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A pharmaceutical company is awaiting FDA approval for a blockbuster drug with a very large profit potential. The market believes, and you concur, there is

A pharmaceutical company is awaiting FDA approval for a blockbuster drug with a very large profit potential. The market believes, and you concur, there is a 50-50 chance it will be approved/disapproved. You should consider:

a) a strangle

b) a slightly out-of-the-money long call

c) a slightly out-of-the-money long put

d) butterfly spread

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