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Explain in detail, how to set up the following positions and draw a full labelled graph for each. Noting that the y-axis is Profit, x-axis

Explain in detail, how to set up the following positions and draw a full labelled graph for each. Noting that the y-axis is Profit, x-axis is Stock Price:

  1. 1. Straddle
  2. 2. Strangle
  3. 3. Butterfly Spread

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