Add training workflow, datasets, and runbook

training_data/curated/text/e28abdd7c9aec87a3b427cdbeac1e535ee0eadbf0586d75741a5cd0c48cb12f6.txt

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+OPTION TrAdINg STrATegIeS
+Price of August gold futures at option expiration ($/oz)
+Profit/loss at expiration ($)
+1,000
+10,000
+5,000
+−5,000
+−10,000
+0
+1,050 1,100 1,150 1,200 1,250
+Breakeven price
+= $1,122.40
+Breakeven price
+= $1,277 .60
+1,300 1,350 1,400
+−15,000
+Futures price at time
+of position initiation
+    FIGURE   35.17    Profi  t/loss Profi  le: ratio Call Write—long Futures + Short 2 Calls (Similar to 
+Short Straddle) 
+Comment.  The combination of 1 long futures contract and 2 short at-the-money calls is a balanced 
+position in terms of delta values. In other words, at any given point in time, the gain or loss in the 
+long futures contract due to small price changes (i.e., price changes in the vicinity of the strike price) 
+will be approximately off  set by an opposite change in the call position. (Over time, however, a mar-
+ket characterized by small price changes will result in the long futures position gaining on the short 
+call position due to the evaporation of the time value of the options.) The maximum profi  t in this 
+strategy will be equal to the premium received for the 2 calls and will occur when prices are exactly 
+unchanged. This strategy will show a net profi  t for a wide range of prices centered at the prevailing 
+price level at the time the position was initiated. However, the position will imply unlimited risk in 
+the event of very sharp price increases or declines. 
+ The profi  t/loss profi  le for this strategy should look familiar—it is virtually identical to the short 
+straddle position (see Strategy  35.8).  The virtual equivalence of this strategy to the short straddle 
+position follows directly from the previously discussed structure of a synthetic futures position:
+Ratio call wr itel ong f utures short   calls
+=+ 2
+ However, from the synthetic futures position relationship, we know that:
+ Long f utures long call short put ≈+