Add training workflow, datasets, and runbook

training_data/curated/text/9a233b9cefa3337baf27f74191b30d554c837eb7391b3519684f599d39bfa8c1.txt

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+190  •   The Intelligent Option Investor
+T enor Selection
+In general, the rule for gaining exposure is to buy as long a tenor as is 
+available. If a stock moves up faster than you expected, the option will still 
+have time value left on it, and you can sell it to recoup the extra money you 
+spent to buy the longer-tenor option. In addition, long-tenor options are 
+usually proportionally less expensive than shorter-tenor ones. Y ou can see 
+this through the following table. These ask prices are for call options on 
+Google (GOOG) struck at whatever price was closest to the 50-delta mark 
+for every tenor available.
+Days to Expiration Ask Price Marginal Price/Day Delta
+3 6.00 2.00 52
+10 10.30 0.61 52
+17 12.90 0.37 52
+24 15.50 0.37 52
+31 17.70 0.31 52
+59 22.40 0.17 49
+87 34.40 0.43 50
+150 42.60 0.13 50
+178 47.30 0.17 50
+241 56.00 0.14 50
+542 86.40 0.10 50
+The “Marginal Price/Day” column is simply the extra that you pay to get 
+the extra days on the contract. For example, the contract with three days left is 
+$6.00. For seven more days of exposure, you pay a total of $4.30 extra, which 
+works out to a per-day rate of $0.61. We see blips in the marginal price per 
+day field as we go from 59 to 87 to 150 days, but these are just artifacts of data 
+availability; the closest strikes did not have the same delta for each expiration.
+The preceding chart, it turns out, is just the inverse of the rule we 
+already learned in Chapter 3: “time value slips away fastest as we get closer 
+to expiration. ” If time value slips away more quickly nearer expiration, it 
+must mean that the time value nearer expiration is proportionally worth 
+more than the time value further away from expiration. The preceding 
+table simply illustrates this fact.