Add training workflow, datasets, and runbook

training_data/curated/text/d44d2eaf8d86fb630930cd9d80224682d7b123131e82ed6e004a5dd2ee07f352.txt

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+better off selling the bigger vega of the straddle. Here, though, he wants to
+see the premium at zero at expiration, so the strangle serves his purposes
+better. What he is most concerned about are the breakevens—in this case,
+98.20 and 111.8. The straddle has closer break-even points, of $99.60 and
+$110.40.
+Despite the fact that in this case, John is not really trading the greeks or
+IV per se, they still play an important role in his trade. First, he can use
+theta to plan the best strangle to trade. In this case, he sells the three-week
+strangle because it has the highest theta of the available months. The second
+month strangle has a −0.71 theta, and the third month has a −0.58 theta.
+With strangles, because the options are OTM, this disparity in theta among
+the tradable months may not always be the case. But for this trade, if he is
+still bearish on realized volatility after expiration, John can sell the next
+month when these options expire.
+Certainly, he will monitor his risk by watching delta and gamma. These
+are his best measures of directional exposure. He will consider implied
+volatility in the decision-making process, too. An implied volatility
+significantly higher than the realized volatility can be a red flag that the
+market expects something to happen, but there’s a bigger payoff if there is
+no significant volatility. An IV significantly lower than the realized can
+indicate the risk of selling options too cheaply: the premium received is not
+high enough, based on how much the stock has been moving. Ideally, the
+IV should be above the realized volatility by between 2 and 20 percent,
+perhaps more for highly speculative traders.