Add training workflow, datasets, and runbook

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+480 Part IV: Additional Considerations 
+One method of determination involves estimating the liquidating value of the spread 
+at successive stock prices. When the liquidating value is found to be equal to the ini­
+tial value, plus commissions, a break-even point has been located. 
+Example: If the spread in question is using options with a striking price of 30, one 
+would begin his break-even point calculations at a price of 30. Estimate the liquidat­
+ing value of the spread at 30, 297/s, 29¾, 29-5/s, and so forth until the break-even point 
+is found. Once the downside break-even point has been determined in this manner, 
+the iterations to locate the upside break-even point should begin again at the striking 
+price. Thus, one would evaluate the liquidating value at 30, 301/s, 30¼, and so on. This 
+is somewhat of a brute-force method, but with a computer it is fairly fast. The num­
+ber of calculations can be reduced by adopting a more complicated iteration process. 
+A final useful piece of information can be obtained with the aid of the pricing 
+model - the theoretical value of the spread. Recompute the estimated value of both 
+the near-term and longer-term calls at the current time and stock price, using the 
+implied volatility for the underlying stock. The resultant differential between the two 
+estimated call prices may differ substantially from the actual differential, perhaps 
+highlighting an attractive calendar spread situation. One would want to establish 
+spreads in which the theoretical differential is greater than the actual differential 
+(that is, he would want to buy a "cheap" calendar spread). 
+Once these pieces of information have been computed, the strategist can rank 
+the spread possibilities by whatever criterion he finds most workable. The logical 
+method of ranking the spreads is by their return if unchanged. The spreads with the 
+highest return if unchanged at near-term expiration are those in which the stock price 
+and striking price were close together initially, a basic requirement of the neutral cal­
+endar spread. More complicated ranking systems should tty to include the theoreti­
+cal value of the spread and possibly even the maximum potential of the spread. A 
+similar analysis can, of course, be worked out for put calendar spreads, using the 
+arbitrage pricing model for puts. 
+RATIO STRATEGIES 
+Ratio strategies involve selling naked options. Therefore, the strategist has potential­
+ly large risk, either to the upside or to the downside or both. He should attempt to 
+get a feeling for how probable this risk is. The formulae for determining the proba­
+bility of a stock being above or below a certain price at some time in the future can 
+give him these probabilities. For example, in a straddle writing situation, the strate­
+gist would want to compute such arithmetic quantities as maximum profit potential, 
+return if unchanged, collateral required at upside break-even point or at upside