.
■
Remember that there should be equal distance between each strike price.The maximum risk occurs if the stock is at the middle strike at expiration.
Steps In■
Actively seek chart patterns that appear like pennant formations, signifyinga consolidating price pattern.
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Steps Out■
Manage your position according to the rules defined in your Trading Plan.
■
You can unravel the position just before expiration—remember to include allthe commissions in your calculations.
4.8.2 ContextOutlook■
With short condors, your outlook is direction neutral. You are looking for largevolatility in the stock price, but you are not concerned with the direction.
Rationale■
With short condors, you are looking to execute a limited yielding trade at a netcredit, whereby your maximum profits occur if the stock finishes on either sideof the upper and lower strike prices at expiration.
■
You are anticipating high volatility with the stock price, which will lead you toprofit.
Net Position■
This is a net credit trade.
■
Your maximum risk is the difference between the adjacent strike prices less thenet credit. (Remember that all strike prices are equidistant to each other.) Yourmaximum reward is the net credit you receive.
Effect of Time Decay■
Time decay is generally harmful to your trade here because you are looking fora lot of movement in the stock price. After the position has become profitable,time decay becomes helpful.
Appropriate Time Period to Trade■
At least three months out.
Selecting the Stock■
Choose from stocks with adequate liquidity, preferably over 500,000 AverageDaily Volume (ADV).
■
Actively seek chart patterns that appear like pennant formations, signifying aconsolidating price pattern that may be about to explode.
Selecting the Options■
Choose options with adequate liquidity; open interest should be at least 100,preferably 500.
Volatility Strategies■
Lower Strike—At least two strikes below the current stock price.
■
Lower Middle Strike—At least one strike below the current stock price.
■
Higher Middle Strike—At least one strike above the current stock price.
■
Higher Strike—At least two strikes above the current stock price.
■
Expiration—Preferably three months or more, but there is a trade-off betweentime, cost/net credit, and profit potential. Use the same expiration date for alllegs.
4.8.3 Risk Profile■
Maximum Risk
[Difference in adjacent strikes  net credit]
■
Maximum Reward
[Net credit received]
■
Breakeven Down
[Lowest strike  net credit]
■
Breakeven Up
[Highest strike  net credit]
4.8.4 GreeksKey:ExpirationToday – 3 monthsTime(t) – 1 monthRisk ProfileAs the stock priceremains rangebound,the position is lossmaking, with maximum loss occurringbetween the middlestrikes.
Risk Profile
Theta
ThetaTime decay is helpfulto the position whenit is profitable andunhelpful when it isunprofitable.
DeltaDelta (speed) is at itsgreatest around theouter strikes and iszero between themiddle strikes.
Delta
Vega
VegaVolatility is generallyhelpful to the position unless it thestock moves outsidethe outer strikes.
GammaGamma (acceleration)peaks positivelyaround the middlestrikes, and peaksinversely around theoutside strikes.
Gamma
Rho
RhoHigher interest ratesare generally helpfulto the position whenthe stock price ishigher and vice versa.
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4.8.5 Advantages and DisadvantagesAdvantages■
Profit from a rangebound stock with no capital outlay.
■
Capped risk.
Disadvantages■
The higher profit potential comes with a wider range between the middlestrikes.
■
The higher profit potential only comes nearer expiration.
■
The potential loss is far greater than the amount by which you can profit.
■
Bid/Ask Spread can adversely affect the quality of the trade.
4.8.6 Exiting the TradeExiting the Position■
With this strategy, you can simply unravel the spread by buying back theoptions you sold and selling the options you bought in the first place.
■
Advanced traders may leg up and down or only partially unravel thespread as the underlying asset fluctuates up and down. In this way, thetrader will be taking smaller incremental profits before the expiration ofthe trade.
Mitigating a Loss■
Unravel the trade as described previously.
■
Advanced traders may choose to only partially unravel the spread leg-by-legand create alternative risk profiles.
4.8.7 ExampleABCD is trading at $52.87 on May 17, 2004.Sell the August 2004 45 strike call for $10.16.Buy the August 2004 50 strike call at $7.05.Buy the August 2004 55 strike call at $4.70.Sell the August 2004 60 strike call for $3.02.
