Loading...

Follow Option Matters on Feedspot

Continue with Google
Continue with Facebook
or

Valid
Option Matters by Tony Zhang - 5d ago

Want to learn more about trading your first option? Sign up for a free webinar June 11th 2019 @ 4:15pm ET.

The post Trading your first option appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

In this article, we analyze changes in Canadian building permits in relation to fluctuations in the price of Richelieu Hardware Ltd. (symbol: RCH) for the period from January 2014 to May 2019. RCH is an importer, distributor and manufacturer of specialty hardware and complementary products. The company’s main source of growth is the residential and commercial renovation market.

Chart 1: Changes in the Value of Canadian Building Permits (as at May 10, 2019)

Chart 2: Weekly Changes in the Price of RCH to May 29, 2019 ($21.35)

Source: Tradingview.com

As the above charts show, from 2014 to early 2016 the value of building permits in Canada fluctuated between $6.5 billion and $7.5 billion, while the price of shares in RCH rose from $14 to $24, for a gain of over 71%. The share price then continued to rise, up another 50% to nearly $36 toward the end of 2018. Meanwhile, the value of building permits began rising, all the way to $8.5 billion.

Starting in 2018, the price of RCH plummeted by more than 38%, to $21.35 on May 29, 2019. This drop, at a time when building permits rose to $8.75 billion and then fell to below $8 billion, seems to indicate that the share price is more of a leading indicator of changes in the value of building permits than the reverse.

So, looking at the recent changes in the price of RCH, we can see that the recent low of close to $20 was not confirmed by a lower trough for the RSI 5 indicator (Relative Strength Index over 5 periods). This positive difference suggests a potential rally in the coming months. If this is indeed what happens, then we should see the value of building permits rise, and this will be a good indication that RCH’s sales will increase.

Such a positive change, if it occurs, may over the next 12 months carry RCH to a target price of $30, representing an increase of more than 40% from $21.35 on May 29, 2019 (important resistance level). An investor who is confident that this scenario will be realized could implement a bullish strategy by purchasing call options to maximize his return per unit of risk.

Since the longest available maturity on May 29, 2019 is January 17, 2020, we will adjust our 8-month target price to $27, representing an increase of approximately 27% (40% x 8 months/12 months). Based on this target price, we will select the call option that will provide the best return if RCH reaches this target at maturity of the option.

We will choose from among the following purchase options:

  • RCH 200117 C 22 at $1.50
  • RCH 200117 C 23 at $1.15
  • RCH 200117 C 24 at $0.85
Position: Table 1: Comparative Table of Call Options

Option with the best leverage

As the above table shows, of these three available call options it is RCH 200117 C 24 at $0.85 (calculated as the average of the bid and ask prices) that provides the optimal risk/return combination, with a potential return of 253% if RCH reaches the target price of $27.00 on January 17, 2020. Therefore, we will carry out the following transaction:

  • Purchase of 10 call options RCH 200117 C 24 at $0.85
    • $850 debit
Profit and loss profile

Target price for the call options RCH 200117 C 24 at $0.85 = $3.00 ($27.00 – $24.00)

Potential profit = $2.15 per share ($3.00 – $0.85), for a total of $2,150

Potential loss = $0.85 per share (the premium paid), or $850

Intervention

Even though our target price for RCH shares is $27, our potential profit is linked to the target price of $3.00 for the call options. So we will close out the position as soon as the price of the call options reaches this level, even if RCH has not yet reached the target price of $27. Note that no action will be taken in the event that the stock price goes down instead of up. So it will be important to determine the total capital to be invested in this strategy.

Good luck with your trading, and have a good week!

The strategies presented in this blog are for information and training purposes only, and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

The post Profit from an Increase in Canadian Building Permits appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Want to learn more about Options Trading?  Sign up for a free webinar June 4th 2019 @ 4:15pm ET.

The post Risk and Money Management in Options Trading appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Canadian investors continue to watch both domestic and global economic data closely as fears of a recession loom.

