Consider a portfolio that consists of:

1. A put option bought at strike price X 10

2. A put option written at strike price X 5

3. A call option written at strike price X + 5

4. A call option bought at strike price X + 10.

The premia for the above options are given by P1, P2, C1, and C2, respectively.

A. Draw the payoffs and profits for this portfolio

B. Write the piece-wise function that defines this portfolios profits

C. Why would an investor pursue this strategy?