Volatility Strategies
Net Credit
Premiums sold  premiums bought$10.16  $3.02  $7.05  $4.70  $1.43
Maximum Risk
Difference in adjacent strikes  net credit$5.00  $1.43  $3.57
Maximum Reward
Net credit$1.43
Breakeven Down
Lower strike  net credit$45.00  $1.43  $46.43
Breakeven Up
Higher strike  net credit$60.00  $1.43  $58.57
Max ROI
40.06% if the stock is either below $45.00 or above $60.00at expiration.
4.9 Short Put CondorProficiency
Direction
Volatility
Asset Legs
Max Risk
Max Reward
Strategy Type
Capped
Capital Gain
!
Advanced
Neutral
High
■ Short Put
Capped
■ Long Put■ Long Put■ Short Put
4.9.1 DescriptionThe Short Put Condor is identical to the Short Call Condor except that it uses putsinstead of calls. It is the opposite of a Long Put Condor, which is a rangebound strategy. Short condors aren’t particularly popular because even though they produce anet credit, they offer very small returns compared to straddles and strangles withonly slightly less risk.The Short Put Condor involves a low strike short put, a lower middle OTM longput, a higher middle ITM long put, and a higher ITM short put. The resulting position is profitable in the event of a big move by the stock. Again, the problem is thatthe reward is seriously capped and is typically dwarfed by the potential risk if thestock fails to move.
Sell lowerstrike put
Buy middlestrike put
Buy middlestrike put
Sell higherstrike put
Short PutCondor
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Steps to Trading a Short Put Condor1. Sell one lower strike (OTM) put.2. Buy one lower middle strike (OTM) put.3. Buy one higher middle strike (ITM) put.4. Sell one higher strike (ITM) put.■
All options share the same expiration date for this strategy.
■
For this strategy, you must use all puts.
■
Remember that there should be equal distance between each strikeprice. The maximum risk occurs if the stock is at the middle strike atexpiration.
Steps In■
Actively seek chart patterns that appear like pennant formations, signifyinga consolidating price pattern.
Steps Out■
Manage your position according to the rules defined in your Trading Plan.
■
You can unravel the position just before expiration—remember to includeall the commissions in your calculations.
4.9.2 ContextOutlook■
With short condors, your outlook is direction neutral. You are looking for largevolatility in the stock price, but you are not concerned with the direction.
Rationale■
With short condors, you are looking to execute a limited yielding trade at a netcredit, whereby your maximum profits occur if the stock finishes on either sideof the upper and lower strike prices at expiration.
■
You are anticipating high volatility with the stock price, which will lead you toprofit.
Net Position■
This is a net credit trade.
■
Your maximum risk is the difference between the adjacent strike prices less thenet credit. (Remember that all strike prices are equidistant to each other.) Yourmaximum reward is the net credit you receive.
Volatility Strategies
Effect of Time Decay■
Time decay is generally harmful to your trade here because you are looking fora lot of movement in the stock price. After the position has become profitable,time decay becomes helpful.
Appropriate Time Period to Trade■
At least three months out.
Selecting the Stock■
Choose from stocks with adequate liquidity, preferably over 500,000 AverageDaily Volume (ADV).
■
Actively seek chart patterns that appear like pennant formations, signifying aconsolidating price pattern that may be about to explode.
Selecting the Options■
Choose options with adequate liquidity; open interest should be at least 100,preferably 500.
■
Lower Strike—At least two strikes below the current stock price.
■
Lower Middle Strike—At least one strike below the current stock price.
■
Higher Middle Strike—At least one strike above the current stock price.
■
Higher Strike—At least two strikes above the current stock price.
■
Expiration—Preferably three months or more, but there is a trade-off betweentime, cost/net credit, and profit potential. Use the same expiration date for alllegs.
4.9.3 Risk Profile■
Maximum Risk
[Difference in adjacent strikes  net credit]
■
Maximum Reward
[Net credit received]
■
Breakeven Down
[Lowest strike  net credit]
■
Breakeven Up
[Highest strike  net credit]
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4.9.4 GreeksKey:ExpirationToday – 3 monthsTime(t) – 1 monthRisk ProfileAs the stock priceremains rangebound,the position is lossmaking, with maximum loss occurringbetween the middlestrikes.
Risk Profile
Theta
ThetaTime decay is helpfulto the position whenit is profitable andunhelpful when it isunprofitable.
