Add training workflow, datasets, and runbook

training_data/curated/text/268af0330b83447540ef6ead10d695579b0b5ed295731b19624111daa1f74ff5.txt

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+Dynamic Gamma
+When options are far in-the-money or out-of-the-money, they are either
+1.00 delta or 0 delta. At the extremes, small changes in the stock price will
+not cause the delta to change much. When an option is at-the-money, it’s a
+different story. Its delta can change very quickly.
+ITM and OTM options have a low gamma.
+ATM options have a relatively high gamma.
+Exhibit 2.6 is an example of how moneyness translates into gamma on
+QQQ calls.
+EXHIBIT 2.6 Gamma of QQQ calls with QQQ at $44.
+With QQQ at $44, 92 days until expiration, and a constant volatility input
+of 19 percent, the 36- and 54-strike calls are far enough in- and out-of-the-
+money, respectively, that if the Qs move a small amount in either direction
+from the current price of $44, the movement won’t change their deltas
+much at all. The chances of their money status changing between now and
+expiration would not be significantly different statistically given a small
+stock price change. They have the smallest gammas in the table.
+The highest gammas shown here are around the ATM strike prices. (Note
+that because of factors not yet discussed, the strike that is exactly at-the-
+money may not have the highest gamma. The highest gamma is likely to
+occur at a slightly higher strike price.) Exhibit 2.7 shows a graph of the
+corresponding numbers in Exhibit 2.6 .