Add training workflow, datasets, and runbook

training_data/curated/text/33f79ba31f55956319f2391b5913c9b0dcb7e00690aed8de7e48ac4354638ee6.txt

@@ -0,0 +1,18 @@
+Effect of Time on Delta
+In a close contest, the last few minutes of a football game are often the most
+exciting—not because the players run faster or knock heads harder but
+because one strategic element of the game becomes more and more
+important: time. The team that’s in the lead wants the game clock to run
+down with no interruption to solidify its position. The team that’s losing
+uses its precious time-outs strategically. The more playing time left, the less
+certain defeat is for the losing team.
+Although mathematically imprecise, the trader’s definition can help us
+gain insight into how time affects option deltas. The more time left until an
+option’s expiration, the less certain it is whether the option will be ITM or
+OTM at expiration. The deltas of both the ITM and the OTM options reflect
+that uncertainty. The more time left in the life of the option, the closer the
+deltas tend to gravitate to 0.50. A 0.50 delta represents the greatest level of
+uncertainty—a coin toss. Exhibit 2.3 shows the deltas of a hypothetical
+equity call with a strike price of 50 at various stock prices with different
+times until expiration. All other parameters are held constant.
+EXHIBIT 2.3 Estimated delta of 50-strike call—impact of time.