Add training workflow, datasets, and runbook

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+Finding Mispriced Options    • 151
+$20-strike volatility. If you were interested in buying an ITM call option, 
+you would pay less time value for the $20-strike than for the $21-strike op-
+tions—essentially the same investment. I will talk more about the volatility 
+smile in the next section when discussing delta.
+In a similar way, sometimes the implied volatility for puts is different 
+from the implied volatility for calls struck at the same price. Again, this is 
+one of the market frictions that arises in option markets. This effect also 
+has investing implications that I will discuss in the chapters detailing dif-
+ferent option investing strategies.
+The last column in this price display is delta , a measure that is so 
+important that it deserves its own section—to which we turn now.
+Delta: The Most Useful of the Greeks
+Someone attempting to find out something about options will almost 
+certainly hear about how the Greeks are so important. In fact, I think that 
+they are so unimportant that I will barely discuss them in this book. If you 
+understand how options are priced—and after reading Part I, you do—the 
+Greeks are mostly common sense. 
+Delta, though, is important enough for intelligent option investors 
+to understand with a bit more detail. Delta is the one number that gives 
+the probability of a stock being above (for calls) or below (for puts) a given 
+strike price at a specific point in time.
+Deltas for calls always carry a positive sign, whereas deltas for puts are 
+always negative, so, for instance, a call option on a given stock whose delta is 
+exactly 0.50 will have a put delta of −0.50. The call delta of 0.50 means that there 
+is a 50 percent chance that the stock will expire above that strike, and the put 
+delta of −0.50 means that there is a 50 percent chance that the stock will expire 
+below that strike. In fact, this strike demonstrates the technical definition of 
+ATM—it is the most likely future price of the stock according to the BSM.
+The reason that delta is so important is that it allows you one way 
+of creating the BSM probability cones that you will need to find option 
+investment opportunities. Recall that the straight dotted line in our BSM 
+cone diagrams meant the statistically most likely future price for the stock. 
+The statistically most likely future price for a stock—assuming that stocks