a profitable outcome for that particular scenario. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be discussing why "the market is always right" is actually false. This one might be a little bit tough for some people to stomach and go through, but the reality is that the market is not always right when it comes to actual value. Where I think I differ from a lot of people with this statement is that I do believe that the market is always right when it comes to expectations, but expectations as we know in options trading is not the same as reality. And so, what some people would always say (and I used to be in this camp admittedly when I started trading) is I would think to myself – "The market is always right." I don't know that there's something else out there. But the reality is that having traded through scenarios like the flash crash and the 2008 collapse, etcetera, what I've realized is that the market is always right based on expectation. Whenever the expectation is of the prevailing market participants, that is where price ends up going. That does not mean that the market is pricing in value correctly. Anybody can look at a number of historical declines or bear markets and realize that this is the case.

If you take a look at the 2007, 2008 market collapse, you knew that this was the case because the market was not pricing in any sort of decline or pullback as a result of subprime and the mortgage crisis, but the reality was is that was an underlying factor of value drag on the economy that just didn't show itself until much later in the cycle. Was the market right in pricing in these high valuations and these high expectations? Yes. It was right at the time because that's what people were expecting, but it didn't mean that the market was right in pricing in the correct value of the stock market or many of these banks and other companies that had fallout as a result of the subprime crisis. To make a blanket statement and say that the market is always right is false. It's right based on expectations, but we know that sometimes, expectations and reality don't lineup with one another and that potentially is an area that could be an opportunity for us as traders, particularly as options traders because most of what we trade is based on future expectation which we know is typically overvalued in one direction or another and we can generate an edge based on that overvalued expectation compared to the actual reality that plays out. Hopefully this helps out. If you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "What is a chart pattern trader?" A chart pattern trader or technicians sometimes as they're called are people who trade solely based off of the chart patterns that they see on a particular stock or underlying security. Things like head and shoulders and rising wedge, flags, pennants, cup and handles are some of the common terminology that you'll hear when you run across somebody who ends up being a chart pattern trader. I like to think of myself as being started as a chart pattern trader and I quickly evolved into understanding that many of the chart patterns or chart readings are very subjective in nature. Now, this isn't to say that there aren't people who do this and do this really well. Particularly, what comes to mind is guys like Peter Brandt which have actually made a career of being chart pattern traders and do very well at it. I just never actually gained enough skills in reading the right chart patterns and determining where the lines get drawn on the charts versus not, to make a good judgment call on a particular chart pattern or a particular setup. But again, the idea with many people who trade based off of the charts is that the charts basically reflect all known information or all expected information of the security. And so, what the price is doing is price is becoming king. And so, when chart patterns start to evolve and there's breakouts of breakdowns, those might potentially be tradable events.

Now, do I think that people who trade options need to understand chart patterns? I think it could help. I think seeing some of these chart patterns evolve and just knowing the general basis of some of these particular chart patterns that evolve more so than not could be helpful when you're looking at trades, but I don't think it's the end-all be-all. We know from back-testing and research that you don't need chart patterns to be successful and profitable. When we had our back-testing software built and when we started running a lot of these tests for strategies through the software, the software did not have the capability of reading chart patterns or deciphering chart patterns. It was basically making trades in a systematical and mechanical fashion. And so, for that reason, I don't think that chart pattern trading is necessarily a requirement, nor do I think it's potentially possible for many people to do because again, it's very subjective. What looks like a flag to somebody else could look like a head and shoulders to another person and a cup and handle to another person. It's very subjective in nature, but like I said, there's people out there who do it well and that's great. It's not something that I've particularly found insanely helpful moving forward. It's good to know. It's good to have an idea of it, but it's not something I base my decisions off of for trading. Hopefully this helps out in answering the question. As always, if you guys have any questions, please let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be discussing why you might want to trade VXXB options moving forward. Just as a clarification, last year, VXX announced that it would be suspending or basically coming up on its expiration of the ticker symbol and so, what's commonly referred to as the VXX options will now be trading basically under VXXB options. All they're doing is basically just issuing the new ticker symbol to keep up with regulatory and compliance requirements. It's all the same product. It's all structured exactly the same way. And with VXXB options, basically what you're trading is you're trading implied volatility on a 30-day rolling basis for the S&P500. And so, the reason that you might want to trade VXXB options in any direction is to basically gain more pure type exposure to the S&P and to the VIX.

