Add training workflow, datasets, and runbook

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+Chapter 23: Spreads Combining Calls and Puts 355 
+out-of-the-money combination. By adhering to this criterion, one gives himself area­
+sonable chance of being able to buy the near-term straddle back for a price low 
+enough to result in owning the longer-term options for free. In the example used to 
+describe this strategy, the near-term straddle was sold for 7 while the out-of-the­
+money, longer-term combination cost 4 points. This satisfies the criterion. Finally, 
+one should limit his possible risk before near-term expiration. Recall that the risk is 
+equal to the difference between any two contiguous striking prices, less the net cred­
+it received. In the example, the risk would be 5 minus 3, or 2 points. The risk should 
+always be less than the credit taken in. This precludes selling a near-term straddle at 
+80 for 4 points and buying the put at 60 and the call at 100 for a combined cost of 1 
+point. Although the credit is substantially more than one and one-half times the cost 
+of the long combination, the risk would be ridiculously high. The risk, in fact, is 20 
+points ( the difference between two contiguous striking prices) less the 3 points cred­
+it, or 17 points - much too high. 
+The criteria can be summarized as follows: 
+1. Stock near middle striking price initially. 
+2. Three to four months to near-term expiration. 
+3. Price of written straddle at least one and one-half times that of the cost of the 
+longer-term, out-of-the-money combination. 
+4. Risk before near-term expiration less than the net credit received. 
+One way in which the strategist may notice this type of position is when he sees a rel­
+atively short-term straddle selling at what seems to be an outrageously high price. 
+Professionals, who often have a good feel for a stock's short-term potential, will some­
+times bid up straddles when the stock is about to make a volatile move. This will 
+cause the near-term straddles to be very overpriced. When a straddle seller notices 
+that a particular straddle looks too attractive as a sale, he should consider establish­
+ing a diagonal butterfly spread instead. He still sells the overpriced straddle, but also 
+buys a longer-term, out-of-the-money combination as a hedge against a large loss. 
+Both factions can be right. Perhaps the stock will experience a very short-term 
+volatile movement, proving that the professionals were correct. However, this will 
+not worry the strategist holding a diagonal butterfly, for he has limited risk. Once the 
+short-term move is over, the stock may drift back toward the original strike, allowing 
+the near-term straddle to be bought back at a low price - the eventual objective of 
+the strategist utilizing the diagonal butterfly spread. 
+These are admittedly three quite complex strategies and thus are not to be 
+attempted by a novice investor. If one wants to gain experience in how he would 
+operate such a strategy, it would be far better to operate a "paper strategy" for a