Add training workflow, datasets, and runbook

training_data/curated/text/917c6dce2d5ae138f77816d29a3e6d96dbb655207ca5b4d9f906e1e0962ae1fc.txt

@@ -0,0 +1,33 @@
+130 
+Example: The following prices exist: 
+XYZ, 37½; 
+XYZ July 40 call, 2; and 
+XYZ July 35 call, 4. 
+Part II: Call Option Strategies 
+If one were to short 100 XYZ at 37½ and to buy one July 40 call for 2 and one July 
+35 call for 4, he would have a position that is similar to a reverse hedge except that 
+the maximum risk would be realized anywhere between 35 and 40 at expiration. 
+Although this risk is over a much wider range than in the normal reverse hedge, it is 
+now much smaller in dimension. Table 4-3 and Figure 4-3 show the results from this 
+type of position at expiration. The maximum loss is 3½ points ($350), which is a 
+smaller amount than could be realized using any ratio strictly with the July 35 or the 
+July 40 call. However, this maximum loss is realizable over the entire range, 35 to 40. 
+Again, large potential profits are available if the stock moves far enough either to the 
+upside or to the downside. 
+This form of the strategy should only be used when the stock is nearly centered 
+between two strikes and the strategist wants a neutral positioning of the break-even 
+points. Similar types of follow-up action to those described earlier can be applied to 
+this form of the reverse hedge strategy as well. 
+TABLE 4-3. 
+Reverse hedge using two strikes. 
+XYZ Price at Stock July 40 Coll July 35 Coll Total 
+Expiration Profit Profit Profit Profit 
+25 +$1,250 -$200 -$ 400 +$ 650 
+30 + 750 - 200 400 + 150 
+31 1/2 + 600 - 200 400 0 
+35 + 250 - 200 400 350 
+371/2 0 - 200 150 350 
+40 - 250 - 200 + 100 350 
+431/2 - 600 + 150 + 450 0 
+45 - 750 + 300 + 600 + 150 
+50 - 1,250 + 800 + 1,100 + 650