Now, the problem as we've discussed in podcast and also on this podcast and numerous daily call episodes is that VXXB options have this roll which creates this Contango feature for the option pricing and because the options are basically rolling futures on an ongoing basis, they basically roll futures at a lower and lower price moving forward which again, creates this negative drag on the price moving forward. You just have to be careful and cautious about how you trade VXXB. Particularly if you're trading it and looking to make money off of a huge pop in volatility or a drop in volatility, you want to understand the product and understand how you could potentially trade it with options. Again, having some of these volatility products in the market is a great tool for investors. Many people don't know that they exist. Many people actually still don't trade them even though their liquidity and volume is insanely high, but they give investors another outlet to trade just broad volatility or gain exposure to broad volatility if necessary for their portfolio. I think it's a good tool to have in your toolbox. I don't think necessarily that you need to trade it every single day or every single month, but you should at least be aware of it and have an understanding of how the VXXB options work. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "How to determine IV rank?" IV rank is a favor metric of options traders, in particular, option sellers and over the last couple of years, it's gained a lot of popularity and you can actually see IV rank in many different platforms. We have an IV rank calculated using our own software here at Option Alpha, but inside of Thinkorswim and Tastyworks and some other brokers as well, you have the ability to determine IV rank or IV percentile. Now, on today's show, we're going to be talking about IV rank because it's the very quick and dirty way to look at and compare different securities on a normalized implied volatility basis. And so, what I mean by this is that when we typically see implied volatility, what we are looking at when we see implied volatility is the raw or real implied volatility of the security, but that implied volatility is not normalized when we try to compare one security to another. For example, if we have a tech social media company like Facebook and we are trying to compare implied volatility in Facebook to say something like a large financial like Goldman Sachs, we might see on the outside that that raw or real implied volatility could be wildly different. Facebook might have implied volatility of 45% and Goldman Sachs might have implied volatility of say 10%. And so, if you just look at this metric on the outside, you're not getting the full picture because Facebook is a social media tech company which potentially should have more implied volatility and will fluctuate more in the future, but we don't know if that 45% that Facebook is showing right now is actually relatively high or relatively low. It could be a relatively low reading for Facebook and maybe their real volatility is typically much higher than it is right now at 45%. And same thing, we don't even know if that's potentially a high reading. Maybe 45% implied volatility in Facebook is actually fairly high and it should be much lower historically or it has been much lower historically. This is where we introduce something like IV rank and what IV rank does basically is it normalizes or neutralizes the impact of these individual implied volatilities and makes everything compatible on the same scale. And so, it takes the high implied volatility or a seemingly high implied volatility of Facebook and the implied volatility of say something like Goldman Sachs, compresses them down into the same basically zero to 100 scaling mechanism so that we can accurately look at each individual security and say, "Okay. Facebook or Goldman Sachs (or whatever you're looking at) has relatively high implied volatility based on its historical trading range."

