Add training workflow, datasets, and runbook

training_data/curated/text/90d3a3711b102bb02bc22101afbbd41a17618009e1a528c7e4211bda74ec98a8.txt

@@ -0,0 +1,35 @@
+those profits are leveled off by the fact that theta gets smaller as the stock
+moves higher above $80—more profit on direction, less on time.
+For the delta player, bull call spreads and bull put spreads have a potential
+added benefit that stems from the fact that IV tends to decrease as stocks
+rise and increase when stocks fall. This offers additional opportunity to the
+bull spread player. With the bull call spread or the bull put spread, the trader
+gains on positive delta with a rally. Once the underlying comes close to the
+short option’s strike, vega is negative. If IV declines, as might be
+anticipated, there is a further benefit of vega profits on top of delta profits.
+If the underlying declines, the trader loses on delta. But the pain can
+potentially be slightly lessened by vega profits. Vega will get positive as the
+underlying approaches the long strike, which will benefit from the firming
+of IV that often occurs when the stock drops. But this dual benefit is paid
+for in the volatility skew. In most stocks or indexes, the lower strikes—the
+ones being bought in a bull spread—have higher IVs than the higher strikes,
+which are being sold.
+Then there are special market situations in which vertical spreads that
+benefit from volatility changes can be traded. Traders can trade vertical
+spreads to strategically position themselves for an expected volatility
+change. One example of such a situation is when a stock is rumored to be a
+takeover target. A natural instinct is to consider buying calls as an
+inexpensive speculation on a jump in price if the takeover is announced.
+Unfortunately, the IV of the call is often already bid up by others with the
+same idea who were quicker on the draw. Buying a call spread consisting of
+a long ITM call and a short OTM call can eliminate immediate vega risk
+and still provide wanted directional exposure.
+Certainly, with this type of trade, the trader risks being wrong in terms of
+direction, time, and volatility. If and when a takeover bid is announced, it
+will likely be for a specific price. In this event, the stock price is unlikely to
+rise above the announced takeover price until either the deal is
+consummated or a second suitor steps in and offers a higher price to buy the
+company. If the takeover is a “cash deal,” meaning the acquiring company
+is tendering cash to buy the shares, the stock will usually sit in a very tight
+range below the takeover price for a long time. In this event, implied
+volatility will often drop to very low levels. Being short an ATM call when