12. Now, combine the bull and bear spreads. (The result is an Iron Condor.)

The maximum profit on the Iron Condor is ____________

The minimum profit on the Iron Condor is ____________

The breakeven points on Iron Condor are ___________ and ____________

13. Use the options prices for Spotify to create a butterfly spread using call options with 160 and 165 and 170 strike prices. Be sure to use the appropriate bid and ask prices.

What will be your cash flow per share when you set up the position? Show all cash flows: inflows, outflows, and net flow.

Inflow ___________ Outflow___________

Net Flow___________

The maximum profit on the butterfly spread is ___________

The minimum profit on the butterfly spread is ___________

The breakeven points on the butterfly spread are ___________ and ___________

What will be your profit per share on the net position if at expiration the price of the stock is $168.54? ____________

14. Broken wing butterfly: From question 13, replace the 160 strike price call with a 155 strike price call.

What is the net cash flow to set up the position? ____________

What is the maximum profit? ____________

What is the minimum profit? ____________

What is the breakeven point?