Assume that European calls and puts for X have the prices of 74.40 and 108.78 respectively, and there are no dividends for stock X. For a speculator, what would be possible strategy or (strategies) if the speculator reckons there would be greater fluctuations for Stock X during the life of options? Explain the strategy/strategies. Also explain the outcome of the strategies if uncertainty about Stock X turns out be lower than expected.