Add training workflow, datasets, and runbook

training_data/curated/text/7725fbe88259acedb7acc534c67bc3190e433f547e223e41afa51be44fc3f4d1.txt

@@ -0,0 +1,43 @@
+502
+A Complete Guide to the Futures mArket
+a short futures position more closely. (Sellers of deep in-the-money calls should be aware that longs 
+may choose to exercise such options well before expiration. early exercise can occur if the poten-
+tial interest income on the premium is greater than the theoretical time value of the option for a 
+zero interest rate assumption.) Short positions in deep out-of-the-money calls will prove profitable 
+for the vast range of prices, but the maximum gain is small and the theoretical maximum loss is 
+unlimited.
+Figure 35.4d compares each type of short call to a short futures position. The short at-the-money 
+call position will be the most profitable strategy under stable market conditions and the middle-of-
+the-road strategy (relative to the other two types of calls) in rising and declining markets. The short 
+out-of-the-money call will lose the least in a rising market, but it will also be the least profitable 
+strategy if prices decline. The short in-the-money call is the type of call that has the greatest potential 
+and risk and, as mentioned above, there is a strong resemblance between this strategy and an outright 
+short position in futures.
+It should be emphasized that the comparisons in Figure 35.4d are based upon single-unit positions. 
+However, as previously explained, these alternative strategies do not represent equivalent position 
+sizes. Comparisons based on positions weighted equally in terms of some risk measure (e.g., equal 
+delta values) would yield different empirical conclusions.
+tabLe 35.4d profit/Loss Matrix for Short Calls with Different Strike prices
+Dollar amount of premium received
+$1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $1,350
+Call Call Call Call Call Call Call
+$15,520 $11,010 $7,010 $3,880 $1,920 $910 $450
+position profit/Loss at expiration
+Futures price at 
+expiration ($/oz)
+Short Futures 
+at $1,200
+In-the-Money 
+at-the-
+Money Out-of-the Money
+$1,050 Call $1,100 Call a $1,150 Call $1,200 Call a $1,250 Call $1,300 Call a $500 Call
+1,000 $20,000 $15,520 $11,010 $7,010 $3,880 $1,920 $910 $450
+1,050 $15,000 $15,520 $11,010 $7,010 $3,880 $1,920 $910 $450
+1,100 $10,000 $10,520 $11,010 $7,010 $3,880 $1,920 $910 $450
+1,150 $5,000 $5,520 $6,010 $7,010 $3,880 $1,920 $910 $450
+1,200 $0 $520 $1,010 $2,010 $3,880 $1,920 $910 $450
+1,250 –$5,000 –$4,480 –$3,990 –$2,990 –$1,120 $1,920 $910 $450
+1,300 –$10,000 –$9,480 –$8,990 –$7,990 –$6,120 –$3,080 $910 $450
+1,350 –$15,000 –$14,480 –$13,990 –$12,990 –$11,120 –$8,080 –$4,090 $450
+1,400 –$20,000 –$19,480 –$18,990 –$17,990 –$16,120 –$13,080 –$9,090 –$4,550
+aThese calls are compared in Figure 35.4d.