Add training workflow, datasets, and runbook

training_data/curated/text/140d697b897e977f4a340f7a26ac852d2f362245ff2eeefb19fb1c0df4ca7d19.txt

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+Mixing Exposure  •  237
+Here we can see that for a long diagonal using 79-day ATM puts 
+and 594-day LEAPS that are OTM by just over 15 percent, we are 
+paying a net of only $25 per contract for notional control of 100 
+shares. On a per-contract basis, at the following settlement prices, 
+we would generate the following profits (or losses, in the case of the 
+first row):
+Settlement Price ($) Dollar Profit per Contract
+Percentage Return on Original 
+Investment (%)
+65 0 –100
+66 100 300
+67 200 700
+68 300 1,100
+69 400 1,500
+70 500 1,900
+71 600 2,300
+72 700 2,700
+73 800 3,100
+74 900 3,500
+75 1,000 3,900
+If the stock price moves up very quickly, it might be more beneficial 
+to close the position or some portion of the position before expiration. Let’s 
+say that my upper-range estimate for this stock was $75. From the preced-
+ing table, I can see that my profit per contract if the stock settles at my fair 
+value range is $1,000. If there is enough time value on a contract when 
+the stock is trading in the upper $60 range to generate a realized profit of 
+$1,000, I am likely to take at least some profits at that time rather than wait-
+ing for the calls to expire.
+In Chapter 9, I discussed portfolio composition and likened the use 
+of leverage as a side dish to a main course. This is an excellent side dish that 
+can be entered into when we see a chance to supplement the main meal of 
+a long stock–ITM call option position with a bit more spice. Let’s now turn 
+to its bearish mirror—the short diagonal.