Add training workflow, datasets, and runbook

training_data/curated/text/83866dc297f84743897b67f6c544506daadbda431b80477948c2e0083002ba1d.txt

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+510A COMPleTe gUIde TO THe FUTUreS MArKeT
+Comment.  The short put is a bullish position with a maximum potential gain equal to the premium 
+received for selling the put and unlimited risk. However, in return for assuming this unattractive 
+maximum reward/maximum risk relationship, the seller of a put enjoys a greater probability of real-
+izing a profi  t than a loss. Note that the short at-the-money put position will result in a gain as long as 
+the futures price at the time of the option expiration is not below the futures price at the time of the 
+option initiation by an amount greater than the premium level ($38.70/oz in our example). However, 
+the maximum possible profi  t (i.e., the premium received on the option) will only be realized if the 
+futures price at the time of the option expiration is above the prevailing market price at the time the 
+option was sold (i.e., the strike price). The short put position is appropriate if the trader is  modestly
+bullish and views the probability of a large price decline as being very low . If, however, the trader 
+anticipated a large price advance, he would probably be better off   buying a call or going long futures.   
+ Strategy 6b: Short put (Out-of-the-Money) 
+example . Sell August  $1,100  gold futures put at a premium of  $10.10 /oz  ($1,010),  with August gold 
+futures trading at $1,200/oz. (See Table   35.6   b and Figure   35.6  b .)   
+Comment.  The seller of an out-of-the-money put is willing to accept a smaller maximum gain (i.e., 
+premium) in exchange for increasing the probability of gain on the trade. The seller of an out-of-the-
+money put will retain the full premium received as long as the futures price does not decline by an 
+    FIGURE   35.6a    Profi  t/loss Profi  le: Short Put (At-the-Money) 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time
+of position initiation
+and strike price
+Breakeven price
+= $1,161.30
+Profit/loss at expiration ($)
+1,000
+−10,000
+−12,500
+5,000
+2,500
+−2,500
+−5,000
+−7,500
+0
+−15,000
+−17,500
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400