Add training workflow, datasets, and runbook

training_data/curated/text/1acd7fe2b870c77fdf62636250404bc8f5f2098b300a3600fe58da672d44719d.txt

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+an extended period of time can produce a loser even if IV rises. Gamma is
+potentially connected to the success of this trade, too. If the underlying
+moves in either direction, profit from deltas created by positive gamma may
+offset the losses from theta. In fact, a big enough move in either direction
+can produce a profitable trade, regardless of what happens to IV.
+Imagine, for a moment, that this trade is held until expiration. If the stock
+is below the strike price at this point, the calls expire. The resulting position
+is short 1,000 shares of stock. If the stock is above the strike price at
+expiration, the calls can be exercised, creating 2,000 shares of long stock.
+Because the trade is already short 1,000 shares, the resulting net position is
+long 1,000 shares (2,000 − 1,000). Clearly, the more the underlying stock
+moves in either direction the greater the profit potential. The underlying has
+to move far enough above or below the strike price to allow the beneficial
+gains from buying or selling stock to cover the option premium lost from
+time decay. If the trade is held until expiration, the underlying needs to
+move far enough to cover the entire premium spent on the calls.
+The solid lines forming a V in Exhibit 12.2 conceptually illustrate the
+profit or loss for this delta-neutral long call at expiration.
+EXHIBIT 12.2 Profit-and-loss diagram for delta-neutral long-call trade.
+Because of gamma, some deltas will be created by movement of the
+underlying before expiration. Gamma may lead to this being a profitable