Add training workflow, datasets, and runbook

training_data/curated/text/677545d1187f7dfdc14a7e298ec24f25ddf28926d4c9be4ec3822683359b0690.txt

@@ -0,0 +1,21 @@
+in the strike price is higher for the downside options than it is for the upside
+ones. The difference between the IV of the 31 strike is 2 full points higher
+than the 32 strike, which is 1.8 points higher than the 33 strike. But the 36
+strike’s IV is only 1.1 points higher than the 37 strike, which is also just 1.1
+points higher than the 38 strike.
+This incremental difference in the IV per strike is often referred to as the
+slope. The puts of most underlyings tend to have a greater slope to their
+skew than the calls. Many models allow values to be entered for the upside
+slope and the downside slope that mathematically increase or decrease IVs
+of each strike incrementally. Some traders believe the slope should be a
+straight line, while others believe it should be an exponentially sloped line.
+If the IVs were graphed, the shape of the skew would vary among asset
+classes. This is sometimes referred to as the volatility smile or sneer,
+depending on the shape of the IV skew. Although Exhibit 3.5 is a typical
+paradigm for the slope for stock options, bond options and other commodity
+options would have differently shaped skews. For example, grain options
+commonly have calls with higher IVs than the put IVs.
+Volatility skew is dependent on supply and demand. Greater demand for
+downside protection may cause the overall IV to rise, but it can cause the
+IV of puts to rise more relative to the calls or vice versa. There are many
+traders who make their living trading volatility skew.