Add training workflow, datasets, and runbook

training_data/curated/text/18b925de3eeaad34975bf403cd49ab407ac0a8db703989ec1521791a09af81a5.txt

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+497
+OPTION TrAdINg STrATegIeS
+ Figure   35.3  d compares the three types of long call positions to a long futures position. It should be 
+noted that in terms of absolute price changes, the long futures position represents the largest position 
+size, while the out-of-the-money call represents the smallest position size. Figure   35.3  d suggests the 
+following important observations: 
+   1.  As previously mentioned, the in-the-money call is very similar to an outright long futures 
+position. 
+   2.  The out-of-the-money call will lose the least in a declining market, but will also gain the least in 
+a rising market. 
+   3.  The at-the-money call will lose the most in a steady market and will be the middle-of-the-road 
+performer (relative to the other two types of calls) in advancing and declining markets.   
+ Again, it should be emphasized that these comparisons are based upon single-unit positions that 
+may diff  er substantially in terms of their implied position size (as suggested by their respective delta 
+values). A comparison that involved equivalent position size levels for each strategy (i.e., equal delta 
+values for each position) would yield diff  erent observations. This point is discussed in greater detail in 
+the section entitled “Multiunit Strategies.”   
+    FIGURE   35.3d    Profi  t/loss Profi  le: long Futures and long Call Comparisons (In-the-Money, 
+At-the-Money, and Out-of-the-Money)
+Chart created using TradeStation. ©TradeStation T echnologies, Inc. All rights reserved. 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time of position initiation
+Long futures
+At-the-money call
+(strike price = $1,200)
+Out-of-the-money
+call (strike price = $1,300)
+In-the-money call
+(strike price = $1,100)
+Profit/loss at expiration ($)
+1,000
+10,000
+−10,000
+−15,000
+5,000
+−5,000
+0
+15,000
+20,000
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400