Question: Using a combination of call and put options, explain what kind of portfolio an investor may use to express the following views on the future

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.

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