According to Statistics Canada in their March 1st , 2019 release “Growth in real gross domestic product (GDP) slowed to 0.1% in the fourth quarter, the slowest pace since the second quarter of 2016”   See Chart 1: Gross domestic product and final domestic demand.

Chart 1: Gross domestic product and final domestic demand

Source: Statistics Canada

In addition to news on a slowing economy, a “yield curve inversion” in both Canadian and U.S. bond markets at the end of March 2019 added to the concern. See Chart 2: Yield Curve Inversion.

Chart 2: Yield Curve Inversion

Source: Financial Post/Bloomberg Why does an inverted yield curve matter?

When investors see less opportunity in the stock market for the foreseeable future, they will move into longer-term bonds and are willing to accept a lower yield for a safer investment. As more investors buy longer-term bonds, the bond price rises and the yield shrinks. When a long-term bond pays (yields) less than a short-term bond, the yield curve has ‘inverted’. This inversion is seen to reflect investors’ lack of confidence in the economy and, historically, has preceded a recession.  Since this hasn’t happened since 2007, one can understand the concern.

Is all as bad as it seems?

Many of our top bankers are suggesting that while a slowdown is likely, there are signs of strength, as quoted in the Financial Post referencing National Banks CEO Louis Vachon, as well as in the Toronto Star referencing Bank of Montreal head Darryl White.

In addition, one cannot underestimate the power of the Central Bankers (Bank of Canada & U.S. Federal Reserve) and their ability to influence the direction of the economy through their accommodative interest rate policies.

Further to that, statistically, stock markets have delivered gains post “yield curve inversion” as far out as 12-18 months.  As referenced in Chart 3: S&P 500 Performance Post Yield Curve Inversion.

Chart 3: S&P 500 Performance Post Yield Curve Inversion

Source: Credit Suisse Global Equity Strategy

And with the S&P/TSX composite now testing and exceeding historical highs, having completely reclaimed the losses of Q4 2018 many investors have been lulled into a sense of complacency.   See chart 4: S&P/TSX Composite

Chart 4: S&P/TSX Composite April 22, 2019

Source: www.tradingview.com

Trying to make sense of the reams of economic data can be a challenge for professional money managers so it’s no surprise that self-directed investors find navigating these markets daunting.

There’s an old saying that the stock market climbs a wall of worry, and it’s important for investors to avoid the complacency which often goes hand in hand with an up-trend in stock prices.

Here’s what we know:

  1. Economic data suggests a slowdown in the economy
  2. A yield curve inversion has been a good predictor of recessions historically
  3. Statistics show moderate growth up to 18 months after the inversion
  4. Central Banks can change market dynamics with interest rate policy
  5. There may be an underlying event/indicator yet to surface…surprise!

All of this suggests uncertainty. While the trend is our friend, we can’t lose sight that this can change very quickly as demonstrated in the 4th quarter of 2018.

Hope for the best, but prepare for the worst?

With the markets still trending higher, now is the time to prepare for the possibility of a more challenging market environment in which volatile price swings and prolonged sideways to down trending stock prices may be the norm.

Since no-one can predict when a market may change direction, there are several option strategies that can help protect and preserve capital as well as profit in such uncertainty.

  • Hedging strategies such as the Protective put or Collar are ideal for locking in profits and entering into new positions with a limited risk exposure.
  • A Long Call as a bullish stock replacement strategy allows for participation in the upside with a limited amount of capital and identifiable risk.
  • For sideways markets, Credit Spreads such as the Bear Call Credit Spread and Bull Put Credit Spread can generate cash flow with a limited risk.
  • For a down-trending markets, a Long Put as a short stock replacement strategy offers the bearish investor a strategy for profiting in a sell-off with a limited amount of capital and identifiable risk exposure.

While there are many more options strategies to consider, understanding how and when to apply the ones mentioned above can help an investor manage through and even profit leading into and during a recession.

