Payoff ($)                                     Payoff ($)
  ^                                              ^
  |               / Long Call                   |  \
  |              /                              |   \
  |             /                               |    \
  |            /                                |     \ Long Put
  |           /                                 |      \
  |          /                                  |       \
  |_________/__________> Underlying Price (S)   |________\__________> Underlying Price (S)
  |         K         (Strike Price)           |         K
  |                                            |
  | (Loss limited to Premium Paid)             | (Loss limited to Premium Paid)