Add training workflow, datasets, and runbook

training_data/curated/text/f9fd646f3e800c4c3c69efeccbaf3239a55248d6473c83c30be13c10242c0898.txt

@@ -0,0 +1,21 @@
+only a one-month difference between the two options, rho is very small.
+Overall, rho is inconsequential to this trade.
+There is something curious to note about this trade: the gamma and the
+vega. Calendar spreads are the one type of trade where gamma can be
+negative while vega is positive, and vice versa. While it appears—at least
+on the surface—that Richard wants higher IV, he certainly wants low
+realized volatility.
+Bed Bath & Beyond January–February 57.50 Put
+Calendar
+Richard’s position would be similar if he traded the January–February 57.50
+put calendar rather than the call calendar. Exhibit 11.4 shows the put
+calendar.
+EXHIBIT 11.4 Bed Bath & Beyond January–February 57.50 put calendar.
+The premium paid for the put spread is 0.75. A huge move in either
+direction means a loss. It is about the same gamma/theta trade as the 57.50
+call calendar. At expiration, with Bed Bath & Beyond at $57.50 and IV
+unchanged, the value of the February put would be 1.45—a 93 percent gain.
+The position is almost exactly the same as the call calendar. The biggest
+difference is that the rho is negative, but that is immaterial to the trade. As
+with the call spread, being short the front-month option means negative
+gamma and positive theta; being long the back month means positive vega.