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Ryan shorts 1,000 shares of APL at $60 and simultaneously sells 10 APL 60 puts at $5. Under which conditions will Ryan make a profit?

Ryan shorts 1,000 shares of APL at $60 and simultaneously sells 10 APL 60 puts at $5. Under which conditions will Ryan make a profit?

  1. When the APL stock rises.
  2. When the APL stock falls.
  3. When the APL stock is stable.

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