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- A. B. C. D. Long Call - A. B. C. D. Long Put - A. B. C. D. Short Call - A. B. C.

- A. B. C. D.	Long Call
- A. B. C. D.	Long Put
- A. B. C. D.	Short Call
- A. B. C. D.	Short Put

A.	Right to sell at X
B.	Right to buy at X
C.	Obligation to sell at X
D.	Obligation to buy at X

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