You guys answer this questioned wrongly! You said $($a$)$ is the correct answer. My professor's answer is $($d$).$ How is it possible?????

Which of the following is the best option strategy to hedge against an

anticipated large rise in the price of an underlying asset?

$($a$)$ long $($bought$)$ straddle

$($b$)$ covered call

$($c$)$ call bull spread

$($d$)$ long call, short put

ANSWER:

$($d$)$ A long call and a short put, which protects the adverse direction of a

large increase in the underlying prices with the long call. Note that

the put option will only be exercised against in the favourable

direction, therefore there is full protection against the adverse

direction, to any level of increase.