Disclaimer: The strategies presented in this blog are for information and training purposes only and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

The post Maximize Returns and Minimize Losses in a Recession
 appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Want to learn more about Cash Secured Puts and its benefits?  Sign up for a free webinar May 21th 2019 @ 4:15pm ET.

The post Cash Secured Puts: Benefits of Selling Puts appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

As the following chart shows, the price of shares in George Weston Limited (WN) is down slightly from its recent high of $102.30, and it could stabilize at a support level of around $98.00.

This is close to the current level of its 34-day moving average (on April 29, 2019). Furthermore, we can see that the stock’s RSI 5 (Relative Strength Index over five trading sessions) is approaching the oversold level, while its stoch indicator 89 (the stochastic indicator over 89 trading sessions) is still showing upward momentum above 80.

An investor who is confident in the company’s fundamentals, who is not afraid to buy shares at about $98, and who believes that the stock still has growth potential in the medium to long term could profit from this situation by writing put options with a strike of $98. The puts would oblige the investor to buy 100 shares per put contract written, in exchange for which he would receive a premium to cover the assumed risk. Receiving this premium is nothing short of being paid to buy the shares if their closing price on expiry of the options is less than the $98 strike.

Furthermore, this position allows the investor to profit from both a rebound in prices and from relatively stable prices. If the closing price is higher than the strike, the investor will realize the maximum profit on the strategy, which is equal to the premium received.

Chart 1: Changes in the price of WN as at April 29, 2019 ($99.81)

Source: Tradingview.com Position:
  • Sale of 10 put options, WN 190719 P 98 at $2.05
    • Credit of $2,050
Table 1: Profit and Loss Profile

Writing 10 put options, WN 190719 P 98 at $2.05, yields a premium received of $2,050 ($2.05 x 10 contracts x 100 shares per contract). As can be seen in the above table, this put option is currently out-of-the-money, so the $2.05 premium consists entirely of time value.

The premium provides protection against a 2.9% drop in the share price, i.e. to the strategy’s breakeven price of $95.95 (the $98 strike – the $2.05 premium).

The maximum profit on the strategy is the total credit received ($2,050), and it will be realized if WN closes at a price higher than or equal to the $98 strike on July 19, 2019. This profit represents a 2.1% return ($2.05/$95.95) for the 81-day period, or an annual return of 9.6% (2.1%/81 x 365). As we can see, the static profit, meaning the profit generated if the stock price is unchanged on expiry of the put, is equal to the maximum profit.

If the price of WN is less than the $98 strike upon expiry of the options, the investor will have to buy 1,000 shares of WN at a price of $98 each (for a total disbursement of $98,000). This represents a cost to the investor of $95.50 per share (the $98 strike – the $2.05 premium). Any drop in the share price below this level will represent a loss for the investor.

Intervention

There are three ways to manage this position. The first is for an investor who is not afraid to buy the shares if they drop in price. In this case, the position is held without taking any further action, and if the stock is trading at less than the $98 strike upon expiry of the puts, the investor is assigned the shares and simply buys them.

The second approach involves taking action if the price of WN falls significantly below the strategy’s breakeven point, by buying the put options written in order to limit one’s losses.

The third approach involves taking action if the shares begin to trade at a substantially higher price, by buying the puts sold for 10% to 20% of their initial premium (a price of approximately $0.20 to $0.40). In both of the last two approaches, the investor can write more put options if the situation still calls for it.

Good luck with your trading, and have a good week!

Come learn more about options, live in person, at the 12th Options Education Day in Montreal at the Westin Montréal Hotel on June 1st 2019.

Sign up now as seats are limited!

