For each of the following strategies, please draw the payoff-at-maturity as a function of the underlying price at maturity. For each strategy also explain what the spread is a betting on, and whether it is more likely to be a credit or debit trade.

(a) The Jade Lizard, which:

Buys a call struck at 115,

Sells a call struck at 105,

Sells a put struck at 95,

(b) The Twisted Sister, which:

Buys a put struck at 85,

Sells a put struck at 95,

Sells a call struck at 105.