Add training workflow, datasets, and runbook

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+236  •   The Intelligent Option Investor
+Because we must fully margin a short-put investment, that leg of 
+the long diagonal carries with it a loss leverage ratio of –1.0. However, the 
+OTM call leg represents an immediate realized loss coupled with a very 
+high lambda value for gains. As such, if the put option expires ITM, the 
+long diagonal is simply a levered strategy; if the put option expires OTM, 
+the investment is a very highly levered one because the unlevered put 
+ceases to influence the leverage equation. Another short put may be written  
+after the previous short put expires; this further subsidizes the cost of the 
+calls and so greatly increases the leverage on the strategy.
+If the stock moves quickly toward the upper valuation range, this 
+structure becomes extremely profitable on an unrealized basis. If the put 
+option expires ITM, the investor is left with a levered long investment in 
+the stock in addition to the long position in the OTM. As in any other 
+complex structure, the investment may be ratioed—for instance, by buying 
+one call for every two puts sold or vice versa.
+Strike Price Selection
+The put should be sold ATM or close to ATM in order to maximize the time 
+value sold, as explained earlier in the short-put summary. The call strike may be 
+bought at any level depending on the investor’s appetite for leverage but is usu-
+ally purchased OTM. The following table shows the net debit or credit associated 
+with the long diagonal between the ATM put ($55 strike price, delta of –0.42, 
+priced at the bid price) with an expiration of 79 days and each call strike (at the 
+ask price) listed, all of which are long-term equity anticipated securities (LEAPS) 
+having expirations in 534 days. The lambda figure for the OTM calls is also given 
+to provide an idea of the comparative leverage of each call option. For this exam-
+ple, I am using JP Morgan Chase (JPM) when its stock was trading for $56.25.
+Strike Delta (Debit) Credit Call Lambda (%)
+57.50 0.43 (2.52) 5.6
+60.00 0.37 (1.57) 6.1
+62.50 0.31 (0.76) 6.7
+65.00 0.26 (0.25) 7.0
+70.00 0.16 0.78 8.4
+75.00 0.10 1.28 9.5
+80.00 0.06 1.56 10.5