Add training workflow, datasets, and runbook

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+Legging Out
+There are many ways to exiting a straddle. In the right circumstances,
+legging out is the preferred method. Instead of buying and selling stock to
+lock in profits and maintain delta neutrality, traders can reduce their
+positions by selling off some of the calls or puts that are part of the straddle.
+In this technique, when the underlying rises, traders sell as many calls as
+needed to reduce the delta to zero. As the underlying falls, they sell enough
+puts to reduce their position to zero delta. As the stock oscillates, they
+whittle away at the position with each hedging transaction. This serves the
+dual purpose of taking profits and reducing risk.
+A trader, Susan, has been studying Acme Brokerage Co. (ABC). Susan
+has noticed that brokerage stocks have been fairly volatile in recent past.
+Exhibit 15.3 shows an analysis of Acme’s volatility over the past 30 days.
+EXHIBIT 15.3 Acme Brokerage Co. volatility.
+Stock Price Realized VolatilityFront-Month Implied Volatility
+30-day high $78.6630-day high 47%30-day high 55%
+30-day low $66.9430-day low 36%30-day low 34%
+Current px $74.80Current vol 36%Current vol 36%
+During this period, Acme stock ranged more than $11 in price. In this
+example, Acme’s volatility is a function of interest rate concerns and other
+macroeconomic issues affecting the brokerage industry as a whole. As the
+stock price begins to level off in the latter half of the 30-day period, realized
+volatility begins to ebb. The front month’s IV recedes toward recent lows as
+well. At this point, both realized and implied volatility converge at 36
+percent. Although volatility is at its low for the past month, it is still
+relatively high for a brokerage stock under normal market conditions.
+Susan does not believe that the volatility plaguing this stock is over. She
+believes that an upcoming scheduled Federal Reserve Board announcement
+will lead to more volatility. She perceives this to be a volatility-buying
+opportunity. Effectively, she wants to buy volatility on the dip. Susan pays
+5.75 for 20 July 75-strike straddles.
+Exhibit 15.4 shows the analytics of this trade with four weeks until
+expiration.