As a portfolio manager with $100M in assets tied to the S&P500, you decide to use a buy write strategy, with the S&P500 index trading today at 4000. You write calls selling for $70 per share with a option strike price at 4100 above the market. If the market goes to 4100 in a month, was your strategy successful ? If the market falls to 3600 in a month, was your strategy successful ? At what SP500 index levels is your strategy best suited to work?