Suppose that call options on ExxonMobil stock with time to expiration $3$ months and strike price $$98$ are selling at an implied volatility of $30\%.$ ExxonMobil stock price is $$98$ per share, and the risk$-$free rate is $4\%.$

If you believe the true volatility of the stock is $34\%,$ would you want to $[$ Select $]["$buy call options", "run a bull spread strategy", "sell call options", "run a straddle strategy"$].$

Now you want to hedge your option position against changes in the stock price. You will need to hold $[$ Select $]["0\mathrm{.}4967","0\mathrm{.}5572","0\mathrm{.}5563","0\mathrm{.}4896"]$ shares of stock for each option contract purchased or sold.