Add training workflow, datasets, and runbook

training_data/curated/text/d866186c95aa92035e2e8c4af5861375d73da76fdcb5c72e72df7a7cc1012599.txt

@@ -0,0 +1,34 @@
+Chapter 40: Advanced Concepts 865 
+options. The following table of option prices may help to demonstrate these rela­
+tionships: 
+Example: With XYZ at 49, the following options have the rho indicated (January is 
+the near-term expiration): 
+Month/Strike Call Rho Put Rho 
+January 35 0.05 -0.01 
+January 50 0.03 -0.03 
+January 60 0.00 -0.05 
+July 35 0.18 -0.02 
+July 50 0.14 -0.15 
+July 60 0.07 -0.18 
+Note that the in-the-money calls (35 strike) have larger rho than the out-of-the­
+money 60's, in both January and July. Similarly, the in-the-money puts (the 60's) have 
+larger rho on an absolute basis than the out-of-the-money 35's. Again, this is true for 
+both January and July. 
+Furthermore, note that the longer-term July rhos are all larger (again as 
+absolute numbers) than their shorter-term January counterparts. 
+Rho can also be calculated for an entire portfolio to obtain a "position rho," sim­
+ilar to previous examples. Generally, one would not be overly concerned with his 
+position rho unless his portfolio contained quite a few long-term options and/or 
+deeply in-the-money ones. Thus, rho is more important as a consideration when one 
+is trading LEAPS or warrants, both of which may be extremely long-term vehicles. 
+Of the risk measures discussed so far, rho is the least used, since many traders tend 
+to have relatively short-term options in their positions. 
+THE GA,\1MA OF THE GAMMA 
+Occasionally, one may hear reference to the "six measures of risk." This is the sixth 
+one and it is the most arcane. At any point, one knows the delta and gamma of an 
+option. As the stock moves, the delta changes (by the amount of the gamma), but so 
+does the gamma. Some traders are interested in knowing how much the gamma will 
+change when the stock moves. Hence, they will compute the gamma of the gamma, 
+which is the arrwunt by which the gamma will change when the stock price changes. 
+This concept will be discussed at the end of this chapter. It is most important for 
+strategists involved in positions on highly volatile stocks, for if the stock moves far