Add training workflow, datasets, and runbook

training_data/curated/text/76941dd47cb7ae205f8481b8d9844638e31ee01dc350563e10b93682fe535efb.txt

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+Two Courses of Action
+Although there may be many motivations for trading a double calendar,
+there are only two courses of action: buy it or sell it. While, for example,
+the trader’s goal may be to capture theta, buying a double calendar comes
+with the baggage of the other greeks. Fully understanding the
+interrelationship of the greeks is essential to success. Option traders must
+take a holistic view of their positions.
+Let’s look at an example of buying a double calendar. In this example,
+Minnesota Mining & Manufacturing (MMM) has been trading in a range
+between about $85 and $97 per share. The current price of Minnesota
+Mining & Manufacturing is $87.90. Economic data indicate no specific
+reasons to anticipate that Minnesota Mining & Manufacturing will deviate
+from its recent range over the next month—that is, there is nothing in the
+news, no earnings anticipated, and the overall market is stable. August IV is
+higher than October IV by one volatility point, and October implied
+volatility is in line with 30-day historical volatility. There are 38 days until
+August expiration, and 101 days until October expiration.
+The Aug–Oct 85–90 double calendar can be traded at the following
+prices:
+Much like a traditional calendar spread, the price points cannot be
+definitively plotted on a P&(L) diagram. What is known for certain is that at
+August expiration, the maximum loss is $3,200. While it’s comforting to
+know that there is limited loss, losing the entire premium that was paid for
+the spread is an outcome most traders would like to avoid. We also know
+the maximum gains occur at the strike prices; but not exactly what the
+maximum profit can be. Exhibit 11.10 provides an alternative picture of the
+position that is useful in managing the trade on a day-to-day basis.