The strategies presented in this blog are for information and training purposes only, and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

The post Writing Put Options on a Support Level appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Many equity investors utilize options to generate income on their portfolio. A covered call is the single most popular options strategy to add income to the existing stocks and ETFs in your portfolio. This simple option strategy only requires 100 shares of a stock or ETF and selling a call option against it to generate yield. Effective in most market conditions and outlooks, this income strategy is suitable for most investors. However, selecting the right expiration and strike price may seem daunting with so many options, this is where OptionsPlay eases the process! See how you can access OptionsPlay free of charge at www.optionsplay.com/tmx.

Covered Call vs. Sell Limit Order

Imagine buying CNR stock at $120/share and having a target price of $130. You have two choices; place a sell limit order at $130 and wait, or sell a covered call with a $130 strike price. Selling a 2- month $130 strike call could generate an immediate income of $1 per share ($100 per 100 shares). Conversely, placing a limit order would not offer any income. Additionally, with the $1 income, your risk is reduced to $119 while your maximum gain is now increased to $11, instead of $10 with the limit order. Lastly, with covered calls, you have the opportunity to sell calls every month if the stock does not finish above the strike price by the end of the expiration cycle, therefore generating a consistent income stream!

Table 1: Comparing Covered Call vs. Limit Sell Order Source: OptionsPlay Selecting the Right Strike Price

Selling a covered call obligates you to sell the stock at the strike price upon the expiration date if the stock closes above the strike price. Just as a limit order would be placed at a price higher than the current price, the same methodology applies to selling a covered call. Covered calls should be sold with “Out-of-the-Money” (OTM) strike prices. For example, if CNR was trading at $120, an investor might want to sell a call option with a $130 strike. The higher the strike price, the less premium is paid to the seller as there is a lower probability of the stock price reaching the strike price before expiration. Picking a strike price that is close to the current price of the stock may be tempting with higher premiums, but the tradeoff is limiting the gains on the underlying stock. This tradeoff is the primary decision every investor must make when selecting a strike price for covered calls. Our research shows that a 20 Delta Call (20% chance of the stock being called away) provides a reasonable balance between income and upside gains for the underlying stock.

Managing Expiration Dates

Selling short-term options (three to seven weeks) tends to provide better long-term returns. Short-term option contracts have an advantage due to the ability to avoid earnings announcements. Additionally, shorter-term options take advantage of accelerating time decay as an option approaches expiration. Longer-term options simply do not offer the same yield for the same unit of time and typically have a higher probability of including an earnings announcement.

Short Dated: Sell 12 x 1-Month Calls = 4 out of 12 Per Year (25% have earnings uncertainty)

Long Dated: Sell 4 x 3-Month Calls = 4 out of 4 Per Year (100% have earnings uncertainty)

A Practical Application of Covered Calls

With any option strategy, manual selection of expiration and strike prices subjects an investor to mistakes and emotions that affect trading performance. The covered call is a strategy that yields the best results when a systematic approach is implemented. OptionsPlay is designed to automate the selection process to facilitate a systematic approach, increasing yields while reducing research time. Utilize OptionsPlay Income Settings to personalize your covered call preferences and allow OptionsPlay to find the covered calls to suit your needs. Simply select a time-frame (Short, Medium or Long) and risk-tolerance (Conservative, Optimal or Aggressive).

Please view our full webinar on this topic to see this platform in action.

Chart 1: OptionsPlay Income Settings

 

Source: OptionsPlay

With covered calls, the goal is to hold the trade until expiration and let the contract expire worthless. Therefore, it is important to pick a strike price and expiration that minimize the risk of the stock reaching that price while maximizing the premium received. Once an option expires worthless, the covered call strategy can be repeated, generating a consistent stream of income from simply owning any stock or ETF. Utilize your free access to OptionsPlay to help you find the right balance between income and probability of selling your stock. Lastly, keep in mind that if your stock does get called away, this equates to a large gain in your underlying stock position and a profit taking opportunity!

