Add training workflow, datasets, and runbook
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514A COMPleTe gUIde TO THe FUTUreS MArKeT
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tabLe 35.6d profit/Loss Matrix for Short puts with Different Strike prices
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Dollar amount of premium received
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$1,350
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put
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$1,300
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put
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$1,250
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put
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$1,200
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put
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$1,150
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put
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$1,100
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put
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$1,050
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put
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$15,410 $10,870 $6,870 $3,870 $1,990 $1,010 $510
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position profit/Loss at expiration
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Futures price at
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expiration ($/oz)
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Long
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Futures
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at $1,200
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In-the-
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Money
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at-the-
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Money
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Out-of-
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the-Money
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$1,350
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put
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$1,300
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put a
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$1,250
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put
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$1,200
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put a
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$1,150
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put
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$1,100
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put a
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$1,050
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put
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1,000 –$20,000 –$19,590 –$19,130 –$18,130 –$16,130 –$13,010 –$8,990 –$4,490
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1,050 –$15,000 –$14,590 –$14,130 –$13,130 –$11,130 –$8,010 –$3,990 $510
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1,100 –$10,000 –$9,590 –$9,130 –$8,130 –$6,130 –$3,010 $1,010 $510
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1,150 –$5,000 –$4,590 –$4,130 –$3,130 –$1,130 $1,990 $1,010 $510
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1,200 $0 $410 $870 $1,870 $3,870 $1,990 $1,010 $510
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1,250 $5,000 $5,410 $5,870 $6,870 $3,870 $1,990 $1,010 $510
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1,300 $10,000 $10,410 $10,870 $6,870 $3,870 $1,990 $1,010 $510
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1,350 $15,000 $15,410 $10,870 $6,870 $3,870 $1,990 $1,010 $510
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1,400 $20,000 $15,410 $10,870 $6,870 $3,870 $1,990 $1,010 $510
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a These puts are compared in Figure 35.6 d.
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Price of August gold futures at option expiration ($/oz)
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Futures price at time
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of position initiation
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Long futures
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At-the-money put
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(strike price = $1,200)
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Out-of-the money
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put (strike price
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= $1,100)
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In-the-money put
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(strike price = $1,300)
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Profit/loss at expiration ($)
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1,000
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10,000
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15,000
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−10,000
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5,000
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−5,000
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0
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−15,000
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−20,000
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1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
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FIGURE 35.6d Profi t/loss Profi le: long Futures and Short Put Comparisons (In-the-Money,
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At-the-Money, and Out-of-the-Money)
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