Add training workflow, datasets, and runbook

training_data/relevant/text/5a68378020df96560a245eade3806e329c178883efd2ceba693565c2dc6909d9.txt

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+528A COMPleTe gUIde TO THe FUTUreS MArKeT
+Comment.  Comments analogous to those made for Strategy 13 would apply here. The sale of a put 
+against a short futures position is equivalent to the sale of a call. The reader can verify this by compar-
+ing Figure   35.14   to Figure   35.4  a. The two strategies would be precisely equivalent (ignoring transac-
+tion cost diff  erences) if the put and call premiums were equal.   
+ Strategy 15: Synthetic Long Futures (Long Call + Short put) 
+example . Buy an August $1,150 gold futures call at a premium of $70.10/oz ($7,010) and simultane-
+ously sell an August $1,150 gold futures put at a premium of $19.90/oz ($1,990). (See Table   35.15    
+and Figure   35.15   .)   
+Comment.  A synthetic long futures position can be created by combining a long call and a short put 
+for the same expiration date and the same strike price.  For example, as illustrated in Table   35.15   and Figure 
+  35.15  , the combined position of a long August $1,150 call and a short August $1,150 put is virtually 
+identical to a long August futures position. The reason for this equivalence is tied to the fact that the 
+diff  erence between the premium paid for the call and the premium received for the put is approxi-
+mately equal to the intrinsic value of the call. each $1 increase in price will raise the intrinsic value of 
+the call by an equivalent amount and each $1 decrease in price will reduce the intrinsic value of the 
+    FIGURE   35.14    Profi  t/loss Profi  le: Covered Put Write—Short Futures + Short Put (Similar 
+to Short Call) 
+Price of August gold futures at option expiration ($/oz)
+1,000 1,050 1,100 1,150 1,200 1,250
+Futures price at time
+of position initiation
+and strike price Breakeven price
+= $1,238.70
+1,300 1,350 1,400
+Profit/loss at expiration ($)
+5,000
+2,500
+0
+−2,500
+−7 ,500
+−10,000
+−12,500
+−17 ,500
+−15,000
+−5,000