construct a "Long Straddle" and a "Short Straddle".

Use payoff diagrams to demonstrate each strategy and calculate the profit and loss from each position assuming various levels of prices for the underlying asset. AND purpose does each strategy serve?

Price 53.75

Strike 40 45 50 55 60 65

call 15.62 11.62 8.27 5.64 3.71 2.36

put 0.49 1.32 2.80 5.00 7.89 11.37