And so, the way that we use IV rank is to use a very simple formula to calculate this. And so, all you need to do basically is take the current level of implied volatility, subtract the 52-week low and then divide that number by the difference between the 52-week low and the 52-week high. You're basically taking the current implied volatility reading, subtract it out from the low and dividing it by the full range over the last 52 weeks. Now, some people might use implied volatility not on a yearly basis and could use implied volatility on a weekly basis. I've seen people use it on a monthly or a quarterly, semiannually. I think the most standard default is to really use it for about a year. We go back in time about a year to get the true range of the security as far as implied volatility goes over the last year and then use that as the basis for determining where the security is trading now. Again, what this does (and I'll use an example here) is it takes this entire massive range that a company could be trading in and it basically tries to normalize it down to the range or rank that the current level it's in right now. Let's say that we have a company that's low implied volatility reading over last year was 20% and the high implied volatility reading over the last year was 70%. Well, right now, let's say that the company is trading at 45% implied volatility. Well, that would represent about the 50 rank between a low of 20% and a high of 70%. And so, this is again, a very easy way to just say, "Okay, look. If the range is this and this, then the current reading is around the 50th rank. If we were to take 20% as our low, make that basically like our zero barrier and take that reading of 70% as our high-end or 100 barrier, then the current reading of 45% is around the 50th rank." And so, when you do this over multiple securities, then you get a much better idea of which securities or which ticker symbols you might end up making trades on actually have implied volatility that's above or below their average range over the last year. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "What is a price to sales ratio?" Very much like we did yesterday on the podcast where we talked about price to earnings ratios or PE ratios, today, we're going to talk a little bit more about price to sales ratios. The price to sales ratio is basically what it sounds like. You basically take the share price of the company and you divide that out by the sales per share to get an accurate representation of how much money each unit of the company, each share price of the company is generating in revenue. And the reason why investors want to take a look at this as again, one metric of many to determine if they want to make an investment in a security or a private company or an equity deal is because we want to know how much top line revenue the company is generating and if their earnings are coming more from revenue growth or coming more from cost-cutting and optimization metrics. Oftentimes, we see companies that have really good price to earnings ratios or really good earnings report, but maybe when you start digging into it a little bit more, in particular, looking at price to sales ratios, what you find is that the company actually lost revenue, but they cut expenses faster. We see companies that have great earnings reports and they beat expectations on earnings, but those earnings were actually a factor of the company cutting cost faster, not necessarily gaining market share or increasing top line revenue. Again, it's just another metric that you can use to weigh your decisions when choosing your investments.

To use an example here and what we want to see with a price to sales ratio is a low price to sales ratio and a low price to sales ratio would basically mean that investors are paying less for each unit of sale that the company generates. Again, low price to sales ratio is generally better than a higher price to sales ratio. Let's look at the first example. Let's say that the stock that we're looking at is trading at $10 per share and the sales for the company on a per share basis are $8 per share. Basically, what we do is we take the $10 and we divide that by the $8 in sales per share and we get a price to sales ratio of 1.25. Now, again, this could be potentially low for that industry or it could be potentially high for that industry. It's just one metric that we're going to use. Now, if we look at another company and let's say another company is trading at around $15 per share but is generating more sales per share than the first company we looked at, it's generating $10 per share in revenue, then we take the $15 divided by the $10 that it generates and we see that the price to sales ratio is 1.5. On the top line revenue basis, yes, the second company is generating more money per share, but the stock price is so much higher that you are actually paying a little bit of a premium to invest in that company, company B which is trading for $15 per share over company A which was trading for $10 per share. Again, this is just one metric that you can use, but it's a great way to kind of level the playing field and see which companies are actually generating meaningful top line revenue and are potentially growing their revenue over time before making an investment. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to walk through a simple explanation of price to earnings ratio or what's commonly referred to as a PE ratio. Price to earnings ratio is basically exactly what it sounds like. You take the share price of the company and you divide the share price of the company by the earnings that the company is generating over the course of in most cases, say a year, so adjusted earnings for the last year. And when you get that, you get a ratio that ends up being a number and that number helps you determine whether a company is highly valued based on their share price earnings or maybe a low value compared to their share price and earnings. For example, if a company right now is trading at say $20 and they earned $5 per share per year, then the PE ratio for that company would be $4 and for some people, that might be a really low PE ratio. It might again, signal to the market that that company is undervalued because they're generating $5 per share per year and yet, the stock price is only trading at $20. Now, compare this to another company that also generates $5 per share for earnings, but is trading around $50 a share, so when you take $50 divided by the $5 per share in earnings, you get a PE ratio of 10. Now, we can see that PE ratio is a good initial kind of filter for potentially investing in stocks or getting into securities or potentially any investment. It really doesn't really have to be stocks or securities, but a good initial filter to level the playing field and make less noise between stock prices and what the company actually earns because I think a lot of people look at stock prices and they value companies based on the stock price, but the stock price is only one determining factor and it's really highly contingent upon the outstanding float and how many shares are issued, etcetera.

