Add training workflow, datasets, and runbook

training_data/curated/text/e5448d08e6e464c6073321d97ffca1b1b5b1ccfa38af32fe6b351f4adbf9f135.txt

@@ -0,0 +1,36 @@
+Chapter 29: Introduction to Index Option Products and Futures 521 
+Example: The morning paper shows that yesterday the trading activity for OEX 
+options was: 
+Total OEX Call Volume: 125,000 Contracts 
+Total OEX Put Volume: 135,000 Contracts 
+Therefore, the ratio is: 
+. 135 000 Index Put-Call Ratio= ' = 1.08 for yesterday 
+125,000 
+This technical indicator is a contrary one. The contrarian thinking is along these lines: 
+if everyone is buying puts, then everyone must be bearish; if everyone is doing some­
+thing, they can't all be right; therefore the contrarian must assume a bullish stance. 
+So, if the put-call ratio is high, too many traders are buying puts; a contrarian 
+would interpret that as a bullish sign. Conversely, if the put-call ratio is low, too many 
+traders are buying calls; the contrarian would consider that as a bearish indicator. The 
+theory behind contrary systems is that the majority of traders are wrong at major 
+turning points in the market. 
+There are several typical put-call ratios that can be computed. Generally, one 
+would not want to mix different types of options. For example, the equity put-call 
+ratio uses the option trading volume of equity options only. The index put-call ratio 
+uses index options only. Each futures contract put-call ratio is generally computed 
+separately, gold, soybeans, currencies, etc. One might also attempt to screen his input 
+a little further: for example, the index put-call ratio should only include index options 
+on U.S. exchanges; the others can be computed separately. 
+Obviously, the more highly traded option contracts produce a more reliable put­
+call ratio: equity options and index options being very liquid. Gold futures options by 
+themselves are not that active and may produce distorted results for a period of time. 
+The Ratio Itself. Traders and investors almost always buy more calls than 
+puts where stock options are concerned. Therefore, the equity put-call ratio is 
+normally a number far less than 1.00. If call buying is rampant, the equity put­
+call ratio may dip into the 0.30 range on a daily basis. Very bearish days may 
+occasionally produce numbers of 1.00 or higher. An average day will generally 
+produce a ratio of around 0.50. 
+Index options, however, produce much larger ratios. Many institutional and 
+other investors are constantly looking to avail themselves of the protective capability 
+of index puts. Therefore, far more index puts are purchased than are equity puts. An 
+average day might produce readings of 2.00 for some indices.