Add training workflow, datasets, and runbook

training_data/curated/text/8a03581019454b22dbab0508abac914e19c07d45eb0f9f8bb8a663f3b76fb0a3.txt

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+Short-Strangle Example
+Let’s revisit John, a Federal XYZ (XYZ) trader. XYZ is at $104.75 in this
+example, with an implied volatility of 26 percent and a stock volatility of
+22. Both implied and realized volatility are higher than has been typical
+during the past twelve months. John wants to sell volatility. In this example,
+he believes the stock price will remain in a fairly tight range, causing
+realized volatility to revert to its normal level, in this case between 15 and
+20 percent.
+He does everything possible to ensure success. This includes scanning the
+news headlines on XYZ and its financials for a reason not to sell volatility.
+Playing devil’s advocate with oneself can uncover unforeseen yet valid
+reasons to avoid making bad trades. John also notes the recent price range,
+which has been between $111.71 and $102.05 over the past month. Once
+John commits to an outlook on the stock, he wants to set himself up for
+maximum gain if he’s right and, for that matter, to maximize his chances of
+being right. In this case, he decides to sell a strangle to give himself as
+much margin for error as possible. He sells 10 three-week 100–110
+strangles at 1.80.
+Exhibit 15.11 compares the greeks of this strangle with those of the 105
+straddle.
+EXHIBIT 15.11 Short straddle vs. short strangle.
+As expected, the strangle’s greeks are comparable to the straddle’s but of
+less magnitude. If John’s intention were to capture a drop in IV, he’d be