(a) Graph changes in wealth, AW, vs. changes in the prices of the underlying security, S,...

(a) Graph changes in wealth, AW, vs. changes in the prices of the underlying security, Δ S, for a portfolio where you sell one call option and sell one put option (both the same X, T, σ, and rf). Would this be a good strategy if you have private information that leads you to expect the instantaneous variance of the underlying security will increase?
(b) Graph ΔW against ΔS for a portfolio where you buy a call and sell a put. Would this be a good strategy if you expect an increase in the instantaneous variance?