In the lecture, we constructed a long straddle on AAPL as follows:

• one long call with strike $170 at a premium of $8.94
• one long put with strike $170 at a premium of $10.52

A long straddle is "neutral" to the direction of AAPL price movements. The slope of the payoff diagram is the same in the positive and negative directions.

In contrast, a long strip is also an option-trading strategy that profits from a big price movement in either direction, but the profits are larger for down movements.

To see this, apply the calculations of the payoff table as instructed in Lecture 7 on the following long strip:

• one long call  with strike $170, with a premium of $8.94
• two long puts with strike $170, each with a premium of $10.52

what are the breakeven points for this long strip? That is, at what share price does the long strip have a zero net profit?