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An option trader constructs the following position: buys 1 call with a strike price at X1, buys 1 call with a strike price at X3 and sells 2 calls with a strike X2. Where X1<X2<X3 and X2=1/2×(X1+X3). Which of the following is referred to as this trader';s strategy?
  A.Butterfly Spread.
  B.Bull Spread.
  C.Strap Spread.
  D.Strip Spread.
  Answer: A
  Explanation: Buying a call at a low exercise price, buying another at a higher exercise price, and selling calls with exercise prices between the high and low is called a butterfly spread.