Add training workflow, datasets, and runbook

training_data/curated/text/ac0352ef6ac05772203699c18d451a8ea0bf78254adcf511366cf6a9d355f9d7.txt

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+Building a Box
+Two traders, Sam and Isabel, share a joint account. They have each been
+studying Johnson & Johnson (JNJ), which is trading at around $63.35 per
+share. Sam and Isabel, however, cannot agree on direction. Sam thinks
+Johnson & Johnson will rise over the next five weeks, and Isabel believes it
+will decline during that period.
+Sam decides to buy the January 62.50 −65 call spread (January has 38
+days until expiration in this example). Sam can buy this spread for 1.28. His
+maximum risk is 1.28. This loss occurs if Johnson & Johnson is below
+$62.50 at expiration, leaving both calls OTM. His maximum gain is 1.22,
+realized if Johnson & Johnson is above $65 (65–62.50–1.28). With Johnson
+& Johnson at $63.35, Sam’s delta is long 0.29 and his other greeks are
+about flat.
+Isabel decides to buy the January 62.50–65 put spread for a debit of 1.22.
+Isabel’s biggest potential loss is 1.22, incurred if Johnson & Johnson is
+above $65 a share at expiration, leaving both puts OTM. Her maximum
+possible profit is 1.28, realized if the stock is below $62.50 at option
+expiration. With Johnson & Johnson at $63.35, Isabel has a delta that is
+short around 0.27 and is nearly flat gamma, theta, and vega.
+Collectively, if both Sam and Isabel hold their trades until expiration, it’s
+a zero-sum game. With Johnson & Johnson below $62.50, Sam loses his
+investment of 1.28, but Isabel profits. She cancels out Sam’s loss by making
+1.28. Above $65, Sam makes 1.22 while Isabel loses the same amount,
+canceling out Sam’s gains. Between the two strikes, Sam has gains on his
+62.50 call and Isabel has gains on her 65 put. The gains on the two options
+will total 2.50, the combined total spent on the spreads—another draw.
+EXHIBIT 9.12 Sam’s long call spread in Johnson & Johnson.
+62.50–65 Call Spread
+Delta +0.290
+Gamma+0.001
+Theta −0.004
+Vega +0.006