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Replicate the payoff diagram you drew in question 3 with a portfolio of butterfly positions with 5-point spacing (e.g., a butterfly centered on 20 would
Replicate the payoff diagram you drew in question 3 with a portfolio of butterfly positions with 5-point spacing (e.g., a butterfly centered on 20 would involve options with strikes of 15, 20, and 25, while a butterfly centered on 40 would involve options with strikes of 35, 40, and 45). Indicate the number and center strike prices for the butterfly trades needed for this replication. Replicate the payoff diagram you drew in question 3 with a portfolio of butterfly positions with 5-point spacing (e.g., a butterfly centered on 20 would involve options with strikes of 15, 20, and 25, while a butterfly centered on 40 would involve options with strikes of 35, 40, and 45). Indicate the number and center strike prices for the butterfly trades needed for this replication
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