Add training workflow, datasets, and runbook

training_data/curated/text/a7234ff9f9ed383a319b21ddd91e90ebf29f22cfe59dbd465de22c5210682ef3.txt

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+501
+OPTION TrAdINg STrATegIeS
+Comment.  For most of the probable price range, the profi  t/loss characteristics of the short in-the-
+money call are fairly similar to those of the outright short futures position. There are three basic dif-
+ferences between these two positions: 
+   1.  The short in-the-money call will lose modestly less than the short futures position in 
+an advancing market because the loss will be partially off  set by the premium received for 
+the call. 
+   2.  The short in-the-money call will gain modestly more than the short futures position in a mod-
+erately declining market. 
+   3.  In a very sharply declining market, the profi  t potential on a short futures position is open-ended, 
+whereas the maximum gain in the short in-the-money call position is limited to the total pre-
+mium received for the call.   
+ In eff  ect, the seller of an in-the-money call chooses to lock in modestly better results for the prob-
+able price range in exchange for surrendering the opportunity for windfall profi  ts in the event of a 
+price collapse. generally speaking, a trader should only choose a short in-the-money call over a short 
+futures position if he believes that the probability of a sharp price decline is extremely small. 
+ Table   35.4   d summarizes the profi  t/loss results for various short call positions for a range of 
+price assumptions. As can be seen, as calls move more deeply in-the-money, they begin to resemble 
+    FIGURE   35.4c    Profi  t/loss Profi  le: Short Call (In-the-Money)
+Chart created using TradeStation. ©TradeStation T echnologies, Inc. All rights reserved. 
+Price of August gold futures at option expiration ($/oz)
+Futures price at
+time of position
+initiation
+Strike price
+Breakeven price
+= $1210.10
+Profit/loss at expiration ($)
+1,000
+10,000
+15,000
+−10,000
+5,000
+−5,000
+0
+−20,000
+−15,000
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400