Add training workflow, datasets, and runbook

training_data/curated/text/50f45bb982f4fd735043e45763ec918d7ad6ca0eb141c5e8a265b1f53b97c4cd.txt

@@ -0,0 +1,30 @@
+Rolling and Earning a “Free” Call
+Many traders who trade income-generating strategies are conservative.
+They are happy to sell low IV for the benefits afforded by low realized
+volatility. This is the problem-avoidance philosophy of trading. Due to risk
+aversion, it’s common to trade calendar spreads by buying the two-month
+option and selling the one-month option. This can allow traders to avoid
+buying the calendar in earnings months, and it also means a shorter time
+horizon, signifying less time for something unwanted to happen.
+But there’s another school of thought among time-spread traders. There
+are some traders who prefer to buy a longer-term option—six months to a
+year—while selling a one-month option. Why? Because month after month,
+the trader can roll the short option to the next month. This is a simple tactic
+that is used by market makers and other professional traders as well as
+savvy retail traders. Here’s how it works.
+XYZ stock is trading at $60 per share. A trader has a neutral outlook over
+the next six months and decides to buy a calendar. Assuming that July has
+29 days until expiration and December has 180, the trader will take the
+following position:
+The initial debit here is 2.55. The goal is basically the same as for any
+time spread: collect theta without negative gamma spoiling the party. There
+is another goal in these trades as well: to roll the spread.
+At the end of month one, if the best-case scenario occurs and XYZ is
+sitting at $60 at July expiration, the July 60 call expires. The December 60
+call will then be worth 3.60, assuming all else is held constant. The positive
+theta of the short July call gives full benefits as the option goes from 1.45 to
+zero. The lower negative theta of the December call doesn’t bite into profits
+quite as much as the theta of a short-term call would.
+The profit after month one is 1.05. Profit is derived from the December
+call, worth 3.60 at July expiry, minus the 2.55 initial spread debit. This
+works out to about a 41 percent return. The profit is hardly as good as it