You buy one Huge-Packing August call contract and one Huge-Packing August put contract with the strike price at $100. The Huge-Packing August price is selling at $98 today. The call premium is $4, and the put premium is $6.40 You are building a strategy and the highest potential loss from this strategy is Covered Call: $969.6 Covered Call: $200 Straddle: $1,040 Protected Put: 51,040 Straddle: $200