Using a combination of call and put options, explain what kind of portfolio an investor may use

Question:

Using a combination of call and put options, explain what kind of an investor may use to express the following views on the future state of the asset:
(a) High upcoming volatility.
(b) Low upcoming volatility.
(c) Bet on impending rare event, such as default, which would negatively impact asset price. For each chosen draw the corresponding payoff diagram. Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...