Add training workflow, datasets, and runbook

training_data/curated/text/90496fa881ff4e48cb5ecfb1b8255f46e511321239f574cbf40b251d3c59c58d.txt

@@ -0,0 +1,40 @@
+436 Part IV: Additional Considerations 
+If one is truly undecided about whether he will be assigned on his short puts, 
+he might look at several clues. First, has any late news come out on Friday evening 
+that might affect the market's opening or the stock's opening on Monday morning? If 
+so, that should be factored into the decision regarding exercising the calls. Another 
+clue arises from the price at which the stock was trading during the Friday expiration 
+day, prior to the close. If the stock was below the strike for most of the day before 
+closing at the strike, then there is a greater chance that the puts will be assigned. This 
+is so because other arbitrageurs (discounters) have probably bought puts and bought 
+stock during the day and will exercise to clean out their positions. 
+If there is still doubt, it may be wisest to exercise only half of the calls, hoping 
+for a partial assignment on the puts (always a possibility). This halfway measure will 
+normally result in some sort of unhedged stock position on Monday morning, but it 
+will be smaller than the maximum exposure by at least half. 
+Another approach that the arbitrageur can take if the stock is near the strike of 
+the reversal during the late trading of the options' life - during the last few days - is 
+to roll the reversal to a later expiration or, failing that, to roll to another strike in the 
+same expiration. First, let us consider rolling to another expiration. The arbitrageur 
+knows the dollar price that equals his effective rate for a 3-month reversal. If the cur­
+rent options can be closed out and new options opened at the next expiration for at 
+least the effective rate, then the reversal should be rolled. This is not a likely event, 
+mostly due to the fact that the spread between the bid and asked prices on four sep­
+arate options makes it difficult to attain the desired price. Note: This entire four-way 
+order can be entered as a spread order; it is not necessary to attempt to "leg" the 
+spread. 
+The second action - rolling to another strike in the same expiration month -
+may be more available. Suppose that one has the July 45 reversal in place (long July 
+45 call and short July 45 put). If the underlying stock is near 45, he might place an 
+order to the exchange floor as a three-way spread: Sell the July 45 call (closing), buy 
+the July 45 put (closing), and sell the July 40 call ( opening) for a net credit of 5 points. 
+This action costs the arbitrageur nothing except a small transaction charge, since he 
+is receiving a 5-point credit for moving the strike by 5 points. Once this is accom­
+plished, he will have moved the strike approximately 5 points away and will thus have 
+avoided the problem of the stock closing at the strike. 
+Overall, these four risks are significant, and reversal arbitrageurs should take 
+care that they do not fall prey to them. The careless arbitrageur uses effective rates 
+too close to current market rates, establishes reversals with puts in-the-money, and 
+routinely accepts the risk of acquiring an unhedged stock position on the morning 
+after expiration. He will probably sustain a large loss at some time. Since many rever­
+sal arbitrageurs work with small capital and/or have convinced their backers that it is