You are the owner of gold at $$1,980$; the current market price.

Consider the following option prices for the next month:

Calls $($Last$)$ Strike Puts$($Last$)$

$7\mathrm{.}71,99015\mathrm{.}3$

$9\mathrm{.}21,9808\mathrm{.}8$

$17\mathrm{.}81,9707\mathrm{.}5$

You are bullish on gold, but expect some volatility. Lay out the mechanism for creating each of the following structures given the option prices and recommend which ones are appropriate to fit into your expectations. Discuss volatility and direction.

a$)$Straddle

b$)$Bull spread

c$)$Strangle

d$)$Butterfly spread

e$)$Collar

Question $3$ options: