Add training workflow, datasets, and runbook

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+644 Part V: Index Options and Futures 
+These same strategies apply to options on futures. However, boxes on cash­
+based options involve another consideration. It is often the case with cash-based 
+options that the box sells for more than the difference in the strikes. For example, a 
+box in which the strikes are 10 points apart might sell for 10.50, a substantial premi­
+um over the striking price differential. The reason that this happens is because of the 
+possibility of early assignment. The seller of the box assumes that risk and, as a result, 
+demands a higher price for the box. 
+If he sells the box for half a point more than the striking price differential, then 
+he has a built-in cushion of .50 point of index movement if he were to be assigned 
+early. In general, box strategies are not particularly attractive. However, if the pre­
+mium being paid for the box is excessively high, then one should consider selling the 
+box. Since there are four commissions involved, this is not normally a retail strategy. 
+MATHEMATICAL APPLICATIONS 
+The following material is intended to be a companion to Chapter 28 on mathemati­
+cal applications. Index options have a few unique properties that must be taken into 
+account when trying to predict their value via a model. 
+The Black-Scholes model is still the model of choice for options, even for index 
+options. Other models have been designed, but the Black-Scholes model seems to 
+give accurate results without the extreme complications of most of the other models. 
+FUTURES 
+Modeling the fair value of most futures contracts is a difficult task. The 
+Black-Scholes model is not usable for that task. Recall that we saw earlier that the 
+fair value of a future contract on an index could be calculated by computing the pres­
+ent value of the dividend and also knowing the savings in carrying cost of the futures 
+contract versus buying the actual stocks in the index. 
+CASH-BASED INDEX OPTIONS 
+The futures fair value model for a capitalization-weighted index requires knowing the 
+exact dividend, dividend payment date, and capitalization of each stock in the index 
+(for price-weighted indices, the capitalization is unnecessary). This is the only way of 
+getting the accurate dividend for use in the model. The same dividend calculation 
+must be done for any other index before the Black-Scholes formula can be applied. 
+In the actual model, the dividend for cash-based index options is used in much 
+the same way that dividends are used for stock options: The present value of the div-