DeltaDelta (speed) is at itsgreatest around theouter strikes and iszero between themiddle strikes.
Delta
Vega
VegaVolatility is generallyhelpful to the position unless it thestock moves outsidethe outer strikes.
GammaGamma (acceleration)peaks positivelyaround the middlestrikes, and peaksinversely around theoutside strikes.
Gamma
Rho
RhoHigher interest ratesare generally helpfulto the position whenthe stock price ishigher and vice versa.
4.9.5 Advantages and DisadvantagesAdvantages■
Profit from a rangebound stock with no capital outlay.
■
Capped risk.
Disadvantages■
The higher profit potential comes with a wider range between the middlestrikes.
■
The higher profit potential only comes nearer expiration.
Volatility Strategies■
The potential loss is far greater than the amount by which you can profit.
■
Bid/Ask Spread can adversely affect the quality of the trade.
4.9.6 Exiting the TradeExiting the Position■
With this strategy, you can simply unravel the spread by buying back theoptions you sold and selling the options you bought in the first place.
■
Advanced traders may leg up and down or only partially unravel the spreadas the underlying asset fluctuates up and down. In this way, the trader will betaking smaller incremental profits before the expiration of the trade.
Mitigating a Loss■
Unravel the trade as described previously.
■
Advanced traders may choose to only partially unravel the spread leg-by-legand create alternative risk profiles.
4.9.7 ExampleABCD is trading at $52.87 on May 17, 2004.Sell the August 2004 45 strike put for $1.88.Buy the August 2004 50 strike put at $3.73.Buy the August 2004 55 strike put at $6.33.Sell the August 2004 60 strike put for $9.60.Net Credit
Premiums sold  premiums bought$1.88  $9.60  $3.73  $6.33  $1.42
Maximum Risk
Difference in adjacent strikes  net credit$5.00  $1.42  $3.58
Maximum Reward
Net credit$1.42
Breakeven Down
Lower strike  net credit$45.00  $1.42  $46.42
Breakeven Up
Higher strike  net credit$60.00  $1.42  $58.58
Max ROI
39.66% if the stock is either below $45.00 or above$60.00 at expiration.
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4.10 Short Iron ButterflyProficiency
Direction
Volatility
Asset Legs
Max Risk

Max Reward
Strategy Type
Capped
Capital Gain
!
Advanced
Neutral
High
■ Short Put
Capped
■ Long Put■ Long Call■ Short Call
4.10.1 DescriptionThe Short Iron Butterfly is another volatility strategy and is the opposite of a LongIron Butterfly, which is a rangebound strategy.Short iron butterflies aren’t particularly popular because they produce a net debitand offer very small returns compared to straddles and strangles with only slightlyless risk.The Short Iron Butterfly involves putting together a Bear Put Spread and a BullCall Spread. The higher strike put shares the same strike as the lower strike call tocreate the Short Butterfly shape. The resulting position is profitable in the event of abig move by the stock. The problem is that the reward is seriously capped and is typically dwarfed by the potential risk if the stock fails to move.
Sell lowerstrike put
Buy middlestrike put
Buy middlestrike call
Sell higherstrike call
Short IronButterfly
Steps to Trading a Short Iron Butterfly1. Sell one lower strike (OTM) put.2. Buy one middle strike (ATM) put.3. Buy one middle strike (ATM) call.4. Sell one higher strike OTM call.■
All options share the same expiration date for this strategy.
■
For this strategy, you must use both calls and puts. A Short Iron Butterfly isthe combination of a Bear Put Spread and a Bull Call Spread.
■
The short put and the short call share the same middle (ATM) strike price.
■
Remember that there should be equal distance between the three strikes.
Steps In■
Actively seek chart patterns that appear like pennant formations, signifyinga consolidating price pattern.
Volatility Strategies
Steps Out■
Manage your position according to the rules defined in your Trading Plan.
■
Remember that the Short Iron Butterfly is a combination of other strategies,so it can be unraveled in two-leg chunks.
4.10.2 ContextOutlook■
With short iron butterflies, your outlook is direction neutral. You are lookingfor increased volatility in the stock price, but you are not concerned with thedirection.
Rationale■
With short iron butterflies, you are looking to execute an inexpensive, cappedyield trade where your maximum profits occur if the stock finishes on eitherside of the upper and lower strike prices at expiration.
■
You are anticipating greater volatility in the stock price.