Take advantage of free access to OptionsPlay Canada: www.optionsplay.com/tmx

The strategies presented in this blog are for information and training purposes only, and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

The post The Definitive and Practical Guide to Selling Covered Calls appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
Option Matters by Tony Zhang - 1M ago

Want to learn more about Generating Income using Covered Calls? Sign up for a free webinar May 7th 2019 @ 4:15pm ET.

 

The post Monthly Option Insight appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The uncertainty for Canadian investors has everything to do with the confusing crosscurrents of a rising stock market but simultaneously a weakening Canadian economy.

The outlook for the weakening economy comes right from the top, where the Bank of Canada came out with its rate statement on March 6. The BoC took a dovish stance, making it clear that not only, rate hikes are on hold, but rate cuts would be considered if the economy started to deteriorate. Such a dovish pivot by our central bank governor can only represent the growing concerns of a weakening Canadian economy.

Couple that with a Canadian housing slump as we are experiencing a first drop in values in decades and WTI crude oil prices trading near $60.00 a barrel (at the time of writing), it becomes harder to look at the glass as half full.

To the surprise of many pessimists, the Canadian stock market remains resilient, trading just a few percentage points below its all-time highs. Where is the disconnect? Interestingly enough, throughout history, the correlation between the economy and stocks is surprisingly divergent with some of the strongest performances occurring when the economy was just muddling along.

So, should investors disregard this current muddled market environment and stay fully invested?

Possibly yes. But at the same time, these economic conditions often exist just prior to a recession which can usher in a bear market.

So what can a Canadian investor do?

Raise cash and rent the upside of the market by using call options. Very few times has it been cheaper and more appropriate.

One of the better ways to demonstrate the point is to observe the VIXC, which measures the 30-day implied volatility of the Canadian stock market using the S&P/TSX 60 index options. On the chart above, you can observe that beyond very short-term surges, the level 10 on the index has been the lower boundary. The lower the volatility, the cheaper the option price, as it is pricing in a smaller expected range for the index.

So how does the strategy (renting the upside) work and is it right for you?

In this example, we have:

  • An investor who owns 1000 shares of the S&P/TSX60 Index ETF (XIU)
  • XIU is trading at $24.42 (April 2, 2019)
  • The September 20, 2019 $22.00 call is trading at $2.62
    ($0.20 time value, $2.42 intrinsic value, delta 0.8201)

Our investor proceeds to sell their 1000 shares of XIU and raises $24,420.00 cash. This is even more ideal in a registered account as it would not trigger a taxable disposition.

The investor then proceeds to buy 10 contracts of the September 20, 2019 $22.00 call options for $2.62/share or $2,620.00. The remaining $21,800.00 cash ($24,420 – $2,620) is safely set aside in an interest paying money market.

It is important for an investor new to trading options to recognize that by buying the $22.00 call strike (the right to buy the shares at $22.00), our investor has synthetically purchased $2.42 of the stock (9.90% of the underlying). For this, the cost to rent the shares through the options was a $0.20 time value, or $200.00.

What is the outcome? Let’s discuss two scenarios.

First scenario: The Canadian stock market continues to rise. In this case, comes September, our investor can simply exercise the call option and buy in the 1000 share positions at $22.00 +$2.62 ($24.62 breakeven).

Source: OptionsPlay

Second scenario: The S&P/TSX 60 proceeds to drop 20%, exceeding the lows back in December 2018. Our investor’s loss is limited to the $2.62 premium as the option would expire with no value. While the option would expire for 100% loss, the investor is only materializing a loss of 10.72% of the cash proceeds from the sale of the original XIU shares. More importantly, the investor has the cash on the sidelines to buy the dip on the markets for the recovery.

The key takeaway, using this technique, is that our investor can continue to bullishly participate on the upside of the markets knowing that if a bear market/recession were to materialize, the majority of their investment is in cash and their maximum loss is clearly defined. In this case, spending the $200.00 of time value to rent the upside of the market, while limiting the maximum loss to 10.72% (of the cash proceeds) may be a worthwhile investment in the current market conditions.

