You sell one Huge-Packing August 67 call contract and sell one Huge-Packing August 67 put contract. The call premium is $1.32 and the put premium is $4.43. Your strategy will pay off only if the stock price is - in August either lower than $61.25 or higher than $72.75 higher than $72.75 lower than $61.25 between $61.25 and $72.75