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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

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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