The strategies presented in this blog are for information and training purposes only, and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

The post Renting the Upside of the Canadian Markets appeared first on Option Matters.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

On March 13th, Aurora Cannabis Inc. (TSX: ACB) announced that they had appointed Nelson Peltz as a Strategic Advisor to help explore potential partnerships and advise on the company’s global expansion strategy.

This is a big deal given Mr. Peltz’s business history and reputation for delivering results. For more details around this new relationship, check out this TMX Money article: Aurora Cannabis Appoints Nelson Peltz as Strategic Advisor.

The impact of this decision can be clearly seen in the price action of the stock as noted in chart 1.

Chart 1: Aurora Cannabis Weekly

Source: www.tradingview.com

While the current trend appears to be on the upside, history has shown us that stocks within the cannabis sector are volatile.

Understanding volatility is critical to determining which option strategy may give us the best chance at profiting from a directional bias on a stock.

There are two types of volatility to consider:

1. Historical Volatility (HV)

A measure of the deviation in price for a stock above or below its average. The greater the share price trades above or below the average, the higher the historical volatility.

2. Implied Volatility (IV)

This is factored into the price of an option contract and reflects the anticipated future movement in the underlying share price. The more uncertain the future share price of the company, the higher the implied volatility.

It should be noted that stocks with a higher historical volatility will typically have options with higher implied volatility.

Table 1 compares the current HV and IV of Aurora Cannabis (TSX: ACB) to S&P/TSX 60 ETF (TSX: XIU)

Table 1: Historic Volatility vs. Implied Volatility

 

 

 

 

Clearly TSX: ACB is the more volatile of the two.

Let’s tie this into something that we can use in our strategy selection process if we feel that the decision to bring in Nelson Peltz as a Strategic Advisor supports further upside for the stock.

If we were to consider buying shares of the company, adding a Protective Put or Married Put would be a way to hedge our risk on a perpetually volatile stock. For a brush up on this Protective Put strategy, CLICK HERE.

This would allow us to participate in the upside, with a limited and identifiable risk exposure until the put option purchased expires or until we choose to close the position.

That said, buying a put option to hedge risk can be compared to buying car insurance, the more unpredictable the driver, the more expensive the insurance. In the options market, as risk and uncertainty increase, so does the price of the “insurance policy” or put option in this case.

Consider the following:

Table 2: The Protective Put Example (As of March 27th)

Since the share purchase price and the strike price of the put are the same, this leaves the cost of the put option as the maximum risk, which represents 11.25%. Overcoming the breakeven point would require an 11.25% jump in the share price.

If hedging the risk on this opportunity seems cost prohibitive due to the expensive nature of the options market, the Collar Strategy is a great way to offset the cost. If you need a refresher on this hedging strategy, CLICK HERE to review.

The Protective Collar will allow for upside participation on the stock (albeit limited) while reducing the cost of the hedge.

The strategy:

  1. Offsets the volatility premium paid
  2. Lowers the breakeven point
  3. Lowers the maximum risk

Consider the following:

Table 3: The Protective Collar Example

The upside is limited to $15.00. This works out to be approximately 17.00%, an annualized return of 102.00%.

The maximum risk has been reduced to 8.00%.

By selling the call, we reduce the cost of the hedge. Our breakeven point is now lowered requiring less of a jump to break even and we have an attractive risk/reward opportunity.

So, what does cannabis, Nelson Peltz and hedging have in common? By understanding a couple of simple option strategies used for hedging and the impact of volatility on option pricing, you can take advantage of a positive headline associated with a volatile stock with a limited and identifiable risk exposure.

 

The strategies presented in this blog are for information and training purposes only, and should not be interpreted as recommendations to buy or sell any security. As always, you should ensure that you are comfortable with the proposed scenarios and ready to assume all the risks before implementing an option strategy.

 

The post What do Cannabis, Nelson Peltz and Hedging Have in Common? appeared first on Option Matters.

Read Full Article

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview