Add training workflow, datasets, and runbook

training_data/curated/text/34f2cc576a3610bc4aa5bf067a37c717d04b82dcf048714d96eecdf084067192.txt

@@ -0,0 +1,45 @@
+Chapter 34: Futures and Futures Options 675 
+In reality, where deeply in-the-money or longer-term options are involved, this 
+simple formula is not correct. However, for most options on a particular nearby 
+futures contract, it will suffice quite well. Examine the quotes in today's newspaper 
+to verify that this is a true statement. 
+A subcase of this observation is that when the futures contract is exactly at the 
+striking price, the call and put with that strike will both trade at the same price. Note 
+that in the above formula, if one sets the futures price equal to the striking price, the 
+last two terms cancel out and one is left with: Call price = Put price. 
+One final observation before getting into strategies: For a put and a call with the 
+same strike, 
+Net change call - Net change put = Net change futures 
+This is a true statement for stock and index options as well, and is a useful rule 
+to remember. Since futures options bid and offer quotes are not always disseminat­
+ed by quote vendors, one is forced to use last sales. If the last sales don't conform to 
+the rule above, then at least one of the last sales is probably not representative of the 
+true market in the options. 
+Example: April crude oil is up 50 cents to 19.24. A trader punches up the following 
+quotes on his machine and sees the following prices: 
+Option 
+April 19 call: 
+April 19 put: 
+Last Sale 
+0.55 
+0.31 
+These options conform to the abo~rule: 
+Net change futures = Net change call - Net change put 
+= +0.20 - (-0.30) 
+= +0.50 
+Net Change 
++ 0.20 
+- 0.30 
+The net changes of the call and put indicate the April future should be up 50 
+cents, which it is. 
+Suppose that one also priced a less active option on his quote machine and saw 
+the following: 
+Option 
+April 17 call: 
+April 17 put: 
+Last Sale 
+2.10 
+0.04 
+Net Change 
++ 0.30 
+- 0.02