The current share price is 23. An investor creates a reverse (short) butterfly spread using options with strike prices of 20, 25 and 30. Which of the following statements is correct?

a.

This overall position leads to increasing profits as the share price falls below 30

b.

This overall position leads to increasing profits as the share price increases above 50

c.

This overall position leads to a profit when the share price is 30

d.

This overall position leads to increasing losses as the share price falls below 30