EXCEL HELP FOR FINANCIAL EQUATIONS!

The payoff equation depends on the criteria for Position (C7) and Type of Position (C6). These cells have the dropdown list option. Position (C7): Long Position, Short Position. Type of Position (C7): Call Option, Put Option.

There are 4 possible combinations of those two criteria and I want them all in the same cell

If "Long Position" and "Call Option" combination, then Payoff = max(ST-K,0)

If "Long Position" and "Put Option" combination, then Payoff = max(K-ST,0)

If "Short Position" and "Call Option" combination, then Payoff = - max(ST-K,0)

If "Short Position" and "Put Option" combination, then Payoff = - max(K-ST,0)

How do I combine all of these into one function?

A B C D IP 3 4 5 6 Stock Price (ST) Strike Price (K) Maturity (T) Position Type of Option 163 148 Months Long Position Call Option 7 8 PAYOFF 9 10 A B C D IP 3 4 5 6 Stock Price (ST) Strike Price (K) Maturity (T) Position Type of Option 163 148 Months Long Position Call Option 7 8 PAYOFF 9 10