Add training workflow, datasets, and runbook
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OPTION TrAdINg STrATegIeS
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tabLe 35.11a profit/Loss Calculations: Option-protected Long Futures—Long Futures + Long at-the-
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Money put (Similar to Long at-the-Money Call)
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(1) (2) (3) (4) (5) (6)
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Futures price at
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expiration ($/oz)
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premium of august $1,200
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put at Initiation ($/oz)
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$ amount of
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premium paid
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profit/Loss on Long
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Futures position
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put Value at
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expiration
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profit/Loss on position
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[(4) + (5) – (3)]
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1,000 38.7 $3,870 –$20,000 $20,000 –$3,870
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1,050 38.7 $3,870 –$15,000 $15,000 –$3,870
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1,100 38.7 $3,870 –$10,000 $10,000 –$3,870
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1,150 38.7 $3,870 –$5,000 $5,000 –$3,870
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1,200 38.7 $3,870 $0 $0 –$3,870
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1,250 38.7 $3,870 $5,000 $0 $1,130
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1,300 38.7 $3,870 $10,000 $0 $6,130
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1,350 38.7 $3,870 $15,000 $0 $11,130
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1,400 38.7 $3,870 $20,000 $0 $16,130
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FIGURE 35.11a Profi t/loss Profi le: Option-Protected long Futures—long Futures + long
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at-the-Money Put (Similar to long At-the-Money Call)
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Price of August gold futures at option expiration ($/oz)
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Futures at time of
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position initiation
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and strike price
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Breakeven price = $1,238.70
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Profit/loss at expiration ($)
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1,000
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10,000
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7,500
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12,500
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15,000
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17,500
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5,000
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−5,000
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−2,500
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2,500
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0
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1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
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