Draw the long position's cashflow diagram Draw the short position's cashflow diagram What is the range of payoffs to the long position? What is the range of payoffs to the short position? What is the range of profits to the long position? What is the range of profits to the short position? What is the long position's breakeven point? What is the short position's breakeven point? What is the payoff to the long position at expiration? What is the payoff to the short position at expiration? Does the long position have positive or negative P&L? Does the short position have positive or negative P&L