A trader creates a long butterfly spread from options with strike prices $60, $65, and $70 by trading a total of four 100-share options. The options are worth $11, $14, and $18, respectively. Which of the following is accurate about this position?

a.

It involves buying a put with a strike price of $60 and also buying another put with a strike price of $70.

b.

The maximum loss on this position is $200.

c.

The maximum gain on this position by the expiration date is $300.

d.

It involves selling two call options with a strike price of $65.

e.

If at expiration the stock price was $68, the profit would be $200.