You construct a strategy comprised of: -short $50.00 put, premium $2:00 -short $51.00 call, premium $2.00 1) Your maximum profit would occur is the price at expiry is 2) Your break-even prices at expiry are: on the downside and on the topside 3) If you wanted to protect yourself against a large loss resulting from a large upwards movement in the price (beyond $55.00), you could include in your strategy a anywhere between $50.00 and $51.00 anywhere below $50.00 or above $51.00 $45.00 $46.00 $47.00 $48.00 $49.00 $50.00 $51.00 $52.00 $53.00 $54.00 $55.00 $56.00 long short $51.00 call $55.00 call|| $51.00 put || $55.00 put