Add training workflow, datasets, and runbook

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+266 Part Ill: Put Option Strategies 
+TABLE 16-5. 
+Results of adopting each of the five tactics. 
+XYZ Price at "Roll Down" Do-Nothing Spread Liquidate Combine 
+Expiration Profit Profit Profit Profit Profit 
+30 + $3,000 (8) +$1,800 +$500 +$400 (W) +$1,500 
+35 + 2,000 (8) + 1,300 + 500 + 400 (W) + 1,000 
+41 + 800 (8) + 700 + 500 + 400 (W) + 400 
+42 + 600 (8) + 600 (8) + 500 + 400 + 300 (W) 
+43 + 400 + 500 (8) + 500 (8) + 400 + 200 (W) 
+45 0(W) + 300 + 500 (8) + 400 0(W) 
+46 0(W) + 200 + 400 (8) + 400 (8) O(W) 
+48 0(W) 0(W) + 200 + 400 (8) 0(W) 
+50 0 200 (W) 0 + 400 (8) 0 
+54 0 200 (W) 0 + 400 (8) + 400 (8) 
+60 0 200 (W) 0 + 400 + 1,000 (8) 
+Note that each tactic is the best one under one of the scenarios, but that the spread 
+tactic is never the worst of the five. The actual results of each tactic, using the figures 
+from the example above, are depicted in Table 16-5, where B denotes best tactic and 
+W denotes worst one. 
+All the strategies are profitable if the underlying stock continues to fall dramat­
+ically, although the "roll down," "do nothing," and combinations work out best, 
+because they continue to accrue profits if the stock continues to fall. If the underly­
+ing stock rises instead, only the combination outdistances the simplest tactic of all, 
+liquidation. 
+If the underlying stock stabilizes, the "do-nothing" and "spread" tactics work out 
+best. It would generally appear that the combination tactic or the "roll-down" tactic 
+would be the most attractive, since neither one has any risk and both could generate 
+large profits if the stock moved substantially. The advantage for the spread was sub­
+stantial in call options, but in the case of puts, the premium received for the out-of­
+the-money put is not as large, and therefore the spread strategy loses some of its 
+attractiveness. Finally, any of these tactics could be applied partially; for example, one 
+could sell out half of a profitable long position in order to take some profits, and con­
+tinue to hold the remainder.