Kay wants to put on an X strangle, but Tom emphasizes the importance of staying away from low IV strangles at all costs. X’s IV Rank is currently a little over 9%. He says if she had a directional assumption, that’d be different. He’s all for a single put or call if the credit’s there. She then casts her eyes on a Disney ZEBRA. Tom is dubious but says if she wants to put this on, she should consider it a relatively short term trade since she’s using over $1000 in BPR and will need that capital back for continuing to put on more trades. He says if Disney goes her way, take the profits: “No hero crap.” She ends up making her first “scalp” for a $25 profit a few minutes later.* *If you have a smaller account (less than 25K), your account will be flagged as a pattern day trading account if you perform more than 3 day trades (opening and closing the same options or stock trade in a single day) in a rolling 5-business day period. To keep your account from being flagged, make sure you keep an eye on the “day trades” number at the top of the platform.