Net Position■
This is a net debit trade.
■
Your maximum risk is your net debit you pay. Your maximum reward is thedifference between any adjacent strike prices less the net debit.
Effect of Time Decay■
Time decay is generally harmful to your trade here because you are looking fora lot of movement in the stock price. After the position has become profitable,time decay becomes helpful.
Appropriate Time Period to Trade■
At least three months out. Exit the position before the final month precedingexpiration.
Selecting the Stock■
Choose from stocks with adequate liquidity, preferably over 500,000 AverageDaily Volume (ADV).
■
Actively seek chart patterns that appear like pennant formations, signifying aconsolidating price pattern that may be about to explode.
Selecting the Options■
Choose options with adequate liquidity; open interest should be at least 100,preferably 500.
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Lower Strike—Below the current stock price.
■
Middle Strike—As close to ATM as possible (or where you think the stock willnot be at expiration).
■
Higher Strike—The same distance above the middle strike as the lower isbelow it; use online tools to find the optimum yields and breakeven points atand before expiration.
■
Expiration—Preferably three months or more, but there is a trade-off betweentime, cost, and profit potential. Use the same expiration for all legs.
4.10.3 Risk Profile■
Maximum Risk
[Net debit]
■
Maximum Reward
[Difference between adjacent strikes  net debit]
■
Breakeven Down
[Middle strike  net debit]
■
Breakeven Up
[Middle strike  net debit]
4.10.4 GreeksKey:ExpirationToday – 3 monthsTime(t) – 1 monthRisk ProfileAs the stock priceremains rangebound,the position is unprofitable, with maximumloss occurring at themiddle strike price.DeltaDelta (speed) is at itsgreatest the outerstrikes and is zeroaround the middlestrike.GammaGamma (acceleration)peaks positivelyaround the middlestrike, highlightingthe position’s majorturning point andmiddle Delta neutralpoint, and peaksinversely outside theouter strikes.
Risk Profile
Theta
ThetaTime decay is helpfulto the position whenit is profitable andunhelpful when it isunprofitable.
Delta
Vega
VegaVolatility is generallyhelpful to the position unless the stockmoves outside theouter strikes.
Gamma
Rho
RhoHigher interest ratesare generally unhelpful to the position,particularly when thestock price is lower.
Volatility Strategies
4.10.5 Advantages and DisadvantagesAdvantages■
Profit from a volatile stock with little capital outlay.
■
Capped risk.
■
Comparatively high profit probability if the stock moves.
Disadvantages■
The higher profit potential comes with a wider range between the strikes.
■
The higher profit potential only comes nearer expiration.
■
The potential loss is far greater than the amount by which you can profit.
■
Bid/Ask Spread can adversely affect the quality of the trade.
■
Complicated strategy for the intermediate trader.
4.10.6 Exiting the TradeExiting the Position■
With this strategy, you can simply unravel the spread by buying back theoptions you sold and selling the options you bought in the first place.
■
Advanced traders may leg up and down or only partially unravel the spreadas the underlying asset fluctuates up and down. In this way, the trader will betaking smaller incremental profits before the expiration of the trade.
Mitigating a Loss■
Unravel the trade as described previously.
■
Advanced traders may choose to only partially unravel the spread leg-by-legand create alternative risk profiles.
4.10.7 ExampleABCD is trading at $52.87 on May 17, 2004.Sell the August 2004 45 strike put for $1.88.Buy the August 2004 50 strike put for $3.73.Buy the August 2004 50 strike call for $7.03.Sell the August 2004 55 strike call for $4.67.
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Net Debit
Premiums bought  premiums sold$3.73  $7.03  $1.88  $4.67  $4.21
Maximum Risk
Net debit$4.21
Maximum Reward
Difference in adjacent strikes  net debit$5.00  $4.21  $0.79
Breakeven Down
Middle strike  net debit$50.00  $4.21  $45.79
Breakeven Up
Middle strike  net debit$50.00  $4.21  $54.21
Max ROI
18.76% if the stock is either below $45.00 or above$55.00 at expiration.
4.11 Short Iron CondorProficiency
Direction
Volatility
Asset Legs
Max Risk
Max Reward
Strategy Type
Capped
Capital Gain
!
