Add training workflow, datasets, and runbook

training_data/curated/text/33f4a8bdb2ece59b9569844aca0e224c6f78cae7094122f2e8e896efc039c8a1.txt

@@ -0,0 +1,33 @@
+226 Part II: Call Option Strategies 
+more heavily on the near-term April calls than on the longer-term July call. Once the 
+strategist has this information, he might then look at a chart of the underlying stock. 
+If there is resistance for XYZ below 53, his eventual break-even point at April expi­
+ration, he could then feel more confident about this spread. 
+FOLLOW-UP ACTION 
+The main purpose of defensive action in this strategy is to limit losses if the stock 
+should rally before April e:xJ)iration. The strategist should be quick to close out the 
+spread before any serious losses accrue. The long call quite adequately compen­
+sates for the losses on the short calls up to a certain point, a fact demonstrated in 
+Table 12-1. However, the stock cannot be allowed to run. A rule of thumb that is 
+often useful is to close the spread if the stock breaks out above technical resistance 
+or if it breaks above the eventual break-even point at expiration. In the example 
+above, the strategist would close the spread if, at any time, XYZ rose above 53 
+(before April expiration, of course). 
+If a significant amount of time has passed, the strategist might act even more 
+quickly in closing the spread. As was shown earlier, if the stock rallies to 50 with only 
+a few weeks of time remaining, the spread may actually be at a slight profit at that 
+time. It is often the best course of action to take the small profit, if the stock rises 
+above the striking price. 
+TABLE 12-1. 
+Break-even points changing over time. 
+Estimated Estimated 
+Days Remaining until Break-Even Point April 50 July 50 
+April Expiration (Stock Price) Price Price 
+90 45 11/2 
+60 48 Jl/2 21/2 
+30 51 21/2 4 1/2 
+0 53 3 51/2 
+THE PROBABILITIES ARE GOOD 
+This is a strategy with a rather large probability of profit, provided that the defensive 
+action described above is adhered to. The spread will make money if the stock never 
+rallies above the striking price, since the spread is established for a credit. This in