Add training workflow, datasets, and runbook

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+312 Part Ill: Put Optian Strategies 
+3½ points. Thus, if XYZ should reverse direction and be within 3½ points of the 
+striking price - that is, anywhere below 48½ - at expiration, the position will pro­
+duce a profit. In fact, if XYZ should be below 45 at expiration, the entire bear 
+spread will expire worthless and the strategist will have made a 3½-point profit. 
+Finally, this repurchase of the put releases the margin requirement for the naked 
+put, and will generally free up excess funds so that a new straddle position can be 
+established in another stock while the low-requirement bear spread remains in 
+place. 
+In summary, this type of follow-up action is broader in purpose than any of the 
+simpler buy-back strategies described earlier. It will limit the writer's loss, but not 
+prevent him from making a profit. Moreover, he may be able to release enough mar­
+gin to be able to establish a new position in another stock by buying in the uncov­
+ered puts at a fractional price. This would prevent him from tying up his money 
+completely while waiting for the original straddle to reach its expiration date. The 
+same type of strategy also works in a downward market. If the stock falls after the 
+straddle is written, one can buy the put at the next lower strike to limit the down­
+side risk, while still allowing for profit potential if the stock rises back to the striking 
+price. 
+EQUIVALENT STOCK POSITION FOLLOW-UP 
+Since there are so many follow-up strategies that can be used with the short straddle, 
+the one method that summarizes the situation best is again the equivalent stock posi­
+tion (ESP). Recall that the ESP of an option position is the multiple of the quantity 
+times the delta times the shares per option. The quantity is a negative number if it is 
+referring to a short position. Using the above scenario, an example of the ESP 
+method follows: 
+Example: As before, assume that the straddle was originally sold for 7 points, but the 
+stock rallied. The following prices and deltas exist: 
+XYZ common, 50; 
+XYZ Jan 45 call, 7; delta, .90; 
+XYZ Jan 45 put, l; delta, - .10; and 
+XYZ Jan 50 call, 3; delta, .60. 
+Assume that 8 straddles were sold initially and that each option is for 100 shares of 
+XYZ. The ESP of these 8 short straddles can then be computed: