A‐62 conversation can be conceived as aiming to circumscribe a set of possibilities that are relevant to the goals of the conversation. This set of possibilities may be conceived as determined by the goals and objective circumstances of the interlocutors and not by their propositional attitudes. An indicative conditional can be conceived as circumscribing a set of possibilities that have a certain property: If the set of relevant possibilities is subsequently restricted to one in which the antecedent holds, then it will be restricted as well to one in which the consequent holds. We will identify a number of desiderata concerning the validity of arguments; we will develop a formally precise semantics for conditionals conceived in this way that satisfies the desiderata, and we will present a deductive calculus that is sound and complete with respect to the semantics. Finally, we will argue that the semantics compares well, both formally and foundationally, with two other semantic theories of indicative conditionals that satisfy the desiderata, namely, those of Gillies and Bledin.