Add training workflow, datasets, and runbook

training_data/curated/text/22a746c3d9fe21dc694252dab95958b303b118048da9a87890ef8db185c8c151.txt

@@ -0,0 +1,20 @@
+EXHIBIT 9.4 Apple bear call spread.
+The same three at-expiration outcomes are possible here as with the bull
+call spread: the stock can be above both strikes, between both strikes, or
+below both strikes. If the stock is below both strikes at expiration, both calls
+will expire worthless. The rights and obligations cease to exist. In this case,
+the entire credit of $440 is profit.
+If AAPL is between the two strike prices at expiration, the 395-strike call
+will be in-the-money. The short call will get assigned and result in a short
+stock position at expiration. The break-even price falls at $399.40—the
+short strike plus the $4.40 net premium. This is the price at which the stock
+will effectively be sold if assignment occurs.
+If Apple is above both strikes at expiration, it means both calls are in-the-
+money. Stock is sold at $395 because of assignment and bought back at
+$405 through exercise. This leads to a loss of $10 per share on the negative
+scalp. Factoring in the $4.40-per-share credit makes the net loss only $5.60
+per share with AAPL above $405 at February expiration.
+Just as the at-expiration diagram is the same but reversed, the greeks for
+this call spread will be similar to those in the bull call spread example
+except for the positive and negative signs. See Exhibit 9.5 .
+EXHIBIT 9.5 Apple 395–405 bear call spread.