You sell one Intel Corp. August 50 call contract and you sell one Intel Corp. August 50 put contract. The call premium is $2.50 and the put premium is $3.00. Your strategy will pay off only if the stock price is in August. between $45.50 and $54.50 higher than $44.50 between $44.50 and $55.50 between $47.00 and $52.50 higher than $55.50 either lower than $45.50 or higher than $54.50