The FDA is meeting soon on a New Drug Application (NDA) from Snake Oil Biopharma. With the shares at $35 per share, you expect either a drop to $22 if not approved or a rise to $55 if approved. What option strategy would you most likely use?

a. Iron Condor

b. Butterfly Spread

c. Strangle or Straddle

d. Diagonal Spread

e. Calendar Spread