Add training workflow, datasets, and runbook

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+478 Part IV: Additional Considerations 
+The listed put' s price can be estimated by using the call pricing model and the 
+arbitrage formula. Recall that the arbitrageur must include the cost of carrying the 
+position as well as the dividends to be received. 
+Theoretical Theoretical Strike Stock Carrying n· 'd d = + - - + IVI en s put call price price price cost 
+The "theoretical call price" is obtained from the Black-Scholes model. The carrying 
+cost is the cost of money (interest rate) times the striking price, multiplied by the 
+time to expiration. Recall that this is the approximation formula for carrying cost (see 
+Chapter 27 for comments on present value and compounding). Consequently, ifXYZ 
+were at 41 and a 6-month January 40 call option were valued at 4 points by the 
+Black-Scholes model, the theoretical put price could be estimated. Assume that the 
+cost of money interest rate is 10% annually, and that the stock will pay $.50 in divi­
+dends in 6 months (t = ½ year). 
+Theoretical put price = 4 + 40 - 41- (.10 x 40 x ½) + .50 
+=3-2+½ 
+=l½ 
+This means that if the call could be sold for 4 points, the arbitrageur would be will­
+ing to pay up to 1 ½ points for the put to establish a conversion. The arbitrageur's 
+price is used as the theoretical listed put price estimate. 
+PUT BUYING 
+Put option purchases can be ranked in a manner very similar to that described for call 
+option buying. Reward opportunities occur when the stock falls in accordance with 
+its volatility. An upward stock movement represents risk for the put buyer. All of the 
+11 steps in the previous section on call buying are applicable to put buying. The pric­
+ing of the put necessary for steps 4 and 8 is done in accordance with the arbitrage 
+model just presented. 
+If an underlying stock does not have listed puts trading, the synthetic put can 
+be considered. While all U.S.-listed stocks have both puts and calls at every strike, 
+there are still situations with warrants, especially in foreign countries, that are appli­
+cable to the following discussion. Recall that synthetic puts are created for customers 
+by some brokerage houses. The brokerage sells the stock short and buys a call. The 
+customer can purchase the synthetic put for the amount of the risk involved, plus any 
+dividends to be paid by the underlying stock. The synthetic put pricing formula that 
+would be used in steps 4 and 8 of the option buying analysis is exactly the same as the 
+arbitrage model for listed puts, except that the carrying costs are omitted: