Plot & Calculate delta and gamma for trading strategies bull risk reversal (long ATM call and short ATM put) and Butterfly (2 ATM calls and symmetrically around written calls with long one OTM call and long one ITM call). Explain observation in terms of strategy payoff and first & second order mathematical derivatives. a. Bull Risk Reversal b. Butterfly Plot & Calculate delta and gamma for trading strategies bull risk reversal (long ATM call and short ATM put) and Butterfly (2 ATM calls and symmetrically around written calls with long one OTM call and long one ITM call). Explain observation in terms of strategy payoff and first & second order mathematical derivatives. a. Bull Risk Reversal b. Butterfly