Add training workflow, datasets, and runbook

training_data/curated/text/b40a3c1edfedfdc252826af10cb73b765e486842262d3aed28ca56ab79a0d60c.txt

@@ -0,0 +1,33 @@
+will be a loser if the underlying is below the lower of the two break-even
+points—in this case $65.75. This point is found by subtracting the premium
+received from the strike. Before expiration, negative gamma adversely
+affects profits as the underlying falls. The lower the underlying is trading
+below the strike price, the greater the drain on P&(L) due to the positive
+delta of the short put.
+It is the same proposition if the underlying is above $70 at expiration. But
+in this case, it is the short call that would be in-the-money. The higher the
+underlying price, the more the −1.00 delta adversely impacts P&(L). If at
+expiration the underlying is above the higher breakeven, which in this case
+is $74.25 (the strike plus the premium), the trade is a loser. The higher the
+underlying, the worse off the trade. Before expiration, negative gamma
+creates negative deltas as the underlying climbs above the strike, eating
+away at the potential profit, which is the net premium received.
+The best-case scenario is that the underlying is right at $70 at the closing
+bell on expiration Friday. In this situation, neither option is ITM, meaning
+that the 4.25 premium is all profit. In reaping the maximum profit, both
+time and price play roles. If the position is closed before expiration, implied
+volatility enters into the picture as well.
+It’s important to note that just because neither option is ITM if the
+underlying is right at $70 at expiration, it doesn’t mean with certainty that
+neither option will be assigned. Sometimes options that are ATM or even
+out-of-the-money (OTM) get assigned. This can lead to a pleasant or
+unpleasant surprise the Monday morning following expiration. The risk of
+not knowing whether or not you will be assigned—that is, whether or not
+you have a position in the underlying security—is a risk to be avoided. It is
+the goal of every trader to remove unnecessary risk from the equation.
+Buying the call and the put for 0.05 or 0.10 to close the position is a small
+price to pay when one considers the possibility of waking up Monday
+morning to find a loss of hundreds of dollars per contract because a position
+you didn’t even know you owned had moved against you. Most traders
+avoid this risk, referred to as pin risk, by closing short options before
+expiration.