Advanced
Neutral
High
■ Short Put
Capped
■ Long Put■ Long Call■ Short Call
4.11.1 DescriptionThe Short Iron Condor another volatility strategy and is the opposite of a Long IronCondor, which is a rangebound strategy. The Short Iron Condor differs from theShort Iron Butterfly in that the middle strikes are separated.Short iron condors aren’t particularly popular because they produce a net debitand offer very small returns compared to straddles and strangles with only slightlyless risk.The Short Iron Condor involves putting together a Bear Put Spread and a higherstrike Bull Call Spread. The higher strike put has a lower strike than the lower strikecall to create the Short Condor shape. The resulting position is profitable in the eventof a big move by the stock. The problem is that the reward is seriously capped andis typically dwarfed by the potential risk if the stock fails to move.
Sell lowerstrike put
Buy middlestrike put
Buy middlestrike call
Sell higherstrike call
Short IronCondor
Volatility Strategies
Steps to Trading a Short Iron Condor1. Sell one lower strike (OTM) put.2. Buy one middle strike (OTM) put.3. Buy one middle strike (OTM) call.4. Sell one higher strike OTM call.■
All options share the same expiration date for this strategy.
■
For this strategy, you must use both calls and puts. A Short Iron Condor isthe combination of a Bear Put Spread and a Bull Call Spread.
■
The long put strike is lower than the long call strike.
■
Remember that there should be equal distance between each strike price.
Steps In■
Actively seek chart patterns that appear like pennant formations, signifyinga consolidating price pattern that may be about to explode.
Steps Out■
Manage your position according to the rules defined in your TradingPlan.
■
Remember that the Short Iron Condor is a combination of other strategies,so it can be unraveled in two-leg chunks.
■
You can unravel the position just before expiration—remember to includeall the commissions in your calculations.
4.11.2 ContextOutlook■
With short iron condors, your profile is direction neutral. You are looking forincreased volatility in the stock price, but you are not concerned with thedirection.
Rationale■
With short iron condors, you are looking to execute an inexpensive, cappedyield trade where your maximum profits occur if the stock finishes on eitherside of the upper and lower strike prices at expiration.
■
You are anticipating greater volatility in the stock price.
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Net Position■
This is a net debit trade.
■
Your maximum risk is your net debit you pay. Your maximum reward is thedifference between adjacent strike prices less the net debit.
Effect of Time Decay■
Time decay is generally harmful to your trade here because you are looking fora lot of movement in the stock price. After the position has become profitable,time decay becomes helpful.
Appropriate Time Period to Trade■
At least three months out. Exit the position before the final month precedingexpiration.
Selecting the Stock■
Choose from stocks with adequate liquidity, preferably over 500,000 AverageDaily Volume (ADV).
■
Actively seek chart patterns that appear like pennant formations, signifying aconsolidating price pattern that may be about to explode.
Selecting the Options■
Choose options with adequate liquidity; open interest should be at least 100,preferably 500.
■
Lower (Put) Strikes—Below the current stock price.
■
Higher (Call) Strikes—Above the current stock price.
■
Expiration—Preferably three months or more, but there is a trade-off betweentime, cost, and profit potential. Use the same expiration for all legs.
4.11.3 Risk Profile■
Maximum Risk
■
Maximum Reward [Difference in adjacent strikes  net debit]
■
Breakeven Down
[Middle long put strike  net debit]
■
Breakeven Up
[Middle long call strike  net debit]
[Net debit paid]
Volatility Strategies
4.11.4 GreeksKey:ExpirationToday – 3 monthsTime(t) – 1 monthRisk ProfileAs the stock priceremains rangebound,the position is unprofitable, with maximumloss occurringbetween the middlestrikes.
Risk Profile
Theta
ThetaTime decay is helpfulto the position whenit is profitable andunhelpful when it isunprofitable.
DeltaDelta (speed) is at itsgreatest the outerstrikes and is zerobetween the middlestrikes.
Delta
Vega
VegaVolatility is generallyhelpful to the position unless the stockmoves outside theouter strikes.
Gamma
Rho
RhoHigher interest ratesare generally unhelpful to the positionwhen the stock priceis lower and viceversa.
GammaGamma (acceleration)peaks positivelybetween the middlestrikes, highlightingthe position’s majorturning point andmiddle Delta neutralpoint, and peaksinversely around theoutside strikes.
