Add training workflow, datasets, and runbook

training_data/curated/text/f8c67c3aa7a045ea1360604f78a97f3676ef521bb096dd480d8dcd67ddc7269e.txt

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+524A COMPleTe gUIde TO THe FUTUreS MArKeT
+ In most cases, the trader who fi  nds the profi  t/loss profi  le of this strategy attractive would be better 
+off   buying a put, because the transaction costs are likely to be lower. However, if the trader already 
+holds a short futures position, buying a call may be a reasonable alternative to liquidating this position 
+and buying a put.   
+ Strategy 12b: Option-protected Short Futures (Short Futures + Long 
+Out-of-the-Money Call) 
+example . Sell August gold futures at $1,200/oz and simultaneously buy an August $1,300 gold 
+futures call at a premium of $9.10/oz ($910). (See Table   35.12   b and Figure   35.12   b.)   
+Comment.  As can be verifi  ed by comparing Figure   35.12  b to Figure   35.5  c, this strategy is virtually 
+equivalent to buying an in-the-money put. Supplementing a short futures position with the purchase 
+of an out-of-the-money call will result in slightly poorer results if the market declines or advances 
+moderately, but will limit the magnitude of losses in the event of a sharp price advance. Thus, much 
+as with the long in-the-money put position, this strategy can be viewed as a short position with a 
+built-in stop. 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time
+of position initiation
+and strike priceBreakeven price = $1,161.20
+Profit/loss at expiration ($)
+1,000
+10,000
+17,500
+15,000
+12,500
+7,500
+5,000
+2,500
+−5,000
+−2,500
+0
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
+    FIGURE   35.12a    Profi  t/loss Profi  le: Option-Protected Short Futures—Short Futures + long 
+At-the-Money Call (Similar to long At-the-Money Put)