Add training workflow, datasets, and runbook

training_data/relevant/text/c163928395caf105b684b1079fa7a939e46fc4a66792b2f5397ca7ccb04bc750.txt

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+9FOr Beginners Only
+approaching expiration (frequently first notice day—see item 10). Daily price limits can change 
+frequently, so traders should consult the exchange on which their products trade to ensure they 
+are aware of current thresholds.
+ 9. Settlement type. Markets are designated either as physically deliverable or cash settled. in 
+Table 1.1, the e-mini s&P 500 futures are cash settled, while all the other markets can be physi-
+cally delivered.
+ 10. First notice day. This is the first day on which a long can receive a delivery notice. First notice 
+day presents no problem for shorts, since they are not obligated to issue a notice until after the 
+last trading day. Furthermore, in some markets, first notice day occurs after last trading day, 
+presenting no problem to the long either, since all remaining longs at that point presumably 
+wish to take delivery. However, in markets in which first notice day precedes last trading day, 
+longs who do not wish to take delivery should be sure to offset their positions in time to avoid 
+receiving a delivery notice. (Brokerage firms routinely supply their clients with a list of these 
+important dates.) 
+although longs can pass on an undesired delivery notice by liquidating their 
+position, this transaction will incur extra transaction costs and should be avoided. Last notice 
+day is the final day a long can receive a delivery notice.
+ 11. last trading day. This is the last day on which positions can be offset before delivery becomes 
+obligatory for shorts and the acceptance of delivery obligatory for longs. as indicated previously, 
+the vast majority of traders will liquidate their positions before this day.
+ 12. Deliverable grade. This is the specific quality and type of the underlying commodity or finan-
+cial instrument that is acceptable for delivery.
+ ■ Volume and Open Interest
+V olume is the total number of contracts traded on a given day. V olume figures are available for each 
+traded month in a market, but most traders focus on the total volume of all traded months.
+Open interest is the total number of outstanding long contracts, or equivalently, the total number 
+of outstanding short contracts—in futures, the two are always the same. When a new contract begins 
+trading (typically about 12 to 18 months before its expiration date), its open interest is equal to zero. 
+if a buy order and sell order are matched, then the open interest increases to 1. Basically, open interest 
+increases when a new buyer purchases from a new seller and decreases when an existing long sells to 
+an existing short. The open interest will remain unchanged if a new buyer purchases from an existing 
+long or a new seller sells to an existing short.
+V olume and open interest are very useful as indicators of a market’s liquidity. 
+not all listed futures mar-
+kets are actively traded. some are virtually dormant, while others are borderline cases in terms of trading 
+activity. illiquid markets should be avoided, because the lack of an adequate order flow will mean that the 
+trader will often have to accept very poor trade execution prices if he wants to get in or out of a position.
+generally speaking, markets with open interest levels below 5,000 contracts, or average daily 
+volume levels below 1,000 contracts, should be avoided, or at least approached very cautiously. 
+new markets will usually exhibit volume and open interest figures below these levels during their