4.11.5 Advantages and DisadvantagesAdvantages■
Profit from a volatile stock with little capital outlay.
■
Capped risk.
■
Comparatively high profit probability if the stock moves.
Disadvantages■
The higher profit potential comes with a wider range between the strikes.
■
The higher profit potential only comes nearer expiration.
■
The potential loss is far greater than the amount by which you can profit.
■
Bid/Ask Spread can adversely affect the quality of the trade.
■
Complicated strategy for the intermediate trader.
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4.11.6 Exiting the TradeExiting the Position■
With this strategy, you can simply unravel the spread by buying back theoptions you sold and selling the options you bought in the first place.
■
Advanced traders may leg up and down or only partially unravel the spreadas the underlying asset fluctuates up and down. In this way, the trader will betaking smaller incremental profits before the expiration of the trade.
Mitigating a Loss■
Unravel the trade as described previously.
■
Advanced traders may choose to only partially unravel the spread leg-by-legand create alternative risk profiles.
4.11.7 ExampleABCD is trading at $52.87 on May 17, 2004.Sell the August 2004 45 strike put for $1.88.Buy the August 2004 50 strike put for $3.73.Buy the August 2004 55 strike call for $4.70.Sell the August 2004 60 strike call for $3.02.Net Debit
Premiums bought  premiums sold$3.73  $4.70  $1.88  $3.02  $3.53
Maximum Risk
Net debit$3.53
Maximum Reward
Difference in adjacent strikes  net debit$5.00  $3.53  $1.47
Breakeven Down
Lower middle strike  net debit$50.00  $3.53  $46.47
Breakeven Up
Higher middle strike  net debit$55.00  $3.53  $58.53
Max ROI
41.64% if the stock is either below $45.00 or above$60.00 at expiration.
5Sideways StrategiesIntroductionSideways strategies are defined as those where you make a profit provided that thestock remains rangebound. We’re looking for a stock that is not going to explodewith high volatility; rather, it’s going to trade in a tight channel, preferably betweenclear levels of support and resistance.So, bearing that in mind, would you look to trade a sideways strategy shortlybefore a news event like an earnings report? Heck, no! Get the news out of theway first, and then we have a greater chance of the stock meandering sideways,hopefully.Sideways strategies can be challenging to trade, psychologically speaking. Thereason is that as the stock touches support, we don’t actually know if support willhold or not; likewise for resistance. So there can be some anxious moments at thosetimes where support or resistance is within touching distance.For this reason, it’s best for the inexperienced trader not to consider uncappedrisk strategies such as the Short Straddles, Short Strangles, and Short Guts. These arethe precise opposite of their long versions we reviewed in Chapter 4, “VolatilityStrategies.” In this section, we’ll cover those risky strategies first and then show howwe can reduce the risk by adding buy legs to create more balanced strategies thathave more attractive risk/reward ratios.
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Sideways Strategies StaircaseThis diagram shows how the various sideways strategies link together, highlightingtheir similarities and differences. You may want to complete the chapter first beforecoming back to this diagram so you can better appreciate the links.
ShortStraddle
add widerlong straddle
Long IronButterfly
OTM strikes
ShortStrangle
Long CallCondoradd widerlong strangle
use calls only
separatemiddle strikes
Long IronCondor
ITM strikes
Long CallCondor
Long CallButterfly
use puts only
separatemiddle strikes
Long PutButterfly
Sideways
Short Guts
Strategies
Staircase
Combining Strategies
The Long Iron Butterfly can be created either by combining a Short Straddle with awider Long Strangle or by combining a Bull Put Spread with a Bear Call Spread. Inthis way, we can begin to see how new strategies are created simply by adding orsubtracting legs from one strategy to another.
5.1 Short StraddleProficiency
Direction
Volatility
Asset Legs
Max Risk
Max Reward
Strategy Type
Uncapped
Capped
Income
Advanced
Neutral
Low
■ Short Put■ Short Call
Sideways Strategies
5.1.1 DescriptionThe Short Straddle is precisely the opposite of a (Long) Straddle. We short ATM putsand calls with a short time to expiration (one month or less) in order to pick upincome. Because we’re short options, time decay works for us, so we only selectshort-term expiration dates. Also we’re exposed to potentially unlimited risk, whichis another reason for making this a short-term strategy. As such, it’s not one I’d recommend to inexperienced trad