Add training workflow, datasets, and runbook

training_data/curated/text/cc073a1d0a8274424d422c75a3ccaaa643bb5a5c533484fdede1c1e81894513c.txt

@@ -0,0 +1,47 @@
+499
+OPTION TrAdINg STrATegIeS
+Comment. The short call is a bearish position with a maximum potential gain equal to the premium 
+received for selling the call and unlimited risk. However, in return for assuming this unattractive 
+maximum reward/maximum risk relationship, the seller of a call enjoys a greater probability of 
+realizing a profit than a loss. Note the short at-the-money call position will result in a gain as long as 
+the futures price at the time of the option expiration does not exceed the futures price at the time 
+of the option initiation by an amount greater than the premium level ($38.80/oz in our example). 
+However, the maximum possible profit (i.e., the premium received on the option) will only be real-
+ized if the futures price at the time of the option expiration is below the prevailing market price at the 
+time the option was sold (i.e., the strike price). The short call position is appropriate if the trader is 
+modestly bearish and views the probability of a large price rise as being very low . If, however, the trader 
+anticipated a large price decline, he would probably be better off buying a put or going short futures.
+Strategy 4b: Short Call (Out-of-the-Money)
+example. Sell August $1,300 gold futures call at a premium of $9.10/oz ($910), with August gold 
+futures trading at $1,200/oz. (See Table 35.4b and Figure 35.4b.)
+Comment. The seller of an out-of-the-money call is willing to accept a smaller maximum gain (i.e., 
+premium) in exchange for increasing the probability of a gain on the trade. The seller of an out-of-
+the-money call will retain the full premium received as long as the futures price does not rise by an 
+amount greater than the difference between the strike price and the futures price at the time of the 
+option sale. The trade will be profitable as long as the futures price at the time of the option expiration 
+is not above the strike price by more than the option premium ($9.10/oz in this example). The short 
+out-of-the-money call represents a less bearish posture than the short at-the-money call position. 
+Whereas the short at-the-money call position reflects an expectation that prices will either decline 
+or increase only slightly, the short out-of-the-money call merely reflects an expectation that prices 
+will not rise sharply.
+tabLe 35.4b profit/Loss Calculations: Short Call (Out-of-the-Money)
+(1) (2) (3) (4) (5)
+Futures price at 
+expiration ($/oz)
+premium of august $1,300 
+Call at Initiation ($/oz)
+$ amount of 
+premium received
+Value of Call 
+at expiration
+profit/Loss on 
+position [(3) – (4)]
+1,000 9.1 $910 $0 $910
+1,050 9.1 $910 $0 $910
+1,100 9.1 $910 $0 $910
+1,150 9.1 $910 $0 $910
+1,200 9.1 $910 $0 $910
+1,250 9.1 $910 $0 $910
+1,300 9.1 $910 $0 $910
+1,350 9.1 $910 $5,000 –$4,090
+1,400 9.1 $910 $10,000 –$9,090