Writing a Strangle: assuming that Allied-Lyons would write a strangle as a speculative strategy, rather than a straddle as in problem 1, would you consider it to be more (less) speculative? Prepare a single graph contrasting the two approaches, assuming that to create a strangle, Allied-Lyons was writing put and call options at strike prices of $1.20 and 1.30 and premia of cents 1.16 and 1.04, respectively.