Add training workflow, datasets, and runbook

training_data/curated/text/8c5911d751eaf19a30684d07aec6919bbc2d5169655f92068339b692106677c2.txt

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+538A COMPleTe gUIde TO THe FUTUreS MArKeT
+ Strategy 20a: bull put Money Spread (Long put with Lower Strike 
+price/Short put with higher Strike price)—Case 1 
+example . Buy an August $1,250 gold futures put at a premium of $68.70/oz ($6,870) and simulta-
+neously sell an August $1,300 put at a premium of $108.70/oz ($10,870), with August gold futures 
+trading at $1,200/oz. (See Table   35.20   a and Figure   35.20   a.)   
+Comment.  This is a net credit bull spread that uses puts instead of calls. The maximum gain in this 
+strategy is equal to the diff  erence between the premium received for the short put and the premium 
+paid for the long put. The maximum loss is equal to the diff  erence between the strike prices minus 
+the diff  erence between the premiums. The maximum gain will be achieved if prices rise to the higher 
+strike price, while the maximum loss will occur if prices fail to rise at least to the lower strike price. 
+The profi  t/loss profi  le of this trade is very similar to the profi  le of the net debit bull call money 
+spread illustrated in Figure   35.18  .   
+Price of August gold futures at option expiration ($/oz)
+Profit/loss at expiration ($)
+1,000
+5,000
+2,500
+0
+−2,500
+−5,000
+−7 ,500
+−10,000
+−12,500
+−17 ,500
+1,050 1,100 1,150 1,200 1,250
+Bear call money spread
+Short at-the-money
+call
+Breakeven price on
+spread = $1,229.70
+Breakeven price on
+short call = $1,238.80
+1,300 1,350 1,400
+−15,000
+Futures price at time
+of position initiation
+    FIGURE   35.19b    Profi  t/loss Profi  le: Bear Call Money Spread (Short Call with lower Strike 
+Price/long Call with Higher Strike Price); Case 2—Short At-the-Money Call/long Out-of-the-
+Money Call with Comparison to Short At-the-Money Call