Question $3($Bonus$)(5$ points$)$

Why is a synthetic long put volatility bullish?

A synthetic long put is created through combining a short forward and a long call. The long call is volatility neutral and the long forward in volatility bullish. The net result is that a synthetic long put is volatility bullish.

A synthetic long put is created through combining a short forward and a long call. The long call is volatility bullish and the short forward in volatility neutral. The net result is that a synthetic long put is volatility bullish.

A synthetic long put is created through combining a long forward and a long call. The long call is volatility bullish and the long forward in volatility neutral. The net result is that a synthetic long put is volatility bullish.

A synthetic long put is not volatility bullish.