Add training workflow, datasets, and runbook

training_data/curated/text/d30848e45b1dddbe81601ca3ee12b2fb9ab2649d3eb74592d36a3a6faf704731.txt

@@ -0,0 +1,27 @@
+242  •   The Intelligent Option Investor
+We accepted
+downside
+exposure when
+we sold this
+put, so have no
+exposure to the
+upside here.
+RED
+The top of the “Covered call” diagram is grayed out because we have 
+sold away the upside exposure to the stock by selling the call option, and 
+we are left only with the acceptance of the stock’s downside exposure. The 
+pictures are slightly different, but the economic impact is the same.
+The other difference you will notice is that after the option expires, in the 
+case of the covered call, we have represented the graphic as though there is some 
+residual exposure. This is represented in this way because if the option expires 
+ITM, you will have to deliver your stock to the counterparty who bought your 
+call options. As such, your future exposure to the stock is contingent on another 
+investor’s actions and the price movement of the stock. This is an important point 
+to keep in mind, and I will discuss it more in the “Common Pitfalls” section.
+Execution
+Because this strategy is identical from a risk-reward perspective to short 
+puts, the execution details should be the same as well. Indeed, covered 
+calls should—like short puts—be executed ATM to get the most time value 
+possible and preferably should be done on a stock that has had a recent fall 
+and whose implied volatility has spiked. However, these theoretical points 
+Short put