Add training workflow, datasets, and runbook

training_data/curated/text/5b4e7dcdba60837f43f325e5d0203a25b38ef9781634beb62118524b6eb87759.txt

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+Chapter 40: Advanced Concepts 
+FIGURE 40-1 8. 
+Trading long gamma, position delta. 
+6000 
+4000 
+2000 
+"' ~ 01---------,-----~rr------,,-----
+.s::. 
+(J) 
+-2000 
+-4000 
+-8000 
+-8000 
+55 65 
+Stock Price 
+899 
+position. In the preceding position, the strategist wanted to be gamma long, but 
+neutral with respect to delta and volatility. Suppose he not only expects price 
+movement (meaning he wants positive gamma), but also expects an increase in 
+volatility. If that were the case, he would want positive vega as well. Suppose he 
+quantifies that desire by deciding that he wants to make $1,000 for every one 
+percentage increase in volatility. The simultaneous equations would then be: 
+0.050lx + 0.0306y = 10 (gamma) 
+0.089x + 0.147y = 10 (vega) 
+The solution to these equations is: 
+X = 243, y = -80 
+Furthermore, 8,500 shares would have to be sold short in order to make the position 
+delta neutral. The resulting position would then be: 
+Short 8,500 XYZ 
+Long 243 March 60 calls 
+Short 80 June 60 calls 
+Delta: neutral 
+Gamma: long 1,000 shares 
+Vega: long $1,000 
+Theta: long $630