A trader buys two European call options, one with the strike price $K_{c1}$ and the other with

$K_{c2},$ and an European put option with the strike price $K_p.$ The call option with strike

price $K_{c1}$ costs $c_1,$ the call option with strike price $K_{c2}$ costs $c_2,$ and the put option costs

p$.$ Assume that $K_{c2}>K_{c1}>K_p.$ All options have the same maturity.

Draw a diagram showing the trader's payoff at the time of maturity when $K_{c2}-$

points$]$

Draw a diagram showing the trader's payoff at the time of maturity when $K_{c2}-$

points$]$

There will be two stock prices in both cases mentioned above where the trader's net

profit will be zero. Denote two stock price for the first case as $P_l^1$ and $P_h^1$ where

$P_l^2{P}_h^2{P}_l^1,P_h^1,P_l^2,P_h^2$