The FTSE Index Is at 5,100

Multiple Choice

The FTSE index is at 5,100. You are short a straddle on the FTSE 100. struck at 5,100 and long a 5,000/5,200 strangle. You are also short a 5,000-5,100-5,200 butterfly. Ceteris paribus, an increase in the level of the FTSE

A) Increases the value of your portfolio.
B) Has no effect on the value of your portfolio.
C) Decreases the value of your portfolio.
D) Any of the above is possible.