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3) What is an options straddle and how is it used in options trading? Explain a long straddle from a market view standpoint. 4) What

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3) What is an options straddle and how is it used in options trading? Explain a long straddle from a market view standpoint. 4) What is an option strangle and how it is used in options trading? Explain a short strangle and how it is used in options trading. 5) What is an option butterfly? Explain how it used in options trading. 6) Explain what the "Smile" is and how does that relate to option collars

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