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Option Strategies. Complete Concept Question 12 from Chapter 15: Recall the options strategies of a protective put and covered call discussed in the text. Suppose you have sold short some shares of stock. Discuss analogous option strategies and how you would implement them. (Hint: Theyâ€™re called protective calls and covered puts.) Remember to complete all parts of the question and support your answers with examples from the text and other resources. Respond to at least two of your classmatesâ€™ postings outside of your own thread.