Add training workflow, datasets, and runbook

training_data/curated/text/3bb19dc70b0eb086289100cca2f1cf07cb7c03e5308462a80de2899e2c3baf28.txt

@@ -0,0 +1,34 @@
+Furthermore, she realizes that her outlook may be wrong: Johnson &
+Johnson may decline. She may have to close the position early—maybe for
+a profit, maybe for a loss. Stacie also needs to study her greeks. Exhibit 5.5
+shows the greeks for this trade.
+EXHIBIT 5.5 Greeks for short Johnson & Johnson 65 put (per contract).
+Delta 0.65
+Gamma−0.15
+Theta 0.02
+Vega −0.07
+The first item to note is the delta. This position has a directional bias. This
+bias can work for or against her. With a positive 0.65 delta per contract, this
+position has a directional sensitivity equivalent to being long around 650
+shares of the stock. That’s the delta × 100 shares × 10 contracts.
+Stacie’s trade is not just a bullish version of Brendan’s. Partly because of
+the size of the delta, it’s different—specific directional bias aside. First, she
+will handle her trade differently if it is profitable.
+For example, if over the next week or so Johnson & Johnson rises $1,
+positive delta and negative gamma will have a net favorable effect on
+Stacie’s profitability. Theta is small in comparison and won’t have too much
+of an effect. Delta/gamma will account for a decrease in the put’s
+theoretical value of about $0.73. That’s the estimated average delta times
+the stock move, or [0.65 + (–0.15/2)] × 1.00.
+Stacie’s actual profit would likely be less than 0.73 because of the bid-ask
+spread. Stacie must account for the fact that the bid-ask is 0.05 wide (1.75–
+1.80). Because Stacie would buy to close this position, she should consider
+the 0.73 price change relative to the 1.80 offer, not the 1.75 trade price—
+that is, she factors in a nickel of slippage. Thus, she calculates, that the puts
+will be offered at 1.07 (that’s 1.80 − 0.73) when the stock is at $65. That is
+a gain of $0.68.
+In this scenario, Stacie should consider the Would I Do It Now? rule to
+guide her decision as to whether to take her profit early or hold the position
+until expiration. Is she happy being short ten 65 puts at 1.07 with Johnson
+& Johnson at $65? The premium is lower now. The anticipated move has
+already occurred, and she still has 28 days left in the option that could allow