Both a call and a put option are currently being traded on stock XYZ; both have strike prices of $50 and maturities of six months. An investor buys a call AND a put option on XYZ (at the strike price of $50). In six months, the stock is trading at $35. What is the maximum dollar amount of gain or loss to the investor from his investment positions? (Assume the call and put are available for free, ignore the buying price of the options)

1. no gain or loss.
2. Gain of $15.
3. Loss of $15.
4. Loss of $30.