Add training workflow, datasets, and runbook

training_data/relevant/text/238e687b39cfcd2d58cfbc8696030b9f34f32cef1969f233e6604548f908d8bb.txt

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+704 
+TABLE 35-3. 
+Profit and loss of crack spread. 
+Contract 
+2 March Crude 
+1 March Unleaded 
+1 March Heating Oil 
+Net Profit (before commissions) 
+Initial 
+Price 
+18.00 
+.6000 
+.5500 
+Part V: Index Options and Futures 
+Subsequent 
+Price 
+18.50 
+.6075 
+.5575 
+Gain in 
+Dollars 
++ $1,000 
+- $ 315 
+- $ 315 
++ $ 370 
+One can calculate that the crack spread at the new prices has shrunk to 5.965. 
+Thus, the spreader was correct in predicting that the spread would narrow, and he 
+profited. 
+Margin requirements are also favorable for this type of spread, generally being 
+slightly less than the speculative requirement for two contracts of crude oil. 
+The above examples demonstrate some of the various intermarket spreads that 
+are heavily watched and traded by futures spreaders. They often provide some of the 
+most reliable profit situations without requiring one to predict the actual direction of 
+the market itself. Only the differential of the spread is important. 
+One should not assume that all intermarket spreads receive favorable margin 
+treatment. Only those that have traditional relationships do. 
+USING FUTURES OPTIONS IN FUTURES SPREADS 
+After viewing the above examples, one can see that futures spreads are not the same 
+as what we typically know as option spreads. However, option contracts may be use­
+ful in futures spreading strategies. They can often provide an additional measure of 
+profit potential for very little additional risk. This is true for both intramarket and 
+intermarket spreads. 
+The futures option calendar spread is discussed first. The calendar spread with 
+futures options is not the same as the calendar spread with stock or index options. In 
+fact, it may best be viewed as an alternative to the intramarket futures spread rather 
+than as an option spread strategy. 
+CALENDAR SPREADS 
+A calendar spread with futures options would still be constructed in the familiar 
+manner - buy the May call, sell the March call with the same striking price. However,