Add training workflow, datasets, and runbook

training_data/relevant/text/aa4c6076fec5f7e8c37a65d5824e75246154cdad1b55d04f9680060963c33fd9.txt

@@ -0,0 +1,26 @@
+Chapter 9: Calendar Spreads 199 
+If the underlying stock moves substantially up or down in the first 3 months, the 
+spreader could realize a larger dollar loss with the October/ April spread because his 
+loss will approach the initial debit. 
+The remaining combination of the expiration series is to initially buy the 
+longest-term call and sell the intermediate-term call against it. This combination will 
+generally require the smallest initial debit, but there is not much profit potential in 
+the spread until the intermediate-term expiration date draws near. Thus, there is a 
+lot of time for the underlying stock to move some distance away from the initial strik­
+ing price. For this reason, this is generally an inferior approach to calendar spread­
+ing. 
+SUMMARY 
+Calendar spreading is a low-dollar-cost strategy that is a nonaggressive approach, pro­
+vided that the spreader does not invest a large percentage of his trading capital in the 
+strategy, and provided that he does not attempt to "leg" into or out of the spreads. 
+The neutral calendar spread is one in which the strategist is mainly selling time; he 
+is attempting to capitalize on the known fact that the near-term call will lose time pre­
+mium more rapidly than will a longer-term call. A more aggressive approach is the 
+bullish calendar spread, in which the speculator is essentially trying to reduce the net 
+cost of a longer-term call by the amount of credits taken in from the sale of a nearer­
+term call. This bullish strategy requires that the near-term call expire worthless and 
+then that the underlying stock rise in price. In either strategy, the most common 
+approach is to sell the nearest-term call and buy the intermediate-term call. 
+However, it may sometimes prove advantageous to sell the near-term and buy the 
+longest-term initially, with the intention of letting the near-term expire and then pos­
+sibly writing against the longer-term call a second time.