Add training workflow, datasets, and runbook

training_data/curated/text/3f21aad084259bf714249781a35d0ab1f0bf712f3eb5c871f464df7ad7d1c1f2.txt

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+OPTION TrAdINg STrATegIeS
+ In a sense, the long in-the-money put position can be thought of as a short futures position with 
+a built-in stop. This characteristic is an especially important consideration for speculators who 
+typically employ protective stop loss orders on their positions—a prudent trading approach. A 
+trader using a protective buy stop on a short position faces the frustrating possibility of the market 
+advancing suffi   ciently to activate his stop and subsequently breaking. The long in-the-money put 
+position off  ers the speculator an alternative method of limiting risk that does not present this 
+danger. Of course, this benefi  t does not come without a cost: as mentioned earlier, the buyer of an 
+in-the-money put will gain slightly less than the outright short futures trader if the market declines 
+and lose slightly more if the market advances  moderately.  However, if the trader is anticipating 
+volatile market conditions, he might very well prefer a long in-the-money put position to a short 
+futures position combined with a protective buy stop order. In any case, the key point is that the 
+trader who routinely compares the strategies of buying an in-the-money put versus going short 
+futures with a protective buy stop should enjoy an advantage over those traders who never consider 
+the option-based alternative. 
+ Table   35.5   d summarizes the profi  t/loss implications of various long put positions for a range of 
+price assumptions. Note that as puts move deeper in-the-money, their profi  t and loss characteristics 
+increasingly resemble a short futures position.  
+    FIGURE   35.5c    Profi  t/loss Profi  le: long Put (In-the-Money) 
+Price of August gold futures at option expiration ($/oz)
+Futures
+price at time
+of position
+initiation
+Strike price
+Breakeven price
+= $1,191.30
+Profit/loss at expiration ($)
+1,000
+10,000
+−10,000
+−15,000
+5,000
+−5,000
+0
+15,000
+20,000
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400