Which of the following is FALSE?

Question $51$ options:

A riskless hedge involving stock and puts requires a long position in stock and a short position in puts.

In a recombining binomial model with n periods, the number of outcomes is n $+1.$

The up and down factors in the binomial model are analogous to the volatility.

The hedge ratio is the number of shares per call in a risk$-$free portfolio.