A trader forms an "unnamed" spread using the following strategy using European call options which mature at the same time: 1) Long Position in two calls at strike price K, and call price C 1 2) Short Position in two calls at strike price K and call price C2 2 3) Short Position in two calls at strike price K and call price C 3 4) Long Position in two calls at strike price K, and call price C 4 4 Given K 2 4 3 C C C3 C4 What is the payoff when KS,

A trader forms an "unnamed" spread using the following strategy using European call options which mature at the same time: 1) Long Position in two calls at strike prico K1 and calf price C1. 2) Short Position in two calls at strike price K2 and call price C2. 3) Short Position in two calls at strike price K3 and call price C3. 4) Long Position in two calls at strike price K4 and call price C4. Given K1C2>C3>C4 What is the payoff when K3ST