Add training workflow, datasets, and runbook

training_data/curated/text/dc937783f1b93d7d13389a5ee91d0fba0532d71544d3a81d7176885d077ba83d.txt

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+Delta Neutral
+To be truly direction neutral or direction indifferent means to have a delta
+equal to zero. In other words, there are no immediate gains if the underlying
+moves incrementally higher or lower. This zero-delta method of trading is
+called delta-neutral trading .
+A delta-neutral position can be created from any option position simply
+by trading stock to flatten out the delta. A very basic example of a delta-
+neutral trade is a long at-the-money (ATM) call with short stock.
+Consider a trade in which we buy 20 ATM calls that have a 50 delta and
+sell stock on a delta-neutral ratio.
+Buy 20 50-delta calls (long 1,000 deltas)
+Short 1,000 shares (short 1,000 deltas)
+In this position, we are long 1,000 deltas from the calls (20 × 50) and
+short 1,000 deltas from the short sale of stock. The net delta of the position
+is zero. Therefore, the immediate directional exposure has been eliminated
+from the trade. But intuitively, there are other opportunities for profit or loss
+with this trade.
+The addition of short stock to the calls will affect only the delta, not the
+other greeks. The long calls have positive gamma, negative theta, and
+positive vega. Exhibit 12.1 is a simplified representation of the greeks for
+this trade.
+EXHIBIT 12.1 20-lot delta-neutral long call.
+With delta not an immediate concern, the focus here is on gamma, theta,
+and vega. The +1.15 vega indicates that each one-point change in IV makes
+or loses $115 for this trade. Yet there is more to the volatility story. Each
+day that passes costs the trader $50 in time decay. Holding the position for