Add training workflow, datasets, and runbook

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Chapter 40: Advanced Concepts
FIGURE 40-2.
Delta comparison, with XYZ = 50.
100
75
~ ai 50
0
25
40
TABLE 40-2.
45 50 55
Strike Price
60 65
Delta comparison - varying time remaining with XYZ = 50.
Delta
Strike Price t = 1 year t = 6 months
40 92 97
45 79 83
50 61 57
55 41 30
60 25 12
65 14 4
851
t = 3 months
99
90
55
18
3
0
For futures options, the term "shares per option" would be replaced by "shares
per contract," which is always 1. This is the risk measurement of how much market
exposure the option position has. Whether called position delta, ESP, or EFP, one
uses the deltas of the individual options in his portfolio to calculate the overall expo­
sure. By summing the calculations for each item in a position, or even in an entire
option portfolio, one can approximate how much market exposure the entire option