Add training workflow, datasets, and runbook

training_data/curated/text/54a6fbc65288d9b925e40b677ac925a6c60aa41a6b739378c98478181842e4c7.txt

@@ -0,0 +1,19 @@
+EXHIBIT 15.2 Long straddle P&(L) at initiation and expiration.
+Because this is a short-term at-the-money (ATM) straddle, we will
+assume for simplicity that it has a delta of zero. 1 When the trade is
+consummated, movement can only help, as indicated by the dotted line on
+the exhibit. This is the classic graphic representation of positive gamma—
+the smiley face. When the stock moves higher, the call gains value at an
+increasing rate while the put loses value at a decreasing rate. When the
+stock moves lower, the put gains at an increasing rate while the call loses at
+a decreasing rate. This is positive gamma.
+This still may not be an entirely fair representation of how profits are
+earned. The underlying is not required to move continuously in one
+direction for traders to reap gamma profits. As described in Chapter 13,
+traders can scalp gamma by buying and selling stock to offset long or short
+deltas created by movement in the underlying. When traders scalp gamma,
+they lock in profits as the stock price oscillates.
+The potential for gamma scalping is an important motivation for straddle
+buyers. Gamma scalping a straddle gives traders the chance to profit from a
+stock that has dynamic price swings. It should be second nature to volatility
+traders to understand that theta is the trade-off of gamma scalping.