Please pick three trading strategies (Buying a call, selling a call, buying a put; selling a put, covered call; protective put, straddle, and bullish spread; bearish spread), and discuss the following aspects of those strategies for each:

(1) What is the minimum payoff of the strategy?

(2) What is the maximum payoff of the strategy?

(3) If you are an investor, what is your expectation from this strategy?