Add training workflow, datasets, and runbook

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+220 Part II: Call Option Strategies 
+Example: Early in this chapter, when selection criteria were described, a neutral 
+ratio was determined to be 16:10, with XYZ at 44. Suppose, after establishing the 
+spread, that the common rallied to 4 7. One could use the current deltas to adjust. 
+This information is summarized in Table 11-4. The current neutral ratio is approxi­
+mately 14:10. Thus, two of the short April 45's could be bought closing. In practice, 
+one usually decreases his ratio by adding to the long side. Consequently, one would 
+buy two April 40's, decreasing his overall ratio to 16:12, which is 1.33 and is close to 
+the actual neutral ratio of 1.38. The position would therefore be delta-neutral once 
+more. 
+An alternative way of looking at this is to use the equivalent stock position 
+(ESP), which, for any option, is the multiple of the quantity times the delta times the 
+shares per option. The last three lines of Table 11-4 show the ESP for each call and 
+for the position as a whole. Initially, the position has an ESP of 0, indicating that it is 
+perfectly delta-neutral. In the current situation, however, the position is delta short 
+140 shares. Thus, one could adjust the position to be delta-neutral by buying 140 
+shares of XYZ. If he wanted to use the options rather than the stock, he could buy 
+two April 45's, which would add a delta long of 130 ESP (2 x .65 x 100), leaving the 
+position delta short 10 shares, which is very near neutral. As pointed out in the above 
+paragraph, the spreader probably should buy the call with the most intrinsic value -
+the April 40. Each one of these has an ESP of 90 (1 x .9 x 100). Thus, if one were 
+bought, the position would be delta short 50 shares; if two were bought, the total 
+position would be delta long 40 shares. It would be a matter of individual preference 
+whether the spreader wanted to be long or short the "odd lot" of 40 or 50 shares, 
+respectively. 
+TABLE 11-4. 
+Original and current prices and deltas. 
+XYZ common 
+April 40 call 
+April 45 call 
+April 40 delta 
+April 45 delta 
+Neutral ratio 
+April 40 ESP 
+April 45 ESP 
+Total ESP 
+Original Situation 
+44 
+5 
+3 
+.80 
+.50 
+16:10 (.80/.50) 
+800 long (l Ox .8 x 100) 
+800 shrt ( 16 x .5 x l 00) 
+0 (neutral) 
+Current Situation 
+47 
+8 
+5 
+.90 
+.65 
+14:10 (.90/.65 = 1.38) 
+900 long (10 x .9 x 100) 
+l ,040 shrt ( 16 x .65 x l 00) 
+140 shrt