Add training workflow, datasets, and runbook

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+Chapter 40: Advanced Concepts 895 
+well as look at how the risk measures behave as time passes and the stock price 
+changes. 
+Figure 40-15 (see Tables 40-10, 40-11, and 40-12) shows the profit potential in 
+7 days, in 14 days, and at March expiration. Figure 40-16 shows the position vega at 
+the 7- and 14-day time intervals. Before discussing these items, the data will be pre­
+sented in tabular form at three different times: in 7 days, in 14 days, and at March 
+expiration. 
+The data in Table 40-10 depict the position in 7 days. 
+Table 40-11 represents the results in 14 days. 
+Finally, the position as it looks at March expiration should be known as well (see 
+Table 40-12). 
+In each case, note that the stock prices are calculated in accordance with the 
+statistical formula shown in the last section. The more time that passes, the further it 
+is possible for the stock to roam from the current price. 
+The profit picture (Figure 40-15) shows that this position looks much like a long 
+straddle would: It makes large, symmetric profits if the stock goes either way up or 
+way down. Moreover, the losses if the stock remains relatively unchanged can be 
+large. These losses tend to mount right away, becoming significant even in 14 days. 
+Hence, if one enters this type of position, he had better get the desired stock move­
+ment quickly, or be prepared to cut his losses and exit the position. 
+The most startling thing to note about the entire position is the devastating effect 
+of time on the position. The profit picture shows that large losses will result if the stock 
+movement that is expected does not materialize. These losses are completely due to 
+time decay. Theta is negative in the initial position ($625 of losses per day), and 
+remains negative and surprisingly constant - until March expiration ( when the long 
+calls expire). Time also affects vega. Notice how the vega begins to get negative right 
+away and keeps getting much more negative as time passes. Simply, it can be seen that 
+as time passes, the position becomes vulnerable to increases in implied volatility. 
+This relationship between time and volatility might not be readily apparent to 
+the strategist unless he takes the time to calculate these sorts of tables or figures. In 
+fact, one may be somewhat confounded by this observation. What is happening is 
+that as time passes, the options that are owned are less explosive if volatility increas­
+es, but the options that were sold have a lot of time remaining, and are therefore apt 
+to increase violently if volatility spurts upward. 
+Figures 40-17 and 40-18 provide less enlightening information about delta and 
+gamma. Since gamma was positive to start with, the delta increases dramatically as 
+the stock rises, and decreases just as fast if the stock falls (Figure 40-18). This is stan­
+dard behavior for positions with long gamma; a long straddle would look very similar.