You bought 100 shares of XYZ stock at $50. Simultaneously, you bought 100 calls with $45 strike price and sold 200 calls with $55 strike price. The premium of 100 calls offsets the premiums of 200 calls so your net cost is zero on calls. Use Excel to graph the payoff of two strategies: (1) Long 100 shares of stock, and (2) Long 100 shares of stock, Long 100 calls with K=45, and short 200 calls with K=55. Which strategy is better and under what conditions?