We have assumed rather wide ranges for our option strategies to reflect the increased risk of the positions.  However, even in extreme scenarios, the maximum loss of our positions is within our risk parameters. 

Scenario One:  Stable and indifferent on direction - Synthetic Short Stangle 
                         -Cotm -Potm = +F -Cotm -Citm 

Scenario Two:  Limited up, maybe down big - Synthetic Bull Spread 
                         +F +Potm -Cotm 

Scenario Three:  Up and unsure - Synthetic Long Call 
                            +F +P 

Scenario Four: Modified Butterfly Spread 
                         +F +Potm +Cotm -Catm