Floating/Thrown Off Ring.
ds=doubel stitch, - =picot, -- =Large Picot, DNR=do not reverse, Cl= close, rw=reverse work.

Here I started my Ring, 3ds - 3ds -- 3ds - 3ds DNR
Chain I did 5 ds's pull them off onto the core thread, and started my Floating Ring.
Ring 2ds - 2ds - 2ds - 2ds - 2ds -2ds Cl DNR Once the ring was closed I then did my other half of the chain. 5ds RW

This is the floating ring closed and the other half of the chain. Once reverse you can make your next center ring. If you want all the work to face the same way make sure you do the directional tatting, by doing your center ring 2nd ds first then the first half. More on Directional Tatting and Traditional Tatting can be found in the FAQ section.

Floating rings can be made on any last round of work that has just chains. Just do half the chain, the ring and the other half of chain. Make sure you do not pull to tightly as it will bunch at the base.