Add training workflow, datasets, and runbook

training_data/curated/text/7d199764550e1a5f682011c514e838915a306d82b6ab1ba8b9326dbc5a4c1212.txt

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+525
+OPTION TrAdINg STrATegIeS
+ In most cases, it will make more sense for the trader simply to buy an in-the-money put since the 
+transaction costs will be lower. However, if a speculator is already short futures, the purchase of an 
+out-of-the-money call might present a viable alternative to liquidating this position and buying an 
+in-the-money put.   
+ tabLe 35.12b      profit/Loss Calculations: Option-protected Short Futures—Short Futures + Long Out-
+of-the-Money Call (Similar to Long In-the-Money put)  
+(1) (2) (3) (4) (5) (6)
+Futures price at 
+expiration ($/oz)
+premium of august $1,300 
+Call at Initiation ($/oz)
+$ amount of 
+premium paid
+profit/Loss on Short 
+Futures position
+Call Value at 
+expiration
+profit/Loss on position 
+[(4) + (5) – (3)]
+1,000 9.1 $910 $20,000 $0 $19,090
+1,050 9.1 $910 $15,000 $0 $14,090
+1,100 9.1 $910 $10,000 $0 $9,090
+1,150 9.1 $910 $5,000 $0 $4,090
+1,200 9.1 $910 $0 $0 –$910
+1,250 9.1 $910 –$5,000 $0 –$5,910
+1,300 9.1 $910 –$10,000 $0 –$10,910
+1,350 9.1 $910 –$15,000 $5,000 –$10,910
+1,400 9.1 $910 –$20,000 $10,000 –$10,910
+    FIGURE   35.12b    Profi  t/loss Profi  le: Option-Protected Short Futures—Short Futures + long 
+Out-of-the-Money Call (Similar to long In-the-Money Put) 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time
+of position initiation
+Breakeven price = $1,190.90
+Profit/loss at expiration ($)
+1,000
+10,000
+15,000
+20,000
+5,000
+−5,000
+−10,000
+−15,000
+0
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
+Strike price