Add training workflow, datasets, and runbook

training_data/curated/text/9ff502d7d3fc9252b8c54d60551785bd9823b1bab555272aaf0051b98572e47f.txt

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+OPTION TrAdINg STrATegIeS
+ Table   35.6   d summarizes the profi  t/loss results for various short put positions for a range of price 
+assumptions. As can be seen, as puts move more deeply in the money, they begin to more closely 
+resemble a long futures position. (As previously explained in the case of calls, sellers of deep in-the-
+money options should be cognizant of the real possibility of early exercise.) Short positions in deep 
+out-of-the-money puts will prove profi  table for the vast range of prices, but the maximum gain is 
+small and the theoretical maximum loss is unlimited.  
+ Figure   35.6  d compares each type of short put to a long futures position. The short at-the-money 
+put position will be the most profi  table strategy under stable market conditions and the middle-of-
+the-road strategy (relative to the other two types of puts) in declining and rising markets. The short 
+out-of-the-money put will lose the least in a declining market, but it will also be the least profi  table 
+strategy if prices advance. The short in-the-money put is the type of put that has the greatest potential 
+and risk and, as mentioned above, there is a strong resemblance between this strategy and an outright 
+long position in futures. 
+ It should be emphasized that the comparisons in Figure   35.6  d are based upon single-unit positions. 
+However, as previously explained, these alternative strategies do not represent equivalent position 
+sizes. Comparisons based on positions weighted equally in terms of some risk measure (e.g., equal 
+delta values) would yield diff  erent empirical conclusions.   
+    FIGURE   35.6c    Profi  t/loss Profi  le: Short Put (In-the-Money) 
+Price of August gold futures at option expiration ($/oz)
+Futures price
+at time of
+position initiation
+Breakeven price
+=$1,191.30
+Profit/loss at expiration ($)
+1,000
+10,000
+15,000
+−10,000
+5,000
+−5,000
+−15,000
+−20,000
+0
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
+Strike price