I have this options strategy question that I DO NOT want copied from the internet. I need someone to explain it to me thoughtfully and clearly. Thank you.

Consider a \"long strangle\" constructed from options which have an expiration date of January 15, 2017. The following table displays the possible prices of Boeing stock on January 15, as well as the payoffs accruing to someone who holds a long strangle on Boeing stock: Probability 0.2 0.3 0.2 0.2 0.1 Stock price $80 $90 $100 $110 $120 Gain from long strangle $15 $5 $0 $10 $20 3b. A long strangle is created using two options. For each option in the strangle above, indicate whether it is a put or a call, whether it is bought or sold, and calculate what its strike price is. Explain your