Add training workflow, datasets, and runbook

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+A Complete Guide to the Futures mArket
+hedging applications
+The entire discussion in this chapter has been approached from the vantage point of the speculator. 
+However, option-based strategies can also be employed by the hedger. T o illustrate how options can be 
+used by the hedger, we compare five basic alternative strategies for the gold jeweler who anticipates a 
+requirement for 100 ounces of gold in August. The assumed date in this illustration is April 13, 2015, 
+a day on which the relevant price quotes were as follows: spot gold = $1,198.90, August gold futures 
+= $1,200, August $1,200 gold call premium = $38.80, August $1,200 gold put premium = $38.70. 
+The five purchasing alternatives are:
+5
+ 1. Wait until time of requirement. In this approach, the jeweler simply waits until August 
+before purchasing the gold. In effect, the jeweler gambles on the interim price movement of 
+gold. If gold prices decline, he will be better off. However, if gold prices rise, his purchase price 
+will increase. If the jeweler has forward-contracted for his products, he may need to lock in his 
+raw material purchase costs in order to guarantee a satisfactory profit margin. Consequently, the 
+price risk inherent in this approach may be unacceptable.
+tabLe 35.28  probability-W eighted profit/Loss ratio Comparisons for “Neutral/V olatile” expected 
+probability Distribution
+Long Straddle Short Straddle
+price range 
+($/oz)
+average 
+price ($/oz)
+assumed 
+probability
+Gain/Loss at 
+average price ($)
+probability- 
+W eighted 
+Gain/Loss ($)
+Gain/Loss at 
+average price ($)
+probability- 
+W eighted 
+Gain/Loss ($)
+950–999.9 975 0.05 14,750 738 –14,750 –738
+1,000–1,049.9 1,025 0.08 9,750 780 –9,750 –780
+1,050–1,099.9 1,075 0.1 4,750 475 –4,750 –475
+1,100–1,149.9 1,125 0.12 –250 –30 250 30
+1,150–1,199.9 1,175 0.15 –5,250 –788 5,250 788
+1,200–1,249.9 1,225 0.15 –5,250 –788 5,250 788
+1,250–1,299.9 1,275 0.12 –250 –30 250 30
+1,300–1,349.9 1,325 0.1 4,750 475 –4,750 –475
+1,350–1,399.9 1,375 0.08 9,750 780 –9,750 –780
+1,400–1,449.9 1,425 0.05 14,750 738 –14,750 –738
+Probability-weighted profit/loss ratio: 3,985/1,635 = 2.44 1,635/3,985 = 0.41
+5 There is no intention to imply that the following list of alternative hedging strategies is all-inclusive. Many other 
+option-based strategies are also possible. For example, the jeweler could buy a call and sell a put at the same 
+strike price—a strategy similar to buying a futures contract (see Strategy 15).