Part I a) Identify two option strategies that take advantage of high or increasing market volatility. Examine each strategy for both SexP 500 index (SPX) and SexP 100 index (OEX) options. Use data provided in Table 1 of SecondCityOptionsCase_Datal Oe.xlex.? At this stage consider only strategies in which all options are held to expiration. If more than one expiration date is possible, use only options with the nearest expiration date, which is August 18, 2007. Also, use options that are at-the-money or closest to at-the- money. Discuss the advantages and disadvantages of each strategy. b) Provide profit diagrams for each strategy and index using the spreadsheet OptionStrategyAnalyzer] Oe.xism. Let Exhibits 1 and 2 correspond to the first strategy and Exhibits 3 and 4 correspond to the second strategy. These exhibits should contain basic information such as the name of the strategy and index, the maximum profit and maximum loss, and breakeven points. For consistency in these diagrams (and elsewhere throughout this case), use the average of the last bid and ask prices for a given option as the price for that option. Discuss the advantages and disadvantages of using bid-ask midpoints versus bids, asks, or transaction prices