To create a Short Strangle, _______(1 Short call and 1 Short Put, 2 Short Puts, 2 Short Calls, 1 Long Call and 1 Short Put) options are used.

Option traders often sell a ________ (Top or Short Strangle, Butterfly, Bottom Straddle, Reverse Hedge) when they expect stock price to _______ (stay unchanged, move beyond certain points, Increase only, decrease only)

Current stock price is 24 while a call option is available with a strike price of 20 and a price of 3.77. A 1:2 Hedge is formed. If after a certain time, stock price declines to 15.5, Net Profit (Loss) of the trader is ______. In contrast, if stock price increases to 26, net profit (loss) will be ______. At price stock price _____and ______, net payoff will be zero.

Call Option at a strike of 17.5, 20 and 22.5 have prices 5.70, 3.80 and 2.80, respectively. A Butterfly spread strategy has been formulated. Maximum loss on the strategy will be _____ while maximum gain will be ______.

A Buyer of ____(Short call, Short Put, Long Put, Long Call) can turn his/her position into a (Short call, Long Call, Short Put, Long Put) if he/she _____ (Sells a Short Put, Short sells underlying stock, Buys underlying stock, Buy a Long Put).