Add training workflow, datasets, and runbook

training_data/relevant/text/f1cdde84aab25f6d1ba5ea58c60b27d395ddb9eded2831f02648949dbc189867.txt

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+260  •   The Intelligent Option Investor
+I show a couple of examples below that give you the flavor of the 
+possibilities of the collar strategy. With these examples, you can experi-
+ment yourself with a structure that fits your particular needs. Look on 
+my website for a collar scenario calculator that will allow you to visualize 
+the collar and understand the payoff structure given different conditions. 
+For these examples, I am assuming that I bought Qualcomm stock at  
+$55 per share. Qualcomm is now trading for $64.71—an unrealized gain 
+of 17.7 percent.
+Collar 1: 169 Days to Expiration
+Strike Price ($) Bid (Ask) Price ($)
+Sold call 65.00  3.40
+Purchased put 60.00 (2.14)
+Net credit $1.26
+This collar yields the following best- and worst-case effective sell prices 
+(ESPs) and corresponding returns (assuming a $55 buy price):
+ESP ($) Return (%)
+Best case 66.26 20.5
+Worst case 61.26 11.4
+Here we sold the $65-strike calls for $3.40 and used those proceeds to 
+buy the $60-strike put options at $2.14. This gave us a net credit of $1.26, 
+which we simply add to both strike prices to calculate our ESP . We add the 
+net credit to the call strike because if the stock moves above the call strike, 
+we will end up delivering the stock at the strike price while still keeping the 
+net credit. We add the net credit to the put strike because if the stock closes 
+below the put strike, we have the right to sell the shares at the strike price 
+and still keep the net credit. The return numbers are calculated on the basis 
+of a $55 purchase price and the ESPs listed. Thus, by setting up this collar in