When you use something like PE ratio, you are able to then compress the noise and look at just simply how much money the company is generating compared to the value of the stock. Now, this does mean that sometimes, PE ratios can be non-adjusted or non-cyclically adjusted. In another episode in the future, we'll talk about using what's called a CAPE ratio or a PE10 ratio which adjust for long-term earnings of the company and also inflation. But right now, this initial simple PE ratio is a good again, benchmark and metric to use when looking at different companies. Now, the last question is – Can a stock have negative PE ratios? And the answer is yes. We actually saw this a lot last year in 2018 and pretty much every year, we've seen some companies come onto market that have negative PE ratios which means that basically, the company is not yet earning money and which is why their ratio is negative, but they still have a share price, so companies like Tesla or Facebook or Twitter or Snapchat. Any of these companies that come on the market that don't yet earn money or are net profitable still are going to be trading at really high stock prices, but that doesn't mean necessarily that the company is good or bad. It could be that they're high-growth and maybe they're coming into potential profit zones or about to make money on a net profit basis, but they just haven't yet. Don't necessarily shy away from companies that have negative PE, but again, using a PE ratio and in particular, a CAPE or a PE10 ratio in the future might be a good again, screening metric for anything that you have to do long-term in the market. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we are going to reflect on a saying from Martin Luther King Jr. which is – "Only light can drive out darkness." And I've recently come across this over the last couple of months and it keeps coming back up and to me, it's a really interesting topic to discuss because I think about it a lot actually and as we are approaching Martin Luther King Jr. day here in the United States, it's a really important one and I figured give it some time in this podcast. But the concept here is basically that when you get into skirmishes or struggles or competition with people, what ends up being the default for most people is to attack the other person and to look at the other person and to demean and undermine and cut them down so much so that you become the higher person or the last man standing basically. But the reality is that more darkness, more negativity, more hate, more harmful speech actually does not drive out darkness. You can't have a dark room and then introduce more darkness to the room and then have the room become better. It's just going to become darker and darker and it's' this spiral that we get ourselves into. And so, what he said is he said only light can drive out darkness and I really love this because it's so true and it's so simple that you can remember it especially in this era of online community and online reviews and people posting videos and having the ability to chat and comment on things anonymously. What I found over the last 10 years is that there are absolutely trolls out there and there are people who want to see you fail and they want to see you be unsuccessful because all it's going to do is make them feel better about themselves for a brief period of time as they try to undercut and undermine you moving forward.

But the reality is that if you find yourself in a situation where you're dealing with people like this as I definitely have over the last 10 years being open and transparent and out in the community here in the options market, what I found is that you can't fight these people with darkness. You can't play their game. They want to suck you down. They want to drag you into these holes and we see this everywhere. We see this on Reddit. We see this on YouTube. We see this on Facebook and Twitter. It's just this nonstop berate of just negativity and it doesn't really help or improve the industry, it doesn't move anybody forward, so for the most part, I don't choose to participate in it. And when I say actually for the most part, I don't participate in it. I've made a rational decision many years ago that Option Alpha would be the exception to all of this rather than play these games. And so, for that reason, we see things all the time out there about me and Option Alpha and you might see things about you or people might make comments about what you're doing or how you're trading or how you're raising your family. I mean, there's a number of things. But I encourage you not to get sucked down the hole of darkness, to not use more darkness, more negativity, more combative tones and languages to basically feed these beasts, these trolls that will end up dying a very slow and meaningless life on the internet. But I encourage you to just keep doing what you're doing and to keep using honest, transparent practices, speaking your opinion, posting what you're going to post out there, having your word, your reflection reflected in everything that you do and I promise you that light will eventually drive out darkness. It may take some time and it may feel like these people are attacking you, but that's okay because there's many more people who need to hear your story, that need to hear your comments, that need to hear what you're doing rather than you getting sucked down this hole of darkness. Hopefully this helps out as we reflect on again, MLK day here in the United States and as always, if you guys have any questions, let me know and until next time, happy trading.